Registration number:
Elite GB Environmental Services Ltd
for the Year Ended 31 August 2023
Elite GB Environmental Services Ltd
Contents
Company Information |
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Directors' Report |
|
Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Balance Sheet |
|
Statement of Changes in Equity |
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Notes to the Financial Statements |
Elite GB Environmental Services Ltd
Company Information
Directors |
P Sayer L Sayer M Sayer |
Registered office |
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Bankers |
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Auditors |
|
Elite GB Environmental Services Ltd
Directors' Report for the Year Ended 31 August 2023
The directors present their report and the financial statements for the year ended 31 August 2023.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is buying and selling of reclaimed building and demolition materials.
Going concern
The company's business activities, performance and position together with its principal risks and uncertainties are likely to affect its future development and performance. The directors, having made enquiries and reviewed the forecasts and in light of the opportunities and facilities available, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.Therefore, it is reasonable to continue to adopt the going concern basis in preparing the Annual Report and Accounts.
Events since the end of the year
Information relating to events since the end of the year is given in the notes to the financial statements.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Small companies provision statement
This report has 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.
Approved and authorised by the
......................................... |
Elite GB Environmental Services Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Elite GB Environmental Services Ltd
Independent Auditor's Report to the Members of Elite GB Environmental Services Ltd
Opinion
We have audited the financial statements of Elite GB Environmental Services Ltd (the 'company') for the year ended 31 August 2023, which comprise the Balance Sheet, Statement of Changes in Equity, 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 August 2023 and of its profit 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 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.
Elite GB Environmental Services Ltd
Independent Auditor's Report to the Members of Elite GB Environmental Services Ltd
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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Directors' Report 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 Directors' Report.
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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 3], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Elite GB Environmental Services Ltd
Independent Auditor's Report to the Members of Elite GB Environmental Services Ltd
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional
scepticism through the audit and we also;
- Identify and assess the risks of material misstatements of the financial statements , whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk pf not detecting a material misstatement resulting from fraud is higher than for one resulting from error. As fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of the internal control.
- Obtain an understanding of the internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
- Conclude on the appropriateness of director's use of going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern and report appropriate disclosures in the accounts or in our audit report.
- Evaluate the appropriate presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieve fair presentation.
- Evaluated the conduct of operations in relation to laws and other regulations including but not limited to, intellectual property, commercial trading, data protection, money laundering, and employment. Our evaluation took account of whether any non-compliance would have a material effect on the financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Elite GB Environmental Services Ltd
Independent Auditor's Report to the Members of Elite GB Environmental Services Ltd
......................................
For and on behalf of
Centurion House
London Road
Surrey
TW18 4AX
Elite GB Environmental Services Ltd
(Registration number: 04939570)
Balance Sheet as at 31 August 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1,000 |
1,000 |
|
Retained earnings |
866,742 |
935,748 |
|
Shareholders' funds |
867,742 |
936,748 |
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
......................................... |
Elite GB Environmental Services Ltd
Statement of Changes in Equity for the Year Ended 31 August 2023
Share capital |
Retained earnings |
Total |
|
At 1 September 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 August 2023 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 September 2021 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 August 2022 |
1,000 |
935,748 |
936,748 |
Elite GB Environmental Services Ltd
Notes to the Financial Statements for the Year Ended 31 August 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
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.
The presentation currency of the financial statements is the Pound Sterling (£) which is also the functional currency.
Elite GB Environmental Services Ltd
Notes to the Financial Statements for the Year Ended 31 August 2023
Going concern
The financial statements have been prepared on a going concern basis.
The company's business activities, performance and position together with its principal risks and uncertainties are likely to affect its future development and performance. The directors, having made enquiries and reviewed the forecasts and in light of the opportunities and facilities available, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.Therefore, it is reasonable to continue to adopt the going concern basis in preparing the Annual Report and Accounts.
Adjusting events after the financial period
Information relating to events since the end of the year is given in the notes to the financial statements. |
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.
Government grants
Grants are accounted for under the accrual model and classified either as a grant relating to revenue (revenue-based grant) or a grant relating to assets (capital-based grants). Grants which relate to revenue are recognised in income in the period the related costs are incurred by the entity for which the grant is intended to compensate. For grants which are received by the entity for compensation for expenses or losses which have already been incurred, the grant is recognised in income when it is received or receivable provided that the terms of the grant do not impose future performance-related conditions. Any grants that are received before the revenue recognition criteria are met are recognised in the entity's financial statements as a liability. Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets where as those in relation to expenditure are credited when the expenditure is charged to profit and loss account.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Elite GB Environmental Services Ltd
Notes to the Financial Statements for the Year Ended 31 August 2023
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 |
Plant and machinery |
15% on cost |
Office equipment |
20% on cost |
Motor vehicles |
15% on cost |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
IP & Goodwil |
Over 10 years |
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.
Elite GB Environmental Services Ltd
Notes to the Financial Statements for the Year Ended 31 August 2023
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.
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Elite GB Environmental Services Ltd
Notes to the Financial Statements for the Year Ended 31 August 2023
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.
Financial instruments
Classification
Elite GB Environmental Services Ltd
Notes to the Financial Statements for the Year Ended 31 August 2023
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 September 2022 |
|
|
At 31 August 2023 |
|
|
Amortisation |
||
At 1 September 2022 |
|
|
Amortisation charge |
|
|
At 31 August 2023 |
|
|
Carrying amount |
||
At 31 August 2023 |
|
|
At 31 August 2022 |
|
|
Tangible assets |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 September 2022 |
|
|
|
|
Additions |
|
|
- |
|
Disposals |
( |
- |
- |
( |
At 31 August 2023 |
|
|
|
|
Depreciation |
||||
At 1 September 2022 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
( |
- |
- |
( |
At 31 August 2023 |
|
|
|
|
Carrying amount |
||||
At 31 August 2023 |
|
|
|
|
At 31 August 2022 |
|
|
|
|
On 31 July 2019, ABN Amro Assets Based Finance N.V. created a fixed and floating charge over the company's assets.
Elite GB Environmental Services Ltd
Notes to the Financial Statements for the Year Ended 31 August 2023
Stocks |
2023 |
2022 |
|
Work in progress |
|
|
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
- |
|
|
The carrying amount of trade debtors pledged as security for liabilities amounted to £562,050 (2022 - £1,007,970).
The overdrawn directors' current accounts were repaid within nine months of the year end.
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £11,663 (2022 - £10,663).
Included with other creditors falling due within one year are secured liabilities of £562,050 (2022: £1,007,970) in respect of amount due on factored debt by way of fixed and floating charge over the company's assets.
Elite GB Environmental Services Ltd
Notes to the Financial Statements for the Year Ended 31 August 2023
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
|||
Loans and borrowings |
- |
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,000 |
|
1,000 |
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
|
Hire purchase contracts |
- |
|
Current loans and borrowings
2023 |
2022 |
|
Hire purchase contracts |
|
|
Obligations under leases and hire purchase contracts |
Finance leases
The hire purchase obligations due within one year and more than one year are secured on the assets financed.
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
- |
|
|
|
Elite GB Environmental Services Ltd
Notes to the Financial Statements for the Year Ended 31 August 2023
Dividends |
Interim dividends paid
2023 |
2022 |
|||
Interim dividend of £ |
|
|
||
Related party transactions |
On 31 July 2019, the directors offered their personal guarantees to Abn Amro Asset Based Finance N.V. to secure the company's financing arrangement.
As at 31 August 2023, the company was owed £15,055 by director A (2022: owed £149), £14,900 by director B (2022: owed £3,678) and £25,679 by director C (2022: owed £1,693).