REGISTERED NUMBER: |
Unwasted Limited |
Unaudited Financial Statements |
for the Year Ended 31st December 2023 |
REGISTERED NUMBER: |
Unwasted Limited |
Unaudited Financial Statements |
for the Year Ended 31st December 2023 |
Unwasted Limited (Registered number: 11202703) |
Contents of the Financial Statements |
for the Year Ended 31st December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Unwasted Limited |
Company Information |
for the Year Ended 31st December 2023 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Accountants |
4th Floor |
100 Fenchurch Street |
London |
EC3M 5JD |
Unwasted Limited (Registered number: 11202703) |
Statement of Financial Position |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current (liabilities)/assets | ( |
) |
Total assets less current liabilities |
Capital and reserves |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Unwasted Limited (Registered number: 11202703) |
Notes to the Financial Statements |
for the Year Ended 31st December 2023 |
1. | Statutory information |
Unwasted Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probably that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
Amortisation |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: |
Development costs - 20% straight line |
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. |
Intangible assets |
Intangible assets are initially recorded at cost, and are subsequently stated at cost loss any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. |
Intangible assets acquired as part of a business combination are recorded at fair value at the acquisition date. |
Tangible fixed assets |
Plant and machinery | - |
Computer equipment | - |
The company has developed a second hand panel board production line and is depreciating the related operating plant and machinery at 15% straight line. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Unwasted Limited (Registered number: 11202703) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Development expenditure is incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward and amortisation is charged from that time over the lesser of the life of the project or five years. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | Employees and directors |
The average number of employees during the year was |
Unwasted Limited (Registered number: 11202703) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
4. | Intangible fixed assets |
Research |
and |
development |
costs |
£ |
Cost |
At 1st January 2023 |
Additions |
At 31st December 2023 |
Amortisation |
At 1st January 2023 |
Amortisation for year |
At 31st December 2023 |
Net book value |
At 31st December 2023 |
At 31st December 2022 |
5. | Tangible fixed assets |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
Cost |
At 1st January 2023 |
Additions |
At 31st December 2023 |
Depreciation |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
Net book value |
At 31st December 2023 |
At 31st December 2022 |
Unwasted Limited (Registered number: 11202703) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
6. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1st January 2023 |
and 31st December 2023 |
Net book value |
At 31st December 2023 |
At 31st December 2022 |
The investment relates to the 100% owned Danish subsidiary, Unwasted APS. |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other debtors |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |