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REGISTERED NUMBER: 07412151 (England and Wales)











Strategic Report,

Report of the Director and

Financial Statements

for the Year Ended 31st October 2023

for

Silverwoods Waste Management Ltd

Silverwoods Waste Management Ltd (Registered number: 07412151)

Contents of the Financial Statements
for the Year Ended 31st October 2023










Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Statement of Income and Retained Earnings 7

Balance Sheet 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 11


Silverwoods Waste Management Ltd

Company Information
for the Year Ended 31st October 2023







DIRECTOR: Mr J Silverwood





REGISTERED OFFICE: Unit 13
Moorfield Industrial Estate
Altham
Accrington
Lancashire
BB5 5TX





REGISTERED NUMBER: 07412151 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
Lancaster
Lancashire
LA1 1WD

Silverwoods Waste Management Ltd (Registered number: 07412151)

Strategic Report
for the Year Ended 31st October 2023


The director presents his strategic report for the year ended 31st October 2023.

REVIEW OF BUSINESS
Silverwoods Waste Management Ltd set the industry benchmark in terms of Environmental Compliance. Our attention to detail and understanding of the Environmental Permitting Regulations (England and Wales) 2010, ensures that our clients can focus on production, in the knowledge that their wastes are being managed responsibly. Our services include a 75,000t Hazardous Waste Transfer Station, we manage numerous sources of both solid and liquid organic waste streams from Dairies, Breweries, AD Plants, Food Factories and Cement Works.

In terms of risks, the Waste Management industry is heavily regulated and this combined with the significant number of Environmental Permits that SWM now own, any minor breaches could lead to increased costs and worst-case fines. Compliance is our key priority and over the last 14 years we have never had an issue but it is a risk (which is managed). The other risk is legislative change - the introduction of Farming Rules For Water last year has prevented winter applications and as such we have had to stockpile materials accordingly. Finally, while we have over 30 different clients, 90% of the business will be associated with the top 8. We intend to grow the business further next year thereby reducing our reliance on the larger clients.

The company's key performance indicators are gross profit and profit before tax. The company's performance in the year to 31 October 2023 indicates that the company continues to grow with gross profit increasing to £2,396k from £1,769k in the previous year.

ON BEHALF OF THE BOARD:





Mr J Silverwood - Director


24th July 2024

Silverwoods Waste Management Ltd (Registered number: 07412151)

Report of the Director
for the Year Ended 31st October 2023


The director presents his report with the financial statements of the company for the year ended 31st October 2023.

DIVIDENDS
Interim dividends per share were paid during the year as follows:
Ordinary £1.00 - £4000 - 30th October 2023
Ordinary D £1 - £39541 - 30th October 2023
Ordinary E £1 - £250000 - 30th October 2023

The total distribution of dividends for the year ended 31st October 2023 will be £ 689,541 .

DIRECTOR
Mr J Silverwood held office during the whole of the period from 1st November 2022 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he 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 company's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J Silverwood - Director


24th July 2024

Report of the Independent Auditors to the Members of
Silverwoods Waste Management Ltd


Opinion
We have audited the financial statements of Silverwoods Waste Management Ltd (the 'company') for the year ended 31st October 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the 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 company's affairs as at 31st October 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Silverwoods Waste Management Ltd


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

- enquiries are made of management and those charged with governance as to whether there is any knowledge of actual, suspected, or alleged fraud, whether there is any known non-compliance with laws or regulations, and whether the company has been subject to any litigation or any legal claims.

- audit work over the risk of management override of controls is undertaken. This includes testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

- analytical reviews are performed on the financial statements at all stages of the audit by comparison to prior years and expectations to ensure the reasonableness of the figures therein.

- third party confirmation is obtained from the company's bankers to confirm bank balances, loan facilities and security held.

- detailed audit testing is undertaken in specific areas to ensure that income and expenditure is correctly recorded and is a genuine income or expense of the company.

- financial statement disclosures are reviewed and tested to supporting documentation to assess compliance with applicable laws and regulations.

Due to 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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Silverwoods Waste Management Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Tim Preece FCCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
Lancaster
Lancashire
LA1 1WD

24th July 2024

Silverwoods Waste Management Ltd (Registered number: 07412151)

Statement of Income and Retained Earnings
for the Year Ended 31st October 2023

2023 2022
Notes £    £   

REVENUE 12,965,645 10,528,345

Cost of sales 10,569,402 8,759,059
GROSS PROFIT 2,396,243 1,769,286

Administrative expenses 903,346 850,017
1,492,897 919,269

Other operating income 5,406 5,406
OPERATING PROFIT 5 1,498,303 924,675

Interest receivable and similar income 30,033 32,933
1,528,336 957,608

Interest payable and similar expenses 6 63,461 36,268
PROFIT BEFORE TAXATION 1,464,875 921,340

Tax on profit 7 52,713 348,615
PROFIT FOR THE FINANCIAL YEAR 1,412,162 572,725

Retained earnings at beginning of year 2,801,793 3,243,295

Dividends 8 (689,541 ) (1,014,227 )

RETAINED EARNINGS AT END OF YEAR 3,524,414 2,801,793

Silverwoods Waste Management Ltd (Registered number: 07412151)

Balance Sheet
31st October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 9 4,069,081 3,961,965

CURRENT ASSETS
Inventories 10 46,500 46,500
Debtors 11 4,963,481 4,554,606
Cash at bank and in hand 54,314 61,539
5,064,295 4,662,645
CREDITORS
Amounts falling due within one year 12 4,990,729 5,301,046
NET CURRENT ASSETS/(LIABILITIES) 73,566 (638,401 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,142,647

3,323,564

CREDITORS
Amounts falling due after more than one
year

13

(414,701

)

(363,757

)

PROVISIONS FOR LIABILITIES 17 (203,426 ) (157,908 )
NET ASSETS 3,524,520 2,801,899

CAPITAL AND RESERVES
Called up share capital 18 106 106
Retained earnings 19 3,524,414 2,801,793
SHAREHOLDERS' FUNDS 3,524,520 2,801,899

The financial statements were approved by the director and authorised for issue on 24th July 2024 and were signed by:





Mr J Silverwood - Director


Silverwoods Waste Management Ltd (Registered number: 07412151)

Cash Flow Statement
for the Year Ended 31st October 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,635,388 1,693,947
Interest paid (34,028 ) (11,976 )
Interest element of hire purchase payments
paid

(29,433

)

(24,292

)
Tax paid (265,512 ) 102,711
Net cash from operating activities 1,306,415 1,760,390

Cash flows from investing activities
Purchase of tangible fixed assets (327,079 ) (1,398,683 )
Sale of tangible fixed assets 56,083 55,350
Interest received 30,033 32,933
Net cash from investing activities (240,963 ) (1,310,400 )

Cash flows from financing activities
New loans in year 88,308 416,667
Capital repayments in year (12,864 ) (113,538 )
Amount introduced by directors 650,001 2,100,000
Amount withdrawn by directors (1,408,125 ) (1,782,123 )
Equity dividends paid (689,541 ) (1,014,227 )
Net cash from financing activities (1,372,221 ) (393,221 )

(Decrease)/increase in cash and cash equivalents (306,769 ) 56,769
Cash and cash equivalents at beginning
of year

2

(694,679

)

(751,448

)

Cash and cash equivalents at end of year 2 (1,001,448 ) (694,679 )

Silverwoods Waste Management Ltd (Registered number: 07412151)

Notes to the Cash Flow Statement
for the Year Ended 31st October 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 1,464,875 921,340
Depreciation charges 166,414 165,710
Profit on disposal of fixed assets (2,535 ) (34,208 )
Finance costs 63,461 36,268
Finance income (30,033 ) (32,933 )
1,662,182 1,056,177
Increase in inventories - (21,000 )
Decrease/(increase) in trade and other debtors 605,117 (1,145,782 )
(Decrease)/increase in trade and other creditors (631,911 ) 1,804,552
Cash generated from operations 1,635,388 1,693,947

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 31st October 2023
31/10/23 1/11/22
£    £   
Cash and cash equivalents 54,314 61,539
Bank overdrafts (1,055,762 ) (756,218 )
(1,001,448 ) (694,679 )
Year ended 31st October 2022
31/10/22 1/11/21
£    £   
Cash and cash equivalents 61,539 39,951
Bank overdrafts (756,218 ) (791,399 )
(694,679 ) (751,448 )


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 61,539 (7,225 ) 54,314
Bank overdrafts (756,218 ) (299,544 ) (1,055,762 )
(694,679 ) (306,769 ) (1,001,448 )
Debt
Finance leases (248,394 ) 12,864 (235,530 )
Debts falling due within 1 year (166,667 ) (43,027 ) (209,694 )
Debts falling due after 1 year (250,000 ) (45,281 ) (295,281 )
(665,061 ) (75,444 ) (740,505 )
Total (1,359,740 ) (382,213 ) (1,741,953 )

Silverwoods Waste Management Ltd (Registered number: 07412151)

Notes to the Financial Statements
for the Year Ended 31st October 2023


1. STATUTORY INFORMATION

Silverwoods Waste Management Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development
Expenditure on research and development has been identified and is written off in the year in which it is incurred, via the Corporation Tax Computations and CT600.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Silverwoods Waste Management Ltd (Registered number: 07412151)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2023


4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 503,661 422,776
Social security costs 45,215 38,667
Other pension costs 13,617 10,720
562,493 472,163

The average number of employees during the year was as follows:
2023 2022

Directors 1 1
Staff 13 12
14 13

2023 2022
£    £   
Director's remuneration 9,096 8,986

5. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 66,437 113,746
Other operating leases 81,701 57,285
Depreciation - owned assets 166,415 165,710
Profit on disposal of fixed assets (2,535 ) (34,208 )
Auditors' remuneration 12,000 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 31,212 11,976
Corporation tax interest 2,816 -
Hire purchase 29,433 24,292
63,461 36,268

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 7,195 190,707

Deferred tax 45,518 157,908
Tax on profit 52,713 348,615

Silverwoods Waste Management Ltd (Registered number: 07412151)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2023


8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1.00 each
Interim 400,000 500,000
Ordinary D share of £1
Interim 39,541 64,227
Ordinary E share of £1
Interim 250,000 450,000
689,541 1,014,227

9. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st November 2022 3,056,334 1,558,367 5,564 36,650 4,656,915
Additions - 212,079 - 115,000 327,079
Disposals - (100,200 ) - - (100,200 )
At 31st October 2023 3,056,334 1,670,246 5,564 151,650 4,883,794
DEPRECIATION
At 1st November 2022 - 681,301 3,642 10,007 694,950
Charge for year - 157,070 288 9,057 166,415
Eliminated on disposal - (46,652 ) - - (46,652 )
At 31st October 2023 - 791,719 3,930 19,064 814,713
NET BOOK VALUE
At 31st October 2023 3,056,334 878,527 1,634 132,586 4,069,081
At 31st October 2022 3,056,334 877,066 1,922 26,643 3,961,965

10. INVENTORIES
2023 2022
£    £   
Raw materials 46,500 46,500

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,274,717 2,883,006
Amounts owed by associates 1,845 1,425
Other debtors 103,995 88,124
Directors' current accounts 1,895,498 1,137,374
Tax 633,654 377,787
Prepayments and accrued income 53,772 66,890
4,963,481 4,554,606

Silverwoods Waste Management Ltd (Registered number: 07412151)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2023


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 14) 1,265,456 922,885
Hire purchase contracts (see note 15) 116,110 134,637
Trade creditors 3,107,613 3,730,701
Corporation tax 375,337 377,787
Social security and other taxes 8,774 6,224
VAT 66,845 25,183
Other creditors 6,626 73,201
Accrued expenses 43,968 30,428
4,990,729 5,301,046

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 14) 295,281 250,000
Hire purchase contracts (see note 15) 119,420 113,757
414,701 363,757

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,055,762 756,218
Bank loans 209,694 166,667
1,265,456 922,885

Amounts falling due between one and two years:
Bank loans - 1-2 years 131,458 166,667

Amounts falling due between two and five years:
Bank loans - 2-5 years 163,823 83,333

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 116,110 134,637
Between one and five years 119,420 113,757
235,530 248,394

Silverwoods Waste Management Ltd (Registered number: 07412151)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2023


16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 1,055,762 756,218

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 203,426 157,908

Deferred
tax
£   
Balance at 1st November 2022 157,908
Provided during year 45,518
Balance at 31st October 2023 203,426

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1.00 100 100
1 Ordinary C £1 1 1
1 Ordinary D £1 1 1
1 Ordinary E £1 1 1
1 Ordinary F £1 1 1
1 Ordinary G £1 1 1
1 Ordinary H £1 1 1
106 106

19. RESERVES
Retained
earnings
£   

At 1st November 2022 2,801,793
Profit for the year 1,412,162
Dividends (689,541 )
At 31st October 2023 3,524,414

Silverwoods Waste Management Ltd (Registered number: 07412151)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2023


20. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
Mr J Silverwood
Balance outstanding at start of year 1,137,373 1,455,251
Amounts advanced 758,125 1,137,373
Amounts repaid - (1,455,251 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,895,498 1,137,373

The Director had an overdrawn Directors Loan Account balance of £1,895,498 (2022: £1,137,373). Interest has been paid on the outstanding balance at standard approved rates, s455 tax has been declared on the CT600.

21. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr J Silverwood.