REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 30th June 2023 |
for |
Transwaste Recycling and Aggregates |
Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Princes House |
Wright Street |
Hull |
East Yorkshire |
HU2 8HX |
BANKERS: |
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: |
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. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
Statutory Auditors |
Princes House |
Wright Street |
Hull |
East Yorkshire |
HU2 8HX |
Transwaste Recycling and Aggregates |
Limited (Registered number: 03863280) |
Statement of Comprehensive |
Income |
for the year ended 30th June 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
2,396,462 | 2,921,616 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
2,527,471 | 2,995,315 |
Amounts written off investments | 5 | 50 | - |
2,527,421 | 2,995,315 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME |
Revaluation of assets |
Income tax relating to other comprehensive income |
( |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Transwaste Recycling and Aggregates |
Limited (Registered number: 03863280) |
Balance Sheet |
30th June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Total comprehensive income | - |
Balance at 30th June 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30th June 2023 |
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 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Government grants |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Sale of fixed asset investments |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Amount withdrawn by directors | 803,771 | (308,183 | ) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Government grants | ( |
) |
Finance costs | 189,701 | 219,226 |
Finance income | (76,467 | ) | (14,866 | ) |
4,198,434 | 4,688,413 |
Increase in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) 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 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 | ( |
) | 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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Direct workforce | 59 | 51 |
Administration | 18 | 18 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Plant hire |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Computer software amortisation |
Exchange rate (gains)/losses |
5. | AMOUNTS WRITTEN OFF INVESTMENTS |
2023 | 2022 |
£ | £ |
Amounts written off investments | 50 | - |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest |
Bank loan interest |
Corporation tax interest |
Hire purchase interest |
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 |
Deferred taxation | ( |
) | ( |
) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
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 | (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 |
AMORTISATION |
At 1st July 2022 |
Amortisation for year |
At 30th June 2023 |
NET BOOK VALUE |
At 30th June 2023 |
At 30th June 2022 |
10. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Freehold | to | Plant and | and |
property | property | machinery | fittings | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1st July 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30th June 2023 |
DEPRECIATION |
At 1st July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30th June 2023 |
NET BOOK VALUE |
At 30th June 2023 |
At 30th June 2022 |
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 |
13. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Directors' current accounts | 1,439,346 | 2,243,117 |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
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) |
Hire purchase contracts (see note 17) |
Trade creditors |
Taxation |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 16) |
Hire purchase contracts (see note 17) |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
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 |
Between one and five years |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 2,068,075 | 3,135,351 |
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 |
Other timing differences | 5,685 | 5,685 |
640,780 | 675,368 |
Deferred |
tax |
£ |
Balance at 1st July 2022 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Charge to reserves during year |
Balance at 30th June 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Share capital 1 | £1 |
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 |
£ | £ |
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 |
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 |