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REGISTERED NUMBER: 06550655 (England and Wales)












WALTET LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023






WALTET LIMITED (REGISTERED NUMBER: 06550655)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Director 5

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 20


WALTET LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTOR: M R Howard


REGISTERED OFFICE: Unit 4
Andes Road
Nursling Industrial Estate
Southampton
Hampshire
SO16 0YZ


REGISTERED NUMBER: 06550655 (England and Wales)


SENIOR STATUTORY
AUDITOR:
Gary Brown FCCA


AUDITORS: Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR


BANKERS: Svenska Handelsbanken AB
3 Carlton Crescent
Southampton
Hampshire
SO15 2EY

WALTET LIMITED (REGISTERED NUMBER: 06550655)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023


The director presents his strategic report of the company and the group for the year ended 31 July 2023.

REVIEW OF BUSINESS
The group continues to offer a full range of ethical waste disposal, supplying, quality construction materials, providing transport services including grab lorries, skip hire and an extensive fleet of skip and waste collection services.

The results of the group show an operating profit of £134,009.on a turnover of £7.56 million.

Business Environment

The group continues to expand its operations in terms of greater channel revenue and strengthening departmentally across the organisation. In particular, the growth in revenue in the months after the end of this financial year as a result of greater investment in plant and vehicles and more efficient logistics is a testament to the team and the focused strategy. Marketing has improved, movements and logistics are improving and the repairs and running costs are better with the newer equipment. In addition, a much greater focus on key performance indicators across the group has helped to target the growth of existing business and has proven to be a successful formula for new works too.

The accounts show a significant improvement and we can see from the present post balance sheet period that this is only getting stronger. We were lowering the focus on planings but that channel is now contributing well to the overall profitability again.

Inflation is still a factor but it is widely accepted that it is embedded in pricing now and we expect that the Autumn of 2024 will bring lower levels again. The national shortage of drivers has been overcome by targeted recruiting and we have been very careful as a company to maintain an eye on the cost/benefit of expensive haulage. The driver apprenticeship scheme is still going well and the in-house training is a benefit to the group and the driving team generally.

The wash plant investment was secured just after the year-end and the arrangement we had before, now consolidated into the purchase of the plant. Significant savings will stream into 2024 and the Bunny Lane site continues to be a very busy hub indeed. The new plant has increased our waste operating capacity measurably. The demand for washed and recycled aggregates carries on unabated and we feel strongly set to flex to the demands of the market now.

There is strong seasonality in the construction sector and this is still a factor in the winter as is the weather throughout but our skip business is thriving despite this with the recent investment made in new bins.

Our increased marketing and sales approach is paying dividends and we feel now that most of the market has soaked up the post-Covid effects. There is a little bit more confidence which is slightly subdued by interest rates over all sectors but the group is set fair to ride out any headwinds in that respect and benefit from the predicted lowering of rates in 2024.

Our customers are growing and very loyal. We pride ourselves on service and are constantly tweaking these areas too.

Eighteen months ago the group experienced a change at the top with one of the founding director/shareholders going and this has left a clear direction for the remaining incumbent to pursue the growth and fulfil the ambitions of the organisation as well as benefiting from cost savings.


WALTET LIMITED (REGISTERED NUMBER: 06550655)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023


Strategy

The company is focussing on its key performance indicators in all areas including logistics, investment returns, sales and marketing , recovery days and efficiencies across the board. The investment will not stop, with a new CRM system, electronic weighbridge upgrade and increases in production through the wash-plant and efficiencies over all of the many business channels.

The key elements are thus:

- Broadening the product range
- Efficiency in terms of trips and logistics
- Solid reporting and KPI analysis including SWOT analysis
- Investment
- Good recruiting where necessary

Future Outlook

As alluded to above 2024 is a better trading period month on month. The directors are predicting a 10% increase in turnover and greater margins.

The environment will, of course, remain highly competitive and with an election around the corner we have political and geo-political uncertainty to factor in. This is taken into account as much as possible with conservative forecasting and budgeting.

The purchase of the wash plant makes us autonomous to a certain extent and very productive. That will flow into profit and product diversity.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors are acutely aware of the tough business environment that they work in, the political position at the moment and the prospect of a new Government in 2024. They have been continuing to strengthen across all departments and are highly accountable to each of their teams and themselves as a Board. Information flow is much clearer, new channels of work identified and in some cases new ideas bringing greater performance and logistical economies.

The directors are confident that they have done everything possible to mitigate most risks associated with the uncertain environment all UK businesses operate in but are comforted in the knowledge that the current UK trading picture is not isolated as they look across to the Continent and beyond.

The growth experienced in the last part of 2023 and 2024 is deemed sustainable and scalable.

The management do look at risks to the business and they review them regularly and the key risks identified are as below:

Competition

It is a very competitive market and so an eye is always on margin when prospecting for work. Not being the cheapest in the market does have a risk but this is countered by excellent service levels. Operating on the customer experience is key and fulfilling orders promptly is a KPI that is carefully watched. We also review the state of the current competition. It's a constant process. We are focusing less on an expanded area but trying to minimise costs by keeping it at a local level and this is working well.


WALTET LIMITED (REGISTERED NUMBER: 06550655)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023


Employee

The directors realise that they are not going to achieve the excellence that the company is capable of without a well-trained and dedicated team. Team meetings are regular because of the threat to the group of departures that materially affect a section. The directors and team are compensated for their loyalty, skill and dedication but are acutely aware of areas where there may be a single point of failure and are equipped to respond accordingly.

Supply Chain

The group has a diverse range of suppliers due to the stock range. They are also exposed to external threats and so the group always has in mind alternatives for this purpose. The group has been very fortunate to have great suppliers for decades and the relationships are kept strong. Insurance is kept in place for eventualities as indeed it is for the whole group's activities.

KEY PERFORMANCE INDICATORS
We have made significant progress in the year on the group's overriding objective and elements of our strategy for growth. The board monitors progress on the overall strategy and the individual strategic elements by reference to our Key Performance Indicators (KPIs).

Performance during the year, together with historical trend data is set out in the table below:

2023 2022 Definition, method of calculation
Growth in sales (%) 1.2% (4.3%) Year on year sales growth expressed as a
percentage. Sales have grown in the year, off the
back of greater investment and logistical
efficiencies.
Gross Margin (%) 29.1% 21.5% Gross margin is the ratio of gross profit before
exceptional items expressed as a percentage.
Improvement to margins continues in all core
growth business areas.

ON BEHALF OF THE BOARD:





M R Howard - Director


2 April 2024

WALTET LIMITED (REGISTERED NUMBER: 06550655)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 JULY 2023


The director presents his report with the financial statements of the company and the group for the year ended 31 July 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 July 2023 will be £139,083 (2022: £16,000). The directors recommend that no final dividend be paid.

DIRECTORS
M R Howard has held office during the whole of the period from 1 August 2022 to the date of this report.

Other changes in directors holding office are as follows:

D B Newbold - resigned 22 December 2022

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





M R Howard - Director


2 April 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WALTET LIMITED


Opinion
We have audited the financial statements of Waltet Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 July 2023 and of the group's loss 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 group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WALTET LIMITED


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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WALTET 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.

Extent to which the audit was capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company.

We obtained an understanding of how the company is complying with these frameworks through discussions with management.

We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

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
WALTET 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.




Gary Brown FCCA (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR

2 April 2024

WALTET LIMITED (REGISTERED NUMBER: 06550655)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 JULY 2023

2023 2022
Notes £    £   

TURNOVER 7,556,078 7,466,401

Cost of sales (5,353,529 ) (5,861,054 )
GROSS PROFIT 2,202,549 1,605,347

Administrative expenses (2,079,054 ) (2,204,577 )
123,495 (599,230 )

Other operating income 10,514 50,737
OPERATING PROFIT/(LOSS) 4 134,009 (548,493 )

Interest receivable and similar income - 14
134,009 (548,479 )
Amounts written off investments 5 (200 ) -
133,809 (548,479 )

Interest payable and similar expenses 6 (266,009 ) (174,203 )
LOSS BEFORE TAXATION (132,200 ) (722,682 )

Tax on loss 7 (36,673 ) 100,409
LOSS FOR THE FINANCIAL YEAR (168,873 ) (622,273 )
Loss attributable to:
Owners of the parent (168,873 ) (622,273 )

WALTET LIMITED (REGISTERED NUMBER: 06550655)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023

2023 2022
Notes £    £   

LOSS FOR THE YEAR (168,873 ) (622,273 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(168,873

)

(622,273

)

Total comprehensive income attributable to:
Owners of the parent (168,873 ) (622,273 )

WALTET LIMITED (REGISTERED NUMBER: 06550655)

CONSOLIDATED BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 10 427,917 492,917
Tangible assets 11 7,457,832 6,920,523
Investments 12 - -
7,885,749 7,413,440

CURRENT ASSETS
Stocks 13 554,922 45,201
Debtors 14 2,045,969 1,538,552
Cash at bank and in hand 381,192 249,300
2,982,083 1,833,053
CREDITORS
Amounts falling due within one year 15 (3,054,537 ) (4,454,559 )
NET CURRENT LIABILITIES (72,454 ) (2,621,506 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,813,295

4,791,934

CREDITORS
Amounts falling due after more than one
year

16

(5,373,335

)

(2,080,691

)

PROVISIONS FOR LIABILITIES 20 (336,907 ) (300,234 )
NET ASSETS 2,103,053 2,411,009

CAPITAL AND RESERVES
Called up share capital 21 200 200
Non-distributable profit and loss reserve 22 50,000 50,000
Retained earnings 22 2,052,853 2,360,809
SHAREHOLDERS' FUNDS 2,103,053 2,411,009

WALTET LIMITED (REGISTERED NUMBER: 06550655)

CONSOLIDATED BALANCE SHEET - continued
31 JULY 2023



The financial statements were approved by the director and authorised for issue on 2 April 2024 and were signed by:





M R Howard - Director


WALTET LIMITED (REGISTERED NUMBER: 06550655)

COMPANY BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 4,239,795 4,000,000
Investments 12 200 400
4,239,995 4,000,400

CURRENT ASSETS
Debtors 14 960,176 441,549
Cash at bank 803 32,994
960,979 474,543
CREDITORS
Amounts falling due within one year 15 (80,856 ) (1,640,774 )
NET CURRENT ASSETS/(LIABILITIES) 880,123 (1,166,231 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,120,118

2,834,169

CREDITORS
Amounts falling due after more than one
year

16

(3,895,955

)

(1,413,960

)
NET ASSETS 1,224,163 1,420,209

CAPITAL AND RESERVES
Called up share capital 21 200 200
Non-distributable profit and loss reserve 22 50,000 50,000
Retained earnings 22 1,173,963 1,370,009
SHAREHOLDERS' FUNDS 1,224,163 1,420,209

Company's loss for the financial year (56,963 ) (82,730 )

The financial statements were approved by the director and authorised for issue on 2 April 2024 and were signed by:





M R Howard - Director


WALTET LIMITED (REGISTERED NUMBER: 06550655)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023

Non-distributable
Called up profit
share Retained and loss Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 August 2021 200 2,999,082 50,000 3,049,282

Changes in equity
Dividends - (16,000 ) - (16,000 )
Total comprehensive income - (622,273 ) - (622,273 )
Balance at 31 July 2022 200 2,360,809 50,000 2,411,009

Changes in equity
Dividends - (139,083 ) - (139,083 )
Total comprehensive income - (168,873 ) - (168,873 )
Balance at 31 July 2023 200 2,052,853 50,000 2,103,053

WALTET LIMITED (REGISTERED NUMBER: 06550655)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023

Non-distributable
Called up profit
share Retained and loss Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 August 2021 200 1,468,739 50,000 1,518,939

Changes in equity
Dividends - (16,000 ) - (16,000 )
Total comprehensive income - (82,730 ) - (82,730 )
Balance at 31 July 2022 200 1,370,009 50,000 1,420,209

Changes in equity
Dividends - (139,083 ) - (139,083 )
Total comprehensive income - (56,963 ) - (56,963 )
Balance at 31 July 2023 200 1,173,963 50,000 1,224,163

WALTET LIMITED (REGISTERED NUMBER: 06550655)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (289,752 ) 48,470
Interest paid (151,502 ) (63,999 )
Interest element of hire purchase payments
paid

(114,507

)

(110,204

)
Taxation refund 80,098 254,649
Net cash from operating activities (475,663 ) 128,916

Cash flows from investing activities
Purchase of tangible fixed assets (229,475 ) (148,496 )
Sale of tangible fixed assets 275,567 256,833
Interest received - 14
Net cash from investing activities 46,092 108,351

Cash flows from financing activities
Net loan (repayments)/income 398,750 (126,000 )
Net HP income/(repayments) in year (37,455 ) (643,291 )
Amount introduced by directors 68,031 -
Amount withdrawn by directors (139,574 ) (163,542 )
Increase in invoice financing 410,794 755,647
Equity dividends paid (139,083 ) (16,000 )
Net cash from financing activities 561,463 (193,186 )

Increase in cash and cash equivalents 131,892 44,081
Cash and cash equivalents at beginning of
year

2

249,300

205,219

Cash and cash equivalents at end of year 2 381,192 249,300

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2023


1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Loss before taxation (132,200 ) (722,682 )
Depreciation charges 378,953 293,912
Profit on disposal of fixed assets (668 ) (16,637 )
Finance costs 266,009 174,203
Finance income - (14 )
512,094 (271,218 )
Increase in stocks (509,721 ) (45,201 )
(Increase)/decrease in trade and other debtors (587,515 ) 134,914
Increase in trade and other creditors 295,390 229,975
Cash generated from operations (289,752 ) 48,470

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 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 381,192 249,300
Year ended 31 July 2022
31.7.22 1.8.21
£    £   
Cash and cash equivalents 249,300 205,219


WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2023


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.8.22 Cash flow At 31.7.23
£    £    £   
Net cash
Cash at bank and in hand 249,300 131,892 381,192
249,300 131,892 381,192
Debt
Finance leases (1,099,212 ) (859,232 ) (1,958,444 )
Debts falling due within 1 year (1,463,500 ) 1,463,500 -
Debts falling due after 1 year - (1,862,250 ) (1,862,250 )
(2,562,712 ) (1,257,982 ) (3,820,694 )
Total (2,313,412 ) (1,126,090 ) (3,439,502 )

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

Waltet 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 General Information page.

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 financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value.

The principle accounting policies adopted are set out below.

Going concern

The Directors have concluded that with the right management actions the group is a going concern for at least 12 months following the signature of the financial statements. Accordingly the Directors have prepared the financial statements on this basis.

The Directors have refocussed on the key business drivers that have made it a success historically. Measures have been put in place to drive through cost savings in these key business driver areas, systems introduced to allow for the monitoring of these costs and the identification of further potential cost savings going forward.

The Directors have also focussed on key asset utilisation. Any older or under utilised assets have been sold, reducing the company's debt position and strengthening the group's cash position. Going forward, there is a focus on ensuring that asset utilisation remains at high levels.

The Directors are of the opinion that the steps taken will help to ensure that the group remains a going concern.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued

Turnover
For goods, turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically dispatched to the customer.

Where services are supplied, turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Goodwill
Goodwill arising on consolidation is being written off over its useful estimated life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property- 2% straight line
Improvements to property- 10 - 20 years straight line
Plant and machinery- 10% reducing balance and 20 years straight line
Fixtures and fittings- 25% reducing balance
Motor vehicles- 25% reducing balance
Computer equipment- 25% reducing balance

No depreciation is provided on Freehold land.

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

Cost is determined using the weighted average cost method.

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

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets
Financial assets are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the group are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,499,094 2,611,698
Social security costs 87,895 97,010
Other pension costs 25,967 6,485
2,612,956 2,715,193

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


3. EMPLOYEES AND DIRECTORS - continued

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

Office / Support 28 30
Drivers / Pickers 44 46
72 76

2023 2022
£    £   
Directors' remuneration 14,667 22,000

4. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 95,777 75,353
Depreciation - assets on hire purchase contracts 218,176 153,559
Profit on disposal of fixed assets (668 ) (16,637 )
Goodwill amortisation 65,000 65,000
Auditors' remuneration 25,292 18,619
Auditors' remuneration for non audit work 28,344 44,328
Operating lease rentals 50,503 46,093

5. AMOUNTS WRITTEN OFF INVESTMENTS
2023 2022
£    £   
Amounts written off investment 200 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 124,687 56,494
Loan interest 26,815 7,505
Hire purchase 114,507 110,204
266,009 174,203

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax - (79,887 )
Prior year over provision - 2,915
Total current tax - (76,972 )

Deferred tax 36,673 (23,437 )
Tax on loss 36,673 (100,409 )

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

2023 2022
£    £   
Loss before tax (132,200 ) (722,682 )
Loss multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 25 %)

(33,050

)

(180,671

)

Effects of:
Expenses not deductible for tax purposes 3,350 9,578
Capital allowances in excess of depreciation (178,985 ) (100,004 )
Utilisation of tax losses 208,685 289,281
Under / (over) provision - 2,915
Deferred tax 36,673 (23,437 )
Effect of change in rate - (18,184 )
R&D tax credit - (79,887 )
Total tax charge/(credit) 36,673 (100,409 )

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


9. DIVIDENDS

2023 2022
£    £   
Ordinary A shares of £1 each
Interim 80,000 1,000
Ordinary B shares of £1 each
Interim 3,750 -
Ordinary C shares of £1 each
Interim 52,000 5,000
Ordinary D shares of £1 each
Interim 3,333 10,000
Ordinary E shares of £1 each
Interim - -

139,083 16,000


10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 August 2022
and 31 July 2023 690,131
AMORTISATION
At 1 August 2022 197,214
Amortisation for year 65,000
At 31 July 2023 262,214
NET BOOK VALUE
At 31 July 2023 427,917
At 31 July 2022 492,917

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 August 2022 4,000,000 124,387 4,504,467
Additions - 53,908 1,248,371
Disposals - - (873,565 )
At 31 July 2023 4,000,000 178,295 4,879,273
DEPRECIATION
At 1 August 2022 - 57,415 1,777,330
Charge for year - 10,371 260,347
Eliminated on disposal - - (383,591 )
At 31 July 2023 - 67,786 1,654,086
NET BOOK VALUE
At 31 July 2023 4,000,000 110,509 3,225,187
At 31 July 2022 4,000,000 66,972 2,727,137

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 August 2022 49,031 188,175 177,601 9,043,661
Additions 16,825 - 22,132 1,341,236
Disposals - (2,900 ) - (876,465 )
At 31 July 2023 65,856 185,275 199,733 9,508,432
DEPRECIATION
At 1 August 2022 43,316 104,466 140,611 2,123,138
Charge for year 3,161 20,351 19,723 313,953
Eliminated on disposal - (2,900 ) - (386,491 )
At 31 July 2023 46,477 121,917 160,334 2,050,600
NET BOOK VALUE
At 31 July 2023 19,379 63,358 39,399 7,457,832
At 31 July 2022 5,715 83,709 36,990 6,920,523

Included in cost or valuation of land and buildings is freehold land of £4,000,000 (2022 - £4,000,000) which is not depreciated.

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


11. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31 July 2023 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2018 1,285,460 - -
Valuation in 2021 (1,235,460 ) - -
Valuation in 2023 - 53,908 (47,752 )
Cost 3,950,000 124,387 4,927,025
4,000,000 178,295 4,879,273

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2018 - - - 1,285,460
Valuation in 2021 - - - (1,235,460 )
Valuation in 2023 - - - 6,156
Cost 65,856 185,275 199,733 9,452,276
65,856 185,275 199,733 9,508,432

Freehold property was valued on an open market basis on 24 February 2023 by Avison Young .

Fixed assets, included in the above, which are held under hire purchase contracts had a net book value of £2,302,625 (2022: £2,029,295).

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


11. TANGIBLE FIXED ASSETS - continued

Company
Improvements
Freehold to Plant and
property property machinery Totals
£    £    £    £   
COST OR VALUATION
At 1 August 2022 4,000,000 - - 4,000,000
Additions - 53,909 197,397 251,306
At 31 July 2023 4,000,000 53,909 197,397 4,251,306
DEPRECIATION
Charge for year - 1,272 10,239 11,511
At 31 July 2023 - 1,272 10,239 11,511
NET BOOK VALUE
At 31 July 2023 4,000,000 52,637 187,158 4,239,795
At 31 July 2022 4,000,000 - - 4,000,000

Cost or valuation at 31 July 2023 is represented by:

Improvements
Freehold to Plant and
property property machinery Totals
£    £    £    £   
Valuation in 2018 1,285,460 - - 1,285,460
Valuation in 2021 (1,235,460 ) - - (1,235,460 )
Cost 3,950,000 53,909 197,397 4,201,306
4,000,000 53,909 197,397 4,251,306

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 August 2022
and 31 July 2023 400
PROVISIONS
Provision for year 200
At 31 July 2023 200
NET BOOK VALUE
At 31 July 2023 200
At 31 July 2022 400

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Waltet Materials Limited
Registered office: Unit 4, Andes Road, Nursling Industrial Estate, Southampton, Hampshire, SO16 0YZ, United Kingdom
Nature of business: Road haulage & Waste Recycling
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 879,635 991,605
Profit/(loss) for the year 27,213 (523,543 )

Waltet Recycling Limited
Registered office: Unit 4, Andes Road, Nursling Industrial Estate, Southampton, Hampshire, SO16 0YZ, United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 59 100
Loss for the year (41 ) -


WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


13. STOCKS

Group
2023 2022
£    £   
Stocks 554,922 45,201

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,453,352 1,009,788 - -
Amounts owed by group undertakings - - 881,959 413,231
Other debtors 592,629 448,678 78,217 -
Tax (12 ) 80,086 - -
VAT - - - 4,000
Deferred tax asset - - - 24,318
2,045,969 1,538,552 960,176 441,549

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 17) - 1,463,500 - 1,463,500
Hire purchase contracts (see note 18) 474,321 432,481 - -
Trade creditors 715,739 1,117,368 - 24,750
Social security and other taxes 57,583 67,870 - -
VAT 238,575 117,594 - -
Other creditors 1,568,319 1,116,172 80,856 12,950
Directors' current accounts - 139,574 - 139,574
3,054,537 4,454,559 80,856 1,640,774

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 17) 1,862,250 - 1,862,250 -
Hire purchase contracts (see note 18) 1,484,123 666,731 - -
Other creditors 544,971 - 544,971 -
Directors' current accounts 1,481,991 1,413,960 1,488,734 1,413,960
5,373,335 2,080,691 3,895,955 1,413,960

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans - 1,463,500 - 1,463,500
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,862,250 - 1,862,250 -

On 29 March 2023, the group has refinanced the bank loans shown at £1,463,500, to a 3 year fixed, interest only loan facility.

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 621,264 492,003
Between one and five years 1,634,202 763,695
2,255,466 1,255,698

Finance charges repayable:
Within one year 146,943 59,522
Between one and five years 150,079 96,964
297,022 156,486

Net obligations repayable:
Within one year 474,321 432,481
Between one and five years 1,484,123 666,731
1,958,444 1,099,212

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


18. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 89,458 45,734
Between one and five years 196,212 153,714
In more than five years 11,075 13,575
296,745 213,023

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank loans 1,862,250 1,463,500
Hire purchase contracts 1,958,444 1,099,212
Invoice Financing 1,315,174 904,380
5,135,868 3,467,092

Bank loans are secured by a fixed charge and a negative pledge over property held by the parent company and a cross guarantee around the group.

The group's hire purchase liabilities are secured against the assets to which they relate.

Invoice financing is an invoice discounting facility, secured over the trade receivables of the company.

20. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 336,907 300,234

Group
Deferred
tax
£   
Balance at 1 August 2022 300,234
Utilised during year 36,673
Balance at 31 July 2023 336,907

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


20. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 August 2022 (24,318 )
Utilised during year 24,318
Balance at 31 July 2023 -

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
82 Ordinary A £1 82 82
88 Ordinary B £1 88 88
10 Ordinary C £1 10 10
10 Ordinary D £1 10 10
10 Ordinary E £1 10 10
200 200

All share classes rank pari passu in all respects, except that the company in a general meeting may from time to time declare dividends on one class of share and not the other classes or of differing amounts for each class of share.

22. RESERVES

Group
Non-distributable
profit
Retained and loss
earnings reserve Totals
£    £    £   

At 1 August 2022 2,360,809 50,000 2,410,809
Deficit for the year (168,873 ) (168,873 )
Dividends (139,083 ) (139,083 )
At 31 July 2023 2,052,853 50,000 2,102,853

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


22. RESERVES - continued

Company
Non-distributable
profit
Retained and loss
earnings reserve Totals
£    £    £   

At 1 August 2022 1,370,009 50,000 1,420,009
Deficit for the year (56,963 ) (56,963 )
Dividends (139,083 ) (139,083 )
At 31 July 2023 1,173,963 50,000 1,223,963


23. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 136,454