REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
R&W ENVIRONMENTAL LTD |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Computer equipment | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
Additions |
At 31st March 2023 |
DEPRECIATION |
Charge for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
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 |
At 31st March 2023 |
DEPRECIATION |
Charge for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
5. | STOCKS |
31.3.23 | 31.3.22 |
as restated |
£ | £ |
Stocks |
Work-in-progress |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Deferred tax asset |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
as restated |
£ | £ |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 38,414 | - |
Other creditors |
Accrued expenses |
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 |
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 |
Deferred |
tax |
£ |
Balance at 1st April 2022 | ( |
) |
Movement in year due to: |
changes in tax losses | 177,309 |
changes in tax allowances | 41,862 |
Balance at 31st March 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | as restated |
£ | £ |
Ordinary | £1 | 100 | 100 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |