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REGISTERED NUMBER: 11202703 (England and Wales)
















Unwasted Limited

Unaudited Financial Statements

for the Year Ended 31st December 2023






Unwasted Limited (Registered number: 11202703)






Contents of the Financial Statements
for the Year Ended 31st December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Unwasted Limited

Company Information
for the Year Ended 31st December 2023







Directors: Mr R M Fountain
Mr E M Manning
Mr B Gantriis





Registered office: 4th Floor
100 Fenchurch Street
London
EC3M 5JD





Registered number: 11202703 (England and Wales)





Accountants: Wilson Stevens
Accountants
4th Floor
100 Fenchurch Street
London
EC3M 5JD

Unwasted Limited (Registered number: 11202703)

Statement of Financial Position
31st December 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 4 319,968 216,204
Tangible assets 5 759,805 829,963
Investments 6 4,517 4,517
1,084,290 1,050,684

Current assets
Debtors 7 432,219 212,850
Cash at bank and in hand 406,702 474,192
838,921 687,042
Creditors
Amounts falling due within one year 8 1,818,199 107,002
Net current (liabilities)/assets (979,278 ) 580,040
Total assets less current liabilities 105,012 1,630,724

Capital and reserves
Called up share capital 471 471
Share premium 3,837,895 3,837,895
Retained earnings (3,733,354 ) (2,207,642 )
105,012 1,630,724

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22nd February 2024 and were signed on its behalf by:



Mr R M Fountain - Director


Unwasted Limited (Registered number: 11202703)

Notes to the Financial Statements
for the Year Ended 31st December 2023

1. Statutory information

Unwasted Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probably that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Amortisation
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Research and development costs are being amortised evenly over their estimated useful life of five years.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Development costs - 20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost loss any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are recorded at fair value at the acquisition date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% straight line
Computer equipment - 20% on cost

The company has developed a second hand panel board production line and is depreciating the related operating plant and machinery at 15% straight line.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Unwasted Limited (Registered number: 11202703)

Notes to the Financial Statements - continued
for the Year Ended 31st December 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
Development expenditure is incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward and amortisation is charged from that time over the lesser of the life of the project or five years.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3. Employees and directors

The average number of employees during the year was 10 (2022 - 8 ) .

Unwasted Limited (Registered number: 11202703)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

4. Intangible fixed assets
Research
and
development
costs
£   
Cost
At 1st January 2023 577,222
Additions 257,226
At 31st December 2023 834,448
Amortisation
At 1st January 2023 361,018
Amortisation for year 153,462
At 31st December 2023 514,480
Net book value
At 31st December 2023 319,968
At 31st December 2022 216,204

5. Tangible fixed assets
Plant and Computer
machinery equipment Totals
£    £    £   
Cost
At 1st January 2023 861,774 514 862,288
Additions 63,439 5,968 69,407
At 31st December 2023 925,213 6,482 931,695
Depreciation
At 1st January 2023 32,325 - 32,325
Charge for year 138,782 783 139,565
At 31st December 2023 171,107 783 171,890
Net book value
At 31st December 2023 754,106 5,699 759,805
At 31st December 2022 829,449 514 829,963

Unwasted Limited (Registered number: 11202703)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

6. Fixed asset investments
Shares in
group
undertakings
£   
Cost
At 1st January 2023
and 31st December 2023 4,517
Net book value
At 31st December 2023 4,517
At 31st December 2022 4,517

The investment relates to the 100% owned Danish subsidiary, Unwasted APS.

7. Debtors: amounts falling due within one year
2023 2022
£    £   
Other debtors 432,219 212,850

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 1,554,373 -
Trade creditors 165,095 64,728
Taxation and social security 25,326 23,071
Other creditors 73,405 19,203
1,818,199 107,002

9. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 96,178 88,678
Between one and five years 50,959 147,137
147,137 235,815