Silverfin false false 31/12/2023 01/01/2023 31/12/2023 K S Amesbury 06/04/2015 S P Dennett 01/12/2021 A R Gardner 06/04/2015 B J Moore 06/03/2020 B J Moore 04/05/1999 H L Moore 01/05/2004 M Swarbrick 01/01/2023 08 April 2024 The principal activity of the Company during the financial year was the sale, service and repair of recycling equipment.

The company remains committed to its R&D programme and continued work on projects during the year.
03679321 2023-12-31 03679321 bus:Director1 2023-12-31 03679321 bus:Director2 2023-12-31 03679321 bus:Director3 2023-12-31 03679321 bus:Director4 2023-12-31 03679321 bus:Director5 2023-12-31 03679321 bus:Director6 2023-12-31 03679321 bus:Director7 2023-12-31 03679321 2022-12-31 03679321 core:CurrentFinancialInstruments 2023-12-31 03679321 core:CurrentFinancialInstruments 2022-12-31 03679321 core:Non-currentFinancialInstruments 2023-12-31 03679321 core:Non-currentFinancialInstruments 2022-12-31 03679321 core:ShareCapital 2023-12-31 03679321 core:ShareCapital 2022-12-31 03679321 core:RetainedEarningsAccumulatedLosses 2023-12-31 03679321 core:RetainedEarningsAccumulatedLosses 2022-12-31 03679321 core:LeaseholdImprovements 2022-12-31 03679321 core:PlantMachinery 2022-12-31 03679321 core:Vehicles 2022-12-31 03679321 core:FurnitureFittings 2022-12-31 03679321 core:ComputerEquipment 2022-12-31 03679321 core:LeaseholdImprovements 2023-12-31 03679321 core:PlantMachinery 2023-12-31 03679321 core:Vehicles 2023-12-31 03679321 core:FurnitureFittings 2023-12-31 03679321 core:ComputerEquipment 2023-12-31 03679321 core:CostValuation 2022-12-31 03679321 core:AdditionsToInvestments 2023-12-31 03679321 core:CostValuation 2023-12-31 03679321 2023-01-01 2023-12-31 03679321 bus:FilletedAccounts 2023-01-01 2023-12-31 03679321 bus:SmallEntities 2023-01-01 2023-12-31 03679321 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03679321 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03679321 bus:Director1 2023-01-01 2023-12-31 03679321 bus:Director2 2023-01-01 2023-12-31 03679321 bus:Director3 2023-01-01 2023-12-31 03679321 bus:Director4 2023-01-01 2023-12-31 03679321 bus:Director5 2023-01-01 2023-12-31 03679321 bus:Director6 2023-01-01 2023-12-31 03679321 bus:Director7 2023-01-01 2023-12-31 03679321 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 03679321 core:LeaseholdImprovements 2023-01-01 2023-12-31 03679321 core:PlantMachinery 2023-01-01 2023-12-31 03679321 core:Vehicles 2023-01-01 2023-12-31 03679321 core:FurnitureFittings 2023-01-01 2023-12-31 03679321 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 03679321 2022-01-01 2022-12-31 03679321 core:ComputerEquipment 2023-01-01 2023-12-31 03679321 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 03679321 (England and Wales)

PRM WASTE SYSTEMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

PRM WASTE SYSTEMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

PRM WASTE SYSTEMS LIMITED

BALANCE SHEET

As at 31 December 2023
PRM WASTE SYSTEMS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 357,535 361,128
Investments 4 1 0
357,536 361,128
Current assets
Stocks 390,926 308,750
Debtors 5 1,115,616 1,285,804
Cash at bank and in hand 831,729 100,276
2,338,271 1,694,830
Creditors: amounts falling due within one year 6 ( 1,885,867) ( 1,240,619)
Net current assets 452,404 454,211
Total assets less current liabilities 809,940 815,339
Creditors: amounts falling due after more than one year 7 ( 83,548) ( 149,066)
Provision for liabilities ( 32,356) ( 13,507)
Net assets 694,036 652,766
Capital and reserves
Called-up share capital 100 100
Profit and loss account 693,936 652,666
Total shareholders' funds 694,036 652,766

For the financial 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 financial statements of PRM Waste Systems Limited (registered number: 03679321) were approved and authorised for issue by the Board of Directors on 08 April 2024. They were signed on its behalf by:

S P Dennett
Director
PRM WASTE SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
PRM WASTE SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

PRM Waste Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 21 Knights Road 21 Knights Road, Chelston Business Park, Wellington, TA21 9JH, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 % reducing balance
Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and 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.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 22 18

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 January 2023 243,398 131,061 89,736 38,502 27,148 529,845
Additions 18,143 10,305 8,055 7,090 4,373 47,966
At 31 December 2023 261,541 141,366 97,791 45,592 31,521 577,811
Accumulated depreciation
At 01 January 2023 36,304 47,111 35,200 33,020 17,082 168,717
Charge for the financial year 11,008 17,481 15,415 2,717 4,938 51,559
At 31 December 2023 47,312 64,592 50,615 35,737 22,020 220,276
Net book value
At 31 December 2023 214,229 76,774 47,176 9,855 9,501 357,535
At 31 December 2022 207,094 83,950 54,536 5,482 10,066 361,128

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 0
Additions 1
At 31 December 2023 1
Carrying value at 31 December 2023 1
Carrying value at 31 December 2022 0

5. Debtors

2023 2022
£ £
Trade debtors 748,963 512,489
Other debtors 366,653 773,315
1,115,616 1,285,804

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 358,241 299,629
Amounts owed to Group undertakings 452,121 0
Other taxation and social security 111,595 79,504
Obligations under finance leases and hire purchase contracts 2,333 15,423
Other creditors 961,577 846,063
1,885,867 1,240,619

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts (secured) 0 2,333
Other creditors 83,548 146,733
83,548 149,066

Hire purchase obligations are secured over the assets to which they relate