Registered number
12197966
The Waste Brokerage Company Ltd
Filleted Accounts
30 September 2023
The Waste Brokerage Company Ltd
Registered number: 12197966
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 60,868 47,232
60,868 47,232
Current assets
Debtors 4 289,819 235,438
Cash at bank and in hand 136,924 103,855
426,743 339,293
Creditors: amounts falling due within one year 5 (404,012) (307,899)
Net current assets 22,731 31,394
Total assets less current liabilities 83,599 78,626
Creditors: amounts falling due after more than one year 6 (24,842) (33,614)
Provisions for liabilities (10,857) -
Net assets 47,900 45,012
Capital and reserves
Called up share capital 100 100
Profit and loss account 47,800 44,912
Shareholders' funds 47,900 45,012
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Grace
Director
Approved by the board on 14 February 2024
The Waste Brokerage Company Ltd
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements 10% on cost
Computer software 20% on written down value
Office equipment 33% on written down value
Fixtures and fittings 15% on written down value
Motor vehicles 25% on written down value
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Interest income
Interest income is recognised in the profit and loss using the effective interest method.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 5
3 Tangible fixed assets
Leasehold improvements Computer software Office equipment, fixtures and fittings Motor vehicles Total
£ £ £ £ £
Cost
At 1 October 2022 4,766 15,650 5,848 28,515 54,779
Additions 7,752 13,660 4,687 - 26,099
At 30 September 2023 12,518 29,310 10,535 28,515 80,878
Depreciation
At 1 October 2022 199 1,521 1,075 4,752 7,547
Charge for the year 801 4,276 1,446 5,940 12,463
At 30 September 2023 1,000 5,797 2,521 10,692 20,010
Net book value
At 30 September 2023 11,518 23,513 8,014 17,823 60,868
At 30 September 2022 4,567 14,129 4,773 23,763 47,232
4 Debtors 2023 2022
£ £
Trade debtors 279,364 194,777
Other debtors 10,455 40,661
289,819 235,438
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,000 5,000
Obligations under finance lease and hire purchase contracts 3,773 3,773
Trade creditors 338,521 271,808
Taxation and social security costs 42,761 21,231
Other creditors 13,957 6,087
404,012 307,899
Obligations under finance lease and hire purchase contracts of £3,773 (2022: £3,773), due within one year, are secured by the company.
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 8,750 13,750
Obligations under finance lease and hire purchase contracts 16,092 19,864
24,842 33,614
Obligations under finance lease and hire purchase contracts of £16,092 (2022: £19,864), due after more than one year, are secured by the company.
7 Pension commitments
The company contributes to a defined contribution scheme for its employees. At the balance sheet date there were outstanding contributions of £672 (2022: £316). This amount is included within other creditors.
8 Other information
The Waste Brokerage Company Ltd is a private company limited by shares and incorporated in England. Its registered office is:
41 Mere View Industrial Estate
Yaxley
Peterborough
PE7 3HS
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