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Company information
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Contents
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Strategic report
Year ended 30 June 2023
The directors present their strategic report for the year ended 30 June 2023.
Principal activity The principal activity of the company in the year was the recycling of plasterboard waste.
The directors are pleased with the company’s performance during the financial year despite significant issues and uncertainties around the economy and market conditions. The company is well placed to withstand any future adverse effects.
The company monitors its financial performance through key performance indicators which are as follows: 2023 2022 Turnover (£k) £16,120 £5,154 Operating profit (£k) £1,610 £249 Profit before tax (£k) £1,408 £144 Operating profit % 10% 5% Profit before tax % 9% 3% The company also uses non-financial key performance indicators, including the landfill diversion rate, which for the financial year was over 99% by weight of plasterboard received.
The company has a risk management system in place to enable the board to identify, evaluate and manage potential risks and uncertainties that could have a material impact on the company’s performance.
The main risks under the period of review are summarised below: General economic climate The company can be affected by the state of the UK economy and the resulting impact it has on investment in infrastructure and building projects, which provide the source of the material for processing. Credit risk The company trades with recognised and creditworthy parties. It is the company’s policy that customers who wish to trade on credit terms are subject to credit vetting procedures and payment terms and credit limits are strictly enforced. The company’s strategy has been designed to limit these risks as far as possible.
There have been no subsequent events to the date of this report which have materially affected the company.
The directors anticipate that the business environment will remain competitive but are confident that the company will continue to grow in the future.
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Strategic report (continued)
Year ended 30 June 2023
This report was approved by the board on 26 July 2024 and signed on its behalf by:
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Directors' report
Year ended 30 June 2023
The directors present their report and the financial statements for the year ended 30 June 2023.
The profit for the year, after taxation, amounted to £1,251,527 (2022: £65,619).
The directors who served during the year and up to the date of signing the financial statements were:
UNW LLP were appointed as auditor after the year end. Pursuant to section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and UNW LLP will therefore continue in office.
This report was approved by the board on
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Directors' responsibilities statement
Year ended 30 June 2023
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Independent auditor's report to the members of Plasterboard Recycling Group Ltd
We have audited the financial statements of Plasterboard Recycling Group Ltd ('the company') for the year ended 30 June 2023, which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and the related notes, 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).
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's responsibilities for the audit of the financial statements' section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 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.
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Independent auditor's report to the members of Plasterboard Recycling Group Ltd (continued)
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 strategic report or the directors' report.
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Independent auditor's report to the members of Plasterboard Recycling Group Ltd (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience and through discussions with the directors and other management (as required by Auditing Standards) and from inspection of the company's legal correspondence and we discussed with the directors and other management the policies and procedures in place regarding compliance with the laws and regulations. We communicated identified laws and regulations throughout our audit team and remained alert to any indications of non-compliance throughout the audit.
Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect; health and safety, employment law, data protection, environmental law and certain aspects of company legislation, recognising the nature of the company's activities. Auditing Standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance material to the financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
In forming our opinion on the financial statements, which is unmodified, we note that the prior year financial statements were not audited. Consequently, International Standards on Auditing (UK and Ireland) require that the auditor state that corresponding figures contained within these financial statements are unaudited.
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Independent auditor's report to the members of Plasterboard Recycling Group Ltd (continued)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of UNW LLP, Statutory Auditor
Chartered Accountants
Newcastle upon Tyne
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Statement of comprehensive income
Year ended 30 June 2023
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Balance sheet
At
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
Company registered number: 12028555
The notes on pages 12 to 29 form part of these financial statements.
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Statement of changes in equity
Year ended 30 June 2023
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Notes to the financial statements
Year ended 30 June 2023
Plasterboard Recycling Group Ltd (‘the company’) and its subsidiaries (together ‘the group’) are engaged in the recycling of plasterboard.
The company is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales. The address of its registered office is given in the company information page of this annual report.
The financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (‘FRS 102’), and the Companies Act 2006.
There was a prior year restatement from administrative expenses to cost of sales for £138,567 of costs. Management considers this classification to be a better representation of the costs incurred. There was no effect on the profit or the net asset position of the company at 30 June 2022 and the only impacted statement is the statement of comprehensive income.
4.Accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.
These financial statements are the company's separate financial statements. The company is exempt by virtue of Section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the basis that it is itself a subsidiary undertaking and is included in the consolidated financial statements of its parent undertaking, EVB Holdings Ltd, which are publicly available.
These financial statements are prepared on a going concern basis and under the historical cost convention. They are presented in pounds sterling and rounded to the nearest pound. The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 5.
FRS 102 allows a qualifying entity certain disclosure exemptions. The company meets the definition of a qualifying entity and has taken advantage of the exemptions relating to the disclosure of key management personnel compensation and the preparation of a cash flow statement. The consolidated financial statements of EVB Holdings Ltd include the equivalent key management personnel compensation disclosures and a consolidated cash flow statement.
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Notes to the financial statements
Year ended 30 June 2023
4.Accounting policies (continued)
The company meets its working capital requirements through its operating cash flows.
The directors have prepared financial forecasts which, having regard for reasonably possible changes in trading performance as a result of the current economic environment, indicate that the company will maintain sufficient financial headroom to enable it to continue meeting its liabilities as they fall due in the normal course of business for at least the next twelve months following approval of these financial statements. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. Turnover comprises revenue recognised in respect of goods and services supplied during the year, net of discounts and excluding Value Added Tax. Turnover is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company, and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Government grants Government grants are recognised on the accruals basis. Grants relating to assets are recognised in the profit and loss account over the expected life of the asset. Other grants are recognised in the profit and loss account over the period in which the related costs are recognised. Grant monies received but deferred to future periods are included on the balance sheet within creditors. Interest income Interest income is recognised on an accruals basis, using the effective interest method.
The company’s functional currency is the pound sterling.
Transactions and balances Transactions in foreign currencies are translated into sterling using the spot exchange rates at the dates of the transactions. At each period end, foreign currency monetary assets and liabilities are translated using the closing rate. Foreign exchange gains and losses are recognised in the profit and loss account.
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Notes to the financial statements
Year ended 30 June 2023
4.Accounting policies (continued)
Short-term benefits
Short-term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. Defined contribution pension plan The company operates a defined contribution pension plan for its employees. Contributions are recognised as an expense when they fall due. Amounts due but not yet paid are included within creditors on the balance sheet. The assets of the plan are held separately from the company in independently administered funds. Current tax is the amount of income tax payable in respect of the taxable profit for the current or past reporting periods. It is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences arise from the inclusion of transactions and events in the financial statements in periods different from those in which they are assessed for tax. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.
Goodwill
Goodwill represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values to the group’s interest in the identifiable net assets, liabilities and contingent liabilities acquired. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.
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Notes to the financial statements
Year ended 30 June 2023
4.Accounting policies (continued)
Tangible fixed assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their estimated useful lives as follows:
Asset residual values and useful lives are reviewed at the end of each reporting period, and adjusted if appropriate. The effect of any change is accounted for prospectively.
Leases that do not confer rights and obligations approximating to ownership are classified as operating leases. Rental payments under operating leases are charged to the profit and loss account on a straight-line basis over the lease term, even if payments are not made on such a basis. The recoverable amount of the asset (or asset’s CGU) is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset’s (or asset’s CGU’s) continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the asset. If the recoverable amount of the asset (or asset’s CGU) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the profit and loss account unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is recognised in profit or loss.
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Notes to the financial statements
Year ended 30 June 2023
4.Accounting policies (continued)
Goodwill is allocated on acquisition to the cash generating unit expected to benefit from the synergies of the combination. Goodwill is included in the carrying value of cash generating units for impairment testing. Investments in subsidiary undertakings are measured at cost less accumulated impairment losses. Provision is made as necessary for damaged, obsolete or slow-moving items.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, cash and bank balances, bank loans and loans to or from related parties, including fellow group companies.
All such instruments are due within one year and are measured, initially and subsequently, at the transaction price. At the end of each reporting period, financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the profit and loss account.
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Notes to the financial statements
Year ended 30 June 2023
Significant judgments in applying the entity's accounting policies No significant judgments were required in the process of applying the company's accounting policies for these financial statements. Key sources of estimation uncertainty Useful lives of fixed assets - the annual depreciation and amortisation charges for fixed assets is sensitive to changes in the estimated useful lives and the residual values of the assets, which are re-assessed annually and amended to reflect current estimates. There have been no changes in the estimation bases during the current reporting period. See notes 15 and 16 for the carrying amount of fixed assets and note 4.10 for the estimated useful lives of each class of asset. Other sources of estimation uncertainty Other estimates included within these financial statements include asset impairments, such as provisions against debtors. None of the other estimates made in the preparation of these financial statements are considered to carry significant estimation uncertainty, nor to bear significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
The whole of the turnover is attributable to the principal activity of the business.
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Notes to the financial statements
Year ended 30 June 2023
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Notes to the financial statements
Year ended 30 June 2023
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Notes to the financial statements
Year ended 30 June 2023
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Notes to the financial statements
Year ended 30 June 2023
14.Taxation (continued)
In the Spring Budget 2021 it was announced that the main UK corporation tax rate would increase from 19% to 25% from 1 April 2023. This rate increase was substantively enacted as part of the Finance Act 2021 on 24 May 2021 and has now taken effect. Accordingly, the company’s profits are taxed at an effective rate of 20.5% for the year ended 30 June 2023 (19% for year ended 30 June 2022), and future profits will be taxed at a rate of 25%. Deferred tax at the balance sheet date has been calculated at 25% (2022: 25%), as this was the tax rate substantively enacted at the year end.
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Notes to the financial statements
Year ended 30 June 2023
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Notes to the financial statements
Year ended 30 June 2023
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Notes to the financial statements
Year ended 30 June 2023
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Notes to the financial statements
Year ended 30 June 2023
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Notes to the financial statements
Year ended 30 June 2023
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Notes to the financial statements
Year ended 30 June 2023
23.Deferred taxation (continued)
During the year, the 100 ordinary shares at £1.00 each were subdivided into 10,000 ordinary shares at £0.01 each.
During the year 1,764 A ordinary shares of £0.01 each were issued for a total consideration of £1,000,000 and 100 preference shares of £0.01 each were issued for a total consideration of £3,000,000. Ordinary and A ordinary shares have full voting, dividend and same right to a return of capital rights. Preference shares have no voting rights, rights to discretionary dividend and on exit event, exit proceeds payable of £3,000,000 less any preferred dividend paid since preference share adoption date.
Share premium account
Profit and loss account
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Notes to the financial statements
Year ended 30 June 2023
At 30 June 2023 the company had capital commitments of £1,006,022 for new plant and machinery.
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Notes to the financial statements
Year ended 30 June 2023
Plasterboard Recycling Group Limited is a 100% owned subsidiary of EVB Holdings Ltd. The smallest group and largest group preparing consolidated financial statements is EVB Holdings Ltd. The consolidated financial statements are publicly available from the parent registered address at Hill Top Farm, Winston, Darlington, County Durham, DL2 3RR.
The company considers I Bainbridge to be the ultimate controlling party.
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