Caseware UK (AP4) 2022.0.179 2022.0.179 2022-09-302022-09-302021-10-01falseNo description of principal activity88truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08368727 2021-10-01 2022-09-30 08368727 2020-10-01 2021-09-30 08368727 2022-09-30 08368727 2021-09-30 08368727 2020-10-01 08368727 5 2021-10-01 2022-09-30 08368727 d:Director1 2021-10-01 2022-09-30 08368727 d:Director4 2021-10-01 2022-09-30 08368727 e:Buildings 2021-10-01 2022-09-30 08368727 e:Buildings 2022-09-30 08368727 e:Buildings 2021-09-30 08368727 e:Buildings e:OwnedOrFreeholdAssets 2021-10-01 2022-09-30 08368727 e:PlantMachinery 2021-10-01 2022-09-30 08368727 e:MotorVehicles 2021-10-01 2022-09-30 08368727 e:FurnitureFittings 2021-10-01 2022-09-30 08368727 e:OtherPropertyPlantEquipment 2021-10-01 2022-09-30 08368727 e:OtherPropertyPlantEquipment 2022-09-30 08368727 e:OtherPropertyPlantEquipment 2021-09-30 08368727 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2021-10-01 2022-09-30 08368727 e:OwnedOrFreeholdAssets 2021-10-01 2022-09-30 08368727 e:Goodwill 2021-10-01 2022-09-30 08368727 e:Goodwill 2022-09-30 08368727 e:Goodwill 2021-09-30 08368727 e:CurrentFinancialInstruments 2022-09-30 08368727 e:CurrentFinancialInstruments 2021-09-30 08368727 e:CurrentFinancialInstruments e:WithinOneYear 2022-09-30 08368727 e:CurrentFinancialInstruments e:WithinOneYear 2021-09-30 08368727 e:ShareCapital 2022-09-30 08368727 e:ShareCapital 2021-09-30 08368727 e:ShareCapital 2020-10-01 08368727 e:RevaluationReserve 2021-10-01 2022-09-30 08368727 e:RevaluationReserve 2022-09-30 08368727 e:RevaluationReserve 5 2021-10-01 2022-09-30 08368727 e:RevaluationReserve 2021-09-30 08368727 e:RevaluationReserve 2020-10-01 08368727 e:RetainedEarningsAccumulatedLosses 2021-10-01 2022-09-30 08368727 e:RetainedEarningsAccumulatedLosses 2022-09-30 08368727 e:RetainedEarningsAccumulatedLosses 2020-10-01 2021-09-30 08368727 e:RetainedEarningsAccumulatedLosses 2021-09-30 08368727 e:RetainedEarningsAccumulatedLosses 2020-10-01 08368727 d:FRS102 2021-10-01 2022-09-30 08368727 d:Audited 2021-10-01 2022-09-30 08368727 d:FullAccounts 2021-10-01 2022-09-30 08368727 d:PrivateLimitedCompanyLtd 2021-10-01 2022-09-30 08368727 d:SmallCompaniesRegimeForAccounts 2021-10-01 2022-09-30 08368727 e:RetirementBenefitObligationsDeferredTax 2022-09-30 08368727 e:RetirementBenefitObligationsDeferredTax 2021-09-30 08368727 5 2021-10-01 2022-09-30 iso4217:GBP xbrli:pure

08368727







ASBESTOS WASTE SOLUTIONS LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED
30 SEPTEMBER 2022

































ASBESTOS WASTE SOLUTIONS LIMITED
REGISTERED NUMBER:08368727

BALANCE SHEET
AS AT 30 SEPTEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 5 
800,139
370,675

Current assets
  

Debtors: amounts falling due within one year
 6 
1,894,250
1,999,334

Cash at bank and in hand
  
19,129
11,059

  
1,913,379
2,010,393

Creditors: amounts falling due within one year
 7 
(1,172,666)
(1,424,066)

Net current assets
  
 
 
740,713
 
 
586,327

Total assets less current liabilities
  
1,540,852
957,002

Provisions for liabilities
  

Deferred tax
  
(83,955)
-

  
 
 
(83,955)
 
 
-

Net assets
  
1,456,897
957,002


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
 9 
349,928
-

Profit and loss account
 9 
1,106,869
956,902

  
1,456,897
957,002


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


S. E. Bishop
T. J. Bishop
Director
Director


Date: 30 January 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 1

ASBESTOS WASTE SOLUTIONS LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 October 2020
100
-
799,959
800,059



Profit for the year
-
-
156,943
156,943



At 1 October 2021
100
-
956,902
957,002



Profit for the year
-
-
149,967
149,967

Surplus on revaluation of freehold property, net of deferred tax
-
349,928
-
349,928


At 30 September 2022
100
349,928
1,106,869
1,456,897


The notes on pages 3 to 12 form part of these financial statements.

Page 2

ASBESTOS WASTE SOLUTIONS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

1.


General information

Asbestos Waste Solutions Limited ('the Company') is a private limited company domiciled and incorporated in England and Wales.
The address of its registered office is Waldens Depot, Waldens Road, Orpington, Kent, BR5 4EU. The address of the Company's principal place of business is 27a Oliver Close, West Thurrock, Essex, RM20 3EE.
The principal activities of the Company continue to be that of hazardous waste management.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

Monetary amounts in these financial statements are stated in pounds sterling and are rounded to the nearest whole £1, except where otherwise indicated.

The following principal accounting policies have been applied:

Page 3

ASBESTOS WASTE SOLUTIONS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.2

Going concern

The financial statements have been prepared on a going concern basis.
The Company meets its working capital requirements through its cash balances and intercompany loans, aided by the Group headed by Watch It Come Down Limited’s bank facilities with Shawbrook Bank at year-end. As party to the facility agreement, the Company had an invoice discounting facility during the year and balances totalled £210,111 (2021: £253,144) at year-end.  
At 30 September 2021, the Group 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 Group breached its bank covenants, and tax liabilities totalling £2.3m were overdue for payment. 
In November 2023, the main trading company in the group, Pinden Limited, 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 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 property assets have not yet been sold, at the date of these financial statements. This represents a material uncertainty over the group and 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.

 
2.3

Revenue

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
Revenue is recognised on the date on which customers' waste material is disposed of.

Page 4

ASBESTOS WASTE SOLUTIONS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.4

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Goodwill
-
20%
straight line

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Freehold property
-
2% straight line (land with a cost of £165,854 is not depreciated)
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance

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.

Page 5

ASBESTOS WASTE SOLUTIONS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.6

 Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 
2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

 Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. 

 
2.11

 Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 6

ASBESTOS WASTE SOLUTIONS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.12

 Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.13

 Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2021 - 8).

Page 7

ASBESTOS WASTE SOLUTIONS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

4.


Intangible assets




Goodwill

£



Cost


At 1 October 2021
787,000



At 30 September 2022

787,000



Amortisation


At 1 October 2021
787,000



At 30 September 2022

787,000



Net book value



At 30 September 2022
-



At 30 September 2021
-



Page 8

ASBESTOS WASTE SOLUTIONS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

5.


Tangible fixed assets





Freehold property
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 October 2021
407,336
50,933
458,269


Additions
-
3,671
3,671


Revaluations
382,664
-
382,664



At 30 September 2022

790,000
54,604
844,604



Depreciation


At 1 October 2021
46,389
41,205
87,594


Charge for the year on owned assets
4,830
3,260
8,090


Revaluations
(51,219)
-
(51,219)



At 30 September 2022

-
44,465
44,465



Net book value



At 30 September 2022
790,000
10,139
800,139



At 30 September 2021
360,947
9,728
370,675

Included in land and buildings is freehold land totalling £321,662 (2021: £165,854) which is not depreciated.

Cost or valuation at 30 September 2022 is as follows:

Land and buildings
£


At cost
407,336
At valuation:

Revaluation surplus on 30 September 2022
382,664



790,000

Page 9

ASBESTOS WASTE SOLUTIONS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

           5.Tangible fixed assets (continued)

The valuation at 30 September 2022 was carried out by a third party, Avison Young, on behalf of the bank, on an open market value for existing use basis. 

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2022
2021
£
£



Cost
407,336
-

Accumulated depreciation
(51,219)
-

Net book value
356,117
-


6.


Debtors

2022
2021
£
£


Trade debtors
284,476
397,920

Amounts owed by group undertakings
1,566,768
1,550,520

Other debtors
39,839
50,730

Prepayments and accrued income
3,167
164

1,894,250
1,999,334



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
74,645
111,553

Invoice discounting advances
210,111
253,144

Amounts owed to group undertakings
834,353
1,005,251

Other taxation and social security
21,711
25,877

Other creditors
10,266
11,526

Accruals and deferred income
21,580
16,715

1,172,666
1,424,066


Secured liabilites
Invoice discounting advances are secured by a charge on present and future debts, related rights, revenues or claims of the Company.

Page 10

ASBESTOS WASTE SOLUTIONS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

8.


Deferred taxation




2022


£






At beginning of year
-


Charged to other comprehensive income
83,955



At end of year
83,955

The deferred taxation balance is made up as follows:

2022
2021
£
£


Unrealised capital gains
83,955
-


9.


Reserves

The Company's reserves are represented by the following:

Revaluation reserve

The revaluation reserve comprises the cumulative effect of revaluations of freehold land and buildings.

Profit and loss account

The cumulative profit and loss, net of distribution to owners.


10.


Contingent liabilities

The Company had a cross-company guarantee in favour of Shawbrook Bank Limited at the year-end. The cross-company guarantee was in relation to bank loans and invoice discounting facilities provided to the group, totalling £4,841,186 (2021: £4,957,148) of which £210,111 (2021: £253,143) 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 have been removed subsequent to the year-end.


11.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions of £2,912 (2021: £909) were payable to the fund at the year-end.

Page 11

ASBESTOS WASTE SOLUTIONS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

12.


Ultimate parent undertaking and controlling party

Syd Bishop & Sons (Demolition) Limited is the parent of the smallest group for which consolidated financial statements are drawn up of which this company is a member.  Syd Bishop & Sons (Demolition) Limited’s registered office is Waldens Road, Orpington, Kent, BR5 4EU.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2022 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to note 2.2 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.

The audit report was signed on 30 January 2024 by Anthony Woodings (Senior statutory auditor) on behalf of Hurst Accountants Limited.

 
Page 12