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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: S T Mills
P J Scarborough
S T Watkins
G R Bird





SECRETARY: Mrs J A Scarborough





REGISTERED OFFICE: Taurus House
Lynchford Lane
Farnborough
Hampshire
GU4 6JB





REGISTERED NUMBER: 04281987





AUDITOR: Shaw Gibbs Audit Ltd
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:





P J Scarborough - Director


26 July 2024

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.

S T Mills
P J Scarborough
S T Watkins
G R Bird

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:





P J Scarborough - Director


26 July 2024

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.




Lance Redman (Senior Statutory Auditor)
for and on behalf of Shaw Gibbs Audit Ltd
264 Banbury Road
Oxford
Oxfordshire
OX2 7DY

29 July 2024

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 (16,179 ) (131,043 )
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 10 495,932 495,932
495,932 495,932

CURRENT ASSETS
Debtors 12 92,957 92,957
Cash at bank 1 1
TOTAL ASSETS LESS CURRENT
LIABILITIES

588,890

588,890

CAPITAL AND RESERVES
Called up share capital 19 600,000 600,000
Retained earnings (11,110 ) (11,110 )
SHAREHOLDERS' FUNDS 588,890 588,890

Company's profit for the financial year - -

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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)

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 600,000 (11,110 ) 588,890

Changes in equity
Balance at 31 October 2022 600,000 (11,110 ) 588,890

Changes in equity
Balance at 31 October 2023 600,000 (11,110 ) 588,890

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 private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
63 61

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 495,932
NET BOOK VALUE
At 31 October 2023 495,932
At 31 October 2022 495,932

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 - - 92,957 92,957
Prepayments 85,637 79,393 - -
1,054,221 1,068,836 92,957 92,957

Amounts falling due after more than one year:
Other debtors 26,250 26,250 - -

Aggregate amounts 1,080,471 1,095,086 92,957 92,957

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: £    £   
100 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.