3 31/12/2023 2023-12-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 05986781 2023-01-01 2023-12-31 05986781 2023-12-31 05986781 2022-12-31 05986781 2022-01-01 2022-12-31 05986781 2022-12-31 05986781 2021-12-31 05986781 bus:Director1 2023-01-01 2023-12-31 05986781 core:IntangibleAssetsOtherThanGoodwill 2022-12-31 05986781 core:IntangibleAssetsOtherThanGoodwill 2023-12-31 05986781 core:CapitalRedemptionReserve 2022-01-01 2022-12-31 05986781 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 05986781 core:CapitalRedemptionReserve 2023-01-01 2023-12-31 05986781 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05986781 core:WithinOneYear 2023-12-31 05986781 core:WithinOneYear 2022-12-31 05986781 core:ShareCapital 2023-12-31 05986781 core:ShareCapital 2022-12-31 05986781 core:CapitalRedemptionReserve 2023-12-31 05986781 core:CapitalRedemptionReserve 2022-12-31 05986781 core:RetainedEarningsAccumulatedLosses 2023-12-31 05986781 core:RetainedEarningsAccumulatedLosses 2022-12-31 05986781 core:ShareCapital 2021-12-31 05986781 core:RetainedEarningsAccumulatedLosses 2021-12-31 05986781 core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 05986781 core:IntangibleAssetsOtherThanGoodwill 2022-12-31 05986781 bus:SmallEntities 2023-01-01 2023-12-31 05986781 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05986781 bus:FullAccounts 2023-01-01 2023-12-31 05986781 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05986781 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31
Company registration number: 05986781
Waste Concern Limited
Unaudited filleted financial statements
31 December 2023
Waste Concern Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Waste Concern Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 10,001 20,001
_______ _______
10,001 20,001
Current assets
Debtors 6 89,242 108,375
Cash at bank and in hand 45,129 44,410
_______ _______
134,371 152,785
Creditors: amounts falling due
within one year 7 ( 110,006) ( 122,842)
_______ _______
Net current assets 24,365 29,943
_______ _______
Total assets less current liabilities 34,366 49,944
_______ _______
Net assets 34,366 49,944
_______ _______
Capital and reserves
Called up share capital 2,090 2,090
Capital redemption reserve 522 522
Profit and loss account 31,754 47,332
_______ _______
Shareholders funds 34,366 49,944
_______ _______
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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 April 2024 , and are signed on behalf of the board by:
S. Feldman A.S. Davis FCA
Director Director
Company registration number: 05986781
Waste Concern Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 1 January 2022 2,090 - 80,052 82,142
Profit for the year 17,280 17,280
_______ _______ _______ _______
Total comprehensive income for the year - - 17,280 17,280
Dividends paid and payable ( 50,000) ( 50,000)
Redemption of shares - 522 - 522
_______ _______ _______ _______
Total investments by and distributions to owners - 522 ( 50,000) ( 49,478)
_______ _______ _______ _______
At 31 December 2022 and 1 January 2023 2,090 - 47,332 49,422
Profit for the year 14,422 14,422
_______ _______ _______ _______
Total comprehensive income for the year - - 14,422 14,422
Dividends paid and payable ( 30,000) ( 30,000)
Redemption of shares - 522 - 522
_______ _______ _______ _______
Total investments by and distributions to owners - 522 ( 30,000) ( 29,478)
_______ _______ _______ _______
At 31 December 2023 2,090 522 31,754 34,366
_______ _______ _______ _______
Waste Concern 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. The address of the registered office is Waste Concern Ltd, Northside House, Mount Pleasant, Barnet, Herts, EN4 9EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 a revalued amount, 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:
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.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 3 (2022: 3 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 January 2023 and 31 December 2023 106,250 106,250
_______ _______
Amortisation
At 1 January 2023 86,249 86,249
Charge for the year 10,000 10,000
_______ _______
At 31 December 2023 96,249 96,249
_______ _______
Carrying amount
At 31 December 2023 10,001 10,001
_______ _______
At 31 December 2022 20,001 20,001
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 44,019 71,284
Other debtors 45,223 37,091
_______ _______
89,242 108,375
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 90,118 101,487
Corporation tax 5,729 6,399
Social security and other taxes 10,194 12,162
Other creditors 3,965 2,794
_______ _______
110,006 122,842
_______ _______
8. Controlling party
The company is under the control of Mr S.Feldman.