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Registered number: 01717344










WASTE EQUIPMENT RENTALS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
WASTE EQUIPMENT RENTALS LIMITED
REGISTERED NUMBER: 01717344

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
27,777
15,300

  
27,777
15,300

Current assets
  

Debtors: amounts falling due within one year
 5 
670,999
579,821

Cash at bank and in hand
 6 
56,636
195,218

  
727,635
775,039

Creditors: amounts falling due within one year
 7 
(88,970)
(144,996)

Net current assets
  
 
 
638,665
 
 
630,043

Total assets less current liabilities
  
666,442
645,343

  

Net assets
  
666,442
645,343


Capital and reserves
  

Called up share capital 
 9 
10
10

Profit and loss account
  
666,432
645,333

  
666,442
645,343


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 on 15 December 2023.




R Stamps
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 1

 
WASTE EQUIPMENT RENTALS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 June 2021
10
594,621
594,631


Comprehensive income for the year

Profit for the year
-
50,712
50,712
Total comprehensive income for the year
-
50,712
50,712



At 1 June 2022
10
645,333
645,343


Comprehensive income for the year

Profit for the year
-
21,099
21,099
Total comprehensive income for the year
-
21,099
21,099


At 31 May 2023
10
666,432
666,442


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
WASTE EQUIPMENT RENTALS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

The Company is a private limited company incorporated in England and Wales and is limited by shares. The registration number is 01717344. The registered office is:
Block D,
Sinfin Industrial Estate,
Derby,
DE24 9GL
The nature of the company's operations and principal activities are skip rentals.

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 financial statements are prepared in sterling, which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
WASTE EQUIPMENT RENTALS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

 
2.5

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, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
8% to 40% straight line
Fixtures and fittings
-
25% straight line

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 4

 
WASTE EQUIPMENT RENTALS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. 

 
2.9

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.

 
2.10

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, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
WASTE EQUIPMENT RENTALS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost 


At 1 June 2022
469,694
5,500
475,194


Additions
21,500
-
21,500


Disposals
(27,650)
-
(27,650)



At 31 May 2023

463,544
5,500
469,044



Depreciation


At 1 June 2022
454,394
5,500
459,894


Charge for the year on owned assets
9,023
-
9,023


Disposals
(27,650)
-
(27,650)



At 31 May 2023

435,767
5,500
441,267



Net book value



At 31 May 2023
27,777
-
27,777



At 31 May 2022
15,300
-
15,300


5.


Debtors

2023
2022
£
£


Trade debtors
943
13,167

Amounts owed by group undertakings
659,047
557,113

Other debtors
5,488
-

Deferred taxation
5,521
9,541

670,999
579,821


A provision of £6,000 (2022: £6,000) has been made for bad debt against trade debtors.
An impairment of £Nil (2022: £Nil) has been recognised against trade debtors.

Page 6

 
WASTE EQUIPMENT RENTALS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
56,636
195,218



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
52,267
7,846

Amounts owed to group undertakings
-
85,684

Corporation tax
2,183
13,223

Other taxation and social security
-
3,783

Accruals and deferred income
34,520
34,460

88,970
144,996



8.


Deferred taxation




2023


£






At beginning of year
9,541


Charged to profit or loss
(4,020)



At end of year
5,521

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(3,979)
41

Other timing differences
9,500
9,500

5,521
9,541


The expected reversal of deferred tax is immaterial.

Page 7

 
WASTE EQUIPMENT RENTALS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10 (2022 - 10) Ordinary shares of £1.00 each
10
10



10.


Related party transactions

The Company has taken advantage of the exemptions available under FRS 102 not to disclose details of any transactions between itself and its fellow group undertakings on the basis that it is a subsidiary undertaking where 100% of the voting rights are controlled within the Group whose consolidated financial statements are publicly available.
Amounts due to companies under common control and participators are interest free and repayable on demand.
The Directors consider there to be no employees that are regarded as key management personnel.


11.


Controlling party

At 31 May 2023, the ultimate parent undertaking was Stamps Holdings Limited due to their 100% interest in the equity share capital of the Company.
The ultimate controlling party is R Stamps by virtue of his 100% interest in the equity of the holding Company.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2023 was unqualified.

The audit report was signed on 20 December 2023 by James Delve (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.


Page 8