REGISTERED NUMBER: 04281987 |
TAURUS WASTE RECYCLING (HOLDINGS) LTD |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
REGISTERED NUMBER: 04281987 |
TAURUS WASTE RECYCLING (HOLDINGS) LTD |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
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 | 3 |
Report of the Independent Auditor | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 18 |
TAURUS WASTE RECYCLING (HOLDINGS) LTD |
COMPANY INFORMATION |
for the year ended 31 October 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITOR: |
264 Banbury Road |
Oxford |
Oxfordshire |
OX2 7DY |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
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. |
The principal operation of the group continued to be the provision of waste management services and sale of recycled aggregates to commercial and domestic consumers. |
REVIEW OF BUSINESS |
In the financial year, the company achieved moderate growth in turnover and gross profit despite facing challenges within the business and persistently high inflation rates, which peaked at 7.1% in May 2023. Total turnover increased by 3.0% to £8,708,610, up from £8,457,619 in 2022 and gross profit grew by 7.2% to £2,948,890, compared to £2,750,073 in the previous year. However, the company recorded a net loss of £25,121, which, although an improvement from the previous year's net loss of £39,602, was disappointing. |
Notable year-on-year cost increases were observed in disposal (7.5%), asset finance charges (68.9%), rent and rates (6.6%), bank charges (21%) and insurance premiums (11.3%). In the coming year, the directors will work to mitigate or reverse the upward trend in operational costs and improve the overall efficiency of the business wherever possible. |
As the company's largest single expense, the pronounced escalation in disposal costs over recent years has had a disproportionately adverse effect on financial performance. To address this, the board will accelerate plans to invest in new plant for shredding waste with the aim to substantially reduce tipping charges during 2024 and beyond. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Looking ahead, there are potential risks and uncertainties going forward which may impact on the ability of the company to maximise its potential. Alongside persistent inflationary pressures, the board has identified a primary risk for 2024 as the potential continuation of low economic growth, particularly within the construction industry. The directors are concerned about how this may impact customer demand which could adversely affect turnover and margins. |
In 2024, the company will focus on mitigating the inflationary pressures, enhancing overall efficiency, and maintaining or strengthening its customer share in a competitive market. |
The directors have assessed the company's financial position and believe it currently has adequate liquidity and credit resources to meet its operational requirements. |
ON BEHALF OF THE BOARD: |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
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. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 October 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report. |
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. |
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 auditor is unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditor is aware of that information. |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
REPORT OF THE DIRECTORS |
for the year ended 31 October 2023 |
AUDITOR |
The auditors, Shaw Gibbs Audit Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF |
TAURUS WASTE RECYCLING (HOLDINGS) LTD |
Opinion |
We have audited the financial statements of Taurus Waste Recycling (Holdings) Ltd (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 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 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 Auditor 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. |
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. |
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF |
TAURUS WASTE RECYCLING (HOLDINGS) LTD |
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. |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in 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, 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' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 AUDITOR TO THE MEMBERS OF |
TAURUS WASTE RECYCLING (HOLDINGS) LTD |
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 Auditor 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: |
The extent to which the audit was considered capable of detecting irregularities including fraud |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- | we identified those laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; |
- | we focused on specific significant laws and regulations which we considered were more likely to have a direct material effect on the financial statements or the operations of the company, notably the Companies Act 2006, taxation, data protection and employment legislation; |
- | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting the accounting records and legal correspondence; and |
- | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- | performed analytical procedures to identify any unusual or unexpected relationships; |
- | tested journal entries to identify unusual transactions: |
- | assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- | investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- | agreeing financial statement disclosures to underlying supporting documentation: |
- | reading the minutes of meetings of those charged with governance; |
- | enquiring of management as to actual and potential litigation and claims; and |
- | reviewing correspondence with HMRC, relevant regulators where applicable, and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF |
TAURUS WASTE RECYCLING (HOLDINGS) LTD |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
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 Auditor. |
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 Auditor and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
264 Banbury Road |
Oxford |
Oxfordshire |
OX2 7DY |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
CONSOLIDATED |
INCOME STATEMENT |
for the year ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 8,708,610 | 8,457,619 |
Cost of sales | (5,759,720 | ) | (5,707,546 | ) |
GROSS PROFIT | 2,948,890 | 2,750,073 |
Administrative expenses | (2,809,881 | ) | (2,685,371 | ) |
OPERATING PROFIT | 4 | 139,009 | 64,702 |
Interest payable and similar expenses | 5 | (164,129 | ) | (104,305 | ) |
LOSS BEFORE TAXATION | (25,120 | ) | (39,603 | ) |
Tax on loss | 6 | 8,941 | (91,440 | ) |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Loss attributable to: |
Owners of the parent | (16,179 | ) | (131,043 | ) |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
for the year ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
LOSS FOR THE YEAR | (16,179 | ) | (131,043 | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(16,179 |
) |
(131,043 |
) |
Total comprehensive income attributable to: |
Owners of the parent | (16,179 | ) | (131,043 | ) |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
CONSOLIDATED BALANCE SHEET |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | - | - |
Tangible assets | 9 | 5,234,316 | 4,674,717 |
Investments | 10 | - | - |
5,234,316 | 4,674,717 |
CURRENT ASSETS |
Stocks | 11 | 31,060 | 33,552 |
Debtors | 12 | 1,080,471 | 1,095,086 |
Cash at bank and in hand | 174,026 | 282,311 |
1,285,557 | 1,410,949 |
CREDITORS |
Amounts falling due within one year | 13 | (1,687,647 | ) | (1,751,720 | ) |
NET CURRENT LIABILITIES | (402,090 | ) | (340,771 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
4,832,226 |
4,333,946 |
CREDITORS |
Amounts falling due after more than one year | 14 | (2,212,349 | ) | (1,688,947 | ) |
PROVISIONS FOR LIABILITIES | 18 | (310,715 | ) | (319,656 | ) |
NET ASSETS | 2,309,162 | 2,325,343 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 600,000 | 600,000 |
Retained earnings | 20 | 1,709,162 | 1,725,343 |
SHAREHOLDERS' FUNDS | 2,309,162 | 2,325,343 |
The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2024 and were signed on its behalf by: |
P J Scarborough - Director |
S T Mills - Director |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
COMPANY BALANCE SHEET |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 October 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 November 2021 | 600,000 | 1,856,386 | 2,456,386 |
Changes in equity |
Total comprehensive income | - | (131,043 | ) | (131,043 | ) |
Balance at 31 October 2022 | 600,000 | 1,725,343 | 2,325,343 |
Changes in equity |
Total comprehensive income | - | (16,179 | ) | (16,179 | ) |
Balance at 31 October 2023 | 600,000 | 1,709,164 | 2,309,164 |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 October 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 November 2021 | ( |
) |
Changes in equity |
Balance at 31 October 2022 | ( |
) |
Changes in equity |
Balance at 31 October 2023 | ( |
) |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 760,538 | 567,425 |
Interest paid | (27,945 | ) | (24,718 | ) |
Interest element of hire purchase and finance lease rental payments paid |
(136,184 |
) |
(79,587 |
) |
Net cash from operating activities | 596,409 | 463,120 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,503,854 | ) | (875,971 | ) |
Sale of tangible fixed assets | 205,496 | 155,625 |
Net cash from investing activities | (1,298,358 | ) | (720,346 | ) |
Cash flows from financing activities |
New HP loans in year | 576,620 | 374,637 |
Loan repayments in year | (54,780 | ) | (53,201 | ) |
New FL loans in year | 873,152 | 501,234 |
Capital repayments in year | (801,328 | ) | (737,640 | ) |
Net cash from financing activities | 593,664 | 85,030 |
Decrease in cash and cash equivalents | (108,285 | ) | (172,196 | ) |
Cash and cash equivalents at beginning of year |
2 |
282,311 |
454,507 |
Cash and cash equivalents at end of year | 2 | 174,026 | 282,311 |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 October 2023 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Loss before taxation | (25,120 | ) | (39,603 | ) |
Depreciation charges | 735,601 | 637,830 |
Loss on disposal of fixed assets | 3,156 | 35,957 |
Provision for bad debts | 8,141 | - |
Finance costs | 164,129 | 104,305 |
885,907 | 738,489 |
Decrease/(increase) in stocks | 2,492 | (20,177 | ) |
Decrease/(increase) in trade and other debtors | 14,615 | (119,469 | ) |
Decrease in trade and other creditors | (142,476 | ) | (31,418 | ) |
Cash generated from operations | 760,538 | 567,425 |
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 | 174,026 | 282,311 |
Year ended 31 October 2022 |
31.10.22 | 1.11.21 |
£ | £ |
Cash and cash equivalents | 282,311 | 454,507 |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 October 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.11.22 | Cash flow | At 31.10.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 282,311 | (108,285 | ) | 174,026 |
282,311 | (108,285 | ) | 174,026 |
Debt |
Hire purchase and finance leases | (1,958,672 | ) | (656,584 | ) | (2,615,256 | ) |
Debts falling due within 1 year | (54,780 | ) | 1,185 | (53,595 | ) |
Debts falling due after 1 year | (355,400 | ) | 53,595 | (301,805 | ) |
(2,368,852 | ) | (601,804 | ) | (2,970,656 | ) |
Total | (2,086,541 | ) | (710,089 | ) | (2,796,630 | ) |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Taurus Waste Recycling (Holdings) Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the invoiced value, net of value added tax, of goods sold and services provided to customers outside the group. |
Intangible fixed assets-goodwill |
Goodwill represents the excess of the purchase price over the fair value of the net assets acquired and is capitalised and written off evenly over its useful life. The directors review the carrying value of goodwill when they consider there have been events or changes in circumstances affecting the current recoverable amount. In these circumstances the value of goodwill is adjusted to its current value and written off over its useful life |
Other intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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 - 2% on cost |
Short leasehold - at varying rates on cost |
Plant and machinery - at varying rates on cost and at variable rates on reducing balance |
Motor vehicles - at varying rates on cost and at variable rates on reducing balance |
Computer equipment - 20% on cost and 20% on reducing balance |
Stocks |
Stocks represent the value of fuel and unsorted waste held on sites and is valued at cost. |
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. |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Leased assets and obligations |
Where assets are financed by leasing agreements that give rights approximating to ownership ('finance leases'), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the term of the lease. The corresponding leasing commitments are shown as obligations to the lessor. |
Lease payments are treated as consisting of capital and interest elements, and the interest is charged to the profit and loss account as it is incurred. |
All other leases are 'operating leases' and the annual rentals are charged to the profit and loss account on a straight line basis over the term of the lease. |
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. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 2,072,385 | 2,053,724 |
Social security costs | 220,412 | 224,002 |
Other pension costs | 60,385 | 58,586 |
2,353,182 | 2,336,312 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administrative | 11 | 11 |
Maintenance | 1 | 1 |
Drivers | 26 | 25 |
Recycling operatives | 21 | 20 |
Directors | 4 | 4 |
The average number of employees by undertakings that were proportionately consolidated during the year was 63 (2022 - 61 ) . |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
Directors' retirement benefits during the year totalled £10,800 (2022: £10,800). |
The number of directors to whom retirement benefits were accruing was 4 (2022: 4). |
2023 | 2022 |
£ | £ |
Directors' remuneration | 412,083 | 409,739 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 103,871 | 103,701 |
Pension contributions | 2,700 | 2,700 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Lease of plant and machinery | 51,346 | 60,721 |
Depreciation - owned assets | 280,378 | 198,118 |
Depreciation - assets on hire purchase contracts and finance leases | 455,224 | 439,811 |
Loss on disposal of fixed assets | 3,156 | 35,957 |
Auditors' remuneration | 10,200 | 8,500 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Loan | 27,945 | 24,718 |
Hire purchase | 49,525 | 31,350 |
Finance lease interest | 86,659 | 48,237 |
164,129 | 104,305 |
6. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
2023 | 2022 |
£ | £ |
Deferred tax | (8,941 | ) | 91,440 |
Tax on loss | (8,941 | ) | 91,440 |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
6. | TAXATION - continued |
Reconciliation of total tax (credit)/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 |
£ | £ |
Loss before tax | (25,120 | ) | (39,603 | ) |
Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
(6,280 |
) |
(7,525 |
) |
Effects of: |
Expenses not deductible for tax purposes | 1,256 | 678 |
Depreciation in excess of capital allowances | 19,230 | 22,902 |
amortisation |
Loss on sale of assets | 789 | 6,832 |
Allowable depreciation on finance lease assets | (65,528 | ) | (47,673 | ) |
Leasing costs disallowed | 87 | 66 |
Increase loss carried forward rate from 19 to 25 percent | - | (38,575 | ) |
Increase accelerated capital allowances rate from 19 to 25 percent | - | 194,177 |
Deferred tax movement in accelerated timing differences | 41,505 | (39,442 | ) |
Total tax (credit)/charge | (8,941 | ) | 91,440 |
7. | 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. |
8. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 | 2,964,432 |
AMORTISATION |
At 1 November 2022 |
and 31 October 2023 | 2,964,432 |
NET BOOK VALUE |
At 31 October 2023 | - |
At 31 October 2022 | - |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
9. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 November 2022 | 1,036,886 | 114,724 | 5,056,904 |
Additions | - | 168,120 | 604,637 |
Disposals | - | - | (276,101 | ) |
At 31 October 2023 | 1,036,886 | 282,844 | 5,385,440 |
DEPRECIATION |
At 1 November 2022 | 235,941 | 61,542 | 3,265,089 |
Charge for year | 11,491 | 8,520 | 403,823 |
Eliminated on disposal | - | - | (266,100 | ) |
At 31 October 2023 | 247,432 | 70,062 | 3,402,812 |
NET BOOK VALUE |
At 31 October 2023 | 789,454 | 212,782 | 1,982,628 |
At 31 October 2022 | 800,945 | 53,182 | 1,791,815 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 November 2022 | 3,032,466 | 38,591 | 9,279,571 |
Additions | 730,652 | 445 | 1,503,854 |
Disposals | (454,323 | ) | - | (730,424 | ) |
At 31 October 2023 | 3,308,795 | 39,036 | 10,053,001 |
DEPRECIATION |
At 1 November 2022 | 1,015,804 | 26,479 | 4,604,855 |
Charge for year | 304,013 | 7,755 | 735,602 |
Eliminated on disposal | (255,672 | ) | - | (521,772 | ) |
At 31 October 2023 | 1,064,145 | 34,234 | 4,818,685 |
NET BOOK VALUE |
At 31 October 2023 | 2,244,650 | 4,802 | 5,234,316 |
At 31 October 2022 | 2,016,662 | 12,112 | 4,674,716 |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
Short | Plant and | Motor |
leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2022 | - | 1,261,036 | 2,287,466 | 3,548,502 |
Additions | 135,172 | 583,948 | 730,652 | 1,449,772 |
Disposals | - | (172,101 | ) | (125,173 | ) | (297,274 | ) |
Transfer to ownership | - | (74,788 | ) | (77,029 | ) | (151,817 | ) |
At 31 October 2023 | 135,172 | 1,598,095 | 2,815,916 | 4,549,183 |
DEPRECIATION |
At 1 November 2022 | - | 371,346 | 601,257 | 972,603 |
Charge for year | 845 | 195,279 | 259,100 | 455,224 |
Eliminated on disposal | - | (162,100 | ) | (59,680 | ) | (221,780 | ) |
Transfer to ownership | - | (23,683 | ) | (39,989 | ) | (63,672 | ) |
At 31 October 2023 | 845 | 380,842 | 760,688 | 1,142,375 |
NET BOOK VALUE |
At 31 October 2023 | 134,327 | 1,217,253 | 2,055,228 | 3,406,808 |
At 31 October 2022 | - | 889,690 | 1,686,209 | 2,575,899 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertaking |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
10. | 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: |
Subsidiary |
Taurus Waste Recycling Limited |
Registered office: |
Nature of business: Skip hire and waste management |
% |
Class of shares: | holding |
Ordinary £1 | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 2,232,283 | 2,363,425 |
Loss for the year | (16,180 | ) | (131,042 | ) |
11. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Recycled materials | 11,200 | 14,400 |
Fuel | 19,860 | 19,152 |
31,060 | 33,552 |
12. | DEBTORS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 968,584 | 989,443 |
Amounts owed by group undertakings | - | - |
Prepayments | 85,637 | 79,393 |
1,054,221 | 1,068,836 |
Amounts falling due after more than one year: |
Other debtors | 26,250 | 26,250 |
Aggregate amounts | 1,080,471 | 1,095,086 |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 15) | 53,595 | 54,780 |
Hire purchase contracts and finance leases (see note 16) | 704,712 |
625,125 |
Trade creditors | 672,636 | 807,511 |
CT61 | 1,960 | 1,960 |
Social security and other taxes | 49,588 | 55,144 |
VAT | 94,161 | 77,754 |
Other creditors | 20,652 | 19,671 |
Accrued expenses | 90,343 | 109,775 |
1,687,647 | 1,751,720 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Bank loans (see note 15) | 69,805 | 123,400 |
Other loans (see note 15) | 232,000 | 232,000 |
Hire purchase contracts and finance leases (see note 16) | 1,910,544 |
1,333,547 |
2,212,349 | 1,688,947 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 53,595 | 54,780 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 48,987 | 53,595 |
Directors' loan accounts | 232,000 | 232,000 |
280,987 | 285,595 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 20,818 | 69,805 |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts | Finance leases |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Gross obligations repayable: |
Within one year | 356,438 | 259,777 | 493,110 | 439,398 |
Between one and five years | 712,514 | 495,501 | 1,350,060 | 911,305 |
In more than five years | 24,936 | - | 48,981 | 29,675 |
1,093,888 | 755,278 | 1,892,151 | 1,380,378 |
Finance charges repayable: |
Within one year | 56,038 | 26,132 | 88,798 | 47,918 |
Between one and five years | 77,401 | 26,838 | 146,411 | 75,420 |
In more than five years | 1,089 | - | 1,046 | 676 |
134,528 | 52,970 | 236,255 | 124,014 |
Net obligations repayable: |
Within one year | 300,400 | 233,645 | 404,312 | 391,480 |
Between one and five years | 635,113 | 468,663 | 1,203,649 | 835,885 |
In more than five years | 23,847 | - | 47,935 | 28,999 |
959,360 | 702,308 | 1,655,896 | 1,256,364 |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 411,025 | 419,455 |
Between one and five years | 1,514,870 | 1,552,812 |
In more than five years | 3,325,523 | 3,697,083 |
5,251,418 | 5,669,350 |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Bank loans | 123,400 | 178,180 |
Hire purchase contracts and finance leases | 2,615,256 | 1,958,672 |
2,738,656 | 2,136,852 |
The bank loans and overdraft are secured by fixed and floating charges over the group's land and buildings and other assets. Obligations under hire purchase contracts are secured on the related asset. |
18. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 521,892 | 480,387 |
Tax losses carried forward | (211,177 | ) | (160,731 | ) |
310,715 | 319,656 |
Group |
Deferred |
tax |
£ |
Balance at 1 November 2022 | 319,656 |
Timing differences | 41,505 |
Tax losses | (50,446 | ) |
Balance at 31 October 2023 | 310,715 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 600,000 | 600,000 |
TAURUS WASTE RECYCLING (HOLDINGS) LTD (REGISTERED NUMBER: 04281987) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
20. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 November 2022 | 1,725,341 |
Deficit for the year | (16,179 | ) |
At 31 October 2023 | 1,709,162 |
21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
A director has loaned the company £132,000 (2022: £132,000). The loan is shown in the accounts under creditors falling due after one year. |
A director has loaned the company £100,000 (2022: £100,000). Interest is payable on the loan at a commercial rate. The loan is shown in the accounts under creditors falling due after one year. |
22. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling body is Mr P J Scarborough and Mr S T Mills who together owen 66.6% of the share capital. |