Registered number
12997912
Compost UK (Wingate) Limited
Filleted Accounts
31 October 2023
Compost UK (Wingate) Limited
Registered number: 12997912
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 4 406,480 463,053
Tangible assets 5 - 1,258
406,480 464,311
Current assets
Stocks 50,000 77,500
Debtors 6 293,043 311,589
Cash at bank and in hand 62,103 6,771
405,146 395,860
Creditors: amounts falling due within one year 7 (264,227) (189,156)
Net current assets 140,919 206,704
Total assets less current liabilities 547,399 671,015
Creditors: amounts falling due after more than one year 8 (517,848) (504,216)
Net assets 29,551 166,799
Capital and reserves
Called up share capital 100 100
Profit and loss account 29,451 166,699
Shareholder's funds 29,551 166,799
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Bramhall
Director
Approved by the board on 29 July 2024
Compost UK (Wingate) Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 5
4 Intangible fixed assets £
Goodwill and other intellectual property:
Cost
At 1 November 2022 583,877
At 31 October 2023 583,877
Amortisation
At 1 November 2022 120,824
Provided during the year 56,573
At 31 October 2023 177,397
Net book value
At 31 October 2023 406,480
At 31 October 2022 463,053
Goodwill and IP is being written off in equal annual instalments over their estimated economic life of 5-10 years.
5 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 3,173
At 31 October 2023 3,173
Depreciation
At 1 November 2022 1,915
Charge for the year 1,258
At 31 October 2023 3,173
Net book value
At 31 October 2023 -
At 31 October 2022 1,258
6 Debtors 2023 2022
£ £
Trade debtors 123,706 87,391
Amounts owed by group undertakings and undertakings in which the company has a participating interest 3,000 80,178
Other debtors 166,337 144,020
293,043 311,589
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 11,172 -
Trade creditors 135,891 57,070
Taxation and social security costs 86,164 66,244
Other creditors 31,000 65,842
264,227 189,156
8 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 517,848 504,216
9 Controlling party
The company is a wholly owned subsidiary undertaking of Compost UK (Management) Limited, registered at the same addess as below.
10 Other information
Compost UK (Wingate) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Netherton Cottage
Walwyn Road
Colwall
WR13 6EG
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