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Registration number: 12734710

Affordable Waste Management Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2023

 

Affordable Waste Management Ltd

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

Affordable Waste Management Ltd

Company Information

Directors

Mr Jordan Taylor

Mr Jake Taylor

Registered office

26 Harvey Close
Crowther Ind Estate
Washington
Tyne & Wear
NE38 0AB

Accountants

McManus Hall Ltd
C11 Marquis Court
Team Valley
Gateshead
Tyne and Wear
NE11 0RU

 

Affordable Waste Management Ltd

(Registration number: 12734710)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

49,991

8,233

Cash at bank and in hand

 

5,764

44,972

 

55,755

53,205

Creditors: Amounts falling due within one year

(31,564)

(8,846)

Total assets less current liabilities

 

24,191

44,359

Creditors: Amounts falling due after more than one year

(105,037)

(100,733)

Net liabilities

 

(80,846)

(56,374)

Capital and reserves

 

Called up share capital

5

100

100

Retained earnings

(80,946)

(56,474)

Shareholders' deficit

 

(80,846)

(56,374)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 15 March 2024 and signed on its behalf by:
 

.........................................

Mr Jordan Taylor

Director

 

Affordable Waste Management Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
26 Harvey Close
Crowther Ind Estate
Washington
Tyne & Wear
NE38 0AB

These financial statements were authorised for issue by the Board on 15 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. Management accounts prepared show the company has returned to a positive balance sheet position in January 2024.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Affordable Waste Management Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 1).

4

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

5

Share capital

Allotted, called up and fully paid shares

 

Affordable Waste Management Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

6

Related party transactions

Loans from related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

48,333

48,333

Repaid

(6,696)

(6,696)

At end of period

41,637

41,637

2022

Entities with joint control or significant influence
£

Total
£

Advanced

50,000

50,000

Repaid

(2,254)

(2,254)

Interest transactions

587

587

At end of period

48,333

48,333

Terms of loans from related parties

A loan of £50,000 was received Tintfit Window Films Ltd, a company who director/shareholder Jordan Taylor is also a director/shareholder. The loan has no fixed repayment date.