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REGISTERED NUMBER: 09423071 (England and Wales)




FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

FOR

R&W ENVIRONMENTAL LTD

R&W ENVIRONMENTAL LTD (REGISTERED NUMBER: 09423071)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


R&W ENVIRONMENTAL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTORS: R R Ransom
N C H Hawkes
D E Langley





REGISTERED OFFICE: Locks Farm Main Road
Dibden
Southampton
SO45 5TD





REGISTERED NUMBER: 09423071 (England and Wales)





AUDITORS: M. D. Coxey and Co. Limited
Chartered Accountants
and Statutory Auditors
25 Grosvenor Road
Wrexham
LL11 1BT

R&W ENVIRONMENTAL LTD (REGISTERED NUMBER: 09423071)

BALANCE SHEET
31ST MARCH 2023

31.3.23 31.3.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 167,447 -

CURRENT ASSETS
Stocks 5 134,533 53,383
Debtors 6 623,513 837,058
Cash at bank 85,487 46,070
843,533 936,511
CREDITORS
Amounts falling due within one year 7 2,217,805 1,368,434
NET CURRENT LIABILITIES (1,374,272 ) (431,923 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,206,825

)

(431,923

)

CREDITORS
Amounts falling due after more than one
year

8

(74,218

)

-

PROVISIONS FOR LIABILITIES 10 (41,862 ) -
NET LIABILITIES (1,322,905 ) (431,923 )

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings (1,323,005 ) (432,023 )
SHAREHOLDERS' FUNDS (1,322,905 ) (431,923 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21st August 2024 and were signed on its behalf by:





R R Ransom - Director


R&W ENVIRONMENTAL LTD (REGISTERED NUMBER: 09423071)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023

1. STATUTORY INFORMATION

R&W Environmental 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
Notwithstanding the deficiency in net assets, the financial statements have been prepared on the going
concern basis. The validity of this is due to the continued support of the group, whom have confirmed that they will not seek repayment of the loan from the company until which time as the company is in a strong position to repay.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Turnover comprises the fair value of consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable the future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Computer equipment - 33% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


R&W ENVIRONMENTAL LTD (REGISTERED NUMBER: 09423071)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 36 ) .

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
Additions 176,675 20,218 196,893
At 31st March 2023 176,675 20,218 196,893
DEPRECIATION
Charge for year 29,446 - 29,446
At 31st March 2023 29,446 - 29,446
NET BOOK VALUE
At 31st March 2023 147,229 20,218 167,447

R&W ENVIRONMENTAL LTD (REGISTERED NUMBER: 09423071)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
Additions 176,675
At 31st March 2023 176,675
DEPRECIATION
Charge for year 29,446
At 31st March 2023 29,446
NET BOOK VALUE
At 31st March 2023 147,229

5. STOCKS
31.3.23 31.3.22
as restated
£    £   
Stocks 46,644 53,383
Work-in-progress 87,889 -
134,533 53,383

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
as restated
£    £   
Trade debtors 615,879 335,143
Amounts owed by group undertakings - 280,046
Other debtors 6,051 41,255
Deferred tax asset - 177,309
Prepayments 1,583 3,305
623,513 837,058

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
as restated
£    £   
Hire purchase contracts 50,543 -
Trade creditors 457,987 308,574
Amounts owed to group undertakings 1,611,996 862,243
Social security and other taxes 29,860 68,714
VAT 38,414 -
Other creditors 16,505 43,212
Accrued expenses 12,500 85,691
2,217,805 1,368,434

R&W ENVIRONMENTAL LTD (REGISTERED NUMBER: 09423071)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
as restated
£    £   
Hire purchase contracts 74,218 -

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
as restated
£    £   
Hire purchase contracts 124,761 -

10. PROVISIONS FOR LIABILITIES
31.3.23

£   
Deferred tax
Accelerated capital allowances 41,862

Deferred
tax
£   
Balance at 1st April 2022 (177,309 )
Movement in year due to:
changes in tax losses 177,309
changes in tax allowances 41,862
Balance at 31st March 2023 41,862

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: as restated
£    £   
100 Ordinary £1 100 100

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Anthony Lewis (Senior Statutory Auditor)
for and on behalf of M. D. Coxey and Co. Limited

R&W ENVIRONMENTAL LTD (REGISTERED NUMBER: 09423071)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

13. CAPITAL COMMITMENTS
31.3.23 31.3.22
as restated
£    £   
Contracted but not provided for in the
financial statements - -

14. POST BALANCE SHEET EVENTS

The administration of two other members of the R & W Group after the year end has resulted in the necessity to make substantial provisions against recovery of intercompany balances and other exceptional costs arising from the failure of the two businesses. The total provision of £817,576 for these exceptional and non-recurring costs increased the final loss before tax for the year to £857,042 (2022: £732,130).

To address the balance sheet deficit of £1,322,901 (2022: £431,923) the respective boards of the company and the parent company have agreed to issue 1,400,000 new ordinary shares at £1 each to be paid for by the capitalisation of the equivalent amount inter-company balance between the two.

15. ULTIMATE CONTROLLING PARTY

The company is under the control of Chantacre Limited, a company under the ultimate control of R R Ransom, a director of all of the Chantacre Group of companies.

The registered office of Chantacre Limited is Locks Farm Main Road, Dibden, Southampton, Hampshire, S045 5TD.