IRIS Accounts Production v24.1.0.578 06387601 director 31.3.23 1.4.22 31.3.23 31.3.23 the provision of waste management services to the public and private sections, including ware collection, recycling, disposal and environmental cleansing. The Group prides itself of the fact that 0% of the waste it handles is sent to landfill. true true false true true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh063876012022-03-31063876012023-03-31063876012022-04-012023-03-31063876012020-10-31063876012020-11-012022-03-31063876012022-03-3106387601ns15:EnglandWales2022-04-012023-03-3106387601ns14:PoundSterling2022-04-012023-03-3106387601ns10:Director12022-04-012023-03-3106387601ns10:Consolidated2023-03-3106387601ns10:ConsolidatedGroupCompanyAccounts2022-04-012023-03-3106387601ns10:PrivateLimitedCompanyLtd2022-04-012023-03-3106387601ns10:Consolidatedns10:FRS1022022-04-012023-03-3106387601ns10:Consolidatedns10:Audited2022-04-012023-03-3106387601ns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3106387601ns10:SmallCompaniesRegimeForAccounts2022-04-012023-03-3106387601ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-04-012023-03-3106387601ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2022-04-012023-03-3106387601ns10:FullAccounts2022-04-012023-03-310638760112022-04-012023-03-3106387601ns10:OrdinaryShareClass12022-04-012023-03-3106387601ns10:Consolidated2022-04-012023-03-3106387601ns10:RegisteredOffice2022-04-012023-03-3106387601ns10:Consolidated2020-11-012022-03-3106387601ns5:CurrentFinancialInstruments2023-03-3106387601ns5:CurrentFinancialInstruments2022-03-3106387601ns5:ShareCapital2023-03-3106387601ns5:ShareCapital2022-03-3106387601ns5:RetainedEarningsAccumulatedLosses2023-03-3106387601ns5:RetainedEarningsAccumulatedLosses2022-03-3106387601ns5:ShareCapital2020-10-3106387601ns5:RetainedEarningsAccumulatedLosses2020-10-3106387601ns5:RetainedEarningsAccumulatedLosses2020-11-012022-03-3106387601ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3106387601ns5:NetGoodwill2022-04-012023-03-3106387601ns5:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3106387601ns5:CostValuation2022-03-3106387601ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3106387601ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3106387601ns5:Non-currentFinancialInstruments2023-03-3106387601ns5:Non-currentFinancialInstruments2022-03-3106387601ns10:OrdinaryShareClass12023-03-31
REGISTERED NUMBER: 06387601 (England and Wales)














Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 31 March 2023

for

Associated Waste Group Ltd

Associated Waste Group Ltd (Registered number: 06387601)






Contents of the Consolidated Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


Associated Waste Group Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTOR: Mr P Thornton





REGISTERED OFFICE: Purfleet Works
London Road
Grays
Essex
RM20 3NL





REGISTERED NUMBER: 06387601 (England and Wales)





AUDITORS: Nordens Audit Limited
The Retreat
406 Roding Lane South
Woodford Green
Essex
IG8 8EY

Associated Waste Group Ltd (Registered number: 06387601)

Group Strategic Report
for the Year Ended 31 March 2023

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

The principal activity of the Group during the year was that of the provision of waste management services to the public and private sections, including ware collection, recycling, disposal and environmental cleansing. The Group prides itself of the fact that 0% of the waste it handles is sent to landfill.

Founded in 2007, the Group provides a wide range of waste management services to clients across various industry sectors. The Group waste management services run the full spectrum to meet the requirements of today's business and regulatory landscape.

Our mission is to provide the highest quality waste management services to commercial, industrial and domestic customers.

REVIEW OF BUSINESS
The key performance indicators of the Group are considered to be; turnover, operating profit and net financial debt. The Group's major non-financial key performance indicators revolve around health and safety monitoring.

Group turnover from continuing operations for the year ended 31 March 2023 was £11.414k (period ended 31 March 2022: £19.919k). Operating profit was £1.083k (2022: £5,218k).

Financial charges for 2023 were £40k compared to £125k in 2022.

Net Group Assets at 31 March 2023 were £16.469k, an increase of 6% from 31 March 2022 when they were £15.561K. As a whole, the Group continues to invest heavily in new plant and machinery, waste processing technology, new waste management procedures, intensive training of the workforce and improved communications with our customers.

Overall, the Director is satisfied with the performance of the Group.


Associated Waste Group Ltd (Registered number: 06387601)

Group Strategic Report
for the Year Ended 31 March 2023

PRINCIPAL RISKS AND UNCERTAINTIES
During the year, senior management reviewed the risk register and confirmed their view that the more significant risks, in additions to those around the macro and micro economic environment issues, relevant to the delivery of the Group's strategy, are those set out below:

Market risks
The technologies employed by the Group delivered the expected performance for the markets in which the Group operates and was able to remain competitive.

Legislative and market dynamics
In mitigation of these risks, the Group has made significant investment in new technologies and regularly reviews its service offerings to ensure that they are fully compliant and can meet the needs of customers.

Financial Risks
It is the Group's objective to manage the financial risks so as to minimise the adverse effects of fluctuation in the financial markets on the Group's profits and cashflows.

The Group conducts an exercise on an annual basis to identify those risks which management considers could prevent it from achieving its objectives or otherwise materially reduce its value.

Interest rate risk
The Group borrows at both fixed and floating rates of interest to generate the desired interest profile and to manage the Group's exposure to interest rate fluctuations.

Liquidity risk
The Group's objective is to maintain a balance between continuity of funding and flexibility through the use of group loans, finance leases and hire purchase contracts. Short term flexibility is achieved by the use of overdraft facilities.

ON BEHALF OF THE BOARD:





Mr P Thornton - Director


12 April 2024

Associated Waste Group Ltd (Registered number: 06387601)

Report of the Director
for the Year Ended 31 March 2023

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

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2023.

DIRECTOR
Mr P Thornton held office during the whole of the period from 1 April 2022 to the date of this report.

GOING CONCERN
After reviewing the Group's forecasts and projections, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial statements.

DISABLED EMPLOYEES
It is the Group's policy to give full consideration to suitable applications from employment for disabled persons.

Disabled employees are eligible to participate in all career development opportunities available to staff. Opportunities also exist for employees of the Group who become disabled to continue in their employment or to be trained for other positions in the Group.

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.

Associated Waste Group Ltd (Registered number: 06387601)

Report of the Director
for the Year Ended 31 March 2023


AUDITORS
The auditors, Nordens Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr P Thornton - Director


12 April 2024

Report of the Independent Auditors to the Members of
Associated Waste Group Ltd

Opinion
We have audited the financial statements of Associated Waste Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 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 March 2023 and of the group's profit 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.

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.

Report of the Independent Auditors to the Members of
Associated Waste Group Ltd


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 four, 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
Associated Waste Group Ltd


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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:


- Identify and assess the risks of material misstatement of the financial statements,whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

- Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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
Associated Waste Group Ltd


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.




Lorraine Curtis FCCA BFP ACA (Senior Statutory Auditor)
for and on behalf of Nordens Audit Limited
The Retreat
406 Roding Lane South
Woodford Green
Essex
IG8 8EY

12 April 2024

Associated Waste Group Ltd (Registered number: 06387601)

Consolidated Income Statement
for the Year Ended 31 March 2023

Period
1.11.20
Year Ended to
31.3.23 31.3.22
Notes £    £   

TURNOVER 11,413,932 19,919,295

Cost of sales 7,986,521 10,740,064
GROSS PROFIT 3,427,411 9,179,231

Administrative expenses 2,348,902 3,984,756
1,078,509 5,194,475

Other operating income - 23,824
OPERATING PROFIT 4 1,078,509 5,218,299

Interest receivable and similar income 4,783 -
1,083,292 5,218,299

Interest payable and similar expenses 6 39,998 125,365
PROFIT BEFORE TAXATION 1,043,294 5,092,934

Tax on profit 7 135,648 1,023,155
PROFIT FOR THE FINANCIAL YEAR 907,646 4,069,779
Profit attributable to:
Owners of the parent 907,646 4,069,779

Associated Waste Group Ltd (Registered number: 06387601)

Consolidated Other Comprehensive Income
for the Year Ended 31 March 2023

Period
1.11.20
Year Ended to
31.3.23 31.3.22
Notes £    £   

PROFIT FOR THE YEAR 907,646 4,069,779


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

907,646

4,069,779

Total comprehensive income attributable to:
Owners of the parent 907,646 4,069,779

Associated Waste Group Ltd (Registered number: 06387601)

Consolidated Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - 1
Tangible assets 10 5,813,945 6,121,852
Investments 11 - -
5,813,945 6,121,853

CURRENT ASSETS
Debtors 12 14,859,684 13,381,302
Cash at bank and in hand 3,394,891 3,956,797
18,254,575 17,338,099
CREDITORS
Amounts falling due within one year 13 7,162,915 7,197,695
NET CURRENT ASSETS 11,091,660 10,140,404
TOTAL ASSETS LESS CURRENT LIABILITIES 16,905,605 16,262,257

CREDITORS
Amounts falling due after more than one
year

14

(97,755

)

(375,407

)

PROVISIONS FOR LIABILITIES 16 (338,759 ) (325,405 )
NET ASSETS 16,469,091 15,561,445

CAPITAL AND RESERVES
Called up share capital 17 1 1
Retained earnings 16,469,090 15,561,444
SHAREHOLDERS' FUNDS 16,469,091 15,561,445

The financial statements were approved by the director and authorised for issue on 12 April 2024 and were signed by:





Mr P Thornton - Director


Associated Waste Group Ltd (Registered number: 06387601)

Company Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 1,200,000 1,200,000
1,200,000 1,200,000

CURRENT ASSETS
Debtors 12 944,693 1,053,193
Cash at bank 420,106 309,819
1,364,799 1,363,012
CREDITORS
Amounts falling due within one year 13 3,356,414 3,315,014
NET CURRENT LIABILITIES (1,991,615 ) (1,952,002 )
TOTAL ASSETS LESS CURRENT LIABILITIES (791,615 ) (752,002 )

CAPITAL AND RESERVES
Called up share capital 17 1 1
Retained earnings (791,616 ) (752,003 )
SHAREHOLDERS' FUNDS (791,615 ) (752,002 )

Company's loss for the financial year (39,613 ) (81,909 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 12 April 2024 and were signed by:





Mr P Thornton - Director


Associated Waste Group Ltd (Registered number: 06387601)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2020 1 11,491,665 11,491,666

Changes in equity
Total comprehensive income - 4,069,779 4,069,779
Balance at 31 March 2022 1 15,561,444 15,561,445

Changes in equity
Total comprehensive income - 907,646 907,646
Balance at 31 March 2023 1 16,469,090 16,469,091

Associated Waste Group Ltd (Registered number: 06387601)

Company Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2020 1 (670,094 ) (670,093 )

Changes in equity
Total comprehensive income - (81,909 ) (81,909 )
Balance at 31 March 2022 1 (752,003 ) (752,002 )

Changes in equity
Total comprehensive income - (39,613 ) (39,613 )
Balance at 31 March 2023 1 (791,616 ) (791,615 )

Associated Waste Group Ltd (Registered number: 06387601)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2023

Period
1.11.20
Year Ended to
31.3.23 31.3.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 272,112 6,941,848
Interest paid - (34,863 )
Interest element of hire purchase payments
paid

(39,998

)

(90,502

)
Tax paid (244,729 ) (300,001 )
Net cash from operating activities (12,615 ) 6,516,482

Cash flows from investing activities
Purchase of tangible fixed assets (965,809 ) (1,016,972 )
Sale of tangible fixed assets 776,924 317,761
Interest received 4,783 -
Net cash from investing activities (184,102 ) (699,211 )

Cash flows from financing activities
Loan repayments in year - (1,691,743 )
Capital repayments in year (365,189 ) (494,822 )
Net cash from financing activities (365,189 ) (2,186,565 )

(Decrease)/increase in cash and cash equivalents (561,906 ) 3,630,706
Cash and cash equivalents at beginning of
year

2

3,956,797

326,091

Cash and cash equivalents at end of year 2 3,394,891 3,956,797

Associated Waste Group Ltd (Registered number: 06387601)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period
1.11.20
Year Ended to
31.3.23 31.3.22
£    £   
Profit before taxation 1,043,294 5,092,934
Depreciation charges 898,313 1,022,303
Profit on disposal of fixed assets (401,519 ) (118,065 )
Government grants - (23,824 )
Finance costs 39,998 125,365
Finance income (4,783 ) -
1,575,303 6,098,713
Increase in trade and other debtors (1,478,382 ) (589,249 )
Increase in trade and other creditors 175,191 1,432,384
Cash generated from operations 272,112 6,941,848

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 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 3,394,891 3,956,797
Period ended 31 March 2022
31.3.22 1.11.20
£    £   
Cash and cash equivalents 3,956,797 326,091


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank and in hand 3,956,797 (561,906 ) 3,394,891
3,956,797 (561,906 ) 3,394,891
Debt
Finance leases (740,595 ) 365,188 (375,407 )
(740,595 ) 365,188 (375,407 )
Total 3,216,202 (196,718 ) 3,019,484

Associated Waste Group Ltd (Registered number: 06387601)

Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Associated Waste Group Ltd 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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

Basis of consolidation
The Group financial statements consolidate the financial statements of Associated Waste Group Limited and all of its subsidiary undertakings drawn up to 31 March each year.

The consolidated financial statements present the results of the Group and its own subsidiaries as if they form one single entity. Intercompany transactions and balances between Group companies are eliminated in full.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probably and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Associated Waste Group Ltd (Registered number: 06387601)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In preparing these financial statements, management have made the following judgements:

- Determine whether leases entered into by the Group, either as a lessor or a lessee, are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

- Determine whether there are indicators of impairment of the Group's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

Key sources of estimation uncertainty are:

(a) Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the assets and projected disposal values.

(b) Impairment of debtors

The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management consider factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Associated Waste Group Ltd (Registered number: 06387601)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised to the extent that the Group obtains the right to consideration in exchange for its performance. Turnover is measured at the fair value of the consideration received including landfill tax where appropriate and excluding discounts, rebates, VAT and other sales taxes or duties. The following criteria must also be met before turnover is recognised:

- Turnover arising from the handling and disposal of waste is recognised on receipt of the waste by the Group.

- Turnover arising from the sale of recycled waste is recognised when the significant risks and rewards of ownership of the goods have been passed to the buyer, usually when the goods are dispatched.

- Turnover from the provision of services is recognised when the contracted service has been performed.

Goodwill
The difference between the cost of acquisition and the fair value of the net assets acquired at the date of acquisition is capitalised in the balance sheet. In conformity with the long-term nature of the Group's business, the directors are amortising goodwill on a straight line basis over its estimated useful life of twenty years. For goodwill that is amortised over 20 years, a review for impairment at the end of the first full financial year following the acquisition is carried out and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

If a subsidiary, associate or business is subsequently sold or closed, any goodwill arising on acquisition that has not been amortised through the profit and loss account is taken into account on determining the profit or loss on sale or closure.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Associated Waste Group Ltd (Registered number: 06387601)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

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

Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance, 20% on cost and 15% on reducing balance
Fixtures and fittings - 25% on reducing balance and 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

At each reporting period end date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the profit or loss, unless the relevant asset is carried at a revalued amount, in which case, the reversal of the impairment loss is treated as a revaluation increase.

Associated Waste Group Ltd (Registered number: 06387601)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

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 instruments are recognised in the Group's balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets which include debtors, 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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through the profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after he initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. THe impairment loss is recognised in the profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, are settled, when the Group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities

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 group after deducting all of its liabilities.

Associated Waste Group Ltd (Registered number: 06387601)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Basic financial liabilities, including creditors, bank loans, loans from fellow Group companies and preference shares that are classified as debt, are initially recognised at transaction price 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. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised costs, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transactions price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the profit or loss in finance cs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. Debt instruments may be designated as being measured at fair value through the profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

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.

Associated Waste Group Ltd (Registered number: 06387601)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
The Group is financed by long term arrangements with its subsidiaries. As the Group has net current assets and its forecasts remain profitable and cash generative, the director believes that the Group has adequate resources to continue to trade for the foreseeable future. For this reason, the director continues to adopt the going concern basis in the financial statements.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS
Period
1.11.20
Year Ended to
31.3.23 31.3.22
£    £   
Wages and salaries 2,365,189 2,806,918
Social security costs 273,535 386,012
Other pension costs 42,950 148,419
2,681,674 3,341,349

The average number of employees during the year was as follows:
Period
1.11.20
Year Ended to
31.3.23 31.3.22

50 51

Associated Waste Group Ltd (Registered number: 06387601)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

3. EMPLOYEES AND DIRECTORS - continued

Period
1.11.20
Year Ended to
31.3.23 31.3.22
£    £   
Director's remuneration 271,666 495,833

Information regarding the highest paid director is as follows:
Period
1.11.20
Year Ended to
31.3.23 31.3.22
£    £   
Emoluments etc 60,000 85,000

4. OPERATING PROFIT

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

Period
1.11.20
Year Ended to
31.3.23 31.3.22
£    £   
Hire of plant and machinery - 538
Other operating leases 10,117 17,649
Depreciation - owned assets 898,311 803,335
Profit on disposal of fixed assets (401,519 ) (118,065 )
Goodwill amortisation 1 218,969

5. AUDITORS' REMUNERATION
Period
1.11.20
Year Ended to
31.3.23 31.3.22
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

10,000

8,500
Fees payable to the company's auditors for other services to the group:
The auditing of accounts of any associate of the company - 24,500

Associated Waste Group Ltd (Registered number: 06387601)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.11.20
Year Ended to
31.3.23 31.3.22
£    £   
Bank loan interest - 34,863
Hire purchase 39,998 90,502
39,998 125,365

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.11.20
Year Ended to
31.3.23 31.3.22
£    £   
Current tax:
UK corporation tax 122,294 868,333

Deferred tax 13,354 154,822
Tax on profit 135,648 1,023,155

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

Period
1.11.20
Year Ended to
31.3.23 31.3.22
£    £   
Profit before tax 1,043,294 5,092,934
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

198,226

967,657

Effects of:
Expenses not deductible for tax purposes 90,907 92,914
Depreciation in excess of capital allowances 120,048 170,347
Utilisation of tax losses (273,533 ) (207,763 )
Total tax charge 135,648 1,023,155

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.


Associated Waste Group Ltd (Registered number: 06387601)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 1,700,408
AMORTISATION
At 1 April 2022 1,700,407
Amortisation for year 1
At 31 March 2023 1,700,408
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 1

10. TANGIBLE FIXED ASSETS

Group
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 April 2022 2,981,297 - 7,682,739
Additions 33,106 372,226 87,264
Disposals (366,423 ) - (76,000 )
At 31 March 2023 2,647,980 372,226 7,694,003
DEPRECIATION
At 1 April 2022 - - 5,554,254
Charge for year - - 528,723
Eliminated on disposal - - (68,327 )
At 31 March 2023 - - 6,014,650
NET BOOK VALUE
At 31 March 2023 2,647,980 372,226 1,679,353
At 31 March 2022 2,981,297 - 2,128,485

Associated Waste Group Ltd (Registered number: 06387601)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 83,634 3,545,613 35,602 14,328,885
Additions 190 470,249 2,774 965,809
Disposals - (3,102 ) - (445,525 )
At 31 March 2023 83,824 4,012,760 38,376 14,849,169
DEPRECIATION
At 1 April 2022 74,563 2,543,335 34,881 8,207,033
Charge for year 1,282 364,972 3,334 898,311
Eliminated on disposal - (1,793 ) - (70,120 )
At 31 March 2023 75,845 2,906,514 38,215 9,035,224
NET BOOK VALUE
At 31 March 2023 7,979 1,106,246 161 5,813,945
At 31 March 2022 9,071 1,002,278 721 6,121,852

Included in the cost of land and buildings is freehold land of £2,647,980 (2022: £2,981,297) which is not depreciated.

The property currently held in the group is in its final stages of development. It will be revalued and depreciated once the development has been completed.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2022 2,392,214 464,230 2,856,444
Transfer to ownership (467,078 ) (107,965 ) (575,043 )
At 31 March 2023 1,925,136 356,265 2,281,401
DEPRECIATION
At 1 April 2022 1,340,830 396,292 1,737,122
Transfer to ownership (266,361 ) (100,394 ) (366,755 )
At 31 March 2023 1,074,469 295,898 1,370,367
NET BOOK VALUE
At 31 March 2023 850,667 60,367 911,034
At 31 March 2022 1,051,384 67,938 1,119,322

Associated Waste Group Ltd (Registered number: 06387601)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 1,200,000
NET BOOK VALUE
At 31 March 2023 1,200,000
At 31 March 2022 1,200,000


The principal subsidiaries of the company are shown below:

Company Ownership Incorporation Principal Activity

Regional Waste Recycling (Commercial) Limited 100% England and Wales Waste recycling

Associated Waste Land Management Limited

100%

England and Wales
Property
management
Docklands Waste Recycling Limited 100% England and Wales Waste recycling
Docklands Waste Disposal Limited 100% England and Wales Waste recycling
V.C Cooke Limited 100% England and Wales Waste recycling

12. DEBTORS

Group Company
31.3.23 31.3.22 31.3.23 31.3.22
£    £    £    £   
Amounts falling due within one year:
Trade debtors 2,768,230 3,317,243 - -
Amounts owed by group undertakings - - 505,028 465,027
Other debtors 11,326,868 9,149,473 439,665 438,166
14,095,098 12,466,716 944,693 903,193

Amounts falling due after more than one year:
Other debtors 764,586 914,586 - 150,000

Aggregate amounts 14,859,684 13,381,302 944,693 1,053,193

Associated Waste Group Ltd (Registered number: 06387601)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.23 31.3.22 31.3.23 31.3.22
£    £    £    £   
Hire purchase contracts (see note 15) 277,652 365,188 - -
Trade creditors 1,174,682 897,762 1 -
Amounts owed to group undertakings - - 1,624,621 1,584,621
Tax 1,115,265 1,237,700 - -
Social security and other taxes 230,577 499,871 - -
Other creditors 2,684,506 2,668,665 1,723,792 1,722,393
Accrued expenses 1,680,233 1,528,509 8,000 8,000
7,162,915 7,197,695 3,356,414 3,315,014

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

Group
31.3.23 31.3.22
£    £   
Hire purchase contracts (see note 15) 97,755 375,407

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.3.23 31.3.22
£    £   
Net obligations repayable:
Within one year 277,652 365,188
Between one and five years 97,755 375,407
375,407 740,595

16. PROVISIONS FOR LIABILITIES

Group
31.3.23 31.3.22
£    £   
Deferred tax 338,759 325,405

Group
Deferred
tax
£   
Balance at 1 April 2022 325,405
Provided during year 13,354
Balance at 31 March 2023 338,759

Associated Waste Group Ltd (Registered number: 06387601)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
1 Ordinary 1 1 1

18. RELATED PARTY DISCLOSURES

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.

19. ULTIMATE CONTROLLING PARTY

Mr P Thornton is the ultimate controlling party as he owns 100% of the share capital and voting rights of the Associated Waste Group Limited.