REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED (REGISTERED NUMBER: 03888063) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 June 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
The Clock House |
Western Court |
Bishop's Sutton. |
Alresford |
Hampshire |
SO24 0AA |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED (REGISTERED NUMBER: 03888063) |
STRATEGIC REPORT |
for the Year Ended 30 June 2023 |
The directors present their strategic report for the year ended 30 June 2023. |
PRINCIPAL ACTIVITIES AND BUSINESS REVIEW |
The principal activities of the company during the year were that of waste management operations ranging from wheelie bin & trade waste, skip and roll on off hire, muck away, haulage, recycling facilities and waste transfer facilities. |
The directors have reviewed the company's performance with reference to relevant financial performance indicators and consider it to be good. The directors have also reviewed the risks faced by the company to enable them to develop strategies that will allow the company to continue to develop its business along similar lines in the future. |
FUTURE DEVELOPMENTS |
The director's fully expect the company to continue to be profitable in the future as it continues to implement new policies to maintain and enhance its efficiency in terms of energy usage, waste processing and recycling. |
KEY PERFORMANCE INDICATORS |
2023 | 2022 |
Gross profit % | 23.75 | 28.48 |
Current ratio | 2.45 | 1.80 |
The company remains able to cover its liabilities as they fall due. |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The company's operations expose it to a variety of financial risks that include credit risk and liquidity risk. The directors regularly monitor such risks and uncertainties and ensure they are mitigated by putting appropriate processes in place. These risks include supplier price increases and supply chain issues, employees, competition in the marketplace and general economic conditions.The directors regularly review the company's financial requirements and the associated risks. |
CREDIT RISK |
The company monitors credit risk closely and considers its current policies of credit checks and applications of credit limits on all new customers meets its objectives of managing exposure to credit risk. The company has a credit insurance in place for customers, insuring customer's debts, to reduce the risk of bankruptcies of customers affecting the finances of the company. |
LIQUIDITY RISK |
The company closely monitors its access to bank and other credit facilities in comparison to its outstanding commitments to ensure it has sufficient funds to meet its obligations as they fall due. The company finance function produces regular forecasts which estimates the cash inflows and outflows, month by month, so that management can ensure that sufficient financing is in place as it is required. |
ON BEHALF OF THE BOARD: |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED (REGISTERED NUMBER: 03888063) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 June 2023 |
The directors present their report with the financial statements of the company for the year ended 30 June 2023. |
DIVIDENDS |
An interim dividend of |
The total distribution of dividends for the year ended 30 June 2023 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
- | make judgements 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 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED |
Opinion |
We have audited the financial statements of Basingstoke Skip Hire & Southern Waste Management Limited (the 'company') for the year ended 30 June 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
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 UK, including the FRC'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. |
Conclusions relating to going concern |
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. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED |
Matters on which we are required to report by exception |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED |
Auditors' responsibilities for the audit of the financial statements |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined the laws and regulations which were most significant including the Companies Act and Health and Safety regulations. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. |
- We understood how the company is complying with those legal and regulatory frameworks by making enquiries of management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of supporting documentation. |
- We considered whether the audit team had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. |
- We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed included: |
Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud |
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process |
Challenging assumptions and judgements made by management in its significant accounting estimates |
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations |
- As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential fraud was in the posting of unusual journals. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, omission or misrepresentation. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED |
Use of our 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 a Report of the Auditors 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 |
The Clock House |
Western Court |
Bishop's Sutton. |
Alresford |
Hampshire |
SO24 0AA |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED (REGISTERED NUMBER: 03888063) |
INCOME STATEMENT |
for the Year Ended 30 June 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
598,785 | 428,065 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED (REGISTERED NUMBER: 03888063) |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 30 June 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Revaluation surplus - leasehold property |
Deferred tax provision on revaluation | ( |
) |
Income tax relating to components of other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED (REGISTERED NUMBER: 03888063) |
BALANCE SHEET |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Revaluation reserve | 18 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED (REGISTERED NUMBER: 03888063) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 30 June 2023 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 July 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED (REGISTERED NUMBER: 03888063) |
CASH FLOW STATEMENT |
for the Year Ended 30 June 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) |
Amount introduced by directors | 5,500 | 111,547 |
Amount withdrawn by directors | (228,944 | ) | (4,523 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,893,565 |
Cash and cash equivalents at end of year | 2 | 1,876,971 | 2,087,752 |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED (REGISTERED NUMBER: 03888063) |
NOTES TO THE CASH FLOW STATEMENT |
for the Year Ended 30 June 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 2,857 | 7,442 |
Finance income | (1,440 | ) | (36 | ) |
1,136,952 | 1,084,592 |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 1,876,971 | 2,087,752 |
Year ended 30 June 2022 |
30.6.22 | 1.7.21 |
£ | £ |
Cash and cash equivalents | 2,087,752 | 1,893,565 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.22 | Cash flow | At 30.6.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,087,752 | (210,781 | ) | 1,876,971 |
2,087,752 | ( |
) | 1,876,971 |
Debt |
Debts falling due within 1 year | (175,000 | ) | 175,000 | - |
(175,000 | ) | 175,000 | - |
Total | 1,912,752 | (35,781 | ) | 1,876,971 |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED (REGISTERED NUMBER: 03888063) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Basingstoke Skip Hire & Southern Waste Management Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Judgements and key sources of estimation uncertainty |
Apart from judgements involving estimates, no other significant judgements have been made which have a significant effect on the amounts recognised in the financial statements. |
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include: |
Assessment of asset lives |
Rates of depreciation |
Revaluation of long leasehold property |
Turnover |
Turnover represents the invoiced value of skip hire and waste management services. Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. |
Rendering of services |
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2000, is being amortised evenly over its expected remaining useful life. |
Tangible fixed assets |
Long leasehold | - |
Plant & machinery | - |
Motor vehicles | - |
Computer equipment | - |
Long leasehold properties were revalued in 2022 by professional valuers Carter Jonas. Subsequent depreciation charges are calculated on a straight line basis over the remaining period of the leases, using the revaluation model. |
Other fixed assets are stated at their cost prices, less accumulated depreciation and amounts recognised in respect of impairment. |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED (REGISTERED NUMBER: 03888063) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the group. All other leases are classified as operating leases. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors and creditors (receivables and payables) |
Short term debtors and creditors are measured at transaction price, less any impairment. Loans receivable and payable 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. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED (REGISTERED NUMBER: 03888063) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administration and management | 14 | 14 |
Operational | 50 | 46 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Loss on sale of fixed assets |
Auditors remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank loan interest |
HP interest |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED (REGISTERED NUMBER: 03888063) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
S455 tax provision | - | (317 | ) |
Total current tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Deferred tax | 279,583 | 3,318 |
Adjustment to provision for S.455 tax | - | (317 | ) |
Total tax charge | 338,957 | 31,307 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 30 June 2023. |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation surplus - leasehold property | - | 592,029 |
Deferred tax provision on revaluation | ( |
) | - | (112,485 | ) |
479,544 | - | 479,544 |
7. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED (REGISTERED NUMBER: 03888063) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
AMORTISATION |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
9. | TANGIBLE FIXED ASSETS |
Long | Plant & | Motor | Computer |
leasehold | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Cost or valuation at 30 June 2023 is represented by: |
Long | Plant & | Motor | Computer |
leasehold | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2022 | 592,029 | - | - | - | 592,029 |
Cost | 735,954 | 4,884,030 | 4,599,879 | 10,680 | 10,230,543 |
1,327,983 | 4,884,030 | 4,599,879 | 10,680 | 10,822,572 |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED (REGISTERED NUMBER: 03888063) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Directors' current accounts | 117,398 | 5,500 |
Prepayments |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 12) |
Trade creditors |
Corporation tax |
VAT |
PAYE & NIC | 89,423 | 83,669 |
Other creditors |
Accruals | 43,450 | 42,750 |
Directors' current accounts | - | 111,547 |
12. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
The long leasehold is secured by way of a floating charge which covers all the property or undertaking of the company. |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED (REGISTERED NUMBER: 03888063) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
14. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loans are secured against part of the companies leasehold land and various fixed assets. |
15. | FINANCIAL INSTRUMENTS |
The basis of measurement of the company's financial instruments are as follows: |
Trade and other debtors - amortised cost |
Trade creditors and accruals - amortised cost |
Bank overdrafts and loans - amortised cost |
Finance leases - amortised cost |
16. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 948,001 | 668,418 |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Provided during year |
Provision for CT rate change | 219,453 |
Balance at 30 June 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 200 | 200 |
BASINGSTOKE SKIP HIRE & SOUTHERN |
WASTE MANAGEMENT LIMITED (REGISTERED NUMBER: 03888063) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
18. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2022 | 6,063,842 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 June 2023 | 6,120,813 |
19. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
21. | ULTIMATE CONTROLLING PARTY |
The company is controlled by Mr and Mrs M Mercer (company directors). |