REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 July 2023 |
for |
A1 WOKINGHAM WET WASTE LIMITED |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 July 2023 |
for |
A1 WOKINGHAM WET WASTE LIMITED |
A1 WOKINGHAM WET WASTE LIMITED (REGISTERED NUMBER: 04715882) |
Contents of the Financial Statements |
for the year ended 31 July 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Statement of Comprehensive Income | 7 |
Balance Sheet | 8 |
Statement of Changes in Equity | 9 |
Cash Flow Statement | 10 |
Notes to the Cash Flow Statement | 11 |
Notes to the Financial Statements | 12 |
A1 WOKINGHAM WET WASTE LIMITED |
Company Information |
for the year ended 31 July 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
9 Worton Park |
Cassington |
Witney |
Oxfordshire |
OX29 4SX |
A1 WOKINGHAM WET WASTE LIMITED (REGISTERED NUMBER: 04715882) |
Strategic Report |
for the year ended 31 July 2023 |
The directors present their strategic report for the year ended 31 July 2023. |
REVIEW OF BUSINESS |
The principal activity of the company in the period under review was that of the collection of non-hazardous waste and recovery of sorted materials. |
The results for the year and financial position are shown in the annexed financial statements. |
Turnover £7.5m (£14.5m in 2022 ) |
Gross margins 21% (52.9% in 2022) |
Net profit/(loss) before tax (£0.77m) (£4.8m in 2022) |
The Company continues to focus on its core activities with the return of events following Covid 19. |
The company operates within a competitive market with the emphasis on service levels as it deals with waste disposal. The Company's objective is to maximise shareholder wealth over the short and long term. The Board anticipates that this will be achieved by increasing market share and adapting to changes in regulations and consumer demands. |
PRINCIPAL RISKS AND UNCERTAINTIES |
In common with other businesses in the sector, the company faces technological, competitive and economic challenges. Plans are in place to deal with these challenges as they arise. |
Financial key performance Indicators |
Given the straightforward nature of the business, the company's directors are of the opinion that further analysis using Key Performance Indicators is not necessary for an understanding of the development, performance or position of the company. |
Financial risk management objectives and policies. |
The company's principal financial instrument comprise cash and cash equivalents. The company has other financial instruments such as trade receivables and trade payables which arise from its operations. |
The company is exposed to a variety of financial risks which result from its operating activities. The Directors are responsible for coordinating the company's risk management and focus on actively securing the company's short and medium term cash flows. The company does not actively engage in the trading of financial assets and has no financial derivatives. The most significant risks to which the company is exposed are described below. |
Credit Risk |
The company's credit risk is primarily attributable to its trade receivables and other debtors. The amounts presented in the Balance Sheet are net of any allowances for doubtful receivables |
Liquidity risk |
The company seeks to manage risks to ensure sufficient liquidity is available to meet foreseeable needs. The Directors prepare cash flow forecasts on a regular basis to identify any short term difficulties at an early stage. |
Employee Involvement |
The company has continued its practice of keeping employees informed of matters affecting them as employees and the financial and economic factors affecting the performance of the Company. |
Disabled employees |
Applications for employment of disabled persons are given full and fair consideration for all vacancies in accordance with their aptitudes and abilities. In the event of an employee becoming disabled, every effort will be made to retain them in order that their employment within the company may continue. |
Key Accounting policies |
Principal accounting policies are included within Note 2 |
Cash Flows |
Full details of cash flows generated by the business are disclosed within the Cash Flow Statement. The Company generates sufficient cash flow through its ordinary operations to achieve its objectives as set out above. |
ON BEHALF OF THE BOARD: |
A1 WOKINGHAM WET WASTE LIMITED (REGISTERED NUMBER: 04715882) |
Report of the Directors |
for the year ended 31 July 2023 |
The directors present their report with the financial statements of the company for the year ended 31 July 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of Collection of non-hazardous waste and recovery of sorted materials |
DIVIDENDS |
A final dividend of £70,000 per share was paid to shareholders for the year to 31 July 2022 |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2022 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
THe donations made during the year were not political donations |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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 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 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Camerons Accountancy Consultants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
A1 Wokingham Wet Waste Limited |
Qualified opinion |
We have audited the financial statements of A1 Wokingham Wet Waste Limited (the 'company') for the year ended 31 July 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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, except for the effects of the matter described in the Basis for qualified opinion section, the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31st July 2023 and of its 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 qualified opinion |
The audit opinion has been modified because of the effects or possible effects of the unresolved matter on the comparability of the current period's figures and the corresponding prior year figures. The unresolved matter is incomplete accounting records for part of the year ended 31 July 2022, which prevented us being able to form an opinion on the financial statements as a whole. As a result, a disclaimer of opinion was issued last financial year. |
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 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 qualified 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 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. |
Emphasis of matter |
We draw attention to Note 17 of the financial statements, which describes a contingent liability which existed at the financial year end. Our opinion is not modified in respect of this matter. |
Key audit matters |
Except for the matter described in the Basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
A1 Wokingham Wet Waste Limited |
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 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. |
For the avoidance of doubt, above matters required to report by exception relate to the year ended 31st July 2023. As is described in the Basis of qualified opinion section of our report, limitations for the previous financial year did give rise to reported exceptions. |
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 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 company or to cease operations, or have 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: |
- | The nature of the industries and sectors, control environments and business performance; |
- | Results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
- | Any matters we identified having obtained and reviewed the group's documentation on their policies and procedures relating to: |
- | Identifying, evaluating and complying with laws and regulations specific to the individual entities, and if management are aware of any instances of non-compliance. |
- | Detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud; |
- | Internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
- | The matters discussed among the audit engagement team covered how and where fraud may occur in the financial statements and potential indicators of fraud; and |
- | In keeping with ISAs (UK), we are required to perform specific procedures to respond to the risk of management override. |
Key laws and regulations that has a direct impact on material values within the financial statements include the UK |
Companies Act and tax legislation. Other key laws and regulations that the group is subject to are UK Environmental Act, the Hazardous Waste (England and Wales) Regulations, UK General Data Protection Regulation and the Health and Safety Act. |
Some of our procedures to respond to risks identified included the following: |
- | Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with the above mentioned significant laws and regulations; |
- | Enquiring of management about any actual and potential litigation claims; |
- | Review correspondence with HMRC; and |
- | Testing appropriateness of journal entered and other adjustments susceptible to management override. |
The engagement team members were all briefed on the relevant laws and regulations, and they remained alert to any indications of fraud or non compliance with laws and regulations throughout the audit. |
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 |
A1 Wokingham Wet Waste Limited |
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. |
for and on behalf of |
Statutory Auditor |
Chartered Accountants |
9 Worton Park |
Cassington |
Witney |
Oxfordshire |
OX29 4SX |
A1 WOKINGHAM WET WASTE LIMITED (REGISTERED NUMBER: 04715882) |
Statement of Comprehensive Income |
for the year ended 31 July 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(504,133 | ) | 6,083,021 |
Other operating income |
OPERATING (LOSS)/PROFIT | 4 | ( |
) |
Interest receivable and similar income |
(469,978 | ) | 6,145,214 |
Interest payable and similar expenses | 5 |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 6 |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
A1 WOKINGHAM WET WASTE LIMITED (REGISTERED NUMBER: 04715882) |
Balance Sheet |
31 July 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 11 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
A1 WOKINGHAM WET WASTE LIMITED (REGISTERED NUMBER: 04715882) |
Statement of Changes in Equity |
for the year ended 31 July 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 August 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 July 2023 |
A1 WOKINGHAM WET WASTE LIMITED (REGISTERED NUMBER: 04715882) |
Cash Flow Statement |
for the year ended 31 July 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
5,260,452 |
Cash and cash equivalents at end of year | 2 | 1,496,704 | 3,172,904 |
A1 WOKINGHAM WET WASTE LIMITED (REGISTERED NUMBER: 04715882) |
Notes to the Cash Flow Statement |
for the year ended 31 July 2023 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
(Loss)/profit before taxation | ( |
) |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( |
) |
Finance costs | 71,783 | 27,442 |
Finance income | (2,290 | ) | - |
448,392 | 6,797,024 |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
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 July 2023 |
31/7/23 | 1/8/22 |
£ | £ |
Cash and cash equivalents | 1,496,704 | 3,172,904 |
Year ended 31 July 2022 |
31/7/22 | 1/8/21 |
£ | £ |
Cash and cash equivalents | 3,172,904 | 5,260,452 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/8/22 | Cash flow | At 31/7/23 |
£ | £ | £ |
Net cash |
Cash at bank | 3,172,904 | (1,676,200 | ) | 1,496,704 |
3,172,904 | ( |
) | 1,496,704 |
Debt |
Finance leases | (255,871 | ) | 149,640 | (106,231 | ) |
Debts falling due within 1 year | (10,920 | ) | (16,165 | ) | (27,085 | ) |
Debts falling due after 1 year | (27,031 | ) | 27,031 | - |
(293,822 | ) | 160,506 | (133,316 | ) |
Total | 2,879,082 | (1,515,694 | ) | 1,363,388 |
A1 WOKINGHAM WET WASTE LIMITED (REGISTERED NUMBER: 04715882) |
Notes to the Financial Statements |
for the year ended 31 July 2023 |
1. | STATUTORY INFORMATION |
A1 Wokingham Wet Waste Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is recognised to the extent that it is probable that economic benefit will flow to the company and that the associated turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, and Value Added Tax. |
Turnover arising from the hire of good is recognised on a straight line basis over the period of the rental. Turnover arising from associated services is recognised on performance. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
The interest element of these obligations is charged to the profit and loss over the relevant period. |
The capital element of the future payments is treated as a liability. |
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. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Employees |
2023 | 2022 |
£ | £ |
Directors' remuneration |
A1 WOKINGHAM WET WASTE LIMITED (REGISTERED NUMBER: 04715882) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2023 |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2022 - operating profit) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss/(profit) on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Auditors' remuneration for non audit work |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Hire purchase |
HMRC interest & penalties |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on (loss)/profit |
7. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of 1 each |
Interim |
8. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 August 2022 |
Additions |
Disposals |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
Eliminated on disposal |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
A1 WOKINGHAM WET WASTE LIMITED (REGISTERED NUMBER: 04715882) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 August 2022 |
Transfer to ownership | (316,158 | ) |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
Transfer to ownership | (266,923 | ) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Tax |
Prepayments and accrued income |
A1 WOKINGHAM WET WASTE LIMITED (REGISTERED NUMBER: 04715882) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2023 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans (see note 12) |
Hire purchase contracts (see note 13) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 219,401 | 291,184 |
Other creditors |
Accruals and deferred income |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans (see note 12) |
Hire purchase contracts (see note 13) |
12. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
Amounts falling due between one and two years: |
Other loans - 1-2 years | - |
13. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
The interest element of these obligations is charged to the profit and loss over the relevant period. |
The capital element of the future payments is treated as a liability. |
14. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 310,536 | 247,547 |
A1 WOKINGHAM WET WASTE LIMITED (REGISTERED NUMBER: 04715882) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2023 |
14. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 August 2022 |
Provided during year |
Balance at 31 July 2023 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 2 | 2 |
16. | RESERVES |
Retained |
earnings |
£ |
At 1 August 2022 |
Deficit for the year | ( |
) |
At 31 July 2023 |
17. | CONTINGENT LIABILITIES |
The Company is currently under enquiry by HMRC regarding its Corporation Tax. HMRC has indicated that there may be a potential for a tax penalty arising from denied R&D tax relief. |
The Company is contesting the potential penalty. However, the outcome of the enquiry remains uncertain. HMRC's penalty rates range from 0%-100%. It is not possible to reliably estimate or measure the likelihood of a penalty being imposed or the final amount of any such penalty at this time. |
The possibility of a loss arising from this contingent liability cannot be reliably estimated at this date. Therefore, in accordance with FRS 102 Section 21.4(c), a provision for this contingent liability is not recognised. |
The Company is actively engaged with HMRC to resolve the enquiry and will update this disclosure in future financial statements as further information becomes available. |
18. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 July 2023 and 31 July 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The above balances are included within other debtors at the year end. |
A1 WOKINGHAM WET WASTE LIMITED (REGISTERED NUMBER: 04715882) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2023 |
19. | RELATED PARTY DISCLOSURES |
2023 | 2022 |
£ | £ |
Sales |
Purchases |
Amount due from related party |
Amount due to related party |