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REGISTERED NUMBER: 07527398 (England and Wales)









Group Strategic Report,

Report of the Directors and

Audited Consolidated Financial Statements

for the Year Ended 31 October 2023

for

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Contents of the Consolidated Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED

Company Information
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: E T McCormack
A J McCormack
A L McCormack





SECRETARY: H McCormack





REGISTERED OFFICE: 81 Hartcliffe Way
Bedminster
Bristol
BS3 5RN





REGISTERED NUMBER: 07527398 (England and Wales)





AUDITORS: Haines Watts (Western) Limited
Chartered Accountants and Statutory Auditors
Bath House
6 - 8 Bath Street
Bristol
BS1 6HL

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Group Strategic Report
FOR THE YEAR ENDED 31 OCTOBER 2023


The directors present their strategic report of the company and the group for the year ended 31 October 2023.

REVIEW OF BUSINESS
The principal activities of the group include building contracting and engineering, highway maintenance, fibre optic services, skip hire and commercial recycling and waste management.

The principal activity of the company is that of a holding company which operates and recharges the majority of the group's property, plant and equipment.

The directors are pleased to report that the results of the group for the year ended 31 October 2023 demonstrate an increase in turnover of 16%. This reflects the increased demand from the public in respect of the group's waste management services, continued growth in contracting services and the sustained drive in relation to customer service level enhancement.

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 are of the opinion that 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 procedures in place and these are regularly monitored by management. The group also has a number of quality performance accreditations and compliance with these standards is actively controlled.

Liquidity risk
The group uses bank loan and hire purchase facilities. The group does not enter into any speculative financial transactions nor does it use financial instruments for risk management purposes. 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. The group deposits are short term deposits with its bankers. Group policy is aimed at minimising credit risk and has credit control procedures to ensure appropriate credit limits on customers are adhered to.

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.


ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Group Strategic Report
FOR THE YEAR ENDED 31 OCTOBER 2023

RESEARCH AND DEVELOPMENT
The group has invested significant resources to enable it to have a state of the art infrastructure to manage the growing waste levels it handles. 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.

FUTURE DEVELOPMENTS
The directors believe that the group will continue to grow as increasing emphasis is placed upon environmentally sound treatment of waste. Whilst there are challenges in relation of the infrastructure of the business to accommodate this growth, the directors have a strategy to enable managed growth to become achievable.

ON BEHALF OF THE BOARD:





E T McCormack - Director


29 July 2024

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Report of the Directors
FOR THE YEAR ENDED 31 OCTOBER 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activities of the group include building contracting and engineering, highway maintenance, fibre optic services, skip hire and commercial recycling and waste management.

The principal activity of the company is that of a holding company which operates and recharges the majority of the group's property, plant and equipment.

DIVIDENDS
Interim dividends of £900,000 were paid on the ordinary shares.

The directors recommend that no final dividend is paid.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

E T McCormack
A J McCormack
A L McCormack

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.

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Report of the Directors
FOR THE YEAR ENDED 31 OCTOBER 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:





E T McCormack - Director


29 July 2024

Report of the Independent Auditors to the Members of
ETM Construction & Recycling Holdings
Limited


Opinion
We have audited the financial statements of ETM Construction & Recycling Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Income Statement, Consolidated Other 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 October 2023 and of the group's 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 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
ETM Construction & Recycling Holdings
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
ETM Construction & Recycling Holdings
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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks applicable to the group and parent company and the sector in which it operates. We determined that the following laws and regulations were most significant: The Companies Act 2006, UK GAAP, the UK Corporate Governance Code, UK corporate tax laws, and the Data Protection Act.

We obtained an understanding of how the group and parent company are complying with those legal and regulatory frameworks and made enquiries to the management of known or suspected instances of fraud and non-compliance with laws and regulations. We corroborated our enquiries through our review of board minutes and review of correspondence with regulatory bodies.

We assessed the susceptibility of the group and parent 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;

o Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and

o Assessing the extent of compliance with the relevant laws and regulations.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions.

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.

Report of the Independent Auditors to the Members of
ETM Construction & Recycling Holdings
Limited


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.




Matthew Bracher BSc FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts (Western) Limited
Chartered Accountants and Statutory Auditors
Bath House
6 - 8 Bath Street
Bristol
BS1 6HL

29 July 2024

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Consolidated Income Statement
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   

TURNOVER 4 38,996,040 33,579,510

Cost of sales (26,454,088 ) (24,212,869 )
GROSS PROFIT 12,541,952 9,366,641

Administrative expenses (7,559,636 ) (5,701,630 )
4,982,316 3,665,011

Other operating income 5 3,125 2,923
OPERATING PROFIT 8 4,985,441 3,667,934

Interest receivable and similar income 9 55,239 -
5,040,680 3,667,934

Interest payable and similar expenses 10 (256,239 ) (168,202 )
PROFIT BEFORE TAXATION 4,784,441 3,499,732

Tax on profit 11 (535,514 ) (376,559 )
PROFIT FOR THE FINANCIAL YEAR 4,248,927 3,123,173
Profit attributable to:
Owners of the parent 3,652,803 2,655,886
Non-controlling interests 596,124 467,287
4,248,927 3,123,173

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Consolidated Other Comprehensive Income
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 4,248,927 3,123,173


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

4,248,927

3,123,173

Total comprehensive income attributable to:
Owners of the parent 3,652,803 2,655,886
Non-controlling interests 596,124 467,287
4,248,927 3,123,173

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Consolidated Balance Sheet
31 OCTOBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 14 17,863,197 12,700,705
Investments 15 - -
17,863,197 12,700,705

CURRENT ASSETS
Debtors 16 7,711,927 5,744,531
Cash at bank and in hand 3,673,604 2,100,002
11,385,531 7,844,533
CREDITORS
Amounts falling due within one year 17 (9,364,249 ) (6,701,258 )
NET CURRENT ASSETS 2,021,282 1,143,275
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,884,479

13,843,980

CREDITORS
Amounts falling due after more than one
year

18

(6,159,964

)

(3,603,906

)

PROVISIONS FOR LIABILITIES 22 (1,837,395 ) (1,301,881 )
NET ASSETS 11,887,120 8,938,193

CAPITAL AND RESERVES
Called up share capital 23 10,182 10,182
Revaluation reserve 325,000 325,000
Retained earnings 10,581,314 7,828,511
SHAREHOLDERS' FUNDS 10,916,496 8,163,693

NON-CONTROLLING INTERESTS 970,624 774,500
TOTAL EQUITY 11,887,120 8,938,193

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:



E T McCormack - Director


ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Company Balance Sheet
31 OCTOBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 14 13,161,260 8,457,498
Investments 15 1,760,182 1,760,182
14,921,442 10,217,680

CURRENT ASSETS
Debtors 16 2,864,992 733,739
Cash at bank 2,147,764 1,318,515
5,012,756 2,052,254
CREDITORS
Amounts falling due within one year 17 (4,886,329 ) (2,639,725 )
NET CURRENT ASSETS/(LIABILITIES) 126,427 (587,471 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,047,869

9,630,209

CREDITORS
Amounts falling due after more than one
year

18

(5,118,797

)

(2,108,500

)

PROVISIONS FOR LIABILITIES 22 (1,002,290 ) (1,010,149 )
NET ASSETS 8,926,782 6,511,560

CAPITAL AND RESERVES
Called up share capital 23 10,182 10,182
Revaluation reserve 1,750,000 1,750,000
Retained earnings 7,166,600 4,751,378
SHAREHOLDERS' FUNDS 8,926,782 6,511,560

Company's profit for the financial year 3,315,222 2,386,110

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:




E T McCormack - Director


ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 31 OCTOBER 2023

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 November 2021 10,182 6,007,625 325,000

Changes in equity
Profit for the year - 2,655,886 -
Total comprehensive income - 2,655,886 -
Dividends - (835,000 ) -
Balance at 31 October 2022 10,182 7,828,511 325,000

Changes in equity
Profit for the year - 3,652,803 -
Total comprehensive income - 3,652,803 -
Dividends - (900,000 ) -
Balance at 31 October 2023 10,182 10,581,314 325,000
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 November 2021 6,342,807 657,213 7,000,020

Changes in equity
Profit for the year 2,655,886 467,287 3,123,173
Total comprehensive income 2,655,886 467,287 3,123,173
Dividends (835,000 ) (350,000 ) (1,185,000 )
Balance at 31 October 2022 8,163,693 774,500 8,938,193

Changes in equity
Profit for the year 3,652,803 596,124 4,248,927
Total comprehensive income 3,652,803 596,124 4,248,927
Dividends (900,000 ) (400,000 ) (1,300,000 )
Balance at 31 October 2023 10,916,496 970,624 11,887,120

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Company Statement of Changes in Equity
FOR THE YEAR ENDED 31 OCTOBER 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 November 2021 10,182 3,200,268 1,750,000 4,960,450

Changes in equity
Profit for the year - 2,386,110 - 2,386,110
Total comprehensive income - 2,386,110 - 2,386,110
Dividends - (835,000 ) - (835,000 )
Balance at 31 October 2022 10,182 4,751,378 1,750,000 6,511,560

Changes in equity
Profit for the year - 3,315,222 - 3,315,222
Total comprehensive income - 3,315,222 - 3,315,222
Dividends - (900,000 ) - (900,000 )
Balance at 31 October 2023 10,182 7,166,600 1,750,000 8,926,782

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Consolidated Cash Flow Statement
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 7,871,937 4,394,996
Interest paid (101,443 ) (70,686 )
Interest element of hire purchase payments
paid

(154,796

)

(97,516

)
Government grants 3,125 -
Net cash from operating activities 7,618,823 4,226,794

Cash flows from investing activities
Purchase of tangible fixed assets (4,587,801 ) (908,330 )
Sale of tangible fixed assets 227,900 774,709
Interest received 55,239 -
Net cash from investing activities (4,304,662 ) (133,621 )

Cash flows from financing activities
New loans 3,800,000 -
Loan repayments (1,780,879 ) (654,511 )
Capital repayments on hire purchase (2,615,317 ) (2,019,751 )
Amount introduced by directors 850,000 767,500
Amount withdrawn by directors (694,363 ) (850,320 )
Equity dividends paid (900,000 ) (835,000 )
Dividends paid to minority interests (400,000 ) (350,000 )
Net cash from financing activities (1,740,559 ) (3,942,082 )

Increase in cash and cash equivalents 1,573,602 151,091
Cash and cash equivalents at beginning of
year

2

2,100,002

1,948,911

Cash and cash equivalents at end of year 2 3,673,604 2,100,002

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Notes to the Consolidated Cash Flow Statement
FOR THE YEAR ENDED 31 OCTOBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 4,784,441 3,499,732
Depreciation charges 2,319,328 2,051,348
Loss/(profit) on disposal of fixed assets 40,307 (82,352 )
Government grants (3,125 ) -
Finance costs 256,239 168,202
Finance income (55,239 ) -
7,341,951 5,636,930
Increase in trade and other debtors (2,078,572 ) (590,218 )
Increase/(decrease) in trade and other creditors 2,608,558 (651,716 )
Cash generated from operations 7,871,937 4,394,996

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:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 3,673,604 2,100,002
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 2,100,002 1,948,911


ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Notes to the Consolidated Cash Flow Statement
FOR THE YEAR ENDED 31 OCTOBER 2023


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.11.22 Cash flow changes At 31.10.23
£    £    £    £   
Net cash
Cash at bank
and in hand 2,100,002 1,573,602 3,673,604
2,100,002 1,573,602 3,673,604
Debt
Finance leases (4,136,384 ) 2,615,317 (3,162,225 ) (4,683,292 )
Debts falling due
within 1 year (353,273 ) 353,273 - -
Debts falling due
after 1 year (1,427,605 ) (2,372,395 ) - (3,800,000 )
(5,917,262 ) 596,195 (3,162,225 ) (8,483,292 )
Total (3,817,260 ) 2,169,797 (3,162,225 ) (4,809,688 )

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023


1. COMPANY INFORMATION

ETM Construction & Recycling Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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 and considered relevant information, including the annual budget and future cash flows in making their assessment. The group will continue to rely on the financial support of its finance providers and have no reason to believe this support will not continue. Based on these assessments, given the measures that could be undertaken to mitigate any adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. The financial statements contain no adjustments that would be necessary if the going concern basis was inappropriate.

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.

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 at the point the ownership of the goods is passed to the customer or at the point at which a right to receipt from the provision of the service becomes obligatory from the customer.

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued

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 - 5% on cost and not depreciated
Long leasehold - 5% on cost
Improvements to property - Straight line over the life of the lease
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on reducing balance

Freehold property and improvements to these properties are not depreciated as in the opinion of the directors the residual value of the properties is such that any depreciation is rendered immaterial.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the group will comply with any conditions attached to them.

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
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
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.


ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the 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 year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
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.

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


3. 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.

Income recognition on contracts
Income relating to contracts proceeding before the year end but not completed at the year end is estimated based on the percentage of completion at the year end. This is assessed by comparing the total expected revenue from such contracts to the proportion of work completed by reference to the total amount of time remaining to complete.

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.

Tangible fixed assets
Tangible fixed assets, except freehold property, 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, product life cycles and maintenance programmes are taken into account.

Freehold properties are assessed for any indications of impairment and valued by the directors at an appropriate market value. The value is assessed by the director's based on their local knowledge and understanding of commercial property asset values.

Government grants
Income from Government grants is released to the profit and loss account in a straight line over the period during which the directors conclude that the company has continued to satisfy the grant conditions.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Contracting 15,788,979 13,282,133
Recycling and skip hire 23,066,257 20,138,690
Other 140,804 158,687
38,996,040 33,579,510

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


4. TURNOVER - continued

The turnover and profit before taxation are attributable to the principal activity of the group, arising wholly within the United Kingdom.

5. OTHER OPERATING INCOME
2023 2022
£    £   
Rents received - 2,923
Government grants 3,125 -
3,125 2,923

There are no unfulfilled conditions or other contingencies in relation to the grants receivable.

6. EMPLOYEES AND DIRECTORS

2023 2022
£ £
Wages, salaries & subcontractors 10,284,765 8,538,927
Social security costs 508,460 463,494
Pensions 90,794 79,569
10,884,019 9,081,990
The average number of employees during the year was as follows:
2023 2022

Management 4 4
Administration, support, production and sales 146 117
150 121

7. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Directors' remuneration 87,717 91,964

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 3

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


8. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 929,318 834,167
Depreciation - assets on hire purchase contracts 1,390,009 1,217,181
Loss/(profit) on disposal of fixed assets 40,307 (82,352 )
Auditors' remuneration 21,280 12,785
Auditors' remuneration for non audit work 4,679 9,869
Taxation compliance services 1,700 5,525
Taxation advisory services 36,000 -
Other non- audit services 6,834 1,718

9. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Deposit account interest 55,239 -

10. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 92,339 61,616
Other loan interest 9,104 9,070
Hire purchase 154,796 97,516
256,239 168,202

11. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Deferred tax 535,514 376,559
Tax on profit 535,514 376,559

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


11. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 4,784,441 3,499,732
Profit multiplied by the standard rate of corporation tax in the UK of 25
% (2022 - 19 %)

1,196,110

664,949

Effects of:
Expenses not deductible for tax purposes 1,206 2,648
Capital allowances in excess of depreciation (258,666 ) -
Depreciation in excess of capital allowances - 19,377
(Profit) / loss on disposal of assets 10,077 (15,647 )
Research & development claims (561,717 ) (131,272 )
Deferred tax timing differences 535,514 376,559
Utilisation of tax losses (387,010 ) (540,055 )
Total tax charge 535,514 376,559

12. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


13. DIVIDENDS
2023 2022
£    £   
Interim 900,000 835,000

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


14. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold Long to
property leasehold property
£    £    £   
COST
At 1 November 2022 849,999 3,336,482 1,510,917
Additions 2,611,719 279,435 27,075
Disposals - - -
At 31 October 2023 3,461,718 3,615,917 1,537,992
DEPRECIATION
At 1 November 2022 - 267,894 721,865
Charge for year - 39,017 166,472
Eliminated on disposal - - -
At 31 October 2023 - 306,911 888,337
NET BOOK VALUE
At 31 October 2023 3,461,718 3,309,006 649,655
At 31 October 2022 849,999 3,068,588 789,052

Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 November 2022 9,253,768 5,987,626 182,251 21,121,043
Additions 3,125,379 1,675,391 31,027 7,750,026
Disposals (657,144 ) (605,878 ) - (1,263,022 )
At 31 October 2023 11,722,003 7,057,139 213,278 27,608,047
DEPRECIATION
At 1 November 2022 3,910,036 3,452,633 67,910 8,420,338
Charge for year 1,184,857 902,540 26,441 2,319,327
Eliminated on disposal (441,233 ) (553,582 ) - (994,815 )
At 31 October 2023 4,653,660 3,801,591 94,351 9,744,850
NET BOOK VALUE
At 31 October 2023 7,068,343 3,255,548 118,927 17,863,197
At 31 October 2022 5,343,732 2,534,993 114,341 12,700,705

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


14. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 November 2022 5,745,494 2,699,032 8,444,526
Additions 1,811,855 1,561,777 3,373,632
Disposals (323,500 ) - (323,500 )
Transfer to ownership (145,750 ) (726,100 ) (871,850 )
At 31 October 2023 7,088,099 3,534,709 10,622,808
DEPRECIATION
At 1 November 2022 1,740,343 941,624 2,681,967
Charge for year 771,887 618,122 1,390,009
Eliminated on disposal (173,390 ) - (173,390 )
Transfer to ownership (72,921 ) (419,859 ) (492,780 )
At 31 October 2023 2,265,919 1,139,887 3,405,806
NET BOOK VALUE
At 31 October 2023 4,822,180 2,394,822 7,217,002
At 31 October 2022 4,005,151 1,757,408 5,762,559

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


14. TANGIBLE FIXED ASSETS - continued

Company
Improvements
Freehold Long to
property leasehold property
£    £    £   
COST
At 1 November 2022 850,000 2,434,319 30,159
Additions 2,611,719 279,435 -
Disposals - - -
At 31 October 2023 3,461,719 2,713,754 30,159
DEPRECIATION
At 1 November 2022 - 63,852 -
Charge for year - 25,261 -
Eliminated on disposal - - -
At 31 October 2023 - 89,113 -
NET BOOK VALUE
At 31 October 2023 3,461,719 2,624,641 30,159
At 31 October 2022 850,000 2,370,467 30,159

Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 November 2022 5,261,824 5,987,626 65,506 14,629,434
Additions 2,064,429 1,675,391 31,027 6,662,001
Disposals (657,144 ) (605,878 ) - (1,263,022 )
At 31 October 2023 6,669,109 7,057,139 96,533 20,028,413
DEPRECIATION
At 1 November 2022 2,610,890 3,452,633 44,561 6,171,936
Charge for year 759,139 902,540 3,092 1,690,032
Eliminated on disposal (441,233 ) (553,582 ) - (994,815 )
At 31 October 2023 2,928,796 3,801,591 47,653 6,867,153
NET BOOK VALUE
At 31 October 2023 3,740,313 3,255,548 48,880 13,161,260
At 31 October 2022 2,650,934 2,534,993 20,945 8,457,498

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


14. TANGIBLE FIXED ASSETS - continued

Company

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 November 2022 1,753,550 2,699,032 4,452,582
Additions 750,905 1,561,777 2,312,682
Disposals (323,500 ) - (323,500 )
Transfer to ownership (145,750 ) (726,100 ) (871,850 )
At 31 October 2023 2,035,205 3,534,709 5,569,914
DEPRECIATION
At 1 November 2022 441,196 941,624 1,382,820
Charge for year 346,169 618,122 964,291
Eliminated on disposal (173,390 ) - (173,390 )
Transfer to ownership (72,921 ) (419,859 ) (492,780 )
At 31 October 2023 541,054 1,139,887 1,680,941
NET BOOK VALUE
At 31 October 2023 1,494,151 2,394,822 3,888,973
At 31 October 2022 1,312,354 1,757,408 3,069,762

15. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 31 October 2023 1,760,182
NET BOOK VALUE
At 31 October 2023 1,760,182
At 31 October 2022 1,760,182

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


15. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

ETM Contractors Limited
Registered office: 81 Hartcliffe Way, Bristol, England, BS3 5RN
Nature of business: The provision of contractor services
%
Class of shares: holding
Ordinary 100.00

ETM Recycling Limited
Registered office: 81 Hartcliffe Way, Bristol, England, BS3 5RN
Nature of business: Skip hire and commercial recycling
%
Class of shares: holding
Ordinary A 80.00

ETM Property Limited
Registered office: 81 Hartcliffe Way, Bristol, England, BS3 5RN
Nature of business: Commercial property rental
%
Class of shares: holding
Ordinary 100.00

ETM Commercials Limited
Registered office: 81 Hartcliffe Way, Bristol, England, BS3 5RN
Nature of business: Services for the testing of commercial vehicles
%
Class of shares: holding
Ordinary 100.00


16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 5,333,202 4,418,265 - -
Amounts owed by group undertakings - - 2,394,397 337,948
Other debtors 751,203 261,337 227,000 190,229
Directors' current accounts - 111,176 - 111,175
VAT - - 243,595 94,387
Prepayments and accrued income 1,627,522 953,753 - -
7,711,927 5,744,531 2,864,992 733,739

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 19) - 175,307 - 126,951
Other loans (see note 19) - 177,966 - 177,966
Hire purchase contracts (see note 20) 2,323,328 1,960,083 1,375,633 1,121,979
Trade creditors 5,595,944 2,954,254 222,192 9,618
Amounts owed to group undertakings - - 3,240,482 1,190,628
CIS tax payable 19,680 29,066 - -
Social security and other taxes 150,616 126,949 4,414 4,180
VAT 347,959 408,877 - -
Other creditors 57,676 45,295 18,006 -
Directors' current accounts 153,595 109,134 17,102 -
Accrued expenses 715,451 714,327 8,500 8,403
9,364,249 6,701,258 4,886,329 2,639,725

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 19) 3,800,000 1,299,937 3,800,000 899,574
Other loans (see note 19) - 127,668 - 127,668
Hire purchase contracts (see note 20) 2,359,964 2,176,301 1,318,797 1,081,258
6,159,964 3,603,906 5,118,797 2,108,500

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


19. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans - 175,307 - 126,951
Other loans - 177,966 - 177,966
- 353,273 - 304,917
Amounts falling due between one and two years:
Bank loans - 1-2 years - 870,549 - 870,549
Other loans - 1-2 years - 127,668 - 127,668
- 998,217 - 998,217
Amounts falling due between two and five years:
Bank loans - 2-5 years 3,800,000 429,388 3,800,000 29,025

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 2,323,328 1,960,083
Between one and five years 2,359,964 2,176,301
4,683,292 4,136,384

Company
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 1,375,633 1,121,979
Between one and five years 1,318,797 1,081,258
2,694,430 2,203,237

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


21. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans 3,800,000 1,475,244 3,800,000 1,026,525
Other loans - 305,634 - 305,634
Hire purchase contracts 4,683,292 4,136,384 2,694,430 2,203,237
8,483,292 5,917,262 6,494,430 3,535,396

Bank loans are secured by fixed and floating charges over the assets and trade of the group companies and legal charges over property.

Hire purchase arrangements are secured against the assets to which they relate.

22. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 1,837,395 1,301,881 1,002,290 1,010,149

Group
Deferred
tax
£   
Balance at 1 November 2022 1,301,881
Charge to Income Statement during year 535,514
Balance at 31 October 2023 1,837,395

Company
Deferred
tax
£   
Balance at 1 November 2022 1,010,149
Credit to Income Statement during year (7,859 )
Balance at 31 October 2023 1,002,290

ETM CONSTRUCTION & RECYCLING HOLDINGS
LIMITED (REGISTERED NUMBER: 07527398)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,182 Ordinary £1 10,182 10,182

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
E T McCormack
Balance outstanding at start of year 111,176 (1,298 )
Amounts advanced 321,725 529,974
Amounts repaid (450,000 ) (417,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (17,099 ) 111,176

The advance to the director is interest free, unsecured and repayable on demand. The loan was repaid within nine months of the year-end.

25. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence

At the year end the group owed the Directors pension Scheme an amount of £nil (2022 - £312,803). Interest was charged annually at 1.73%. The loan was repayable in fixed instalments over a period of 5 years. Interest payable in the year amounted to £10,980 (2022 - £6,845).

During the year, a group total for key management personnel remuneration of £96,717 (2022 - £100,964) was paid.

The ultimate controlling parties are Mr E T McCormack and Mrs H McCormack by virtue of their shareholding in the parent company.