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Registration number: 03684429

Envipco (UK) Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Envipco (UK) Limited

Contents

Company Information

1

Independent Auditor's Report

2 to 3

Balance Sheet

4

Notes to the Financial Statements

5 to 10

 

Envipco (UK) Limited

Company Information

Directors

Simon Bolton

D S Chawla

Spencer Roberts

Company secretary

D S Chawla

Registered office

23 Station Road
Gerrards Cross
Buckinghamshire
SL9 8ES

Auditors

Just Audit & Assurance Ltd
Statutory Auditor
37 Market Square
Witney
Oxon
OX28 6RE

 

Envipco (UK) Limited

Independent Auditor's Report to the Members of Envipco (UK) Limited

Opinion

We have audited the financial statements of Envipco (UK) Limited (the 'company') for the year ended 31 December 2023, which comprise the Balance Sheet, and 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 FRS 102 Section 1A '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 company's affairs as at 31 December 2023 and of its 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 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 auditor 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 the provisions available for small entities, in the circumstances set out in note 11 to the financial statements, 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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Envipco (UK) Limited

Independent Auditor's Report to the Members of Envipco (UK) Limited

Opinion on other matter 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 for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the .

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, 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 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; or

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Auditor Responsibilities for the audit of the financial statements

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 auditor's report.

Responsibilities of directors

As explained more fully in the [set out on page ], 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.

image-name

......................................
Jonathan Russell (Senior Statutory Auditor)
For and on behalf of Just Audit & Assurance Ltd, Statutory Auditor

37 Market Square
Witney
Oxon
OX28 6RE

22 April 2024

 

Envipco (UK) Limited

(Registration number: 03684429)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

235,531

262,797

Current assets

 

Stocks

5

3,058,012

1,067,123

Debtors

6

4,983,777

653,690

Cash at bank and in hand

 

261,153

82,930

 

8,302,942

1,803,743

Creditors: Amounts falling due within one year

7

(2,743,397)

(143,899)

Net current assets

 

5,559,545

1,659,844

Total assets less current liabilities

 

5,795,076

1,922,641

Creditors: Amounts falling due after more than one year

7

(6,942,670)

(2,167,296)

Net liabilities

 

(1,147,594)

(244,655)

Capital and reserves

 

Called up share capital

3,100,000

3,100,000

Retained earnings

(4,247,594)

(3,344,655)

Shareholders' deficit

 

(1,147,594)

(244,655)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 April 2024 and signed on its behalf by:
 

.........................................
Simon Bolton
Director

.........................................
Spencer Roberts
Director

 

Envipco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The principal place of business is:
Rosewell House
2 Harvest Road
Newbridge
Scotland
EH28 8QJ

The address of its registered office is:
23 Station Road
Gerrards Cross
Buckinghamshire
SL9 8ES

These financial statements were authorised for issue by the Board on 18 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company incurred a loss of £902,940 (2022 £670,577) and had net liabilities of £1,147,594 (2022 £244,655). However, it's parent company Envipco Holding N.V. has guaranteed continued financial support and on this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Envipco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% of written down value

Plant and machinery

Depreciated over seven years on a straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Envipco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 4).

 

Envipco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

97,144

276,491

373,635

Additions

-

36,378

36,378

At 31 December 2023

97,144

312,869

410,013

Depreciation

At 1 January 2023

31,372

79,466

110,838

Charge for the year

16,445

47,199

63,644

At 31 December 2023

47,817

126,665

174,482

Carrying amount

At 31 December 2023

49,327

186,204

235,531

At 31 December 2022

65,772

197,025

262,797

5

Stocks

2023
£

2022
£

Other inventories

3,058,012

1,067,123

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

-

390,940

Amounts owed by related parties

9

4,815,220

237,559

Prepayments

 

13,498

9,398

Other debtors

 

155,059

15,793

   

4,983,777

653,690

7

Creditors

Creditors: amounts falling due within one year

 

Envipco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

16,645

15,148

Trade creditors

 

1,523,025

-

Taxation and social security

 

9,705

64,915

Accruals and deferred income

 

939,116

63,836

Other creditors

 

254,906

-

 

2,743,397

143,899

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

486,256

928,992

Other non-current financial liabilities

 

6,456,414

1,238,304

 

6,942,670

2,167,296

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

11,097

25,247

Other borrowings

475,159

903,745

486,256

928,992

Other borrowings represent loans by the parent company Envipco Holding N.V. and include £45,937 interest.
 

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

16,645

15,148

9

Related party transactions

 

Envipco (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

137,737

118,408

Contributions paid to money purchase schemes

59,378

41,475

197,115

159,883

Summary of transactions with associates

Other non-current financial liabilities in note 8 represent amounts owed to related parties.
 Sales, on an arms length basis, to associated companies amounted to £4,310,153 (2022 - £nil). This is included in turnover.
Amount due from associated companies is disclosed in note 7.

10

Parent and ultimate parent undertaking

The company's immediate parent is Envipco Holding N.V., incorporated in the Netherlands.

 The most senior parent entity producing publicly available financial statements is Envipco Holding N.V.. These financial statements are available upon request from Van Asch van Wijckstraat 4,3811 LP, Amersfoort, The Netherlands

 

11

APB Ethical Standards relevant circumstances

In common witth many businesses of our size and nature we use our auditors to prepare and submit returns to tax authorities and assist with the preparation of financial statements.