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Registered number: 04331845





 
Reston Waste Management Limited          
 
Consolidated financial statements          

For the year ended 30 November 2023          

 
Reston Waste Management Limited
 
 
Company information


Directors
A W Reston 
S A Reston 




Company secretary
A W Reston



Registered number
04331845



Registered office
6 Weir Road
Wimbledon

London

SW19 8UG





 
Reston Waste Management Limited
 

Contents



Page
Directors' report
 
1 - 2
Group strategic report
 
3 - 4
Independent auditors' report
 
5 - 8
Consolidated statement of income and retained earnings
 
9
Consolidated balance sheet
 
10
Company balance sheet
 
11
Consolidated statement of cash flows
 
12 - 13
Notes to the financial statements
 
14 - 35


 
Reston Waste Management Limited
 
 
Directors' report
For the year ended 30 November 2023

The directors present their report and the financial statements for the year ended 30 November 2023.

Results

The profit for the year, after taxation, amounted to £2,331,152 (2022 - £4,125,906).

Further information on the performance of the group during the year and the group's state of affairs at the balance sheet date are noted within the strategic report on pages 3 and 4.
 

Dividends

Dividends amounting to £810,000 (2022 - £559,124) were paid during the year. The directors do not recommend the payment of any further dividend.
 

Fixed assets

Details of movements in fixed assets are set out in notes to the accounts.
 

Events since the end of the year

There have been no significant events affecting the group since the year end.
 

Directors

The directors who served during the year were:

A W Reston 
S A Reston
 
 
Future developments

The directors are not aware of any likely future developments which would have a significant effect on the group.
 

Research and development activities

The group is not involved in any research and development projects.
 

Close company

The parent company is a close company within the meaning of S.439 CTA 2010.
 

Page 1

 
Reston Waste Management Limited
 
 
Directors' report (continued)
For the year ended 30 November 2023

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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 directors are required to:


select suitable accounting policies for the group's financial statements and then apply them consistently;

make judgments 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 group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Clay Ratnage Strevens and Hills will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 20 February 2024 and signed on its behalf.
 





A W Reston
Director

Page 2

 
Reston Waste Management Limited
 
 
Group strategic report
For the year ended 30 November 2023

Introduction
 
The group's principal activity is that of waste management and recycling and there was no change in this activity during the year.

Business review
 
The directors are pleased with the performance of the group, considering the market conditions prevailing during the year under review.
The group's gross profit increased from £8,592,962 for the year ended 30 November 2022 to £9,797,712 for the year ended 30 November 2023. The company's gross profit margin has increased slightly to 35.6% 
(2022 - 34.5%). This level of margin is expected to be maintained in the short to medium term. 
The group's turnover also increased from £24,927,248 for the year ended 30 November 2022 to £27,492,587 for the year ended 30 November 2023. The increase in turnover is largely due to the fact that the 2023 figures include 12 months of trading of NJB Recycling Ltd, which was acquired during the previous year. The directors are continuing to monitor overheads and fixed costs, however, the group has been impacted by general inflationary increases over many cost departments.
The directors will continue to develop and invest in the company’s systems and infrastructure, to increase efficiency throughout the whole organisation and to ensure the directors are provided with information on a timely basis. They have again invested significantly in updating plant and machinery during the year and will continue to look at updating the fleet of vehicles in the upcoming year, where necessary. The construction of an entirely new picking station at the acquired 77 Weir Road site was completed in the year under review and is expected to help achieve efficiencies on the site as well as lower waste disposal costs.
On 30 June 2023 the group acquired Epsom Skip Hire Company Limited a waste disposal company based in the Epsom area. The directors identified that the company would be an important strategic target to drive revenue from a larger geographical area. Since the acquisition, the directors have invested heavily in the business by replacing the ageing fleet of vehicles as well as constructing new plant and structures at the site. The directors believe that the benefits of this investment will be seen from the spring of 2024.   
The directors are pleased with the state of the financial affairs of the company at the balance sheet date and the results are in line with their forecasts and expectations.

Principal risks and uncertainties
 
The principal risks and uncertainties identified by the directors of the company relate to factors concerning the price volatility of raw materials and disposal costs; the effect of government taxation; and waste policies.
The group is, however, in an excellent position operationally to adapt to continuing changes in costs and the company can provide flexibility in the services it provides to its customers to ensure that the uncertainties concerning the general state of the economy can be mitigated as much as possible. 
The directors closely monitor the cash resources of the group and make use of facilities to ensure that the group can meet its liabilities as they fall due.

Page 3

 
Reston Waste Management Limited
 

Group strategic report (continued)
For the year ended 30 November 2023

Financial key performance indicators
 
The directors consider that the key financial performance indicators are as follows:
Gross Profit Percentage - The directors confirm that the gross profit percentage has increased slightly to 35.6% 
(2022 - 34.5%), which is in line with expectations. The directors believe that margins will remain constant in the short term.
EBITDA - The directors confirm that the normalised EBITDA has increased to £6,087,276 
(2022 - £4,881,066). The directors expect EBITDA to increase in the short to medium term following the acquisition of Epsom Skip Hire Ltd. 
Trade Receivable Days - The directors confirm that trade receivable days have reduced to 37 days 
(2022 - 44 days). The directors expect trade receivable days to remain around 40 days in the short to medium term.


This report was approved by the board on 20 February 2024 and signed on its behalf.





A W Reston
Director

Page 4

 
Reston Waste Management Limited
 
 
Independent auditors' report to the members of Reston Waste Management Limited
 

Opinion


We have audited the financial statements of Reston Waste Management Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023, which comprise the Consolidated statement of income and retained earnings, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 30 November 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 United Kingdom, including the Financial Reporting Council'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 directors' 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 or 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 directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 5

 
Reston Waste Management Limited
 
 
Independent auditors' report to the members of Reston Waste Management Limited (continued)

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report 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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
Reston Waste Management Limited
 
 
Independent auditors' report to the members of Reston Waste Management Limited (continued)

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 an Auditors' report 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 Group financial statements.


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

To identify risks of material misstatement due to fraud we assess events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures include: 
• Obtaining an understanding of the legal and regulatory frameworks applicable to the group and the sector in which they operate. 
• Obtaining an understanding of how the group is complying with those legal and regulatory frameworks by making enquiries to the company’s accounting department and management.
• Assessing the susceptibility of the group’s financial statements to material misstatement caused by fraud or other irregularities, by undertaking the following procedures:
 - Identifying and assessing the design effectiveness of controls which management have in place to prevent and detect fraud.
          - Understanding how those charged with governance consider and address the potential for override of controls and management bias.
            -  Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
            - Assessing the extent of compliance with the relevant laws and regulations.
            - Assessing the extent to which pressures exist which may increase the risk of fraudulent revenue recognition.
Potential fraud risks that had been identified throughout the planning and commencement of the audit were communicated to the audit team, as well as potential risks pertaining to the group of which this company is a member.
The inherent limitations of audit present an unavoidable risk that we, the auditors, may not detect some material misstatements within the financial statements despite proper planning and performance of our duties as auditors. Equally, there remains a risk of the non-detection of fraud which could involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The audit procedures carried out are designed to detect material misstatements within the financial statements. We take no responsibility for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations. 


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 Auditors' report.


Page 7

 
Reston Waste Management Limited
 
 
Independent auditors' report to the members of Reston Waste Management Limited (continued)

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 2006Our 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 an Auditors' report 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.


Clay Ratnage Strevens & Hills




 



Steven James Garrod (Senior statutory auditor)
  
 
for and on behalf of Clay Ratnage Strevens & Hills
Statutory Auditors

  
Construction House
Runwell Road
Wickford
Essex
SS11 7HQ

20 February 2024
Page 8

 
Reston Waste Management Limited
 
 
Consolidated statement of income and retained earnings
For the year ended 30 November 2023

2023
2022
                                                                                                                                        Note
£
£

  

Turnover
 4 
27,492,587
24,927,248

Cost of sales
  
(17,694,875)
(16,334,286)

Gross profit
  
9,797,712
8,592,962

Administrative expenses
  
(5,902,353)
(4,631,256)

Exceptional administrative expenses
  
-
(5,572,371)

Other operating income
 5 
-
970

Exceptional other operating charges
  
-
5,572,371

Operating profit
 6 
3,895,359
3,962,676

Other income from investments
  
(145,082)
307,505

Interest receivable and similar income
 10 
48,474
7,702

Interest payable and similar expenses
 11 
(103,965)
(82,129)

Profit before tax
  
3,694,786
4,195,754

Tax on profit
 12 
(1,363,634)
(69,848)

Profit after tax
  
2,331,152
4,125,906

  

  

Retained earnings at the beginning of the year
  
17,279,684
13,712,902

Profit for the year
  
2,331,152
4,125,906

Dividends declared and paid
  
(810,000)
(559,124)

Retained earnings at the end of the year
  
18,800,836
17,279,684

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of income and retained earnings.








The notes on pages 14 to 35 form part of these financial statements.
Page 9

 
Reston Waste Management Limited
Registered number:04331845

Consolidated balance sheet
As at 30 November 2023


2023

2022 
                                                                               Note
£
£
£
£

Fixed assets
  

Intangible assets
 15 
352,041
577,173

Tangible fixed assets
  
19,209,232
16,973,138

Fixed asset investments
  
199,999
-

  
19,761,272
17,550,311

Current assets
  

Debtors
 18 
4,032,117
3,895,851

Cash at bank and in hand
 19 
3,134,740
2,583,884

  
7,166,857
6,479,735

Creditors: amounts falling due within one year
 20 
(4,844,161)
(4,021,033)

Net current assets
  
 
 
2,322,696
 
 
2,458,702

Total assets less current liabilities
  
22,083,968
20,009,013

Creditors: amounts falling due after more than one year
 21 
(805,591)
(1,003,235)

Provisions for liabilities
  

Deferred taxation
 23 
(2,477,441)
(1,725,994)

Net assets
  
18,800,936
17,279,784


Capital and reserves
  

Called up share capital 
 24 
100
100

Profit and loss account
  
18,800,836
17,279,684

  
18,800,936
17,279,784


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 February 2024.



A W Reston
Director




The notes on pages 14 to 35 form part of these financial statements.
Page 10

 
Reston Waste Management Limited
Registered number:04331845

Company balance sheet
As at 30 November 2023


2023

2022 
                                                                                    Note
£
£
£
£

Fixed assets
  

Intangible assets
 15 
252,559
577,173

Tangible assets
 16 
16,710,494
14,921,314

Investments
 17 
2,602,771
2,024,643

  
19,565,824
17,523,130

Current assets
  

Debtors
 18 
4,127,133
3,869,252

Cash at bank and in hand
 19 
3,126,442
2,583,884

  
7,253,575
6,453,136

Creditors: amounts falling due within one year
 20 
(4,798,240)
(4,021,032)

Net current assets
  
 
 
2,455,335
 
 
2,432,104

Total assets less current liabilities
  
22,021,159
19,955,234

  

Creditors: amounts falling due after more than one year
  
(776,641)
(1,003,235)

Provisions for liabilities
  

Deferred taxation
  
(2,444,368)
(1,725,994)

Net assets
  
18,800,150
17,226,005


Capital and reserves
  

Called up share capital 
 24 
100
100

Profit and loss account carried forward
  
18,800,050
17,225,905

  
18,800,150
17,226,005


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 February 2024.


A W Reston
Director




The notes on pages 14 to 35 form part of these financial statements.
Page 11

 
Reston Waste Management Limited
 

Statement of cash flows
For the year ended 30 November 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
2,331,152
4,125,906

Adjustments for:

Amortisation of intangible assets
177,947
112,001

Depreciation of tangible assets
1,816,169
1,199,041

Impairment of fixed assets
145,082
-

Loss/(profit) on sale of fixed assets
233,178
(392,652)

Interest paid
103,965
82,129

Interest received
(48,474)
(7,702)

Taxation charge
989,313
445,245

Increase in debtors
(84,292)
(1,576,255)

Increase in creditor
684,324
638,879

Corporation tax (paid)/received
(272,995)
51,635

Net cash generated from operating activities

6,075,369
4,678,227


Cash flows from investing activities

Purchase of intangible fixed assets
(98,689)
(237,407)

Purchase of tangible fixed assets
(5,276,334)
(11,696,845)

Sale of tangible fixed assets
990,892
826,298

Purchase of fixed asset investments
(200,000)
-

Interest received
48,474
7,702

HP interest paid
(103,944)
(81,991)

Net cash from investing activities

(4,639,601)
(11,182,243)
Page 12

 
Reston Waste Management Limited
 

Statement of cash flows (continued)
For the year ended 30 November 2023


2023
2022

£
£



Cash flows from financing activities

New finance leases
(74,891)
1,786,579

Dividends paid
(810,000)
(559,124)

Interest paid
(21)
-

Net cash used in financing activities
(884,912)
1,227,455

Net increase/(decrease) in cash and cash equivalents
550,856
(5,276,561)

Cash and cash equivalents at beginning of year
2,583,884
7,860,445

Cash and cash equivalents at the end of year
3,134,740
2,583,884


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,134,740
2,583,884

















The notes on pages 14 to 35 form part of these financial statements. 
Page 13

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023

1.


General information

Reston Waste Management Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is 6 Weir Road, Wimbledon, London, SW19 8UG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 14

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the group has transferred the significant risks and rewards of ownership to the buyer;
the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of income and retained earnings over its useful economic life.
.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 15

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided at the following rates:

Long-term leasehold property
-
27 years straight line
Plant and machinery
-
7 years straight line
Motor vehicles
-
4 years straight line
Fixtures, fittings and office equipment
-
7 years straight line
Modular building
-
20 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.7

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 16

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

 
2.11

Financial instruments

The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

 

Page 17

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Consolidated statement of income and retained earnings in the same period as the related expenditure.

Page 18

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.14

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.15

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. 

 
2.16

Operating leases: the group as lessee

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

 
2.17

Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the group in independently administered funds.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 19

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.19

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the company's financial statements requires the directors to make judgments when applying accounting estimates which give rise to estimation uncertainty. The directors make these judgments having taken into account all available information and using their considerable knowledge of the company's operations. Key estimates include the rate of depreciation of tangible fixed assets and the recoverability of trade debtors. The directors consider that these accounting estimates are fairly stated.

Page 20

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Waste management
26,062,541
23,586,286

Recycling
1,430,046
1,340,963

27,492,587
24,927,249


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Government grants receivable
-
970



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible assets
1,816,169
1,199,041

Other operating lease rentals
764,732
238,420

Amortisation of intangible assets
177,946
112,001

Profit/(loss) on sale of tangible assets
197,802
(392,652)

Auditors fees
12,950
14,000

Defined contribution pension cost
121,666
92,916

(541,073)
(1,134,356)


7.


Auditors' remuneration

2023
2022
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
12,950
14,000

Page 21

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
2
2
2
2



Employees
135
126
135
126

137
128
137
128


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
19,136
19,136

Contributions to defined contribution pension schemes
20,000
80,000

39,136
99,136


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.




10.


Interest receivable

2023
2022
£
£


Other interest receivable
48,474
7,702

Page 22

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023

11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
21
-

Finance leases and hire purchase contracts
103,944
81,991

Other interest payable
-
138

103,965
82,129

Page 23

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
282,391
-

Adjustments in respect of previous periods
375,397
(375,397)

Total current tax
657,788
(375,397)

Deferred tax


Origination and reversal of timing differences
705,846
445,245


Taxation on profit
1,363,634
69,848

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of25% (2022 -19%). The differences are explained below

2023
2022
£
£


Profit before tax
3,694,786
4,195,753


Profit multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
923,697
797,193

Effects of:


Expenses not deductible for tax purposes
27,562
9,481

Capital allowances for year in excess of depreciation
(653,774)
(818,953)

Utilisation of tax losses
(84,989)
-

(Decrease)/increase in pension fund prepayment leading to a (decrease)/increase in tax
(4,264)
1,807

Deferred taxation in respect of timing differences
705,847
445,245

Allowance of lease premium
(1,778)
-

Adjustment in research and development tax credit leading to an increase/(decrease) in the tax charge
375,397
(375,397)

Impairment of goodwill
36,270
-

Amortisation
44,487
-

Capital gains
18,488
-

Unrelieved tax losses carried forward
825
10,472

Change in rate of taxation during the year
(24,134)
-

Total tax charge for the year
1,363,634
69,848

Page 24

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023
 
12.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2023
2022
£
£


Dividends paid on equity share capital
810,000
559,124


14.


Parent company profit for the year

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements. The profit after tax of the parent company for the year was £2,385,731 (2022 - £4,072,127).

Page 25

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023

15.


Intangible assets

Group





Land lease premiums
Goodwill
Total

£
£
£



Cost


At 1 December 2022
413,259
487,406
900,665


Additions
-
97,897
97,897



At 30 November 2023

413,259
585,303
998,562



Amortisation


At 1 December 2022
157,525
165,967
323,492


Charge for the year
15,478
162,469
177,947


Impairment charge
-
145,082
145,082



At 30 November 2023

173,003
473,518
646,521



Net book value



At 30 November 2023
240,256
111,785
352,041



At 30 November 2022
255,734
321,439
577,173



Page 26

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023
 
           15.Intangible assets (continued)

Company




Patents
Goodwill
Total

£
£
£



Cost


At 1 December 2022
413,259
487,406
900,665


Additions
-
(1,585)
(1,585)



At 30 November 2023

413,259
485,821
899,080



Amortisation


At 1 December 2022
157,525
165,967
323,492


Charge for the year
15,478
162,469
177,947


Impairment charge
-
145,082
145,082



At 30 November 2023

173,003
473,518
646,521



Net book value



At 30 November 2023
240,256
12,303
252,559



At 30 November 2022
255,734
321,439
577,173

Page 27

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023

16.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Motor vehicles
Assets under construction
Office equipment
Modular building
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 December 2022
8,947,617
9,852,399
321,337
131,997
681,305
207,941
20,142,596


Additions
350,000
4,503,196
159,966
191,432
68,040
3,700
5,276,334


Disposals
(35,377)
(1,775,612)
(230,392)
-
(3,510)
-
(2,044,891)


Transfers between classes
208,126
-
-
(208,126)
-
-
-



At 30 November 2023

9,470,366
12,579,983
250,911
115,303
745,835
211,641
23,374,039



Depreciation


At 1 December 2022
508,399
2,387,034
160,057
-
80,794
33,174
3,169,458


Charge for the year: owned
40,700
1,238,465
65,183
-
100,089
10,757
1,455,194


Charge for the year: financed
-
354,945
6,030
-
-
-
360,975


Disposals
-
(649,749)
(169,199)
-
(1,873)
-
(820,821)



At 30 November 2023

549,099
3,330,695
62,071
-
179,010
43,931
4,164,806



Net book value



At 30 November 2023
8,921,267
9,249,288
188,840
115,303
566,825
167,710
19,209,233



At 30 November 2022
8,439,218
7,465,365
161,280
131,997
600,511
174,767
16,973,138

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
2,849,132
2,175,202

Page 28

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023

           16.Tangible fixed assets (continued)


Company






Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£
£
£

Cost or valuation


At 1 December 2022
6,895,793
9,852,399
321,337
131,997
681,305
207,941
18,090,772


Additions
-
4,437,559
84,034
191,432
27,209
3,700
4,743,934


Disposals
-
(1,775,612)
(164,842)
-
(3,510)
-
(1,943,964)


Transfers between classes
208,126
-
-
(208,126)
-
-
-



At 30 November 2023

7,103,919
12,514,346
240,529
115,303
705,004
211,641
20,890,742



Depreciation


At 1 December 2022
508,399
2,387,034
160,057
-
80,794
33,174
3,169,458


Charge for the year: owned
40,700
1,235,798
65,183
-
94,168
10,757
1,446,606


Charge for the year: financed
-
353,174
-
-
-
-
353,174


Disposals
-
(649,749)
(137,368)
-
(1,873)
-
(788,990)



At 30 November 2023

549,099
3,326,257
87,872
-
173,089
43,931
4,180,248



Net book value



At 30 November 2023
6,554,820
9,188,089
152,657
115,303
531,915
167,710
16,710,494



At 30 November 2022
6,387,394
7,465,365
161,280
131,997
600,511
174,767
14,921,314





The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
2,849,132
2,175,202

Page 29

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023

17.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 December 2022
2,024,643


Additions
578,128



At 30 November 2023
2,602,771






Net book value



At 30 November 2023
2,602,771



At 30 November 2022
2,024,643


Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

BSC Print Limited
6 Weir Road, London, England, SW19 8UG
Ordinary
100%
Epsom Skip Hire Company Limited
6 Weir Road, London, England, SW19 8UG
Ordinary
100%

The aggregate of the share capital and reserves as at 30 November 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
(Profit)/Loss
£
£

BSC Print Limited
(6,300)
3,300

Epsom Skip Hire Company Limited
195,112
(4,582)

Page 30

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023

18.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
2,785,798
3,031,963
2,785,798
3,031,967

Amounts owed by group undertakings
-
-
6,300
3,000

Other debtors
710,529
463,251
809,210
433,648

Prepayments and accrued income
535,790
400,637
525,825
400,637

4,032,117
3,895,851
4,127,133
3,869,252



19.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
3,134,740
2,583,884
3,126,442
2,583,884



20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
2,631,295
2,298,612
2,618,251
2,298,612

Corporation tax
6,952
-
-
-

Other taxation and social security
739,975
576,548
729,611
576,547

Obligations under finance lease and hire purchase contracts
906,097
783,344
894,036
783,344

Other creditors
93,264
33,192
93,264
33,192

Accruals and deferred income
466,578
329,337
463,078
329,337

4,844,161
4,021,033
4,798,240
4,021,032


Page 31

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023

21.


Creditors: Amounts falling due after more than one year

Company


2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
805,591
1,003,235

805,591
1,003,235



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Within one year
906,097
783,344
894,036
783,344

Between 1-5 years
704,326
621,688
675,376
621,688

Over 5 years
101,265
381,547
101,265
381,547

1,711,688
1,786,579
1,670,677
1,786,579


23.


Deferred taxation


Group





2023
2022


£

£






At beginning of year
1,725,994
979,464


Charge for the year
751,447
746,530



At end of year
2,477,441
1,725,994

Page 32

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023
 
23.Deferred taxation (continued)

Company




2023
2022


£

£






At beginning of year
1,725,994
979,464


Charged for the year
718,374
746,530



At end of year
2,444,368
1,725,994

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
2,477,441
1,810,983
2,444,368
1,810,983

Tax losses carried forward
-
84,989
-
84,989

(2,477,441)
(1,725,994)
(2,444,368)
(1,725,994)


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1 each
100
100


Page 33

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023

25.
 

Business combinations

During the year the group acquired Epsom Skip Hire Limited. All acquisitions have been accounted for under the acquisition method.

Acquisition of Epsom Skip Hire Limited

Recognised amounts of identifiable assets acquired and liabilities assumed

Book value
Fair value adjustments
Fair value
£
£
£

Fixed Assets

Tangible
432,399
100,000
532,399

432,399
100,000
532,399

Current Assets

Debtors
118,608
-
118,608

Cash at bank and in hand
54,077
-
54,077

Total Assets
605,084
100,000
705,084

Creditors

Due within one year
(345,872)
-
(345,872)

Due after more than one year
(34,173)
-
(34,173)

Deferred taxation
(45,600)
-
(45,600)

Total Identifiable net assets
179,439
100,000
279,439


Goodwill
98,689

Total purchase consideration
378,128

Consideration

£


Cash
378,128

Cash outflow on acquisition

£


Purchase consideration settled in cash, as above
378,128

Page 34

 
Reston Waste Management Limited
 
 
Notes to the financial statements
For the year ended 30 November 2023

26.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension charge represents contributions payable by the group to the fund and amounted to £141,666 (2022 - £172,916).


27.


Transactions with directors

As at the balance sheet date, the company was owed £196,598 (2022 - £1,790 creditor) from the directors, Mr A and Mrs S Reston. The maximum amount outstanding to the company in respect of this loan was £1,003,737. Interest totalling £2,862 (2022 - £Nil) was charged on this loan during the year.


28.


Controlling party

The ultimate controlling party is A Reston, a director of the company.

Page 35