Company registration number 09124089 (England and Wales)
HEATHROW ENVIRONMENTAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
HEATHROW ENVIRONMENTAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HEATHROW ENVIRONMENTAL LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
408,558
514,055
Current assets
Debtors
4
1,513,514
1,797,062
Cash at bank and in hand
22,807
7,703
1,536,321
1,804,765
Creditors: amounts falling due within one year
5
(260,801)
(703,622)
Net current assets
1,275,520
1,101,143
Total assets less current liabilities
1,684,078
1,615,198
Provisions for liabilities
(1,928)
Net assets
1,684,078
1,613,270
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
1,684,076
1,613,268
Total equity
1,684,078
1,613,270
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 5 August 2024 and are signed on its behalf by:
M Lennox
Director
Company registration number 09124089 (England and Wales)
HEATHROW ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information
Heathrow Environmental Limited is a private company limited by shares incorporated in England and Wales. The registered office is Moy House, 69 Belvue Road, Northolt, Middlesex, UB5 5XS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is recognised at the fair value of the consideration received or receivable for haulage and waste material disposal services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Income is recognised on the provision of the haulage and waste material disposal service.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% straight-line method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
HEATHROW ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
HEATHROW ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
The company has outsourced its payroll and during the year all payroll costs were recharged from a related company and a company within the Modebest and Heathrow Group Holdings Ltd group.
HEATHROW ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 and 31 January 2024
1,054,965
Depreciation and impairment
At 1 February 2023
540,910
Depreciation charged in the year
105,497
At 31 January 2024
646,407
Carrying amount
At 31 January 2024
408,558
At 31 January 2023
514,055
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
37,140
30,212
Amounts owed by group undertakings
1,473,909
1,735,546
Other debtors
29,682
Prepayments and accrued income
2,465
1,622
1,513,514
1,797,062
The amounts owed by group undertakings are interest free and repayable on demand.
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
208,418
143,665
Amounts owed to group undertakings
23,682
Corporation tax
26,335
23,397
Other taxation and social security
15,375
3,286
Other creditors
493,156
Accruals and deferred income
10,673
16,436
260,801
703,622
HEATHROW ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Simon Toghill
Statutory Auditor:
Evans Mockler Limited
Date of audit report:
5 August 2024
8
Related party transactions
The company is wholly owned subsidiary of Modebest and Heathrow Group Holdings Ltd and is included in the consolidated financial statements of Modebest and Heathrow Group Holdings Ltd, consequently, the company is exempt under the terms of FRS 102 'The Financial Reporting Standard' from disclosing related party transactions with Modebest and Heathrow Group Holdings Ltd or subsidiaries which are 100% owned by Modebest and Heathrow Group Holdings Ltd.
9
Parent company
The ultimate parent company of Heathrow Environmental Limited is Modebest and Heathrow Group Holdings Limited. The registered office address of Modebest and Heathrow Group Holdings Limited, is Moy House, 69 Belvue Road, Northolt UB5 5XS.
There is no ultimate controlling party, as there is no majority shareholder in the ultimate parent company, Modebest and Heathrow Group Holdings Limited.
The largest group financial statements that consolidate this company is Modebest and Heathrow Group Holdings Limited. Copies of the group accounts are available to the public from the company at Moy House, 69 Belvue Road, Northolt, Middlesex, UB5 5XS.