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Registered number: 03864068
W & S Waste Management Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 March 2023
Advoco (SW) Ltd
Financial Statements
Contents
Page
Strategic Report 1—2
Directors' Report 3—4
Independent Auditor's Report 5—7
Profit and Loss Account 8
Statement of Comprehensive Income 9
Balance Sheet 10
Statement of Changes in Equity 11
Statement of Cash Flows 12
Notes to the Statement of Cash Flows 13
Notes to the Financial Statements 14—23
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 March 2023.
Review of the Business
The directors consider that the results for the year and the financial position at the end of the year are satisfactory, in light of ongoing tough trading conditions
W & S Waste Management Limited and its associated businesses currently operate and manage HWRCs  (Household Waste Recycling Centre) throughout Great Britain.
During this time W&S Recycling have formed a robust partnership with the Local Councils. The company also has commercial partnerships with numerous leading companies.
These relationships enable us to deliver efficient and sustainable services throughout the waste sector.
Our fully qualified staff and licensed sites comply with all current legislation and together ensure a closely controlled cohesive operation.
Principal Risks and Uncertainties
The general economy is still of concern but recycling remains at the forefront of political policies. We maintain strong relationships with our existing partnerships and our high quality customer service ensures that the majority of customers return with repeat business.
Clearly the aftermath of the Covid pandemic  continues to affect trading operations but trading patterns are beginning to settle again. There are now inflationary pressures and ongoing supply chain issues which make trading challenging but the Company has significant reserves and is well placed to take advantage of opportunities as they arise.
Financial Risk
The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade  creditors and loans to the business. The main purpose of these instruments is to finance the business' operations.
In respect of bank balances, the liquidity risk is managed by maintaining a balance which is sufficient to fund ongoing operations.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts  presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors' liquidity risk is managed  by ensuring sufficient funds are available to meet amounts as they become due.
The business manages the liquidity risk by ensuring that there are sufficient funds to meet the repayments.
Future Developments
It is the intention of management to continue to support and encourage recycling in line with the growing awareness in society.
The Company is well respected and operates in all market sectors ranging from individual site requirements through to major regional and mainland UK recycling contracts.
A comprehensive operation is provided by W & S skips for ferrous/non-ferrous materials and recycling services fully operational throughout mainland UK.
At local level W & S cater for additional waste streams which include - cardboard, paper, glass, plastic, wood, inert, metal, plasterboard, asbestos and general waste.
W & S operate the most efficient cost effective and sustainable service by utilising our comprehensive fleet of up  to date vehicles. All operations are fully compliant, offering a transparent audit trail.
It is this range of services and respect in the industry which will continue to fuel growth in the coming years.
The Company will also continue to expand into larger projects and demolition works as the opportunities arise.
The Company has moved to a new, purpose built, energy efficient, recycling centre during the year.
Employees
The Company's policy is to consult and discuss with employees (through formal and informal meetings, regular  contact and Company publications) matters likely to affect employees' interests. Information on matters of interest and possible concern to employees is given through bulletins which seek to achieve common  awareness on the part of all employees of factors affecting the Company and their roles.
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Disabled Employees
Applications for employment by disabled persons are always fully considered bearing in mind the aptitude of the applicant concerned and the physical nature of the care service delivered to the client. Where appropriate, all  necessary assistance is given with initial training and once employed a career plan is developed so as to ensure suitable opportunities for each individual.
On behalf of the board
Mr Geoffrey Thompson
Director
18 April 2024
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2023.
Principal Activity
The company's principal activity continues to be that of waste recycling.
Directors
The directors who held office during the year were as follows:
Mr Simon Perry Appointed 07/03/2023
Mrs Jacqueline Thompson
Mr Geoffrey Thompson
Research and Development
The Company continues to invest in Reasearch & Development. The waste industry is evolving rapidly and investment is essential to keep up to date. 
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). 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 of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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Independent Auditors
The auditors, Scott Vevers Ltd, 65 East Street, Bridport, Dorset DT6 3LB, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Geoffrey Thompson
Director
18 April 2024
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Independent Auditor's Report
Qualified opinion
We have audited the financial statements of W & S Waste Management Limited for the year ended 31 March 2023 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Statement of Cash Flows and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". 
In our opinion, except for the effects of the matter described in the Basis for qualified opinion section, the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit/(loss) for the year then ended
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Qualified Opinion
The Company’s property included within Tangible Fixed Assets is accounted for under the revaluation model and has in the past been revalued but this has not had updated revaluations carried out as required by FRS 102 and has resulted in the fair values being materially misstated. The Company has not chosen the cost model and has therefore not depreciated the properties as required by FRS 102.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 entity's ability to continue as a going concern for a period of at least 12 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.
Key Audit Matters
The matter described in the Basis for Qualified Opinion section is the only key matter to be communicated in our report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 
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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or 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 3—4, 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor's 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 financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, taxation legislation and data protection, employment and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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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 that we are required to state to them in an auditor's 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.
Mr Marcus Cridland BA (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Scott Vevers Ltd, 65 East Street, Bridport, Dorset DT6 3LB , Statutory Auditor
19 April 2024
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Profit and Loss Account
2023 2022
Notes £ £
TURNOVER 4 19,826,939 17,960,363
Cost of sales (17,300,957 ) (13,883,238 )
GROSS PROFIT 2,525,982 4,077,125
Administrative expenses (1,158,029 ) (742,139 )
Other operating income 278,235 308,704
OPERATING PROFIT 6 1,646,188 3,643,690
Profit on disposal of fixed assets 391,178 -
Other interest receivable and similar income 11 - 404
Interest payable and similar charges 12 (197,918 ) (100,906 )
PROFIT BEFORE TAXATION 1,839,448 3,543,188
Tax on Profit 13 (310,019 ) (257,831 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 1,529,429 3,285,357
The notes on pages 13 to 23 form part of these financial statements.
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Statement of Comprehensive Income
2023 2022
£ £
PROFIT FOR THE FINANCIAL YEAR 1,529,429 3,285,357
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,529,429 3,285,357
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Balance Sheet
Registered number: 03864068
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 14 17,018,727 16,105,324
Investment Properties 15 1,213,000 2,068,750
18,231,727 18,174,074
CURRENT ASSETS
Stocks 16 5,000 5,000
Debtors 17 11,750,738 9,251,013
Cash at bank and in hand 890,437 2,797,567
12,646,175 12,053,580
Creditors: Amounts Falling Due Within One Year 18 (3,773,187 ) (2,320,476 )
NET CURRENT ASSETS (LIABILITIES) 8,872,988 9,733,104
TOTAL ASSETS LESS CURRENT LIABILITIES 27,104,715 27,907,178
Creditors: Amounts Falling Due After More Than One Year 19 (4,490,595 ) (6,995,608 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 22 (430,875 ) (257,754 )
NET ASSETS 22,183,245 20,653,816
CAPITAL AND RESERVES
Called up share capital 24 100 100
Revaluation reserve 27 421,275 421,275
Profit and Loss Account 21,761,870 20,232,441
SHAREHOLDERS' FUNDS 22,183,245 20,653,816
On behalf of the board
Mr Geoffrey Thompson
Director
18 April 2024
The notes on pages 13 to 23 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Revaluation reserve Profit and Loss Account Total
£ £ £ £
As at 1 April 2021 100 421,275 16,947,084 17,368,459
Profit for the year and total comprehensive income - - 3,285,357 3,285,357
As at 31 March 2022 and 1 April 2022 100 421,275 20,232,441 20,653,816
Profit for the year and total comprehensive income - - 1,529,429 1,529,429
As at 31 March 2023 100 421,275 21,761,870 22,183,245
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Statement of Cash Flows
2023 2022
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 811,792 3,479,234
Interest paid (197,918 ) (100,906 )
Net cash generated from operating activities 613,874 3,378,328
Cash flows from investing activities
Purchase of tangible assets (2,664,870 ) (8,027,739 )
Proceeds from disposal of tangible assets 1,637,978 245,040
Interest received - 404
Net cash used in investing activities (1,026,892 ) (7,782,295 )
Cash flows from financing activities
Proceeds from new bank borrowings - 6,445,046
Repayment of bank borrowings (1,122,635 ) -
Proceeds from new other loans - 1,803,620
Repayment of other loans - (6,899,180)
Repayment of finance leases (371,477 ) (841,690 )
Net cash (used in)/generated from financing activities (1,494,112 ) 507,796
Decrease in cash and cash equivalents (1,907,130 ) (3,896,171 )
Cash and cash equivalents at beginning of year 2 2,797,567 6,693,738
Cash and cash equivalents at end of year 2 890,437 2,797,567
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2023 2022
£ £
Profit for the financial year 1,529,429 3,285,357
Adjustments for:
Tax on profit 310,019 257,831
Interest expense 197,918 100,906
Interest income - (404 )
Depreciation of tangible assets 1,540,279 1,695,866
Profit on disposal of tangible assets (571,040) (43,099)
Movements in working capital:
Increase in trade and other debtors (2,499,802 ) (1,531,440 )
Increase/(decrease) in trade and other creditors 304,989 (285,783 )
Net cash generated from operations 811,792 3,479,234
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2023 2022
£ £
Cash at bank and in hand 890,437 2,797,567
3. Analysis of changes in net debt
As at 1 April 2022 Cash flows As at 31 March 2023
£ £ £
Cash at bank and in hand 2,797,567 (1,907,130) 890,437
Finance leases (1,024,194) 371,477 (652,717)
Debts falling due within one year - (1,122,635) (1,122,635 )
Debts falling due after more than one year (6,445,046) 2,245,270 (4,199,776)
(4,671,673) (413,018) (5,084,691)
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Notes to the Financial Statements
1. General Information
W & S Waste Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03864068 . The registered office is Material Recycling Facility, Ling Road, Poole, Dorset, BH12 4NZ.
2. Statement of Compliance
The 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.
3. Accounting Policies
3.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. 
3.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
3.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 
Freehold properties are carried under the revaluation model and revaluations are made with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using the fair value model at the end of the accounting period.
Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold in accordance with the property
Plant & Machinery 33% on reducing balance
Motor Vehicles 33% on reducing balance
Computer Equipment 33% on reducing balance
3.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
3.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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3.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
3.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3.8. Financial Instruments
The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset , with 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 set a  on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a 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 profit or loss, except that investments in equity instruments that are not publicly 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 profit and loss , are assessed for indicators of impairment at each reporting date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the 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 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 profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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 company after deducting all of its liabilities.
Basic financial liabilities
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3.8. Financial Instruments - 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 payments 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 cost, 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  transaction 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 profit or loss in finance costs 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 profit or loss. Debt instruments may be designated as being measured at fair value though 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 company’s contractual obligations expire or are discharged or cancelled.
3.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3.10. Pensions
The company operates a defined  contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3.11. Research and Development
Expenditure incurred on research and development is written off in the year in which it is incurred. 
4. Turnover
Analysis of turnover by class of business is as follows:
2023 2022
£ £
Recycling 19,826,939 17,960,363
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5. Other Operating Income
2023 2022
£ £
Rental income 278,235 308,704
278,235 308,704
6. Operating Profit
The operating profit is stated after charging:
2023 2022
£ £
Bad debts 2,619 5,621
Operating lease rentals 121,040 134,039
Depreciation of tangible fixed assets - owned 1,166,205 969,823
Depreciation of tangible fixed assets - finance leases and hire purchase contracts 374,074 726,043
Profit on disposal of tangible fixed assets (179,862 ) (43,099 )
7. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2023 2022
£ £
Audit Services
Audit of the company's financial statements 16,000 15,000
8. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2023 2022
£ £
Wages and salaries 4,801,588 2,375,133
Social security costs 470,952 54,013
Other pension costs 297,096 50,038
5,569,636 2,479,184
9. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2023 2022
Office and administration 6 5
Production 169 90
175 95
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10. Directors' remuneration
2023 2022
£ £
Emoluments 8,424 8,424
8,424 8,424
No pension contribuions were made in respect of Directors (2022 - Nil)
11. Interest Receivable and Similar Income
2023 2022
£ £
Bank interest receivable - 404
- 404
12. Interest Payable and Similar Charges
2023 2022
£ £
Bank loans and overdrafts 180,285 82,729
Finance charges payable under finance leases and hire purchase contracts 17,633 18,177
197,918 100,906
13. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2023 2022
2023 2022 £ £
Current tax
UK Corporation Tax 19.0% 19.0% 136,898 77
Deferred Tax
Deferred taxation 69,711 257,754
Changes in tax rates 103,410 -
173,121 257,754
Total tax charge for the period 310,019 257,831
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2023 2022
£ £
Profit before tax 1,839,448 3,543,188
Tax on profit at 19% (UK standard rate) 349,495 673,206
Expenses not deductible for tax purposes 258,479 314,026
Tax losses utilised (4,298 ) (143,525 )
Capital allowances (322,743 ) (529,604 )
Short term timing differences - (56,272 )
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Difference in tax rates 103,410 -
Rollover relief on profit on disposal of fixed assets (74,324 ) -
Total tax charge for the period 310,019 257,831
With effect from 1 April 2023, if the Company profits exceed £250,000, the rate of corporation tax will be 25%. 
14. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2022 12,713,587 7,905,802 4,803,193 38,840 25,461,422
Additions 1,224,566 1,049,184 391,120 - 2,664,870
Disposals - (540,700 ) (126,667 ) - (667,367 )
As at 31 March 2023 13,938,153 8,414,286 5,067,646 38,840 27,458,925
Depreciation
As at 1 April 2022 - 6,022,623 3,304,409 29,066 9,356,098
Provided during the period - 921,791 615,231 3,257 1,540,279
Disposals - (373,722 ) (82,457 ) - (456,179 )
As at 31 March 2023 - 6,570,692 3,837,183 32,323 10,440,198
Net Book Value
As at 31 March 2023 13,938,153 1,843,594 1,230,463 6,517 17,018,727
As at 1 April 2022 12,713,587 1,883,179 1,498,784 9,774 16,105,324
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2023 2022
£ £
Plant & Machinery 328,112 476,222
Motor Vehicles 420,035 778,531
748,147 1,254,753
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Cost or valuation as at 31 March 2023 represented by:
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
At cost 13,838,153 8,414,286 5,067,646 38,840 27,358,925
At valuation 100,000 - - - 100,000
13,938,153 8,414,286 5,067,646 38,840 27,458,925
The freehold land and buildings class of fixed assets are revalued annually on 31st March by Mr G D Thompson, the MD, who is internal to the Company.
The basis of the valuation was by reference to historical cost and current open market value.
The class of assets has a current value of £13,938,153 (2022 - £12,713,587) and a carrying amount at historical cost of £13,838,153  (2022 - £12,613,587).
The depreciation of this historical cost is £nil (2022 - £nil).
15. Investment Property
2023
£
Fair Value
As at 1 April 2022 2,068,750
Disposals (855,750 )
As at 31 March 2023 1,213,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2023 2022
£ £
Cost 891,725 1,747,475
The investment properties are revalued annually on 31st March by Mr G D Thompson, the MD, who is internal to the Company.
The basis of the valuation was by reference to historical cost and current open market value.
The depreciation of this historical cost is £nil (2022 - £nil).
16. Stocks
2023 2022
£ £
Stock 5,000 5,000
2023
2022
£
£
Fuel
5,000
5,000
image
image
5,000
image
5,000
image
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17. Debtors
2023 2022
£ £
Due within one year
Trade debtors 2,174,417 1,985,311
Prepayments and accrued income 17,117 37,962
Other debtors 9,050,979 6,719,438
Corporation tax recoverable assets 508,225 508,302
11,750,738 9,251,013
18. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 361,898 473,632
Trade creditors 974,204 1,147,410
Bank loans and overdrafts 1,122,635 -
Other creditors 321,354 425,986
Corporation tax 136,898 77
Taxation and social security 723,597 200,933
Accruals and deferred income 132,601 72,438
3,773,187 2,320,476
19. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 290,819 550,562
Bank loans 4,199,776 6,445,046
4,490,595 6,995,608
20. Loans
An analysis of the maturity of loans is given below:
2023 2022
£ £
Amounts falling due within one year or on demand:
Bank loans 1,122,635 -
1,122,635 -
2023 2022
£ £
Amounts falling due between one and five years:
Bank loans 4,199,776 6,445,046
4,199,776 6,445,046
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21. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 361,898 473,632
Later than one year and not later than five years 290,819 550,562
652,717 1,024,194
652,717 1,024,194
22. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 430,875 257,754
23. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 April 2022 257,754 257,754
Additions 173,121 173,121
Balance at 31 March 2023 430,875 430,875
24. Share Capital
2023 2022
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
25. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Later than one year and not later than five years 134,040 114,532
134,040 114,532
26. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £297,096 (2022: £50,038).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
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27. Reserves
Revaluation Reserve
£
As at 1 April 2022 421,275
As at 31 March 2023 421,275
28. Related Party Disclosures
Mr & Mrs Thompson
(Directors and shareholders)
During the year, a total of £104,632 (2022: £213,973) was repaid to and a total of £nil (2022: £nil) was credited by Mr & Mrs Thompson in respect of their director's current account. No interest was charged on this balance.
During the year, dividends of £nil (2022 : £nil) were paid to Mr and Mrs Thompson.
At the balance sheet date  the amount due to Mr and Mrs Thompson £321,354 (2022 : £425,986).
Cottees Auctions Limited
(Shareholder of company and director in common)
During the year, a total of £219,391 (2022 : £180,684) was invoiced to Cottees Auctions Limited.
At the balance sheet date the amount due from Cottees Auctions Limited was £150,892 (2022 : £141,264).
Thompson F I T Limited
(Shareholder of company and director in common)
During the year, a total of £1,653,727 (2022: £849,367) was advanced to and a total of £nil (2022: £nil) was credited to an intercompany account with Thompson F I T Limited.
At the balance sheet date the amount due from Thompson F I T Limited was £8,221,296  (2022 : £6,567,569).
W&S Recycling
(A business operated by Mr Thompason, a Director and Shareholder)
During the year the Company lent W&S Recycling £597,817.
At the balance sheet date the amount due from W&S Recycling was £624,685 (2022 - £26,868)
29. Secured Liabilities
The total secured liabilities at the year end was £5,975,127  (2022 - £7,469,239)
The Company has a bank loan with National Westminster Bank PLC. The balance on this loan at 31 March 2023 was £1,655,744 (2022 £1,778,379.) Interest is charged at 1.95% above the Bank of England base rate.The final installment is due September 2035.
The Company also has a CBILS loan from National Westminster Bank PLC.  The balance on this loan at 31 March 2023 was £3,666,667 (2022 £4,666,667.) Interest is fixed at a rate of 2.2% fixed. The final installment is due  September 2025.
National Westminster Bank PLC have security in the form of a fixed charge and a floating charge on the Company.
Amounts due under hire purchase faciliates at the year end was £652,716  (2022 - £1,024,193).
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