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Registration number: 11064970

Egbert Taylor Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2023

 

Egbert Taylor Holdings Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Statement of Cash Flows

17

Notes to the Financial Statements

18 to 43

 

Egbert Taylor Holdings Limited

Company Information

Directors

L R Bull

D J Williams

M A Moore

Registered office

Oak Park
Ryelands Lane
Elmley Lovett
Droitwich
Worcestershire
WR9 0QZ

Auditors

Clement Rabjohns Limited
Registered Auditors and Chartered Accountants
111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Egbert Taylor Holdings Limited

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the group is parent company to Egbert H. Taylor & Company Ltd.

Fair review of the business

2023 proved a successful year with two further group acquisitions being UK Container Maintenance Limited (August 2023) and Capital Compactors Limited (November 2023). The year saw turnover increasing to over £17.5m and achieving a group EBITDA of over £1.5m. This is anticipated to increase significantly in 2024 given full year results for the new acquisitions to be consolidated. With full year results the company is expected to return a profit after amortisation charges.

With the support of our ultimate parent Aurora Capital Partners, the group expects to acquire further subsidiaries in the near future.

 

Unit

2023

2022

Turnover

£

17,621,803

15,210,739

Profit/(loss) before tax

£

(728,433)

436,426

Gross profit

%

41

29

EBITDA (before non-recurring exceptional costs)

£

1,578,714

907,720

The cash position of the business remains strong and well managed.

The company continues its focus on health, safety and employee welfare and has a very good record of staff retention.

Principal risks and uncertainties

The key business risks and uncertainties affecting the group are considered to relate to competition from other waste container providers, employee retention and product availability.

Approved and authorised by the Board on 9 May 2024 and signed on its behalf by:
 

.........................................
L R Bull
Director

 

Egbert Taylor Holdings Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the for the year ended 31 December 2023.

Directors of the group

The directors who held office during the year were as follows:

BF Murphy (ceased 21 December 2023)

H Allen (ceased 23 March 2023)

L R Bull

M J Braddock (appointed 2 October 2023 and ceased 26 January 2024)

M A Moore (appointed 23 March 2023)

The following director was appointed after the year end:

D J Williams (appointed 26 January 2024)

Financial instruments

Objectives and policies

The company and group's activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the group members' policies approved by the respective boards of directors. The group does not use derivative financial instruments for speculative purposes.

Price risk, credit risk, liquidity risk and cash flow risk

Commodity price risk
The group is exposed to commodity price risk, namely the price of steel and zinc, as a result of its operations. In order to manage these risks, the group has a policy of dual-sourcing raw materials and carries out regular supplier benchmarking exercises. The group is also able to use its buying power to gain price commitments from its suppliers for periods between three and twelve months. This gives the group more time to react to unavoidable price increases and to ensure that such increased costs are appropriately reflected in the group’s selling prices.

Export sales
Export sales are both an opportunity and a risk for the business which is now experiencing the need for increased foreign currency management, adherence to the terms of letters of credit, export carriage and transfer of ownership risk. To mitigate these risks, the business has increased its training expenditure on export related courses, holds regular currency reviews with its bankers and ensures that terms of sale are adequately communicated to customers.

Credit risk
The group’s customers generally have high quality credit ratings and trade debtor default is accordingly low. However, in the continuing subdued economic climate, the group acknowledges that there may be an increased risk of trade debtor default. The company manages this risk through maintaining a rigorous credit control and debtor collection policy. Aged debtor analyses are regularly reviewed, and credit is suspended if a customer fails to meet its obligations on a timely basis. The group makes extensive use of confirmed letters of credit when selling to overseas customers.

 

Egbert Taylor Holdings Limited

Directors' Report for the Year Ended 31 December 2023

Funding risk
The company relies on funding from the immediate parent EHT Hold Co Inc, a facility arrangement was put in place on acquisition to enable the group to draw down on funds when necessary, generally to enable the group to achieve additional subsidiaries. The group also relied on an invoice discounting facility from Santander Bank Plc for its day to day finance needs.

Capital spending plans of the major customers
The group is exposed to the buying patterns of its major customers many of which are public sector local authorities. The group maintains close relationships with customers with a view to predicting demand patterns. The group also seeks to track as far as possible the activities and supply quotations of its competitors.

Going concern

The board has reviewed the outlook for the business based on the 2023 year and with a full year of trading for the two acquisitons, should result in a significant increase in EBITDA and a return to group profitability. Further acquisitions within the group will further improve profitability in the years to come and cement the going concern status.

With support from our ultimate parent Aurora Capital Partners, the board have confirmed the going concern status of the group for a period of at least 12 months from the signing of these financial statements.

Directors' liabilities

As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the financial period and is currently in force. The company also purchased, and maintained throughout the financial period, directors and officers’ liability insurance in respect of itself and its directors.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Clement Rabjohns Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 9 May 2024 and signed on its behalf by:
 

.........................................
L R Bull
Director

 

Egbert Taylor Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 group and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the group and the group 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 group and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Egbert Taylor Holdings Limited

Independent Auditor's Report to the Members of Egbert Taylor Holdings Limited

Opinion

We have audited the financial statements of Egbert Taylor Holdings Limited (the 'parent group') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and 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 group's and the parent group's affairs as at 31 December 2023 and of the group's 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 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.

 

Egbert Taylor Holdings Limited

Independent Auditor's Report to the Members of Egbert Taylor Holdings Limited

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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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 by the parent group, or returns adequate for our audit have not been received from branches not visited by us; or

the parent group 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.

 

Egbert Taylor Holdings Limited

Independent Auditor's Report to the Members of Egbert Taylor Holdings Limited

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], 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 is 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 group'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 group or to cease operations, or have no realistic alternative but to do so.

Auditor 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 an auditor’s report 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:

Enquiry of management, those charged with governance around actual and potential litigation and claims.

Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

Reviewing minutes of meetings of those charged with governance.

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the group’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 group’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and the group’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Egbert Taylor Holdings Limited

Independent Auditor's Report to the Members of Egbert Taylor Holdings Limited

......................................
Philip Parsons FCA (Senior Statutory Auditor)
For and on behalf of Clement Rabjohns Limited, Statutory Auditor

111/113 High Street
Evesham
Worcestershire
WR11 4XP

9 May 2024

 

Egbert Taylor Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

17,621,803

15,210,739

Cost of sales

 

(10,337,744)

(10,974,794)

Gross profit

 

7,284,059

4,235,945

Distribution costs

 

(458,770)

(683,482)

Administrative expenses

 

(7,365,056)

(3,024,830)

Other operating income

4

213,884

34,555

Operating (loss)/profit

5

(325,883)

562,188

Other interest receivable and similar income

6

12,625

32

Interest payable and similar expenses

7

(415,174)

(125,794)

   

(402,549)

(125,762)

(Loss)/profit before tax

 

(728,432)

436,426

Tax on (loss)/profit

11

(83,073)

(45,821)

(Loss)/profit for the financial year

 

(811,505)

390,605

Profit/(loss) attributable to:

 

Owners of the group

 

(811,505)

390,605

The group has no recognised gains or losses for the year other than the results above.

 

Egbert Taylor Holdings Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

(Loss)/profit for the year

(811,505)

390,605

Total comprehensive income for the year

(811,505)

390,605

Total comprehensive income attributable to:

Owners of the group

(811,505)

390,605

 

Egbert Taylor Holdings Limited

(Registration number: 11064970)
Consolidated Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Goodwill

12

17,035,416

3,543,078

Negative goodwill

12

(599,035)

(673,915)

 

16,436,381

2,869,163

Intangible assets not including goodwill

12

18,988

4,554

Tangible assets

13

4,564,592

772,161

 

4,583,580

776,715

Current assets

 

Stocks

16

4,542,276

2,211,845

Debtors

17

5,709,124

4,146,828

Cash at bank and in hand

 

2,333,006

286,835

 

12,584,406

6,645,508

Creditors: Amounts falling due within one year

19

(8,089,388)

(3,865,024)

Net current assets

 

4,495,018

2,780,484

Total assets less current liabilities

 

25,514,979

6,426,362

Creditors: Amounts falling due after more than one year

19

(19,908,110)

(380,910)

Provisions for liabilities

20

(639,964)

(267,042)

Net assets

 

4,966,905

5,778,410

Capital and reserves

 

Called up share capital

22

9,302,222

9,302,222

Share premium reserve

220,000

220,000

Retained earnings

(4,555,317)

(3,743,812)

Equity attributable to owners of the company

 

4,966,905

5,778,410

Shareholders' funds

 

4,966,905

5,778,410

Approved and authorised by the Board on 9 May 2024 and signed on its behalf by:
 

.........................................
L R Bull
Director

 

Egbert Taylor Holdings Limited

(Registration number: 11064970)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

14

29,722,058

9,850,438

Current assets

 

Debtors

17

1,955,047

2,767,081

Creditors: Amounts falling due within one year

19

(210,201)

-

Net current assets

 

1,744,846

2,767,081

Total assets less current liabilities

 

31,466,904

12,617,519

Creditors: Amounts falling due after more than one year

19

(19,155,137)

(317,938)

Net assets

 

12,311,767

12,299,581

Capital and reserves

 

Called up share capital

22

9,302,222

9,302,222

Share premium reserve

220,000

220,000

Retained earnings

2,789,545

2,777,359

Shareholders' funds

 

12,311,767

12,299,581

Approved and authorised by the Board on 9 May 2024 and signed on its behalf by:
 

.........................................
L R Bull
Director

 

Egbert Taylor Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company

Share capital
£

Share premium
£

Retained earnings
£

Total
£

Total equity
£

At 1 January 2023

9,302,222

220,000

(3,743,812)

5,778,410

5,778,410

Loss for the year

-

-

(811,505)

(811,505)

(811,505)

At 31 December 2023

9,302,222

220,000

(4,555,317)

4,966,905

4,966,905

Share capital
£

Share premium
£

Retained earnings
£

Total
£

Total equity
£

At 1 January 2022

9,302,222

220,000

(4,134,417)

5,387,805

5,387,805

Profit for the year

-

-

390,605

390,605

390,605

At 31 December 2022

9,302,222

220,000

(3,743,812)

5,778,410

5,778,410

 

Egbert Taylor Holdings Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 January 2023

9,302,222

220,000

2,777,359

12,299,581

Profit for the year

-

-

12,186

12,186

At 31 December 2023

9,302,222

220,000

2,789,545

12,311,767

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 January 2022

9,302,222

220,000

(2,641)

9,519,581

Profit for the year

-

-

2,780,000

2,780,000

At 31 December 2022

9,302,222

220,000

2,777,359

12,299,581

 

Egbert Taylor Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

(Loss)/profit for the year

 

(811,505)

390,605

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

1,355,704

864,069

Loss/(profit) on disposal of tangible assets

403

(1,025,190)

Finance income

6

(12,625)

(32)

Finance costs

7

415,174

125,794

Income tax expense

11

83,073

45,821

 

1,030,224

401,067

Working capital adjustments

 

Increase in stocks

16

(2,330,431)

(1,244,471)

Increase in trade debtors

17

(1,593,164)

(829,083)

Increase in trade creditors

19

2,017,077

156,481

Decrease in provisions

20

(53,860)

(39,765)

Increase in deferred income, including government grants

 

1,733,114

-

Cash generated from operations

 

802,960

(1,555,771)

Income taxes received/(paid)

11

846,124

(45,754)

Net cash flow from operating activities

 

1,649,084

(1,601,525)

Cash flows from investing activities

 

Interest received

12,625

32

Acquisitions of tangible assets

(3,944,072)

(2,926,958)

Proceeds from sale of tangible assets

 

(403)

3,371,409

Acquisition of intangible assets

12

(14,653,539)

(5,112)

Acquisition of negative goodwill

 

-

748,795

Net cash flows from investing activities

 

(18,585,389)

1,188,166

Cash flows from financing activities

 

Interest paid

7

(415,174)

(125,794)

Proceeds from bank borrowing draw downs

 

1,265,497

421,139

Repayment of bank borrowing

 

(718,223)

-

Proceeds from other borrowing draw downs

 

19,147,073

55,600

Repayment of other borrowing

 

(309,874)

(24,497)

Payments to finance lease creditors

 

13,177

-

Net cash flows from financing activities

 

18,982,476

326,448

Net increase/(decrease) in cash and cash equivalents

 

2,046,171

(86,911)

Cash and cash equivalents at 1 January

 

286,835

373,746

Cash and cash equivalents at 31 December

 

2,333,006

286,835

 

Egbert Taylor Holdings Limited

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

12,186

2,780,000

Adjustments to cash flows from non-cash items

 

Finance income

(180,000)

(2,780,000)

Finance costs

227,688

-

Foreign exchange gains/losses

 

(59,874)

-

 

-

-

Working capital adjustments

 

Decrease/(increase) in trade debtors

17

812,034

(280,000)

Increase in trade creditors

19

210,201

-

Net cash flow from operating activities

 

1,022,235

(280,000)

Cash flows from investing activities

 

Interest received

180,000

2,780,000

Acquisition of subsidiaries

14

(19,871,620)

(2,817,938)

Net cash flows from investing activities

 

(19,691,620)

(37,938)

Cash flows from financing activities

 

Interest paid

(227,688)

-

Proceeds from other borrowing draw downs

 

19,147,073

317,938

Repayment of other borrowing

 

(250,000)

-

Net cash flows from financing activities

 

18,669,385

317,938

Net increase/(decrease) in cash and cash equivalents

 

-

-

Cash and cash equivalents at 1 January

 

-

-

Cash and cash equivalents at 31 December

 

-

-

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The group is a private company limited by share capital, incorporated in England and Wales, UK.

The address of its registered office is:
Oak Park
Ryelands Lane
Elmley Lovett
Droitwich
Worcestershire
WR9 0QZ
United Kingdom

These financial statements were authorised for issue by the Board on 9 May 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Pound Sterling (£).

Basis of consolidation

The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.

No income statement is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £12,186 (2022 - profit of £2,780,000).

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the group.

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

Government grants

Grants which relate to revenue shall be recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the respective functional currency of the entity at the exchange rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the exchange rate on the date when the fair value is measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not translated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives as follows:

Asset class

Depreciation rate and method

Leasehold improvements

over the life of the lease, straight line

Plant and machinery, including tooling

10% - 20%, straight line

Office machinery, fixtures and fittings

10% or 33%, straight line

Motor vehicles

25%, straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquiisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued using the closing exchange rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Negative goodwill

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful lives as follows:

Asset class

Amortisation rate and method

Development costs

over 5 years, straight line

Goodwill

over 10 years, straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

17,602,448

15,078,261

Other revenue

19,355

132,478

17,621,803

15,210,739

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

The analysis of the group's turnover for the year by class of business is as follows:

2023
£

2022
£

Waste containers

17,101,303

14,850,039

Other revenue

520,500

360,700

17,621,803

15,210,739

The analysis of the group's Turnover for the year by market is as follows:

2023
£

2022
£

UK

12,547,812

11,204,041

Europe

4,075,878

2,913,119

Rest of world

998,113

1,093,579

17,621,803

15,210,739

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2023
£

2022
£

Miscellaneous other operating income

213,884

34,555

5

Operating (loss)/profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

304,463

183,551

Amortisation expense

1,071,888

634,108

Research and development cost

3,670

2,083

Foreign exchange gains

(145,711)

(67,528)

Operating lease expense - plant and machinery

127,861

47,674

Loss/(profit) on disposal of property, plant and equipment

403

(1,025,190)

6

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

12,625

32

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

133,601

68,620

Interest on obligations under finance leases and hire purchase contracts

14,873

1,574

Interest expense on other finance liabilities

266,424

55,600

Other finance costs

276

-

415,174

125,794

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

4,519,312

2,862,686

Social security costs

127,092

236,155

Other short-term employee benefits

16,861

18,178

Pension costs, defined contribution scheme

192,445

124,098

Other employee expense

32,124

23,672

4,887,834

3,264,789

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

173

65

Administration and support

74

32

247

97

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

374,169

318,457

Contributions paid to money purchase schemes

43,561

19,385

417,730

337,842

An additional bonus totalling £179,507 paid to directors is stated in exceptional costs.

In respect of the highest paid director, the total remuneration does include a share of this bonus.

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

2

2

In respect of the highest paid director:

2023
£

2022
£

Remuneration

351,178

216,722

Company contributions to money purchase pension schemes

23,895

16,259

10

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

41,650

33,541


 

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

69,501

5,983

Deferred taxation

Arising from origination and reversal of timing differences

13,572

39,838

Tax expense in the income statement

83,073

45,821

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 23.5% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

(Loss)/profit before tax

(728,432)

436,426

Corporation tax at standard rate

(171,182)

82,921

Effect of expense not deductible in determining taxable profit (tax loss)

16,178

204,163

Effect of tax losses

(47,629)

(17,611)

Tax increase/(decrease) from effect of capital allowances and depreciation

249,192

(245,392)

Tax increase from other short-term timing differences

41,055

27,684

Other tax effects for reconciliation between accounting profit and tax expense (income)

(4,541)

(5,944)

Total tax charge

83,073

45,821

Deferred tax

Group

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated tax depreciation

-

154,520

Provisions

72,984

-

Tax losses carry-forwards

95,109

-

168,093

154,520

2022

Asset
£

Liability
£

Accelerated tax depreciation

-

99,792

Provisions

66,419

-

Tax losses carry-forwards

110,208

-

176,627

99,792

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

12

Intangible assets

Group

Goodwill
 £

Trademarks, patents and licenses
 £

Internally generated software development costs
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

7,115,161

588,097

9,120

131,101

7,843,479

Additions acquired separately

14,638,735

-

-

-

14,638,735

Acquired through business combinations

-

-

14,804

-

14,804

At 31 December 2023

21,753,896

588,097

23,924

131,101

22,497,018

Amortisation

At 1 January 2023

3,572,083

583,543

9,120

131,101

4,295,847

Amortisation charge

1,146,397

-

370

-

1,146,767

At 31 December 2023

4,718,480

583,543

9,490

131,101

5,442,614

Carrying amount

At 31 December 2023

17,035,416

4,554

14,434

-

17,054,404

At 31 December 2022

3,543,078

4,554

-

-

3,547,632

The aggregate amount of research and development expenditure recognised as an expense during the period is £3,670 (2022 - £Nil).
 

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Negative goodwill

2023
£

At 1 January 2023

(673,915)

Recognised in profit or loss

74,880

At 31 December 2023

(599,035)

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

13

Tangible assets

Group

Land and buildings
£

Property improvements
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

-

326,989

1,126,528

5,568,699

57,451

2,488,553

9,568,220

Additions

128,196

-

26,298

84,271

26,342

-

265,107

Acquired through business combinations

1,361,962

-

11,378

2,009,505

52,711

375,585

3,811,141

At 31 December 2023

1,490,158

326,989

1,164,204

7,662,475

136,504

2,864,138

13,644,468

Depreciation

At 1 January 2023

-

294,202

1,106,548

5,180,443

49,972

2,164,894

8,796,059

Charge for the year

14,308

5,311

10,849

154,224

13,215

85,910

283,817

At 31 December 2023

14,308

299,513

1,117,397

5,334,667

63,187

2,250,804

9,079,876

Carrying amount

At 31 December 2023

1,475,850

27,476

46,807

2,327,808

73,317

613,334

4,564,592

At 31 December 2022

-

32,787

19,980

388,256

7,479

323,659

772,161

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

14

Investments

Company

2023
£

2022
£

Investments in subsidiaries

29,722,058

9,850,438

Subsidiaries

£

Cost or valuation

At 1 January 2023

9,850,438

Additions

19,871,620

At 31 December 2023

29,722,058

Provision

Carrying amount

At 31 December 2023

29,722,058

At 31 December 2022

9,850,438

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Egbert H Taylor & Co Limited

Oak Park
Ryelands Lane
Elmley Lovett
Droitwich
Worcestershire
WR9 0QZ

United Kingdom

Ordinary shares

100%

100%

Container Components Europe Limited

Moore Close
Holmewood Industrial Park
Chesterfield
S42 5UX

UK

Ordinary shares

100%

100%

UK Container Maintenance Limited

Oak Park, Ryelands Lane, Elmley Lovett, Droitwich, Worcestershire, WR9 0QZ

the United Kingdom

Ordinary shares

100%

0%

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Capital Compactors Limited

Oak Park, Ryelands Lane, Elmley Lovett, Droitwich, Worcestershire, WR9 0QZ

the United Kingdom

Ordinary shares

100%

0%

Associates

Egbert Taylor Middle East LLC

Dubai Investment Park 1
Dubai

49%

49%

 

United Arab Emirates

     

Subsidiary undertakings

Egbert H Taylor & Co Limited

The principal activity of Egbert H Taylor & Co Limited is the manufacture and supply of waste containers.

Container Components Europe Limited

The principal activity of Container Components Europe Limited is is the manufacture and supply of waste container lids.

UK Container Maintenance Limited

The principal activity of UK Container Maintenance Limited is the refurbishment of commercial waste containers.

Capital Compactors Limited

The principal activity of Capital Compactors Limited is the manufacture of commercial waste compactors.

Associates

Egbert Taylor Middle East LLC

The principal activity of Egbert Taylor Middle East LLC is the assembly and supply of waste containers.

15

Business combinations

On 17 August 2023, Egbert Taylor Holdings Limited (UK holding company) acquired 100% of the issued share capital of UK Container Maintenance Limited (refurbishment of commercial waste containers), obtaining control.

UK Container Maintenance Limited contributed £3,808,794 revenue and £52,405 to the group's profit for the period between the date of acquisition and the Balance Sheet date.

The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:
 

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Book value
2023
£

Revaluation adjustments
2023
£

Fair value
2023
£

Assets and liabilities acquired

Financial assets

2,629,360

-

2,629,360

Stocks

1,364,704

(808,822)

555,882

Tangible assets

591,498

-

591,498

Financial liabilities

(3,112,030)

-

(3,112,030)

Total identifiable assets

1,473,532

(808,822)

664,710

Goodwill

8,664,947

808,822

9,473,769

Total consideration

10,138,479

-

10,138,479

Satisfied by:

Cash

10,138,479

-

10,138,479

Cash flow analysis:

Cash consideration

10,138,479

-

10,138,479

The useful life of goodwill is 10 years.

On 30 November 2023, Egbert Taylor Holdings Limited (UK holding company) acquired 100% of the issued share capital of Capital Compactors Limited (manufacture of commercial waste compactors), obtaining control.

Capital Compactors Limited contributed £298,790 revenue and £(167,478) to the group's profit for the period between the date of acquisition and the Balance Sheet date.

The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:
 

Book value
2023
£

Fair value
2023
£

Assets and liabilities acquired

Financial assets

3,309,114

3,309,114

Stocks

833,811

833,811

Tangible assets

3,347,840

3,347,840

Identifiable intangible assets

14,804

14,804

Financial liabilities

(2,937,394)

(2,937,394)

Total identifiable assets

4,568,175

4,568,175

Goodwill

5,164,966

5,164,966

Total consideration

9,733,141

9,733,141

Satisfied by:

Cash

9,733,141

9,733,141

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Book value
2023
£

Fair value
2023
£

Cash flow analysis:

Cash consideration

9,733,141

9,733,141

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

16

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Raw materials and consumables

2,965,446

1,561,321

-

-

Work in progress

607,295

326,203

-

-

Finished goods and goods for resale

654,479

324,321

-

-

Other inventories

315,056

-

-

-

4,542,276

2,211,845

-

-

Group

17

Debtors

   

Group

Company

Current

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

4,446,334

2,432,061

-

-

Amounts owed by related parties

26

40,312

718,872

1,955,047

2,767,081

Other debtors

 

115,256

53,010

-

-

Prepayments

 

893,404

698,199

-

-

Deferred tax assets

11

104,967

135,835

-

-

Income tax asset

11

108,851

108,851

-

-

   

5,709,124

4,146,828

1,955,047

2,767,081

Details of non-current trade and other debtors

Group

£104,967 (2022 - £135,835) of Deferred tax assets is classified as non-current.

Company

£1,955,048 (2022 - £2,767,081) of Loans to related parties is classified as non-current.

Group

The UK book debts of the company's subsidiary are subject to an invoice discounting arrangement with Santander.

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

18

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

2,004

897

-

-

Cash at bank

2,331,002

285,938

-

-

2,333,006

286,835

-

-

19

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

23

1,105,911

485,018

-

-

Trade creditors

 

2,956,718

2,044,829

-

-

Amounts due to related parties

26

-

510,452

-

-

Social security and other taxes

 

1,108,687

52,455

-

-

Outstanding defined contribution pension costs

 

60,630

10,606

-

-

Other payables

 

687,641

283,408

(1)

-

Accruals

 

583,407

478,256

210,202

-

Income tax liability

11

471,547

-

-

-

Deferred income

 

1,114,847

-

-

-

 

8,089,388

3,865,024

210,201

-

Due after one year

 

Loans and borrowings

23

134,706

62,972

-

-

Deferred income

 

618,267

-

-

-

Other non-current financial liabilities

 

19,155,137

317,938

19,155,137

317,938

 

19,908,110

380,910

19,155,137

317,938

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

20

Provisions for liabilities

Group

Warranties
£

Deferred tax
£

Other provisions
£

Total
£

At 1 January 2023

50,000

59,000

158,042

267,042

Increase (decrease) in existing provisions

-

426,782

(53,860)

372,922

At 31 December 2023

50,000

485,782

104,182

639,964

21

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £192,445 (2022 - £124,098).

Contributions totalling £60,630 (2022 - £10,606) were payable to the scheme at the end of the year and are included in creditors.

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

22

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £0.01 each

200,000

2,000

200,000

2,000

Ordinary B shares of £0.01 each

22,222

222

22,222

222

Preference shares of £1 each

9,300,000

9,300,000

9,300,000

9,300,000

 

9,522,222

9,302,222

9,522,222

9,302,222

Redeemable preference shares

The Preference shares are redeemable at the option of the company. They are redeemable at £1 per share and carry no voting rights. On a winding up of the company or change in ownership, the holders of the preference shares have a right to receive the full redemption value. The winding up value for the redeemable preference shares is £9,300,000.

23

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

123,123

42,276

-

-

Finance lease liabilities

11,583

20,696

-

-

134,706

62,972

-

-

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Bank borrowings

1,013,743

466,469

-

-

Hire purchase contracts

92,168

18,549

-

-

1,105,911

485,018

-

-

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Group

Bank borrowings

The invoice discounting facility is denominated in GBP with a fixed interest rate of 2.5%. The carrying amount at the year end was £1,513,785 (2022 - £715,579).

The invoice discounting facility with Santander UK Plc is secured against the book debts of the group

The Bounceback loan is denominated in GBP with a fixed interest rate of 2.5%. The carrying amount at the year end was £Nil (2022 - £34,298).

The loan is unsecured and repayable over 72 months but was repaid in early 2023.

Other borrowings

A short term loan from the parent company is denominated in GBP with a nominal interest rate of 5.5%. The carrying amount at year end is £776,433 (2022 - £510,451).

Company

Other borrowings

A short term loan from the parent company is denominated in GBP with a nominal interest rate of 5.5%. The carrying amount at year end is £19,155,137 (2022 - £317,938).

24

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

787,167

533,461

Later than one year and not later than five years

2,409,745

1,927,527

Later than five years

3,343,154

3,820,594

6,540,066

6,281,582

The amount of non-cancellable operating lease payments recognised as an expense during the year was £1,048,183 (2022 - £788,374).

Operating leases - lessor

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

349,575

421,157

The leasing of compactors is set at a maximum length of one year and has no purchase exercise option at the end of the term.

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

25

Analysis of changes in net debt

Group

At 1 January 2023
£

Financing cash flows
£

Acquisition of subsidiaries
£

New finance leases
£

At 31 December 2023
£

Cash and cash equivalents

Cash

286,835

21,917,791

(19,871,620)

-

2,333,006

Borrowings

Long term borrowings

(317,938)

(18,837,199)

-

-

(19,155,137)

Short term borrowings

(466,469)

(547,274)

-

-

(1,013,743)

Lease liabilities

(81,521)

(13,177)

-

(132,176)

(226,874)

(865,928)

(19,397,650)

-

(132,176)

(20,395,754)

 

(579,093)

2,520,141

(19,871,620)

(132,176)

(18,062,748)

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Company

At 1 January 2023
£

Financing cash flows
£

Acquisition of subsidiaries
£

At 31 December 2023
£

Cash and cash equivalents

Cash

-

19,871,620

(19,871,620)

-

Borrowings

Long term borrowings

(317,938)

(18,837,199)

-

(19,155,137)

 

(317,938)

1,034,421

(19,871,620)

(19,155,137)

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

26

Related party transactions

Group

Summary of transactions with associates

Egbert Taylor Middle East LLC

Income and receivables from related parties

2023

Associates
£

Sale of goods

41,462

Amounts receivable from related party

901,464

2022

Associates
£

Sale of goods

249,346

Amounts receivable from related party

718,872

Loans from related parties

2023

Parent
£

Total
£

At start of period

828,388

828,388

Advanced

19,064,445

19,064,445

Interest transactions

38,736

38,736

At end of period

19,931,569

19,931,569

2022

Parent
£

Total
£

At start of period

1,132,604

1,132,604

Advanced

317,938

317,938

Repaid

(677,819)

(677,819)

Interest transactions

55,665

55,665

At end of period

828,388

828,388

Terms of loans from related parties

The short term loan facility is with the US based parent of Egbert Taylor Holdings Limited, EHT HoldCo inc
 

 

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Company

Loans from related parties

2023

Parent
£

Total
£

At start of period

317,938

317,938

Advanced

18,837,199

18,837,199

At end of period

19,155,137

19,155,137

2022

Parent
£

Total
£

Advanced

317,938

317,938

At end of period

317,938

317,938

27

Parent and ultimate parent undertaking

The group's immediate parent is EHT Holdco INC, incorporated in the United States of America.

  These financial statements are available upon request from Oak Park, Ryelands Lane, Elmley Lovett, Droitwich, Worcestershire, WR9 0QZ

 The ultimate controlling party is Aurora Capital Partners.