REGISTERED NUMBER: 04934307 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Period 1 January 2022 to 31 March 2023 |
for |
BATEMAN SKIPS LIMITED |
REGISTERED NUMBER: 04934307 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Period 1 January 2022 to 31 March 2023 |
for |
BATEMAN SKIPS LIMITED |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Contents of the Consolidated Financial Statements |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 17 |
BATEMAN SKIPS LIMITED |
Company Information |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Bath House |
6-8 Bath Street |
Bristol |
BS1 6HL |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Group Strategic Report |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
The directors present their strategic report of the company and the group for the period 1 January 2022 to 31 March 2023. |
REVIEW OF BUSINESS |
The principal activities of the group include skip hire and commercial recycling and waste management. |
The group experienced another profitable period. Turnover increased to £10,568,920 (£8,455,136 on a 12 month pro-rata basis) compared with £8,330,625 in the previous year. The group's gross profit totalled £2,840,639 (£2,272,511 on a 12 month pro-rata basis) compared with £2,706,736 in the previous year.The gross profit margin for the period decreased to 27% (32.5% in the previous year). Profit before taxation decreased to £1,276,362 (£1,021,090 on a 12 month pro-rata basis) compared with £1,547,986 in the previous year. |
The group's key financial and other performance indicators include the group's sales levels and gross and net profitability margins. These indicators are shown on the face of the profit and loss account. The directors believe further analysis using KPIs is not necessary for an understanding of the development, performance or position of the group. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors recognise that the performance of the group is dependent upon key risks. Some of these risks are outside the group's control. The main risks are set out below. The directors review and agree policies and procedures for managing each of these and they are summarised below. |
Business performance risk |
This is the risk that the group may not perform as expected due to either internal and external factors. This risk is managed through ensuring an appropriate management team is in place, business planning, monthly financial reporting and cash management. |
Social, ethical and environmental risk |
This is the risk that the group does not meet the standards expected of it and suffers reputational damage. The group has strict quality control operational procedures in place and these are regularly monitored by management. |
Liquidity risk |
The group uses bank loan and hire purchase facilities. Management have a tightly controlled cash management policy and consistently review expected future cash inflows and outflows to ensure adequate liquidity exists in the business. |
Credit risk |
The group's principal financial assets are cash and trade debtors. Group policy is aimed at minimising credit risk and has credit control procedures to ensure appropriate credit limits on customers are adhered to. |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Group Strategic Report |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
Interest rate risk |
The group reduces exposure to interest rates through a mixture of agreed fixed and variable interest rates for the hire purchase arrangements. |
Research and development |
The group has invested in state-of-the-art waste segregation technology to recover as much recyclable material as possible. Its mission statement is to avoid sending any waste to landfill and aims to be 'Zero Waste to Landfill". The directors have a policy to ensure the research is continued to enable the company to stay at the forefront of the industry and maintain competitive advantage. |
ON BEHALF OF THE BOARD: |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Report of the Directors |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
The directors present their report with the financial statements of the company and the group for the period 1 January 2022 to 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the period under review was that of skip hire and collection of non-hazardous waste. |
DIVIDENDS |
The dividend proposed and paid in respect of the period ended 31 March 2023 is £144,212 (2021: £130,889 ). |
FUTURE DEVELOPMENTS |
On the 11th July 2023, the entire issued share capital of the company was acquired by RSK Environment Limited, with the ultimate controlling party being RSK Group Limited. |
EVENTS SINCE THE END OF THE PERIOD |
Information relating to events since the end of the period is given in the notes to the financial statements. |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 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 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Report of the Directors |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Bateman Skips Limited |
Opinion |
We have audited the financial statements of Bateman Skips Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the 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 and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Report of the Independent Auditors to the Members of |
Bateman Skips Limited |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors 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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of 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 Statement of Directors' Responsibilities set out on page four, 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 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. |
Report of the Independent Auditors to the Members of |
Bateman Skips Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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: |
o Closely examined significant unusual transactions outside the company's normal activities; |
o Substantive testing on journal entries for any signs of manipulation; |
o Challenging assumptions and judgments made by management in its significant accounting estimates and judgments; |
o Substantively tested the recognition and completeness of the company's revenue streams. |
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included: |
o Identifying and assessing the controls management has in place to prevent and detect fraud; |
o Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process and; |
o Assessing the extent of compliance with the relevant laws and regulations. |
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 at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Bath House |
6-8 Bath Street |
Bristol |
BS1 6HL |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Consolidated Statement of Comprehensive Income |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
Period |
1.1.22 |
to | Year Ended |
31.3.23 | 31.12.21 |
Notes | £ | £ |
TURNOVER | 10,568,920 | 8,330,625 |
Cost of sales | (7,728,281 | ) | (5,623,889 | ) |
GROSS PROFIT | 2,840,639 | 2,706,736 |
Administrative expenses | (1,539,692 | ) | (1,182,846 | ) |
1,300,947 | 1,523,890 |
Other operating income | 29,495 | 95,795 |
OPERATING PROFIT | 4 | 1,330,442 | 1,619,685 |
Interest receivable and similar income | 579 | 643 |
1,331,021 | 1,620,328 |
Interest payable and similar expenses | 5 | (54,659 | ) | (72,342 | ) |
PROFIT BEFORE TAXATION | 1,276,362 | 1,547,986 |
Tax on profit | 6 | (273,273 | ) | (372,731 | ) |
PROFIT FOR THE FINANCIAL PERIOD |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
1,003,089 |
1,175,255 |
Profit attributable to: |
Owners of the parent | 1,003,089 | 1,175,255 |
Total comprehensive income attributable to: |
Owners of the parent | 1,003,089 | 1,175,255 |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Consolidated Balance Sheet |
31 MARCH 2023 |
2023 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 | 4,667,597 | 4,449,205 |
Investments | 10 | - | - |
4,667,597 | 4,449,205 |
CURRENT ASSETS |
Debtors | 11 | 1,084,158 | 771,485 |
Cash at bank and in hand | 1,261,547 | 1,977,463 |
2,345,705 | 2,748,948 |
CREDITORS |
Amounts falling due within one year | 12 | (1,393,523 | ) | (1,987,385 | ) |
NET CURRENT ASSETS | 952,182 | 761,563 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,619,779 |
5,210,768 |
CREDITORS |
Amounts falling due after more than one year |
13 |
(173,982 |
) |
(801,339 |
) |
PROVISIONS FOR LIABILITIES | 17 | (886,214 | ) | (708,723 | ) |
NET ASSETS | 4,559,583 | 3,700,706 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 400 | 400 |
Retained earnings | 19 | 4,559,183 | 3,700,306 |
SHAREHOLDERS' FUNDS | 4,559,583 | 3,700,706 |
The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by: |
C A Elms (nee Knighton) - Director |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Company Balance Sheet |
31 MARCH 2023 |
2023 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 954,373 | 1,124,863 |
The financial statements were approved by the Board of Directors and authorised for issue on |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Consolidated Statement of Changes in Equity |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2021 | 400 | 2,655,940 | 2,656,340 |
Changes in equity |
Profit for the year | - | 1,175,255 | 1,175,255 |
Total comprehensive income | - | 1,175,255 | 1,175,255 |
Dividends | - | (130,889 | ) | (130,889 | ) |
Balance at 31 December 2021 | 400 | 3,700,306 | 3,700,706 |
Changes in equity |
Profit for the period | - | 1,003,089 | 1,003,089 |
Total comprehensive income | - | 1,003,089 | 1,003,089 |
Dividends | - | (144,212 | ) | (144,212 | ) |
Balance at 31 March 2023 | 400 | 4,559,183 | 4,559,583 |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Company Statement of Changes in Equity |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2021 |
Changes in equity |
Profit for the year | - | 1,124,863 | 1,124,863 |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Balance at 31 December 2021 |
Changes in equity |
Profit for the period | - | 954,373 | 954,373 |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Balance at 31 March 2023 |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Consolidated Cash Flow Statement |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
Period |
1.1.22 |
to | Year Ended |
31.3.23 | 31.12.21 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,600,259 | 1,936,748 |
Interest paid | - | (1,480 | ) |
Interest element of hire purchase payments paid |
(54,659 |
) |
(70,862 |
) |
Tax paid | (106,519 | ) | (34,147 | ) |
Taxation refund | - | 70,541 |
Net cash from operating activities | 1,439,081 | 1,900,800 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (818,969 | ) | (229,774 | ) |
Sale of tangible fixed assets | 137,825 | 67,200 |
Interest received | 579 | 643 |
Net cash from investing activities | (680,565 | ) | (161,931 | ) |
Cash flows from financing activities |
Loan repayments in year | (250,000 | ) | (50,000 | ) |
Capital repayments in year | (1,027,809 | ) | (962,838 | ) |
Amount introduced by directors | - | 57,678 |
Amount withdrawn by directors | (52,411 | ) | (13,993 | ) |
Equity dividends paid | (144,212 | ) | (130,889 | ) |
Net cash from financing activities | (1,474,432 | ) | (1,100,042 | ) |
(Decrease)/increase in cash and cash equivalents | (715,916 | ) | 638,827 |
Cash and cash equivalents at beginning of period |
2 |
1,977,463 |
1,338,636 |
Cash and cash equivalents at end of period |
2 |
1,261,547 |
1,977,463 |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Notes to the Consolidated Cash Flow Statement |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.1.22 |
to | Year Ended |
31.3.23 | 31.12.21 |
£ | £ |
Profit before taxation | 1,276,362 | 1,547,986 |
Depreciation charges | 692,588 | 596,277 |
Profit on disposal of fixed assets | (45,338 | ) | (4,680 | ) |
Tax paid | - | 1,631 |
Finance costs | 54,659 | 72,342 |
Finance income | (579 | ) | (643 | ) |
1,977,692 | 2,212,913 |
Increase in trade and other debtors | (312,673 | ) | (147,185 | ) |
Decrease in trade and other creditors | (64,760 | ) | (128,980 | ) |
Cash generated from operations | 1,600,259 | 1,936,748 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 31 March 2023 |
31.3.23 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 1,261,547 | 1,977,463 |
Year ended 31 December 2021 |
31.12.21 | 1.1.21 |
£ | £ |
Cash and cash equivalents | 1,977,463 | 1,338,636 |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Notes to the Consolidated Cash Flow Statement |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
Other |
non-cash |
At 1.1.22 | Cash flow | changes | At 31.3.23 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 1,977,463 | (715,916 | ) | 1,261,547 |
1,977,463 | (715,916 | ) | 1,261,547 |
Debt |
Finance leases | (1,397,878 | ) | 1,027,809 | (205,000 | ) | (554,569 | ) |
Debts falling due |
within 1 year | (37,500 | ) | 37,500 | - | - |
Debts falling due |
after 1 year | (212,500 | ) | 212,500 | - | - |
(1,647,878 | ) | 1,277,809 | (205,000 | ) | (554,569 | ) |
Total | 329,585 | 561,893 | (205,000 | ) | 706,978 |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Notes to the Consolidated Financial Statements |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
1. | COMPANY INFORMATION |
Bateman Skips Limited is a |
The company's principal activities and nature of its operations are disclosed in the Directors' Report. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared on the historical cost convention, subject to the revaluation of certain fixed assets. The principal accounting policies adopted are set out below: |
Going concern |
The financial statements have been prepared on a going concern basis. The directors have reviewed relevant information and has considered possible measures that could be undertaken to mitigate the current adverse conditions. Based on this assessment and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements. |
Basis of consolidation |
The consolidated financial statements incorporate the financial statements of the company and its subsidiary undertakings using the equity method. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
Impairment of debtors |
On a periodic basis management makes an estimation of the recoverability of debtors. Management makes such estimations based on the credit rating of debtors, the ageing profile, and historical experience. Due to effectiveness of the company's credit control procedures it is uncommon for bad debts to be provided for. |
Tangible fixed assets |
Tangible fixed assets are depreciated over their estimated useful lives. The actual lives of the assets are assessed annually by the directors and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes. Turnover is recognised once a skip has been delivered to the customer's address. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property | - | Buildings are depreciated at 5% on reducing balance. The value of land is not depreciated, but subject to periodic impairment review. |
Plant and machinery | - | 20% on reducing balance |
Fixtures and fittings | - | 20% on reducing balance |
Motor vehicles | - | Heavy Goods Vehicles 12.5% on reducing balance, Light Goods Vehicles 10% on reducing balance |
Computer equipment | - | 25% on reducing balance |
Skips included within plant and machinery | - | 5% on reducing balance |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised 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 settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. 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. |
Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period 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. |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Investments in subsidiary undertakings |
Investments in subsidiary undertakings are recognised at cost less impairment. |
3. | EMPLOYEES AND DIRECTORS |
Period |
1.1.22 |
to | Year Ended |
31.3.23 | 31.12.21 |
£ | £ |
Wages and salaries | 2,794,208 | 2,202,725 |
Social security costs | 2,001 | 1,518 |
2,796,209 | 2,204,243 |
The average number of employees during the period was as follows: |
Period |
1.1.22 |
to | Year Ended |
31.3.23 | 31.12.21 |
Directors | 3 | 3 |
Staff | 61 | 69 |
The average number of employees by undertakings that were proportionately consolidated during the period was 1 (2021 - 1 ) . |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
Period |
1.1.22 |
to | Year Ended |
31.3.23 | 31.12.21 |
£ | £ |
Directors' remuneration | 46,875 | 37,500 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1.1.22 |
to | Year Ended |
31.3.23 | 31.12.21 |
£ | £ |
Depreciation - owned assets | 245,919 | 165,082 |
Depreciation - assets on hire purchase contracts | 446,671 | 431,196 |
Profit on disposal of fixed assets | (45,338 | ) | (4,680 | ) |
Auditors' remuneration | 10,000 | 8,000 |
Auditors' remuneration for non audit work | 25,558 | 20,286 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.1.22 |
to | Year Ended |
31.3.23 | 31.12.21 |
£ | £ |
Bank loan interest | - | 1,480 |
Hire purchase | 54,659 | 70,862 |
54,659 | 72,342 |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1.1.22 |
to | Year Ended |
31.3.23 | 31.12.21 |
£ | £ |
Current tax: |
UK corporation tax | 91,781 | 113,930 |
Deferred tax | 177,491 | 252,427 |
Under/over provision for prior |
period | 4,001 | 6,374 |
Tax on profit | 273,273 | 372,731 |
UK corporation tax has been charged at 19 % (2021 - 19 %). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.1.22 |
to | Year Ended |
31.3.23 | 31.12.21 |
£ | £ |
Profit before tax | 1,276,362 | 1,547,986 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2021 - 19 %) |
242,509 |
294,117 |
Effects of: |
Expenses not deductible for tax purposes | 6,655 | (9,237 | ) |
Utilisation of tax losses | - | (3,986 | ) |
Adjustments to tax charge in respect of previous periods | 4,001 | 6,374 |
Deferred tax on accelerated capital allowances using future rate of 25% | 87,711 | 144,286 |
Research and development deduction | (14,561 | ) | (26,283 | ) |
Capital allowances superdeduction | (53,042 | ) | (36,447 | ) |
Deferred tax on other timing differences | - | (1,512 | ) |
Depreciation on non-qualifying assets | - | 1,987 |
Deferred tax not recognised | - | 3,432 |
Total tax charge | 273,273 | 372,731 |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
8. | DIVIDENDS |
Period |
1.1.22 |
to | Year Ended |
31.3.23 | 31.12.21 |
£ | £ |
Ordinary shares of 1.00 each |
Interim | 144,212 | 130,889 |
9. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2022 | 687,766 | 2,655,828 | 265,446 |
Additions | - | 962,235 | 13,851 |
Disposals | (5,262 | ) | (70,000 | ) | - |
At 31 March 2023 | 682,504 | 3,548,063 | 279,297 |
DEPRECIATION |
At 1 January 2022 | 20,440 | 1,143,863 | 181,313 |
Charge for period | 17,350 | 321,891 | 21,682 |
Eliminated on disposal | (361 | ) | (44,673 | ) | - |
At 31 March 2023 | 37,429 | 1,421,081 | 202,995 |
NET BOOK VALUE |
At 31 March 2023 | 645,075 | 2,126,982 | 76,302 |
At 31 December 2021 | 667,326 | 1,511,965 | 84,133 |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2022 | 3,466,492 | 99,068 | 7,174,600 |
Additions | 26,464 | 919 | 1,003,469 |
Disposals | (93,171 | ) | - | (168,433 | ) |
At 31 March 2023 | 3,399,785 | 99,987 | 8,009,636 |
DEPRECIATION |
At 1 January 2022 | 1,334,394 | 45,385 | 2,725,395 |
Charge for period | 315,628 | 16,039 | 692,590 |
Eliminated on disposal | (30,912 | ) | - | (75,946 | ) |
At 31 March 2023 | 1,619,110 | 61,424 | 3,342,039 |
NET BOOK VALUE |
At 31 March 2023 | 1,780,675 | 38,563 | 4,667,597 |
At 31 December 2021 | 2,132,098 | 53,683 | 4,449,205 |
Included in the total net book value of fixed assets was £1,269,846 (2021 - £2,341,285) in respect of assets held under hire purchase contracts. |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 January 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 December 2021 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 January 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 December 2021 |
Included in the total net book value of fixed assets was £1,269,846 (2021 - £2,341,285) in respect of assets held under hire purchase contracts. |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 December 2021 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Broadmead Lane, Keynsham, Bristol, BS31 1ST |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2021 |
£ | £ |
Aggregate capital and reserves |
Profit for the period/year |
The subsidiary undertaking has taken advantage of the exemption in S479A of the Companies Act 2006 not to be individually audited on the basis that the group financial statements are audited. |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2021 | 2023 | 2021 |
£ | £ | £ | £ |
Trade debtors | 1,052,981 | 715,052 |
Amounts owed by group undertakings | - | - |
Other debtors | 4,000 | 4,000 |
Prepayments | 27,177 | 52,433 |
1,084,158 | 771,485 |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2021 | 2023 | 2021 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 14) | - | 37,500 |
Hire purchase contracts (see note 15) | 403,045 | 835,533 |
Trade creditors | 683,754 | 515,517 |
Tax | 91,796 | 113,930 |
Social security and other tax | 46,097 | 34,700 |
VAT | 39,059 | 205,349 |
Other creditors | 15,622 | 10,730 |
Directors' current accounts | 58,370 | 110,780 |
Accrued expenses | 55,780 | 123,346 |
1,393,523 | 1,987,385 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2021 | 2023 | 2021 |
£ | £ | £ | £ |
Bank loans (see note 14) | - | 212,500 |
Hire purchase contracts (see note 15) | 151,524 | 562,345 |
Other creditors | 22,458 | 26,494 |
173,982 | 801,339 |
14. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2021 | 2023 | 2021 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | - | 37,500 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | - | 212,500 |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year | 403,045 | 835,533 |
Between one and five years | 151,524 | 562,345 |
554,569 | 1,397,878 |
Company |
Hire purchase contracts |
2023 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Group |
Non-cancellable operating | leases |
2023 | 2021 |
£ | £ |
Within one year | 4,245 | 34,212 |
Between one and five years | - | 16,680 |
4,245 | 50,892 |
Company |
Non-cancellable operating | leases |
2023 | 2021 |
£ | £ |
Within one year |
Between one and five years |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
16. | SECURED DEBTS |
Bank loans and overdrafts totalling £Nil (2021 - £250,000) are secured by way of fixed and floating |
charges in favour of the lender. |
The hire purchase arrangements totalling £554,569 (2021 - £1,397,878) are secured by charges over the |
assets to which they relate. |
17. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2021 | 2023 | 2021 |
£ | £ | £ | £ |
Deferred tax | 886,214 | 708,723 | 879,008 | 708,723 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2022 | 708,723 |
Provided during period | 177,491 |
Balance at 31 March 2023 | 886,214 |
Company |
Deferred |
tax |
£ |
Balance at 1 January 2022 |
Provided during period |
Balance at 31 March 2023 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2021 |
value: | £ | £ |
Ordinary | 1.00 | 200 | 200 |
B | 1.00 | 100 | 100 |
C | 1.00 | 100 | 100 |
400 | 400 |
Ordinary A, B & C shares hold full voting rights and fully participate in any distribution. |
BATEMAN SKIPS LIMITED (REGISTERED NUMBER: 04934307) |
Notes to the Consolidated Financial Statements - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
19. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 January 2022 | 3,700,306 |
Profit for the period | 1,003,089 |
Dividends | (144,212 | ) |
At 31 March 2023 | 4,559,183 |
Company |
Retained |
earnings |
£ |
At 1 January 2022 |
Profit for the period |
Dividends | ( |
) |
At 31 March 2023 |
20. | PENSION COMMITMENTS |
The company makes contributions to a number of employees' defined contribution pension schemes. The assets of these schemes are held in independently administered funds. During the period the company made contributions of £116,916 (2021: £84,848). There was £8,069 (2021: £6,046) of outstanding pension contributions at the balance sheet date. |
21. | RELATED PARTY DISCLOSURES |
During the year, a total of key management personnel remuneration of £46,875 (2021: £39,018) was paid. |
22. | POST BALANCE SHEET EVENTS |
The company had to suspend aspects of its operation as a result of an onsite accident between January 2024 and March 2024. The scope of any liability as a result of this event is unknown at this stage. The directors believe that there is no impact on the ability of the company to continue as a going concern. |
23. | ULTIMATE CONTROLLING PARTY |
During the period the company was controlled by the Bateman family. On the 11th July 2023, the entire issued share capital of the company was acquired by RSK Environment Limited, with the ultimate controlling party being RSK Group Limited. |