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Registration number: 03954111

Capital Compactors Limited

Annual Report and Financial Statements

for the Period from 1 April 2023 to 31 December 2023

 

Capital Compactors Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 8

Profit and Loss Account

9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13 to 27

 

Capital Compactors Limited

Company Information

Directors

M A Moore

L R Bull

D J Williams

Company secretary

L R Bull

Registered office

Oak Park Rylands Lane
Elmley Lovett
Droitwich
WR9 0QZ

Auditors

Clement Rabjohns Limited
Statutory Auditor
111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Capital Compactors Limited

Strategic Report for the Period from 1 April 2023 to 31 December 2023

The directors present their strategic report for the period from 1 April 2023 to 31 December 2023.

Principal activity

The principal activity of the company is the manufacture of commercial waste compactors

Fair review of the business

Capital Compactors Ltd was incorporated in March 2000 and is a well-established leading designer, manufacturer and supplier of high-quality waste compaction and recycling machinery for lease and sale throughout the UK. As at the end of the 31 December 2023 financial period it has 756 (2023: 796) rental machines on its fleet and provides service and maintenance contracts generating long-term recurring revenues from a prestigious client base.

The company's key financial and other performance indicators during the period were as follows:

Financial KPIs

Unit

2023

2023

Turnover

£

6,198,593

7,014,719

Operating profit

£

540,768

622,278

Principal risks and uncertainties

The revenues of the company are wholly derived from the United Kingdom and any weakness in the economy would potentially impact sales. The directors monitor cash flows as part of day-to-day control procedures and the cash flow projections are regularly reviewed to ensure that there is adequate provision to cover obligations.

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

.........................................
L R Bull
Company secretary and director

 

Capital Compactors Limited

Directors' Report for the Period from 1 April 2023 to 31 December 2023

The directors present their report and the financial statements for the period from 1 April 2023 to 31 December 2023.

Directors of the company

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

M J Braddock (appointed 30 November 2023 and resigned 26 January 2024)

A W J Lindsay (resigned 30 November 2023)

J Lindsay - Company secretary and director (resigned 30 November 2023)

M A Moore (appointed 30 November 2023)

L R Bull - Company secretary and director (appointed 30 November 2023)

The following director was appointed after the period end:

D J Williams (appointed 26 January 2024)

Financial instruments

Objectives and policies

The revenues of the company are wholly derived from the United Kingdom and any weakness in the economy would potentially impact sales. The directors monitor cash flows as part of the day-to-day control procedures and the cash flow projections are regularly reviewed to ensure that there is adequate provision to cover obligations.

Environmental matters

We aim to continue contributing to protecting the environment by reducing our own carbon footprint and helping our customers to reduce their waste by increasing awareness of the need to recycle materials such as plastics and cardboard, as well as reducing landfill of general waste and subsequent reduction in the transportation of waste by reducing its volume.

We have increased our own in-house recycling to include mixed recycling as well as cardboard, plastics, paint tins and aerosols. We have fitted auto-sensor LED lighting throughout the manufacturing plant. We have replaced many of the older service vehicles with new lower-emission ones. We are developing components for remote machine fault diagnostics which will reduce the number of service call outs.

Going concern

The directors have assessed the company's ability to continue trading as a going concern. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Disclosure of information to the auditors

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 company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are 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.

 

Capital Compactors Limited

Directors' Report for the Period from 1 April 2023 to 31 December 2023

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

.........................................
L R Bull
Company secretary and director

 

Capital Compactors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Capital Compactors Limited

Independent Auditor's Report to the Members of Capital Compactors Limited

Opinion

We have audited the financial statements of Capital Compactors Limited (the 'company') for the period from 1 April 2023 to 31 December 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 31 December 2023 and of its profit for the period 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 company'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.

 

Capital Compactors Limited

Independent Auditor's Report to the Members of Capital Compactors Limited

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 period 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 company 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, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

 

Capital Compactors Limited

Independent Auditor's Report to the Members of Capital Compactors Limited

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including legislation such as the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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 company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
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

 

Capital Compactors Limited

Profit and Loss Account for the Period from 1 April 2023 to 31 December 2023

Note

31 December
2023
£

31 March
2023
£

Turnover

3

6,198,592

7,014,720

Cost of sales

 

(2,238,697)

(2,403,801)

Gross profit

 

3,959,895

4,610,919

Administrative expenses

 

(3,397,297)

(4,068,047)

Other operating income

4

(21,830)

79,406

Operating profit

5

540,768

622,278

Gain on financial assets at fair value through profit and loss

 

-

235,000

Other interest receivable and similar income

6

9,192

6,771

Interest payable and similar expenses

7

(8,385)

(39,231)

   

807

202,540

Profit before tax

 

541,575

824,818

Tax on profit

11

(130,305)

(153,132)

Profit for the financial period

 

411,270

671,686

The above results were derived from continuing operations.

The company has no recognised gains or losses for the period other than the results above.

 

Capital Compactors Limited

Statement of Comprehensive Income for the Period from 1 April 2023 to 31 December 2023

31 December
2023
£

31 March
2023
£

Profit for the period

411,270

671,686

Total comprehensive income for the period

411,270

671,686

 

Capital Compactors Limited

(Registration number: 03954111)
Balance Sheet as at 31 December 2023

Note

31 December
2023
£

31 March
2023
£

Fixed assets

 

Intangible assets

12

14,435

17,766

Tangible assets

13

3,332,707

3,353,048

Investment property

14

-

1,335,000

 

3,347,142

4,705,814

Current assets

 

Stocks

15

995,735

672,799

Debtors

16

1,658,045

2,303,154

Cash at bank and in hand

 

1,572,326

188,779

 

4,226,106

3,164,732

Creditors: Amounts falling due within one year

18

(2,261,922)

(2,283,651)

Net current assets

 

1,964,184

881,081

Total assets less current liabilities

 

5,311,326

5,586,895

Creditors: Amounts falling due after more than one year

18

(619,826)

(1,231,199)

Provisions for liabilities

19

(350,802)

(366,268)

Net assets

 

4,340,698

3,989,428

Capital and reserves

 

Called up share capital

100

100

Other reserves

-

602,235

Retained earnings

4,340,598

3,387,093

Shareholders' funds

 

4,340,698

3,989,428

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

.........................................
L R Bull
Company secretary and director

 

Capital Compactors Limited

Statement of Changes in Equity for the Period from 1 April 2023 to 31 December 2023

Share capital
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 April 2023

100

602,235

3,387,093

3,989,428

Profit for the period

-

-

411,270

411,270

Dividends

-

-

(60,000)

(60,000)

Transfers

-

(602,235)

602,235

-

At 31 December 2023

100

-

4,340,598

4,340,698

Share capital
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 April 2022

100

411,497

3,180,244

3,591,841

Profit for the period

-

-

671,686

671,686

Dividends

-

-

(274,099)

(274,099)

Transfers

-

190,738

(190,738)

-

At 31 March 2023

100

602,235

3,387,093

3,989,428

 

Capital Compactors Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023

1

General information

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

The address of its registered office is:
Oak Park Rylands Lane
Elmley Lovett
Droitwich
WR9 0QZ
England

The principal place of business is:
3 Shortwood Court
Shortwood Business Park
Barnsley
South Yorkshire
S74 9LH
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.

Pound Sterling (£)

Name of parent of group

These financial statements are consolidated in the financial statements of Egbert Taylor Holdings Limited.

The financial statements of Egbert Taylor Holdings Limited may be obtained from Oak Park, Ryland Lane, Elmley Lovett, Droitwich, WR9 0QZ.

Disclosure of long or short period

The accounting period has been shortened to match the rest of the Egbert Taylor Holdings Limited group.

Going concern

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

 

Capital Compactors Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023

Judgements

Application of the accounting policies in the preparation of the financial statements requires the directors to apply judgement involving assumptions and estimates concerning future results and other developments, including the likelihood, timing or amount of future transactions or events. There can be no assurance that actual results will not materially differ from those estimates.

Estimates and underlying expectations are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

i) Impairment of tangible fixed assets
Management have considered whether there are any indications that Property, Plant and Equipment may have suffered an impairment at the reporting date as required by FRS 102. Management believe that there are no internal or external factors which indicate that such tangible assets may have been impaired. As such, the Directors have not considered it necessary to estimate the recoverable amount of such assets.

Key sources of estimation uncertainty

i) Useful economic lives of plant and machinery;
The annual depreciation charge for plant and machinery is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. See note 12 for the carrying amount of plant and machinery, and 'Tangible fixed assets' accounting policy for the depreciation policy used.

ii) Manufactured stocks and plant and machinery;
Where stocks and plant and machinery are manufactured, the cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. The labour element is calculated using actual rates that have been calculated by the company.

 

Capital Compactors Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023

Revenue recognition

Turnover represents net invoiced sales of goods and services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to the consideration, and sale and leaseback transactions where the balance of risk and rewards remains with the company.

The revenue for machines leased by the company to the customer is recognised according to the terms of the lease. Revenue relating to future periods is shown as deferred income.

The revenue for machines sold is recognised when ownership is transferred in accordance with the contract with the customer.

Any sales proceeds relating to the servicing and repair of machines to be provided in future periods by the company is deferred to the periods in which the services are to be undertaken. Deferred income is calculated from the beginning of the month during which the contract commences.

Other sales are recognised as delivered, installed or service performed.

The sale of items to leasing companies and the immeadiate leaseback of those items where the risk and reward of the transaction mainly remains with the company is treated purely as a financing transaction.

Tax

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

The current income 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 company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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:

 

Capital Compactors Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023

Asset class

Depreciation method and rate

Property

2% and 10% on cost

Plant and Machinery

at varying rates on cost

Fixtures and Fittings

25% reducing balance basis

Motor Vehicles

25% reducing balance basis

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.

Amortisation

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

Asset class

Amortisation method and rate

Trademarks

10 years

Computer Software

25% reducing balance basis

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 company 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.

 

Capital Compactors Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023

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 company 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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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 company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Capital Compactors Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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 company's turnover for the period from continuing operations is as follows:

31 December
2023
£

31 March
2023
£

Sale of goods

4,086,298

4,270,335

Rendering of services

2,112,294

2,744,385

6,198,592

7,014,720

4

Other operating income

The analysis of the company's other operating income for the period is as follows:

31 December
2023
£

31 March
2023
£

Miscellaneous other operating income

(21,830)

79,406

5

Operating profit

Arrived at after charging/(crediting)

31 December
2023
£

31 March
2023
£

Depreciation expense

238,850

308,173

Amortisation expense

3,331

5,727

Profit on disposal of property, plant and equipment

(337,064)

(645,450)

6

Other interest receivable and similar income

31 December
2023
£

31 March
2023
£

Other finance income

9,192

6,771

 

Capital Compactors Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023

7

Interest payable and similar expenses

31 December
2023
£

31 March
2023
£

Interest on bank overdrafts and borrowings

117

941

Interest expense on other finance liabilities

5,667

32,074

Other finance costs

2,601

6,216

8,385

39,231

8

Staff costs

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

31 December
2023
£

31 March
2023
£

Wages and salaries

2,110,753

2,551,376

Social security costs

224,860

281,314

Pension costs, defined contribution scheme

60,459

74,612

Other employee expense

22,064

14,637

2,418,136

2,921,939

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

31 December
2023
No.

31 March
2023
No.

Production

53

52

Administration and support

20

20

73

72

9

Directors' remuneration

The directors' remuneration for the period was as follows:

31 December
2023
£

31 March
2023
£

Remuneration

18,400

18,200

Contributions paid to money purchase schemes

1,755

2,340

20,155

20,540

 

Capital Compactors Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023

10

Auditors' remuneration

31 December
2023
£

31 March
2023
£

Audit of the financial statements

13,500

12,000


 

11

Taxation

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

31 December
2023
£

31 March
2023
£

Current taxation

UK corporation tax

145,771

72,633

Deferred taxation

Arising from origination and reversal of timing differences

(15,466)

80,499

Tax expense in the income statement

130,305

153,132

The tax on profit before tax for the period is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

31 December
2023
£

31 March
2023
£

Profit before tax

541,575

824,818

Corporation tax at standard rate

135,394

156,715

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

17,425

8,006

Deferred tax expense relating to changes in tax rates or laws

28,796

19,255

Tax decrease from effect of capital allowances and depreciation

(14,014)

(8,291)

Tax decrease from other short-term timing differences

(18,100)

(22,553)

Tax decrease arising from group relief

(19,196)

-

Total tax charge

130,305

153,132

 

Capital Compactors Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated tax depreciation

-

352,473

Provisions

1,671

-

1,671

352,473

2023

Asset
£

Liability
£

Accelerated tax depreciation

-

323,555

Provisions

1,550

-

-

44,262

1,550

367,817

12

Intangible assets

Internally generated software development costs
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

40,887

1,540

42,427

At 31 December 2023

40,887

1,540

42,427

Amortisation

At 1 April 2023

23,121

1,540

24,661

Amortisation charge

3,331

-

3,331

At 31 December 2023

26,452

1,540

27,992

Carrying amount

At 31 December 2023

14,435

-

14,435

At 31 March 2023

17,766

-

17,766

 

Capital Compactors Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023

13

Tangible assets

Land and buildings
£

Property improvements
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

1,642,525

49,919

205,810

4,754,725

497,499

7,150,478

Additions

-

-

2,066

151,843

127,638

281,547

Disposals

-

-

(147,459)

(140,130)

(46,893)

(334,482)

At 31 December 2023

1,642,525

49,919

60,417

4,766,438

578,244

7,097,543

Depreciation

At 1 April 2023

258,663

49,919

195,534

3,026,822

266,489

3,797,427

Charge for the period

24,637

-

2,077

153,986

58,150

238,850

Eliminated on disposal

-

-

(145,843)

(80,515)

(45,083)

(271,441)

At 31 December 2023

283,300

49,919

51,768

3,100,293

279,556

3,764,836

Carrying amount

At 31 December 2023

1,359,225

-

8,649

1,666,145

298,688

3,332,707

At 31 March 2023

1,383,862

-

10,276

1,727,903

231,007

3,353,048

 

Capital Compactors Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

31 December
2023
£

31 March
2023
£

Plant and machinery

24,385

97,310

Motor vehicles

22,984

-

 

47,369

97,310

Restriction on title and pledged as security

Land and buildings with a carrying amount of £Nil (2023 - £1,383,862) has been pledged as security for company bank loans. The security was removed during the period ended 31 December 2023.

14

Investment properties

31 December
2023
£

At 1 April

1,335,000

Disposals

(1,335,000)

At 31 December

-

15

Stocks

31 December
2023
£

31 March
2023
£

Raw materials and consumables

410,049

323,412

Work in progress

346,837

269,595

Finished goods and goods for resale

238,849

79,792

995,735

672,799

16

Debtors

Current

Note

31 December
2023
£

31 March
2023
£

Trade debtors

 

945,102

1,669,467

Amounts owed by related parties

25

582,238

-

Other debtors

 

45

412,790

Prepayments

 

130,660

138,501

Income tax asset

11

-

82,396

   

1,658,045

2,303,154

 

Capital Compactors Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023

17

Cash and cash equivalents

31 December
2023
£

31 March
2023
£

Cash on hand

261

307

Cash at bank

1,572,065

188,472

1,572,326

188,779

18

Creditors

Note

31 December
2023
£

31 March
2023
£

Due within one year

 

Loans and borrowings

22

7,417

149,059

Trade creditors

 

462,294

642,621

Social security and other taxes

 

392,060

366,712

Other payables

 

19,514

40,827

Accruals

 

47,384

131,278

Income tax liability

11

218,406

72,633

Deferred income

 

1,114,847

880,521

 

2,261,922

2,283,651

Due after one year

 

Loans and borrowings

22

1,559

664,278

Deferred income

 

618,267

566,921

 

619,826

1,231,199

19

Provisions for liabilities

Deferred tax
£

Total
£

At 1 April 2023

366,268

366,268

Increase (decrease) in existing provisions

(15,466)

(15,466)

At 31 December 2023

350,802

350,802

 

Capital Compactors Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023

20

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £60,459 (2023 - £74,612).

21

Share capital

Allotted, called up and fully paid shares

 

31 December
2023

31 March
2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

22

Loans and borrowings

31 December
2023
£

31 March
2023
£

Non-current loans and borrowings

Bank borrowings

-

664,278

Hire purchase contracts

1,559

-

1,559

664,278

31 December
2023
£

31 March
2023
£

Current loans and borrowings

Bank borrowings

-

110,509

Hire purchase contracts

7,417

38,550

7,417

149,059

 

Capital Compactors Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023

Bank borrowings

Bank loans are denominated in sterling , the carrying amount at period end is £Nil (2023 - £774,787).

The loans were repaid during the period ended 31 December 2023.

Hire purchase contracts are denominated in sterling , the carrying amount at period end is £8,976 (2023 - £38,550).

The finance leases are secured on the assets acquired.

23

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

31 December
2023
£

31 March
2023
£

Not later than one year

13,146

4,130

Later than one year and not later than five years

2,910

-

16,056

4,130

The amount of non-cancellable operating lease payments recognised as an expense during the period was £42,068 (2023 - £43,498).

Operating leases - lessor

The total of future minimum lease payments is as follows:

31 December
2023
£

31 March
2023
£

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.

24

Dividends

   

31 December
2023

 

31 March
2023

   

£

 

£

Interim dividend of £600.00 (2023 - £2,740.99) per ordinary share

 

60,000

 

274,099

         
 

Capital Compactors Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023

25

Related party transactions

Transactions with directors

2023

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

A W J Lindsay

A & J Lindsay

409,790

267,648

(677,438)

-

         

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

A W J Lindsay

A & J Lindsay

274,099

453,548

(317,857)

409,790

         
       

 

Other transactions with directors

Interest was charged on the balance owed by the directors, Mr and Mrs Lindsay, at the official rate totalling £7,891 (2023: £6,805) in the year. The balances are repayable on demand.

Expenditure with and payables to related parties

2023

Key management
£

Leases

34,000

2023

Key management
£

Leases

43,498

Loans to related parties

2023

Parent
£

Total
£

Advanced

582,238

582,238

At end of period

582,238

582,238

26

Parent and ultimate parent undertaking

The company's immediate parent is Egbert Taylor Holdings Limited, incorporated in England and Wales, UK.

 The most senior parent entity producing publicly available financial statements is Egbert Taylor Holdings Limited. These financial statements are available upon request from Oak Park, Ryland Lane, Elmley Lovett, Droitwich, WR9 0QZ.