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COMPANY REGISTRATION NUMBER: 07868288
ENVIRO WASTE LONDON LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
ENVIRO WASTE LONDON LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
ENVIRO WASTE LONDON LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
D Rubin
J Rubin
Registered office
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
Accountants
BSG Valentine (UK) LLP
Chartered Accountants
Lynton House
7 - 12 Tavistock Square
London
WC1H 9BQ
ENVIRO WASTE LONDON LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
221,271
259,909
Tangible assets
6
16,204
17,886
---------
---------
237,475
277,795
CURRENT ASSETS
Stocks
18,363
Debtors
7
1,199,014
1,141,988
Cash at bank and in hand
682,914
841,294
------------
------------
1,881,928
2,001,645
CREDITORS: amounts falling due within one year
8
( 1,572,187)
( 1,742,694)
------------
------------
NET CURRENT ASSETS
309,741
258,951
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
547,216
536,746
CREDITORS: amounts falling due after more than one year
9
( 24,951)
( 41,920)
---------
---------
NET ASSETS
522,265
494,826
---------
---------
CAPITAL AND RESERVES
Called up share capital
10,309
10,309
Profit and loss account
511,956
484,517
---------
---------
SHAREHOLDERS FUNDS
522,265
494,826
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ENVIRO WASTE LONDON LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 4 April 2024 , and are signed on behalf of the board by:
J Rubin
Director
Company registration number: 07868288
ENVIRO WASTE LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
Over 10 years
User defined 1
-
Over 6 years
Other intangible assets
-
Over 3 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Motor vehicles
-
15% straight line
Computer & office equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2022: 20 ).
5. Intangible assets
Development costs
Website Development
Other intangible assets
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
379,391
62,317
259,739
701,447
---------
--------
---------
---------
Amortisation
At 1 January 2023
125,300
46,812
259,739
431,851
Charge for the year
37,939
10,386
48,325
---------
--------
---------
---------
At 31 December 2023
163,239
57,198
259,739
480,176
---------
--------
---------
---------
Carrying amount
At 31 December 2023
216,152
5,119
221,271
---------
--------
---------
---------
At 31 December 2022
254,091
15,505
269,596
---------
--------
---------
---------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
42,261
12,200
49,450
103,911
Additions
11,000
5,417
16,417
Disposals
( 12,200)
( 12,200)
--------
--------
--------
---------
At 31 December 2023
53,261
54,867
108,128
--------
--------
--------
---------
Depreciation
At 1 January 2023
39,875
1,830
44,320
86,025
Charge for the year
3,546
4,183
7,729
Disposals
( 1,830)
( 1,830)
--------
--------
--------
---------
At 31 December 2023
43,421
48,503
91,924
--------
--------
--------
---------
Carrying amount
At 31 December 2023
9,840
6,364
16,204
--------
--------
--------
---------
At 31 December 2022
2,386
10,370
5,130
17,886
--------
--------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
762,164
724,608
Amounts owed by group undertakings and undertakings in which the company has a participating interest
365,094
277,169
Other debtors
71,756
140,211
------------
------------
1,199,014
1,141,988
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,203,934
958,551
Corporation tax
52,674
37,347
Social security and other taxes
93,195
64,686
Other creditors
222,384
682,110
------------
------------
1,572,187
1,742,694
------------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
24,951
34,841
Other creditors
7,079
--------
--------
24,951
41,920
--------
--------
10. Directors' advances, credits and guarantees
As at the balance sheet date an amount of £213 was owing by the company to the directors.
11. Related party transactions
As at the balance sheet date an amount of £65,674 was owing to the company by Enviro Management Solutions Limited, a company with common directorship. As at the balance sheet date an amount of £220,162 was owing from Syte Lynk Ltd, a company with common directorship.