DIRECTORS' REPORT AND AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2022 |
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The directors have pleasure in presenting their Strategic Report for the year ended 30 September 2022.
Principal activities The Company continues to operate in the demolition and waste management sector.
The Company experienced an overall increase in turnover of 8% with gross profit margin static at 25%. The impact of inflationary pressures on all costs, specifically wage and fuel costs put significant pressure on the profitability, together with the damaging impact of the 2020 fire on the customer base. These had a significant effect upon the business which, together with provisions being made against intercompany loans totalling £0.62m and the increased cost of finance, led the business to suffer a loss of £1.4m.
The Company adopted a policy of revaluing its property assets in the year, and this resulted in an uplift of £3.0m being recognised in Other Comprehensive Income. Total comprehensive income for the year was £1.6m (2021: £970k deficit). Waste Transfer Station The impact of the fire in August 2020 continued to be felt in 2022 as the Company tried to rebuild its general waste customer base. Further pressure came from the increased cost of energy to supply the plant, and the significant wage pressures felt as economic inflationary pressure mounted. However, the Directors have sought to secure energy security in the future by looking at a renewable energy solution for the site. Transport The skip business maintained its position in the market, but the continued pressure on drivers’ wages cannot be discounted. The Directors sought to incentivise members of the transport team with increasing productivity bonuses to maintain the appropriate staffing levels. Furthermore, the Directors have instigated a review of the digital presence of the business to help maintain and improve the position in the market.
Asbestos Landfill
The market is tough, but the position has remained steady with no further contraction.
At 30 September 2021, the Company breached its bank covenants, and the breaches continued throughout the year until they were waived by the Bank in September 2022.
Subsequent to the year-end, the Company breached its bank covenants, and tax liabilities totalling £2.3m were overdue for payment. In November 2023, the Company arranged a £5.5m commercial bridging loan which is enabling the tax liabilities to be paid under the terms of a payment arrangement, and Shawbrook Bank loans and invoice discounting facilities have been settled early. The bridging loan is repayable in November 2024, less than 12 months after the date of these accounts being approved, and the Group headed by Watch It Come Down Limited intends to either sell property that is not required for the day to day running of the Group and Company’s business, or arrange new, longer-term bank facilities, ahead of the repayment date. During the year, the Company started to see an improvement in its order book and the unaudited management accounts for the year to 30 September 2023 show an improvement in results. The Directors are confident that further improvements will be seen in the year ended 30 September 2024, as they build the solid foundations towards profitability. The Directors feel confident about the trading future of the business and look forward to the year ahead.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The Company uses financial instruments including bank loans and overdrafts, invoice discounting and hire purchase agreements. These instruments expose the Company to a number of financial risks, which are described below:
Funding risk The Company finances its operations through a combination of equity, bank loans, invoice discounting, hire purchase contracts and working capital. The Company undertakes short-term cash forecasting to monitor its expected cash flows against its cash availability and finance facilities. The Company also undertakes longer term cash forecasting to monitor its expected funding requirements in order to meet its current business plan, in the context of its existing facilities, and to identify and address its requirement for future funding facilities. Interest risk The Company finances its operations through a mixture of profits and bank and hire purchase borrowings. Liquidity risk In normal trading periods, the Company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet ongoing operations and future development. Short term debt finance flexibility is achieved by invoice discounting, hire purchase and bank loans which help smooth the cash flow over the year as the Group operates in a seasonally effected industry. Currently liquidity risk is being managed by the directors in accordance with the usual procedures, but utilising the short term bridging facilities in place. The directors are close to securing an invoice discounting facility, which together with planned property sales will address any liquidity risk for the longer term. Credit risk The Company’s principal financial assets are cash and trade debtors. In order to manage credit risk, the directors set limits for customers based on carrying out independent credit checks, credit agency and third-party references. Payment history is also monitored based on trading history. Credit limits are reviewed on a regular basis by the credit control team in conjunction with debt aging and collection history. Competitive risks The Company operates in competitive markets. The breadth of the client base reduces the possible effect of the loss of any one single client. The Company focuses on providing clients with a high level of service and wide range of services. This enables the Company to maintain long-term relationships with clients and attract new custom. Compliance risk Compliance is central to everything the Company does, particularly the operation of a landfill site, recycling facility and waste transfer stations alongside managing a large fleet of vehicles and plant and machinery. The Company has continually invested in people and systems whilst engaging with external professional bodies and stakeholders to ensure the business the highest standards and levels of compliance.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The directors present their report and the financial statements for the year ended 30 September 2022.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £1,427,221 (2021 - loss £969,529).
The directors who served during the year were:
Future developments are discussed in the strategic report.
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PINDEN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis on which the directors have reached their conclusion.
The Company has had another challenging year, with the waste management sector still dealing with the aftershock of catastrophic fire to the operating plant. The Directors sought to review the value of the property assets held in the Group to which Pinden Limited belongs, and obtained professional valuations of each property for the Company to revalue its significant property holding, so as to more accurately reflect the strength of the asset-base held. The impact of inflationary pressures on all costs, specifically wage and fuel costs put significant pressure on profitability, together with the damaging impact of the 2020 fire on the customer base. These had a significant effect upon the business which, together with provisions being made against intercompany loans and the increased cost of finance, led the business to suffer a loss of £1.4m. The Company had net assets totalling £5.2m at 30 September 2022 (2021: £3.6m), with the movement reflecting the £3.0m revaluation uplift and the £1.4m losses. The Company meets its working capital requirements through cash generated from operations, bank funding and intercompany loans. At 30 September 2021, the Company and the Group headed by Watch It Come Down Limited breached their bank covenants, and the breaches continued throughout the year until they were waived by the Bank in September 2022. Net current liabilities have decreased from £5.2m to £2.3m, due to bank loans not being repayable on demand at 30 September 2022. Subsequent to the year-ended 30 September 2022, the Group again breached its bank covenants, and tax liabilities totalling £2.3m were overdue for payment. In November 2023, the Company arranged a £5.5m commercial bridging loan which is enabling the tax liabilities to be paid under the terms of a time to pay arrangement, and Shawbrook Bank loans and invoice discounting facilities have been settled early. The bridging loan is repayable in November 2024, less than 12 months after the financial statements have been approved. The directors believe it is appropriate, to prepare the financial statements to 30 September 2022 on a going concern basis. The directors are imminently expecting to agree a new Working capital facility for the Group, but acknowledge that long-term bank facilities are not yet in place, and group and Company property assets have not yet been sold, at the date of these financial statements. This represents a material uncertainty over the Company’s ability to continue to trade as a going concern. However, given the significant value in the property assets held in the group headed by Watch It Come Down Limited amounting to £15m, together with further group tangible assets of £6m, the Directors are very confident that a long-term refinance will be achievable ahead of the repayment date, alongside the sale of the group’s development land asset.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINDEN LIMITED
We have audited the financial statements of Pinden Limited (the 'company') for the year ended 30 September 2022, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We draw attention to note 2.3 in the financial statements, which indicates that conditions exist which indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Key audit matters
Except for the matter described in the Material uncertainty related to going concern section, we have determined that there are no other key audit matters to be communicated in our report.
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PINDEN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINDEN LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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PINDEN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINDEN LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for performance targets.
∙The outcome of enquiries of management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
- Identifying, evaluating, and complying with laws and regulations - Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in
the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, Anti-bribery and Corruption and regulations associated with the Company’s waste carrier registration, waste management licences and landfill permit.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation and testing of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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PINDEN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINDEN LIMITED (CONTINUED)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the rationale of any significant transactions that are unusual or outside the normal course of
business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations
throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Lancashire Gate
21 Tiviot Dale
SK1 1TD
Date:
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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BALANCE SHEET
AS AT 30 SEPTEMBER 2022
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BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 32 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Pinden Limited ('the Company') is a private limited company limited by shares and domiciled and incorporated in England and Wales.
The address of its registered office and its place of business is Waldens Depot, Waldens Road, Orpington, Kent, BR5 4EU. The principal activities of the Company continue to be waste management, recycling and asbestos disposal.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Monetary amounts in these financial statements are stated in pounds sterling and are rounded to the nearest whole £1, except where otherwise indicated.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
• the requirements of Section 7 Statement of Cash Flows; • the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); • the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A; • the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; and • the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Watch It Come Down Limited as at 30 September 2022 and these financial statements may be obtained from Companies House, Cardiff, CF4 3UZ.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis on which the directors have reached their conclusion.
The Company has had another challenging year, with the waste management sector still dealing with the aftershock of catastrophic fire to the operating plant. The Directors sought to review the value of the property assets held in the group to which Pinden Limited belongs, and obtained professional valuations of each property for the Company to revalue its significant property holding, so as to more accurately reflect the strength of the asset-base held. The impact of inflationary pressures on all costs, specifically wage and fuel costs put significant pressure on profitability, together with the damaging impact of the 2020 fire on the customer base. These had a significant effect upon the business which, together with provisions being made against intercompany loans and the increased cost of finance, led the business to suffer a loss of £1.4m. The Company had net assets totalling £5.2m at 30 September 2022 (2021: £3.6m), with the movement reflecting the £3.0m revaluation uplift and the £1.4m losses. The Company meets its working capital requirements through cash generated from operations, bank funding and intercompany loans. At 30 September 2021, the Company and the group headed by Watch It Come Down Limited breached their bank covenants, and the breaches continued throughout the year until they were waived by the Bank in September 2022. Net current liabilities have decreased from £5.2m to £2.3m, due to bank loans not being repayable on demand at 30 September 2022. Subsequent to the year-ended 30 September 2022, the Group again breached its bank covenants, and tax liabilities totalling £2.3m were overdue for payment. In November 2023, the Company arranged a £5.5m commercial bridging loan which is enabling the tax liabilities to be paid under the terms of a time to pay arrangement, and Shawbrook Bank loans and invoice discounting facilities have been settled early. The bridging loan is repayable in November 2024, less than 12 months after the financial statements have been approved. The directors believe it is appropriate, to prepare the financial statements to 30 September 2022 on a going concern basis. The directors are imminently expecting to agree a new Working capital facility for the Group, but acknowledge that long-term bank facilities are not yet in place, and group and Company property assets have not yet been sold, at the date of these financial statements. This represents a material uncertainty over the Company’s ability to continue to trade as a going concern. However, given the significant value in the property assets held in the group headed by Watch It Come Down Limited amounting to £15m, together with further group tangible assets of £6m, the Directors are very confident that a long-term refinance will be achievable ahead of the repayment date, alongside the sale of the group’s development land asset.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Included in the cost of freehold land is £383,931 (2021: £5,111,291) relating to the landfill site, which is depreciated over its expected useful economic life, as calculated by the proportion of the site which has been filled with waste, relative to its estimated total capacity.
No depreciation is provided on assets under construction. When complete, the asset is transferred to the relevant class and depreciated in accordance with the above policy.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Specifically, management make judgements relating to the depreciation of the landfill site. This charge is based on the estimated level of fill as a proportion of the space within the landfill cells available. The carrying value of the landfill site at 30 September 2022 was £383,931 (2021: £264,203). Management also make judgements in relation to the provision made for aftercare costs. The total aftercare costs were calculated by an independent expert and a proportion of this is included within the accounts based on the level of fill of the entire site. The carrying value of the aftercare provision at 30 September 2022 was £2,470,957 (2021: £2,438,754).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
11.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
11.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Revaluation reserve
Profit and loss account
The Company had a cross-company guarantee in favour of Shawbrook Bank Limited. The cross-company guarantee was in relation to bank loans and finance leases provided to the group, totalling £4,841,186 (2021: £4,957,418), of which £4,631,075 (2021: £4,704,274) is recognised as a liability of the Company.
The Company also had a mortgage debenture in favour of Shawbrook Bank Limited over all the assets of the Company. The guarantee and debenture were removed subsequent to the year-end when the Company arranged new short-term facilities.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £76,290 (2021: £74,023). Contributions totalling £39,939 (2021: £25,888) were payable to the fund at the balance sheet date and are included in creditors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The Company is a wholly owned subsidiary of Syd Bishop & Sons (Demolition) Limited. The ultimate parent undertaking is Watch It Come Down Limited, which is controlled by the board of directors of this company.
Watch It Come Down Limited prepares group financial statements, and its registered office is Waldens Depot, Waldens Road, Orpington, Kent, BR5 4EU.
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