Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2022-08-01falseProvision of serviced office accommodation.22true 04107727 2022-08-01 2023-07-31 04107727 2021-08-01 2022-07-31 04107727 2023-07-31 04107727 2022-07-31 04107727 c:Director1 2022-08-01 2023-07-31 04107727 d:Buildings 2022-08-01 2023-07-31 04107727 d:Buildings 2023-07-31 04107727 d:Buildings 2022-07-31 04107727 d:Buildings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 04107727 d:Buildings d:LongLeaseholdAssets 2022-08-01 2023-07-31 04107727 d:Buildings d:LongLeaseholdAssets 2023-07-31 04107727 d:Buildings d:LongLeaseholdAssets 2022-07-31 04107727 d:LandBuildings 2023-07-31 04107727 d:LandBuildings 2022-07-31 04107727 d:PlantMachinery 2022-08-01 2023-07-31 04107727 d:PlantMachinery 2023-07-31 04107727 d:PlantMachinery 2022-07-31 04107727 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 04107727 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 04107727 d:CurrentFinancialInstruments 2023-07-31 04107727 d:CurrentFinancialInstruments 2022-07-31 04107727 d:Non-currentFinancialInstruments 2023-07-31 04107727 d:Non-currentFinancialInstruments 2022-07-31 04107727 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 04107727 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 04107727 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 04107727 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 04107727 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 04107727 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-07-31 04107727 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 04107727 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-07-31 04107727 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-07-31 04107727 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-07-31 04107727 d:ShareCapital 2023-07-31 04107727 d:ShareCapital 2022-07-31 04107727 d:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 04107727 d:RetainedEarningsAccumulatedLosses 2023-07-31 04107727 d:RetainedEarningsAccumulatedLosses 2022-07-31 04107727 c:FRS102 2022-08-01 2023-07-31 04107727 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 04107727 c:FullAccounts 2022-08-01 2023-07-31 04107727 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 04107727 2 2022-08-01 2023-07-31 04107727 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 04107727 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 04107727 d:TaxLossesCarry-forwardsDeferredTax 2023-07-31 04107727 d:TaxLossesCarry-forwardsDeferredTax 2022-07-31 iso4217:GBP xbrli:pure

Registered number: 04107727









Wasteland Group Limited







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
WASTELAND GROUP LIMITED
REGISTERED NUMBER: 04107727

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
8,463,179
8,613,101

  
8,463,179
8,613,101

Current assets
  

Debtors: amounts falling due within one year
 5 
153,391
174,946

Cash at bank and in hand
 6 
278,804
108,163

  
432,195
283,109

Creditors: amounts falling due within one year
 7 
(739,047)
(702,505)

Net current liabilities
  
 
 
(306,852)
 
 
(419,396)

Total assets less current liabilities
  
8,156,327
8,193,705

Creditors: amounts falling due after more than one year
 8 
(2,527,640)
(2,673,725)

Provisions for liabilities
  

Deferred tax
 10 
(788,945)
(602,366)

  
 
 
(788,945)
 
 
(602,366)

Net assets
  
4,839,742
4,917,614


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
 11 
4,839,642
4,917,514

  
4,839,742
4,917,614


Page 1

 
WASTELAND GROUP LIMITED
REGISTERED NUMBER: 04107727
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 April 2024.




E W P Cartlidge
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
WASTELAND GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Wasteland Group Limited is a private company, limited by shares, incorporated in the United Kingdom, registration number 04107727. The registered office is 2nd Floor Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA. 

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover can be measured reliably;
it is probable that the Company 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.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
WASTELAND GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 reporting date.

Page 4

 
WASTELAND GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.8

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, the basis on which can be found below.

Depreciation is provided on the following basis:

Freehold property
-
1% straight line
Leasehold improvements
-
Over the lease period
Plant and machinery
-
20% reducing balance

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.

  
2.9

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and 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 Statement of Financial Position Date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in the Statement of 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. 

 
2.10

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.

 
2.11

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.

Page 5

 
WASTELAND GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
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

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 6

 
WASTELAND GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Tangible fixed assets





Freehold property
Long-term leasehold property
Plant and machinery
Total

£
£
£
£



Cost or valuation


At 1 August 2022
8,604,529
450,000
500,636
9,555,165


Additions
-
-
11,671
11,671



At 31 July 2023

8,604,529
450,000
512,307
9,566,836



Depreciation


At 1 August 2022
341,601
225,000
375,463
942,064


Charge for the year on owned assets
86,045
48,750
26,798
161,593



At 31 July 2023

427,646
273,750
402,261
1,103,657



Net book value



At 31 July 2023
8,176,883
176,250
110,046
8,463,179



At 31 July 2022
8,262,928
225,000
125,173
8,613,101




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
8,176,883
8,262,928

Long leasehold
176,250
225,000

8,353,133
8,487,928


The company's freehold and long leasehold properties were revalued at their estimated open market values as at 31 July 2018 by a combination of professional valuations from Dexters, estate agents and property advisers, and by the directors using their knowledge of the market and sales of similar properties. The directors are not aware of any material change in value subsequent to the date of valuation.
The historical cost of the revalued properties is £5,344,398 and the accumulated depreciation that would have applied if there had been no revaluations would have been £614,558.
The estimated corporation tax payable if the properties were all to be sold at their revalued amounts at 31 July 2023 is £762,900 and this has been recognised in deferred tax.

Page 7

 
WASTELAND GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
64,646
109,427

Other debtors
27,124
27,124

Prepayments and accrued income
61,621
38,395

153,391
174,946



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
278,804
108,163

278,804
108,163



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
141,051
141,051

Trade creditors
12,054
19,433

Corporation tax
86,290
70,414

Other taxation and social security
20,172
28,165

Other creditors
438,649
376,262

Accruals and deferred income
40,831
67,180

739,047
702,505



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
2,527,640
2,673,725

2,527,640
2,673,725


Page 8

 
WASTELAND GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
141,051
141,051


141,051
141,051

Amounts falling due 1-2 years

Bank loans
143,000
143,000


143,000
143,000

Amounts falling due 2-5 years

Bank loans
453,000
453,000


453,000
453,000

Amounts falling due after more than 5 years

Bank loans
1,931,640
2,077,725

1,931,640
2,077,725

2,668,691
2,814,776


Page 9

 
WASTELAND GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
 
9. (continued)

Bank loans include a National Westminster Bank plc loan of £1,000,000 commencing 20 July 2017 at a fixed rate of 3.21% for 10 years and a loan term of 20 years, a National Westminster Bank plc loan of £1,000,000 commencing 20 July 2017 at a fixed rate of 3.25% for 10 years and a loan term of 25 years, and a National Westminster Bank plc loan of £1,000,000 commencing 20 July 2017 at 1.95% above Base Rate and a loan term of 25 years. These loans are secured by a debenture over all the assets of the company, dated 12 June 2017, and registered at Companies House on 14 June 2017. 
Bank loans also include a further bank loan from National Westminster Bank plc of £450,000 commencing 7 January 2019 at 1.96% above Base Rate for 6 years and a loan term of 20 years. This loan is secured by a  legal charge over one of the company's properties, dated 7 January 2019, created by the company for securing all monies due or to become due to National Westminster Bank Plc on any account whatsoever, and was registered at Companies House on 18 January 2019. 
Also, a legal charge over another of the company's properties, dated 1 August 2011, created by the company for securing all monies due or to become due to National Westminster Bank Plc on any account whatsoever, was registered at Companies House on 3 August 2011.
Also, another legal charge over another of the company's properties, dated 11 January 2013, created by the company for securing all monies due or to become due to National Westminster Bank Plc on any account whatsoever, was registered at Companies House on 15 January 2013.
Also, another legal charge over another of the company's properties, dated 16 July 2013, created by the company for securing all monies due or to become due to National Westminster Bank Plc on any account whatsoever, was registered at Companies House on 23 July 2013.
Also, another legal charge over another of the company's properties, dated 23 July 2013, created by the company for securing all monies due or to become due to National Westminster Bank Plc on any account whatsoever, was registered at Companies House on 26 July 2013.
Also, another legal charge over another of the company's properties, dated 24 June 2016, created by the company for securing all monies due or to become due to National Westminster Bank Plc on any account whatsoever, was registered at Companies House on 9 July 2016.

Page 10

 
WASTELAND GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

10.


Deferred taxation




2023


£






At beginning of year
(602,366)


Charged to profit or loss
(186,579)



At end of year
(788,945)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(26,045)
(22,562)

Provision on revaluations
(762,900)
(579,804)

(788,945)
(602,366)


11.


Reserves

Profit and loss account

The profit and loss account represents all current and prior period retained profits and losses.       


12.


Related party transactions

E W P Cartlidge and M A Cartlidge, the directors and shareholders of the company, are collectively due £317,926 (2022: £250,744) as at the year end. This amount is unsecured, interest free and with no fixed repayment date.  


13.


Controlling party

The company is controlled by the directors, E W P Cartlidge and M A Cartlidge, by virtue of their ownership of the entire issued share capital of the company.


 
Page 11