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REGISTERED NUMBER: 03863280 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30th June 2023

for

Transwaste Recycling and Aggregates
Limited

Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)






Contents of the Financial Statements
for the year ended 30th June 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


Transwaste Recycling and Aggregates
Limited

Company Information
for the year ended 30th June 2023







DIRECTORS: P A Hornshaw
M Hornshaw
M R Kemish



SECRETARY: P A Hornshaw



REGISTERED OFFICE: Melton Waste Park
Gibson Lane
Melton
East Yorkshire
HU14 3HH



REGISTERED NUMBER: 03863280 (England and Wales)



AUDITORS: Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX



BANKERS: HSBC Bank Plc
239 Hessle Road
Hull
East Yorkshire
HU3 4BD

Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)

Strategic Report
for the year ended 30th June 2023

The directors present their strategic report for the year ended 30th June 2023.

REVIEW OF BUSINESS
2023 2022 2021 2020
Turnover 34,767,634 33,282,576 33,619,268 29,805,259
Turnover growth 4.5% -1.0% 12.8% 70.1%
GP Margin 31.8% 31.6% 28.6% 23.9%
Profit/(loss) before tax 2,337,720 2,776,089 3,358,938 2,921,091

Turnover levels remain consistent throughout this accounting period. An increase is expected during the 2024 accounting period following the lease of an additional landfill site which became operational in September 2023. This site will create a new revenue stream for the company.

The improvement in the gross margin was maintained following the introduction of the SFR line during the 2021 period.

The company will continue with its policy of investing in efficient processes for treating waste.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance the company's operations.

Price risk
The company is a waste processor and involved in the recycling and sale of aggregates. The prices of waste and aggregates are based/reduced on account of pricing pressure and competition. This risk is managed by monitoring the market continuously.

Foreign exchange risk
The company purchases some products in foreign currencies. The risk is mitigated by monitoring foreign exchange rates on a daily basis.

Credit risk
Credit checks are carried out on all customers. Amounts outstanding for both time and credit limits are regularly monitored. The company does experience bad debts but believes they have systems in place to mitigate these risks.

Liquidity risk
The company's liquidity risk is managed by ensuring sufficient funds are available to meet amounts due and does not consider that liquidity poses a significant risk.

Interest rate and cash flow risk
The company had a favourable cash balance during the year and therefore does not consider that interest rates or cash flow pose a significant risk.


Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)

Strategic Report
for the year ended 30th June 2023

FUTURE DEVELOPMENTS
The company continues to upgrade its facility by investing in new technology with a focus on environmentally friendly improvements.

Moving forward the company will explore how to place less reliance on generators to reduce energy costs and improve the company's carbon footprint further.

ON BEHALF OF THE BOARD:





P A Hornshaw - Secretary


16th February 2024

Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)

Report of the Directors
for the year ended 30th June 2023

The directors present their report with the financial statements of the company for the year ended 30th June 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of recycling and sale of aggregates and treatment of wastes.

DIVIDENDS
No dividends will be distributed for the year ended 30th June 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st July 2022 to the date of this report.

P A Hornshaw
M Hornshaw
M R Kemish

Other changes in directors holding office are as follows:

S Wells - resigned 8th July 2022

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance the company's operations.

Revenue Maintenance
The company actively markets and manages its portfolio of products to focus on revenue building and maintenance which, over the life cycle of the products can contribute to the future profits of the business.

Risks and uncertainties
These details have been provided in the company's strategic 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)

Report of the Directors
for the year ended 30th June 2023


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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Sadofskys, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



P A Hornshaw - Secretary


16th February 2024

Report of the Independent Auditors to the Members of
Transwaste Recycling and Aggregates
Limited

Opinion
We have audited the financial statements of Transwaste Recycling and Aggregates Limited (the 'company') for the year ended 30th June 2023 which comprise the Statement of 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 30th 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
Transwaste Recycling and Aggregates
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, 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
Transwaste Recycling and Aggregates
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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the recycling and treatment of waste.
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in [note 2] were indicative of potential bias;
- investigated the rationale behind significant or unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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
Transwaste Recycling and Aggregates
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.




Alan Brocklehurst (Senior Statutory Auditor)
for and on behalf of Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX

16th February 2024

Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)

Statement of Comprehensive
Income
for the year ended 30th June 2023

2023 2022
Notes £    £   

TURNOVER 34,767,634 33,282,576

Cost of sales 23,727,731 22,769,258
GROSS PROFIT 11,039,903 10,513,318

Administrative expenses 8,643,441 7,591,702
2,396,462 2,921,616

Other operating income 54,542 58,833
OPERATING PROFIT 4 2,451,004 2,980,449

Interest receivable and similar income 76,467 14,866
2,527,471 2,995,315
Amounts written off investments 5 50 -
2,527,421 2,995,315

Interest payable and similar expenses 6 189,701 219,226
PROFIT BEFORE TAXATION 2,337,720 2,776,089

Tax on profit 7 432,364 462,520
PROFIT FOR THE FINANCIAL YEAR 1,905,356 2,313,569

OTHER COMPREHENSIVE INCOME
Revaluation of assets - 22,741
Income tax relating to other comprehensive
income

-

(5,685

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

17,056
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,905,356

2,330,625

Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)

Balance Sheet
30th June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 20,347 32,956
Tangible assets 10 7,088,537 7,481,486
Investments 11 - 50
7,108,884 7,514,492

CURRENT ASSETS
Stocks 12 166,543 -
Debtors 13 18,160,778 13,095,199
Cash at bank and in hand 4,296,753 6,259,897
22,624,074 19,355,096
CREDITORS
Amounts falling due within one year 14 9,169,483 7,103,751
NET CURRENT ASSETS 13,454,591 12,251,345
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,563,475

19,765,837

CREDITORS
Amounts falling due after more than one
year

15

(1,244,692

)

(2,317,822

)

PROVISIONS FOR LIABILITIES 19 (640,780 ) (675,368 )
NET ASSETS 18,678,003 16,772,647

CAPITAL AND RESERVES
Called up share capital 20 2,000 2,000
Revaluation reserve 17,056 17,056
Retained earnings 18,658,947 16,753,591
SHAREHOLDERS' FUNDS 18,678,003 16,772,647

The financial statements were approved by the Board of Directors and authorised for issue on 16th February 2024 and were signed on its behalf by:




P A Hornshaw - Director



M Hornshaw - Director


Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)

Statement of Changes in Equity
for the year ended 30th June 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st July 2021 2,000 14,440,022 - 14,442,022

Changes in equity
Total comprehensive income - 2,313,569 17,056 2,330,625
Balance at 30th June 2022 2,000 16,753,591 17,056 16,772,647

Changes in equity
Total comprehensive income - 1,905,356 - 1,905,356
Balance at 30th June 2023 2,000 18,658,947 17,056 18,678,003

Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)

Cash Flow Statement
for the year ended 30th June 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 235,212 1,662,556
Interest paid (57,853 ) (37,240 )
Interest element of hire purchase payments
paid

(131,848

)

(181,986

)
Government grants - 2,844
Tax paid (310,293 ) (628,703 )
Net cash from operating activities (264,782 ) 817,471

Cash flows from investing activities
Purchase of tangible fixed assets (1,457,022 ) (1,051,033 )
Sale of tangible fixed assets 115,100 142,500
Sale of fixed asset investments 50 -
Interest received 76,467 14,866
Net cash from investing activities (1,265,405 ) (893,667 )

Cash flows from financing activities
Loan repayments in year (169,452 ) (154,463 )
Capital repayments in year (1,067,276 ) (767,617 )
Amount withdrawn by directors 803,771 (308,183 )
Net cash from financing activities (432,957 ) (1,230,263 )

Decrease in cash and cash equivalents (1,963,144 ) (1,306,459 )
Cash and cash equivalents at beginning of
year

2

6,259,897

7,566,356

Cash and cash equivalents at end of year 2 4,296,753 6,259,897

Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)

Notes to the Cash Flow Statement
for the year ended 30th June 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 2,337,720 2,776,089
Depreciation charges 1,841,748 1,761,917
Profit on disposal of fixed assets (94,268 ) (51,109 )
Government grants - (2,844 )
Finance costs 189,701 219,226
Finance income (76,467 ) (14,866 )
4,198,434 4,688,413
Increase in stocks (166,543 ) -
Increase in trade and other debtors (5,869,350 ) (2,895,040 )
Increase/(decrease) in trade and other creditors 2,072,671 (130,817 )
Cash generated from operations 235,212 1,662,556

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 30th June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 4,296,753 6,259,897
Year ended 30th June 2022
30/6/22 1/7/21
£    £   
Cash and cash equivalents 6,259,897 7,566,356


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1/7/22 Cash flow At 30/6/23
£    £    £   
Net cash
Cash at bank and in hand 6,259,897 (1,963,144 ) 4,296,753
6,259,897 (1,963,144 ) 4,296,753
Debt
Finance leases (3,135,351 ) 1,067,276 (2,068,075 )
Debts falling due within 1 year (169,453 ) (17,991 ) (187,444 )
Debts falling due after 1 year (501,959 ) 187,443 (314,516 )
(3,806,763 ) 1,236,728 (2,570,035 )
Total 2,453,134 (726,416 ) 1,726,718

Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)

Notes to the Financial Statements
for the year ended 30th June 2023

1. STATUTORY INFORMATION

Transwaste Recycling and Aggregates 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The directors believe that the company is well placed to manage its business risks successfully despite the uncertain economic outlook.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Further information regarding the company's business activities, together with the factors likely to affect its future development, performance and position is set out in the Strategic Report.

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

Revenue recognition
Revenue is recognised under an exchange transaction with a customer when, and to the extent that, the company receives a right to consideration from its performance.

Part completed contracts at the year-end that fulfil the criteria are included in these financial statements based on their fair value of the right to consideration at the balance sheet date.

Intangible assets
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.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 4% on cost and straight line over 10 years
Plant and machinery - 4-10 years
Fixtures and fittings - 25% on cost

Freehold land is not depreciated but is subject to impairment reviews, along with all other tangible assets, in accordance with the company's accounting policy on impairment.

Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)

Notes to the Financial Statements - continued
for the year ended 30th June 2023

2. ACCOUNTING POLICIES - continued

Government grants
Government grants are recognised using the accruals model.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the assets to which they relate.

A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the company with no future related costs, is credited to income in the period in which it becomes receivable.

Investments in associates
Investments in associate undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Deferred tax
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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)

Notes to the Financial Statements - continued
for the year ended 30th June 2023

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,533,461 3,007,702
Social security costs 309,013 252,229
Other pension costs 57,671 44,292
3,900,145 3,304,223

The average number of employees during the year was as follows:
2023 2022

Direct workforce 59 51
Administration 18 18
77 69

2023 2022
£    £   
Directors' remuneration 47,385 45,300

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Plant hire 2,075,647 2,206,310
Depreciation - owned assets 661,343 525,510
Depreciation - assets on hire purchase contracts 1,167,796 1,223,797
Profit on disposal of fixed assets (94,268 ) (51,109 )
Computer software amortisation 12,609 12,610
Exchange rate (gains)/losses 3,417 16,923

5. AMOUNTS WRITTEN OFF INVESTMENTS
2023 2022
£    £   
Amounts written off investments 50 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 110 422
Bank loan interest 54,778 33,881
Corporation tax interest 2,965 2,937
Hire purchase interest 131,848 181,986
189,701 219,226

Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)

Notes to the Financial Statements - continued
for the year ended 30th June 2023

7. 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 466,952 559,370

Deferred taxation (34,588 ) (96,850 )
Tax on profit 432,364 462,520

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 2,337,720 2,776,089
Profit multiplied by the standard rate of corporation tax in the UK of
20.496% (2022 - 19%)

479,139

527,457

Effects of:
Expenses not deductible for tax purposes 14,474 5,244
Capital allowances in excess of depreciation (31,350 ) (32,842 )
Utilisation of tax losses - (2,825 )
Adjustments to tax charge in respect of previous periods (68,390 ) (61,826 )
Depreciation on non-qualifying assets 32,401 35,718
Changes to applicable tax rates 6,090 (8,406 )
Total tax charge 432,364 462,520

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30th June 2023.

2022
Gross Tax Net
£    £    £   
Revaluation of assets 22,741 (5,685 ) 17,056

In the 3rd March 2021 Budget it was announced that the UK tax rate will increase to 25% from 1st April 2023. This will have a consequential effect on the company's future tax charge. At the balance sheet date this change had been substantively enacted and therefore deferred tax has been provided for at the rate of 25%.

Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)

Notes to the Financial Statements - continued
for the year ended 30th June 2023

8. AUDITORS' REMUNERATION

year ended year ended
30/6/23 30/6/22
£ £
Fees payable to the company's auditors and their associates for the audit
of the company's financial statements
Current auditors 11,750 10,875

9. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1st July 2022
and 30th June 2023 50,428
AMORTISATION
At 1st July 2022 17,472
Amortisation for year 12,609
At 30th June 2023 30,081
NET BOOK VALUE
At 30th June 2023 20,347
At 30th June 2022 32,956

10. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to Plant and and
property property machinery fittings Totals
£    £    £    £    £   
COST OR VALUATION
At 1st July 2022 350,000 4,075,466 14,998,640 187,527 19,611,633
Additions - 689,028 755,723 12,271 1,457,022
Disposals - - (3,004,806 ) (46,381 ) (3,051,187 )
At 30th June 2023 350,000 4,764,494 12,749,557 153,417 18,017,468
DEPRECIATION
At 1st July 2022 - 1,830,770 10,202,965 96,412 12,130,147
Charge for year - 303,037 1,492,784 33,318 1,829,139
Eliminated on disposal - - (2,983,974 ) (46,381 ) (3,030,355 )
At 30th June 2023 - 2,133,807 8,711,775 83,349 10,928,931
NET BOOK VALUE
At 30th June 2023 350,000 2,630,687 4,037,782 70,068 7,088,537
At 30th June 2022 350,000 2,244,696 4,795,675 91,115 7,481,486

Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)

Notes to the Financial Statements - continued
for the year ended 30th June 2023

10. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30th June 2023 is represented by:

Improvements Fixtures
Freehold to Plant and and
property property machinery fittings Totals
£    £    £    £    £   
Valuation in 2022 22,741 - - - 22,741
Cost 327,259 4,764,494 12,749,557 153,417 17,994,727
350,000 4,764,494 12,749,557 153,417 18,017,468

The directors are of the opinion that the current property values show a true and fair view of the value of the property.

The net book value of tangible fixed assets includes £ 3,482,748 (2022 - £ 4,552,241 ) in respect of assets held under hire purchase contracts.

11. FIXED ASSET INVESTMENTS

At the start of the financial period the company held 50 Ordinary shares in the following company:

Associated company

Thermeco (Yorkshire) Limited
Registered office: 22 The Downs, Alteringham, Greater Manchester, WA14 2PI
Nature of business: Dormant

These shares were disposed during the year. No profits were generated on the share sale.

12. STOCKS
2023 2022
£    £   
Stocks 166,543 -

13. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 8,206,970 6,509,542
Other debtors 6,802,088 2,822,488
Directors' current accounts 1,439,346 2,243,117
Prepayments and accrued income 679,374 687,052
17,127,778 12,262,199

Amounts falling due after more than one year:
Other debtors 1,033,000 833,000

Aggregate amounts 18,160,778 13,095,199

Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)

Notes to the Financial Statements - continued
for the year ended 30th June 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 16) 187,444 169,453
Hire purchase contracts (see note 17) 1,137,899 1,319,488
Trade creditors 6,118,201 4,019,547
Taxation 467,487 310,828
Social security and other taxes 671,602 386,686
Other creditors 42,593 65,328
Accruals and deferred income 544,257 832,421
9,169,483 7,103,751

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 16) 314,516 501,959
Hire purchase contracts (see note 17) 930,176 1,815,863
1,244,692 2,317,822

16. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 187,444 169,453

Amounts falling due between one and two years:
Bank loans - 1-2 years 205,434 187,443

Amounts falling due between two and five years:
Bank loans - 2-5 years 109,082 314,516

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 1,137,899 1,319,488
Between one and five years 930,176 1,815,863
2,068,075 3,135,351

Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)

Notes to the Financial Statements - continued
for the year ended 30th June 2023

17. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 19,230 15,892
Between one and five years 16,218 28,448
35,448 44,340

18. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 501,960 671,412
Hire purchase contracts 2,068,075 3,135,351
2,570,035 3,806,763

The Bank overdraft facilities and Bank loan are secured by a fixed and floating charge over the assets of the company.

Hire purchase contracts are secured against the specific asset.

19. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 635,095 669,683
Other timing differences 5,685 5,685
640,780 675,368

Deferred
tax
£   
Balance at 1st July 2022 675,368
Credit to Statement of Comprehensive Income during year (34,588 )
Charge to reserves during year
Balance at 30th June 2023 640,780

20. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
2,000 Share capital 1 £1 2,000 2,000

Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)

Notes to the Financial Statements - continued
for the year ended 30th June 2023

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30th June 2023 and 30th June 2022:

2023 2022
£    £   
P A Hornshaw
Balance outstanding at start of year 1,224,654 915,929
Amounts advanced 337,195 321,725
Amounts repaid (863,230 ) (13,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 698,619 1,224,654

M Hornshaw
Balance outstanding at start of year 1,018,463 1,019,005
Amounts advanced 197,341 11,458
Amounts repaid (475,077 ) (12,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 740,727 1,018,463

Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)

Notes to the Financial Statements - continued
for the year ended 30th June 2023

22. RELATED PARTY DISCLOSURES

P Hornshaw, M Hornshaw and M Kemish are the sole directors of Transwaste Services Limited.
2023 2022
£    £   
Management fees received 9,000 9,000
Motor recharges received 225,986 3,282
Purchases recharges received 6,063 13,415
Insurance recharges received 31,139 35,215

Management fees paid 100,800 100,800
Hire and haulage charges paid 4,882,321 4,122,964
Motor charges paid 28,057 13,345
Staff training expenses paid Nil 105
Sundry charges paid 612 Nil

Amounts receivable at the balance sheet date 1,164,229 3,060
Amounts payable at the balance sheet date 627,538 158,407

P Hornshaw and M Hornshaw are the sole directors of Humber Properties Limited.
2023 2022
£    £   
Purchases recharges received 2,853 1,049
Management fees received 5,400 5,400
Site renewals/repair fees received 2,748 9,579

Rents paid 240,000 240,000
Legal fees paid Nil 550
Insurance costs paid Nil 4,627
Light and heat costs paid 427,366 Nil

Amounts receivable at the balance sheet date 844,459 639,129
Amounts payable at the balance sheet date 412,839 24,000

P Hornshaw and M Hornshaw have full control over Wauldby Associates Limited.
2023 2022
£    £   
Purchase recharges received 130,297 154,276
Wages recharges received 1,777 3,511
Management fees received 12,000 12,000

Management fees paid 96,000 96,000
Hire charges paid 1,298,250 1,151,050

Amounts receivable at the balance sheet date Nil 148,537
Amounts payable at the balance sheet date 267,439 Nil

P Hornshaw and M Hornshaw indirectly control 50% of the share capital of City Plant Limited

2023 2022
£    £   
Purchases paid 20,053 80,743

Amounts receivable at the balance sheet date 294,219 294,219
Amounts payable at the balance sheet date Nil 7,730



Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)

Notes to the Financial Statements - continued
for the year ended 30th June 2023


P Hornshaw is a director of Thermeco (Yorkshire) Limited and the company owns 50% of its share capital.
2023 2022
£    £   
Amounts receivable at the balance sheet date Nil Nil

A Hornshaw (brother to P Hornshaw and M Hornshaw) is the sole director of Caird Peckfield Ltd, a company wholly owned by Seneca Global Energy Limited.

2023 2022
£    £   
Waste processing costs paid 616,430 1,911,141

Amounts payable at the balance sheet date 10,944 275,405

P Hornshaw and M Hornshaw indirectly control 50% of the share capital of Seneca Global Energy Limited, a company owned 50% by Wauldby Associates Limited and 50% by Seneca Investments and Developments Limited.

2023 2022
£    £   
Recharges received 9,760 15,776

Professional fees paid Nil 3,940

Amounts receivable at the balance sheet date 765 9,055

M Hornshaw is a director of International Waste Trading FZCO.

2023 2022
£    £   
Waste removal costs paid 2,661,567 2,267,608

Amounts payable at the balance sheet date 358,421 143,053

M Kemish is the sole director of Biowood Services Limited.

2023 2022
£    £   
Management fees received 6,000 6,000
Wages recharges received 2,665 5,600
Recharges received 42,786 209,829

Purchases paid 1,218,507 906,567

Amounts receivable at the balance sheet date Nil 182,093
Amounts payable at the balance sheet date 767,857 Nil

M Kemish has common directorship of Melton Energy Tech Limited.

2023 2022
£    £   
Construction recharges received 1,042,173 Nil
Legal fees recharges received 150,786 Nil

Amounts receivable at the balance sheet date 6,102,559 1,097,663


Transwaste Recycling and Aggregates
Limited (Registered number: 03863280)

Notes to the Financial Statements - continued
for the year ended 30th June 2023

A Hornshaw (brother to P Hornshaw and M Hornshaw) controls 50% of the shareholding of HR Recycling Limited.

2023 2022
£    £   
Management charges received 3,600 Nil
Hire of equipment recharges received 1,161 Nil

Hire Charges Paid 743,538 728,865

Amounts receivable at the balance sheet date 887 720
Amounts payable at the balance sheet date 59,358 77,196