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REGISTERED NUMBER: SC223118 (Scotland)














STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

BINN SKIPS LIMITED

BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 7

Income Statement 10

Other Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Statement of Cash Flows 14

Notes to the Statement of Cash Flows 15

Notes to the Financial Statements 16


BINN SKIPS LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: D Sanderson
A MacGregor
J MacGregor
B Harkins





SECRETARY: Gillespie MacAndrew Secretaries Limited





REGISTERED OFFICE: 5 Atholl Crescent
Edinburgh
EH3 8EJ





REGISTERED NUMBER: SC223118 (Scotland)





AUDITORS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)

STRATEGIC REPORT
for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The company's core activities include the provision of waste management services, recycling and recovery of materials and scrap metal trading.

In the year under review the company's overall turnover increased by 15.73% to £24.2m, a record turnover for the company. Gross margin has increased from 19.50% to 21.91%. Profit before tax increased by 53.62% on the previous year from £1,248,922 to £1,918,615. The directors are very pleased with the results for the year achieved in a highly competitive industry in an uncertain economic climate challenged by high inflation and interest rates, and believe the business is well placed to build on these results in the coming years.

The company had originally planned to commence RDF operations in February 2024 however we decided to use the equipment purchased to grow our commodity trading presence in the UK. The early signs are looking very promising and we look forward to seeing the impact of this investment in the 2024/25 financial year and beyond.

Principal risks and uncertainty
Risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and ongoing review by management. Compliance with all regulation and legal requirements is a high priority for the company.

The company has developed a framework for identifying the risks that the business is exposed to and their impact on economic capital. The process is risk based and uses individual Capital Assessment principles to manage our capital requirements and to ensure we have the financial strength and capital adequacy to support the growth of the business and to meet the requirements of our clients, customers and regulators.

The principal risks from our principal activity arise from:
- Our market: potential adverse impact on financial performance of a detrimental change to the competitive and/or economic environment;
- Operating in a regulated environment: the implication of levies or other financial penalties of a breach of regulation; and
- Our people: the detrimental effect of a loss in key personnel.

In addition the company is exposed to financial risks arising primarily from the investments that it holds. These risks are discussed in the section of the directors' report dealing with financial instruments and risk management. Our business strategies are approved by the Board and communicated clearly throughout the business through policy statements and guidelines.

Key performance indicators
We have made significant progress throughout the year in relation to key elements of our strategy. The Board monitors the progress of the company by reference to the following key performance indicators:


2024 2023 2022
Gross profit as a percentage of sales - Waste
management services

18.22%

14.24%

15.63%
Gross profit as a percentage of sales - Metal
Trading

40.95%

40.58%

41.52%
Total gross profit as a percentage of total sales 21.91% 19.50% 20.41%
Profit before tax as a percentage of sales 7.95% 5.97% 7.29%
Total sales increase 15.73% 4.04% 51.37%


BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)

STRATEGIC REPORT
for the Year Ended 31 March 2024


Future events
The company has committed to a significant investment in new state-of-the-art processing and recycling equipment at Binn Farm, Glenfarg which will drive operational efficiencies, increase recoveries and recycling rates as well as improving profitability. This is currently under construction, and it is anticipated that the new equipment will be fully operational in August 2024.

The company is continuing to explore business acquisition opportunities that align with our overall strategy to further enhance growth and profitability.

ON BEHALF OF THE BOARD:





D Sanderson - Director


22 August 2024

BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)

REPORT OF THE DIRECTORS
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of waste management services and recycling.

DIVIDENDS
Interim dividends per share on the A Ordinary shares were paid as follows:

£0.018125 - 30 June 2023
£0.020625 - 30 September 2023
£0.020625 - 31 December 2023
£0.020625 - 31 March 2024

£0.080000

Interim dividends per share on the Ordinary shares were paid as follows:

£71,250.00 - 31 December 2023

£71,250.00

The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 March 2024 will be £349,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

D Sanderson
A MacGregor
J MacGregor
B Harkins


BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)

REPORT OF THE DIRECTORS
for the Year Ended 31 March 2024

FINANCIAL INSTRUMENTS
Treasury operations and financial instruments
The company's operations expose it to a variety of financial risks that include the effects of changes in debt market prices, credit risk, liquidity risk and inherent rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs. The company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.

Given the size of the company, the directors have not delegated responsibility of managing financial risk management to a sub-committee of the Board. The policies set by the board of directors are implemented by the company's finance department.

Liquidity risk
The company actively maintains a mixture of long-term and short-term debt finance that is designed to ensure that the company has sufficient funds available for operations and planned expansions.

Interest rate risks
The company has both interest bearing assets and interest bearing liabilities. Interest bearing assets include cash balances which earns interest at a fixed rate. The company has a policy of maintaining debt at a fixed rate to ensure certainty of future interest and cash flows. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.

Price risk
The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors shall revisit the appropriateness of this policy should the company's operations change in size or nature. The company has no exposure to equity securities price risk as it holds no list or other equity investments.

Credit risk
The company has implemented policies that require appropriate credit checks on potential customers before sales are made. Where debt finance is utilised, this is subject to pre-approval by the board of directors and such approval is limited to financial institutions with an AA rating or better. The amount of exposure to any individual counterparty is subject to a limit, which is reassessed annually by the board.

Business risk
Business risk is contained because the company's business is well diversified across retail, new build, trade and commercial sectors. The company has much greater business diversity than any of its major competitors. However we are aware that unforeseen events could arise that might affect the individual market sectors in which we operate, but our overall assessment is that such events are unlikely in the short and medium term.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen to set out in the review of the business information required to be stated in relation to the director's report, specifically, likely future developments of the business.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)

REPORT OF THE DIRECTORS
for the Year Ended 31 March 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Acumen Accountants and Advisors Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D Sanderson - Director


22 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BINN SKIPS LIMITED

Opinion
We have audited the financial statements of Binn Skips Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 March 2024 and of its profit 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 Auditors' 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 directors' 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 financial statements are 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 in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the 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 or the Report of the Directors.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BINN SKIPS LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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.

Auditors' 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 a Report of the Auditors 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:

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, focusing on provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks identified include:

- UK GAAP
- Companies Act 2006
- Corporation Tax legislation
- VAT legislation
- Health and Safety legislation

We gained an understanding of how the company is complying with these laws and regulations by:

- enquiry of management, those charged with governance and the entity's solicitors 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 financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussions with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. The following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

- reviewing the level of and reasoning behind the company's procurement of legal and professional services;
- performing audit procedures over 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 and reviewing judgements made by the management in their calculation of accounting estimates for potential management bias.

Our audit procedures were designed to respond to the risk of material misstatement in the financial statements, recognising that the risk of not detecting a material risk due to fraud is higher than the risk of not detecting one resulting from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BINN SKIPS LIMITED


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 a Report of the Auditors 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.




Steven McKenzie (Senior Statutory Auditor)
for and on behalf of Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

22 August 2024

BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)

INCOME STATEMENT
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 4 24,202,431 20,912,347

Cost of sales 18,898,793 16,834,050
GROSS PROFIT 5,303,638 4,078,297

Administrative expenses 3,398,089 2,864,372
1,905,549 1,213,925

Other operating income 5 180,461 164,494
OPERATING PROFIT 8 2,086,010 1,378,419

Interest receivable and similar income 11,155 11,464
2,097,165 1,389,883

Interest payable and similar expenses 10 178,550 140,961
PROFIT BEFORE TAXATION 1,918,615 1,248,922

Tax on profit 11 444,179 207,872
PROFIT FOR THE FINANCIAL YEAR 1,474,436 1,041,050

BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)

OTHER COMPREHENSIVE INCOME
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,474,436 1,041,050


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,474,436

1,041,050

BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)

STATEMENT OF FINANCIAL POSITION
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 13 96,297 195,546
Tangible assets 14 7,728,134 7,050,959
Investment property 15 - 300,563
7,824,431 7,547,068

CURRENT ASSETS
Stocks 16 131,957 89,558
Debtors 17 6,633,388 4,790,550
Cash at bank and in hand 1,380,665 753,557
8,146,010 5,633,665
CREDITORS
Amounts falling due within one year 18 6,582,098 5,054,786
NET CURRENT ASSETS 1,563,912 578,879
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,388,343

8,125,947

CREDITORS
Amounts falling due after more than one year 19 (2,299,428 ) (2,466,057 )

PROVISIONS FOR LIABILITIES 23 (1,404,517 ) (1,100,928 )
NET ASSETS 5,684,398 4,558,962

CAPITAL AND RESERVES
Called up share capital 24 800,004 800,004
Revaluation reserve 25 64,319 64,319
Non distributable reserves 25 101,215 101,215
Retained earnings 25 4,718,860 3,593,424
SHAREHOLDERS' FUNDS 5,684,398 4,558,962

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





D Sanderson - Director


BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 March 2024

Called up Non
share Retained Revaluation distributable Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 April 2022 800,004 2,722,374 64,319 101,215 3,687,912

Changes in equity
Dividends - (170,000 ) - - (170,000 )
Total comprehensive income - 1,041,050 - - 1,041,050
Balance at 31 March 2023 800,004 3,593,424 64,319 101,215 4,558,962

Changes in equity
Dividends - (349,000 ) - - (349,000 )
Total comprehensive income - 1,474,436 - - 1,474,436
Balance at 31 March 2024 800,004 4,718,860 64,319 101,215 5,684,398

BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)

STATEMENT OF CASH FLOWS
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,949,374 2,702,005
Interest paid (22,781 ) (30,527 )
Interest element of hire purchase payments paid (155,769 ) (110,434 )
Net cash from operating activities 2,770,824 2,561,044

Cash flows from investing activities
Purchase of intangible fixed assets - (20,000 )
Purchase of tangible fixed assets (2,479,320 ) (2,787,328 )
Sale of tangible fixed assets 408,148 174,946
Interest received 11,155 11,464
Loan movements in year - other parties (164,730 ) (696,485 )
Net cash from investing activities (2,224,747 ) (3,317,403 )

Cash flows from financing activities
New loans in year 262,245 -
Loan repayments in year (64,550 ) (21,998 )
Capital repayments in year 86,329 884,564
Amount introduced by directors 526,623 340,261
Amount withdrawn by directors (381,039 ) (464,273 )
Equity dividends paid (349,000 ) (170,000 )
Net cash from financing activities 80,608 568,554

Increase/(decrease) in cash and cash equivalents 626,685 (187,805 )
Cash and cash equivalents at beginning of year 2 753,077 940,882

Cash and cash equivalents at end of year 2 1,379,762 753,077

BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)

NOTES TO THE STATEMENT OF CASH FLOWS
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 1,918,615 1,248,922
Depreciation charges 1,834,405 1,609,027
Profit on disposal of fixed assets (40,596 ) (31,160 )
Finance costs 178,550 140,961
Finance income (11,155 ) (11,464 )
3,879,819 2,956,286
Increase in stocks (42,399 ) (18,722 )
Increase in trade and other debtors (1,823,693 ) (318,641 )
Increase in trade and other creditors 935,647 83,082
Cash generated from operations 2,949,374 2,702,005

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 1,380,665 753,557
Bank overdrafts (903 ) (480 )
1,379,762 753,077
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 753,557 951,507
Bank overdrafts (480 ) (10,625 )
753,077 940,882


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 753,557 627,108 1,380,665
Bank overdrafts (480 ) (423 ) (903 )
753,077 626,685 1,379,762
Debt
Finance leases (3,750,624 ) (86,329 ) (3,836,953 )
Debts falling due within 1 year (22,000 ) (219,694 ) (241,694 )
Debts falling due after 1 year (22,000 ) 22,000 -
(3,794,624 ) (284,023 ) (4,078,647 )
Total (3,041,547 ) 342,662 (2,698,885 )

BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Binn Skips Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Revenue represents amounts received and receivable, net of VAT and trade discounts, for goods and services in the ordinary course of business. Revenue from supplying services is recognised when those services are completed and invoiced. Revenue from the sale of recycling materials is recognised when the materials have been despatched and invoiced.

Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Long leasehold - 10% on cost and 5% on cost
Plant and machinery - 20% on cost, 16% Straight Line and 10% on cost
Fixtures and fittings - 20% on cost and 10% on cost
Motor vehicles - 33% on cost, 25% on cost, 20% on cost and 16% Straight Line

Land, included within long leasehold, is considered to have an infinite useful life and is therefore not depreciated.

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Investment property
Investment property is included at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. Deferred taxation is provided on these adjustments at the rate expected to apply when the property is sold.

No depreciation is provided for in respect of investment properties in accordance with FRS 102. Such properties are held for their investment potential and not for consumption within the business. This is a departure from the Companies Act 2006 which requires all properties to be depreciated and the directors consider that to depreciate them would not enable the financial statements to give a true and fair view. Investments properties are stated at their fair value at the balance sheet date.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.


BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Income from operating leases is recognised on a straight line basis over the lease term.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable. The company also makes contributions to personal pension funds for certain employees who are not in the company's defined contribution scheme.

Grants
Grants are credited to deferred revenue. Based on the accruals model, grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

A government grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs, is recognised in profit or loss of the period in which it becomes receivable.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Waste management services 19,773,259 16,353,875
Metal 3,935,913 4,177,304
Recycling - sale of materials 452,663 338,077
Recharges 40,596 43,091
24,202,431 20,912,347

5. OTHER OPERATING INCOME
2024 2023
£    £   
Rents received 9,690 14,725
Sundry receipts 85,774 53,649
Renewable heat incentive 84,997 96,120
180,461 164,494

BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

6. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 5,129,189 4,791,921
Social security costs 526,353 521,726
Other pension costs 334,884 284,131
5,990,426 5,597,778

The average number of employees during the year was as follows:
2024 2023

Directors 5 5
Operations 121 113
Administration 10 9
Sales 7 8
143 135

7. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 235,790 220,726
Directors' pension contributions to money purchase schemes 68,525 72,332

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 123,413 109,936
Pension contributions to money purchase schemes 9,603 19,146

8. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 566,836 540,319
Depreciation - assets on hire purchase contracts 1,168,320 969,958
Profit on disposal of fixed assets (40,596 ) (31,160 )
Goodwill amortisation 99,249 98,751

9. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's financial
statements

12,237

12,000

BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

10. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 22,781 30,527
Hire purchase 155,769 110,434
178,550 140,961

11. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 140,590 2,452

Deferred tax 303,589 205,420
Tax on profit 444,179 207,872

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,918,615 1,248,922
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
19%)

479,654

237,295

Effects of:
Expenses not deductible for tax purposes 8,972 5,448
Income not taxable for tax purposes (10,149 ) (2,178 )
Capital allowances in excess of depreciation (112,500 ) (406,611 )
Utilisation of tax losses (190,020 ) -
Loss carried forward - 138,064
Prior year - 2,452
Group relief (35,367 ) 27,982
Deferred tax movement 303,589 205,420
Total tax charge 444,179 207,872

12. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 285,000 -
A Ordinary shares of £1 each
Interim 64,000 170,000
349,000 170,000

BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

13. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 1,366,000
AMORTISATION
At 1 April 2023 1,170,454
Amortisation for year 99,249
At 31 March 2024 1,269,703
NET BOOK VALUE
At 31 March 2024 96,297
At 31 March 2023 195,546

14. TANGIBLE FIXED ASSETS
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 April 2023 711,043 1,314,246 6,010,015
Additions - 27,675 1,188,858
Disposals - - (243,935 )
Reclassification/transfer (153,004 ) 453,567 -
At 31 March 2024 558,039 1,795,488 6,954,938
DEPRECIATION
At 1 April 2023 149,202 723,991 3,329,607
Charge for year 14,220 104,453 653,405
Eliminated on disposal - - (20,728 )
Reclassification/transfer (14,623 ) 14,623 -
At 31 March 2024 148,799 843,067 3,962,284
NET BOOK VALUE
At 31 March 2024 409,240 952,421 2,992,654
At 31 March 2023 561,841 590,255 2,680,408

BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

14. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2023 147,663 5,505,818 13,688,785
Additions 4,987 1,257,800 2,479,320
Disposals - (427,133 ) (671,068 )
Reclassification/transfer - - 300,563
At 31 March 2024 152,650 6,336,485 15,797,600
DEPRECIATION
At 1 April 2023 136,172 2,298,854 6,637,826
Charge for year 4,665 958,413 1,735,156
Eliminated on disposal - (282,788 ) (303,516 )
Reclassification/transfer - - -
At 31 March 2024 140,837 2,974,479 8,069,466
NET BOOK VALUE
At 31 March 2024 11,813 3,362,006 7,728,134
At 31 March 2023 11,491 3,206,964 7,050,959

Included within long leasehold is land of £10,000 (2023: £10,000) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 2,188,842 4,034,472 6,223,314
Additions 910,039 1,170,428 2,080,467
Disposals (183,883 ) (49,245 ) (233,128 )
Transfer to ownership (252,751 ) (353,710 ) (606,461 )
At 31 March 2024 2,662,247 4,801,945 7,464,192
DEPRECIATION
At 1 April 2023 393,122 1,298,620 1,691,742
Charge for year 377,386 790,934 1,168,320
Eliminated on disposal - (29,754 ) (29,754 )
Transfer to ownership (135,746 ) (312,565 ) (448,311 )
At 31 March 2024 634,762 1,747,235 2,381,997
NET BOOK VALUE
At 31 March 2024 2,027,485 3,054,710 5,082,195
At 31 March 2023 1,795,720 2,735,852 4,531,572

BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

15. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 300,563
Reclassification/transfer (300,563 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 300,563

16. STOCKS
2024 2023
£    £   
Stocks 131,957 89,558

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,112,933 2,476,853
Amounts owed by group undertakings 1,514,389 1,349,660
Other debtors 1,226,519 156,929
Directors' current accounts 268,605 414,189
Prepayments and accrued income 510,942 392,919
6,633,388 4,790,550

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 20) 903 480
Other loans (see note 20) 241,694 22,000
Hire purchase contracts (see note 21) 1,537,525 1,306,567
Trade creditors 1,957,878 1,257,190
Tax 140,590 -
Social security and other taxes 141,385 138,123
VAT 559,721 405,680
Other creditors 637,711 1,038,630
Accruals and deferred income 1,364,691 886,116
6,582,098 5,054,786

The company was advanced a loan of £110,000 in December 2019. The loan is repayable in 60 monthly instalments. The rate of interest is 3.75% per annum.

The company was advanced a loan of £172,924 in December 2023. The loan is repayable in 10 monthly instalments. The rate of interest is 5.35% per annum.

The company was advanced a loan of £89,321 in March 2024. The loan is repayable in 10 monthly instalments. The rate of interest is 5.28% per annum.

BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other loans (see note 20) - 22,000
Hire purchase contracts (see note 21) 2,299,428 2,444,057
2,299,428 2,466,057

20. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 903 480
Other loans 241,694 22,000
242,597 22,480

Amounts falling due between one and two years:
Other loans - 1-2 years - 22,000

21. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 1,537,525 1,306,567
Between one and five years 2,299,428 2,444,057
3,836,953 3,750,624

Non-cancellable operating leases
2024 2023
£    £   
Within one year 97,160 232,636
Between one and five years 62,175 138,774
159,335 371,410

BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

22. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Invoice factoring advance 535,996 904,577

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

A bond and floating charge is held over the whole assets of the company.

There is a cross guarantee between the company, its parent company and its fellow subsidiaries in favour of HSBC Bank plc.

The invoice factoring advance is secured over £1,899,006 (2023: £1,740,815) of the company's trade debtors under an Invoice Factoring Agreement with HSBC.

23. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,404,517 1,100,928

Deferred
tax
£   
Balance at 1 April 2023 1,100,928
Provided during year 303,589
Balance at 31 March 2024 1,404,517

24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
4 Ordinary £1 4 4
800,000 A Ordinary £1 800,000 800,000
800,004 800,004

Holders of Ordinary Shares are entitled to attend and vote at general meetings of the company.

Holders of 'A' Ordinary Shares are entitled to receive notice of all general meetings but are not entitled to attend or vote.

All Shares rank pari passu as regards capital distributions but the company may declare and pay differing levels of dividends on each separate class of Share, in such amounts and in such proportions to the holders of the Ordinary Shares and the 'A' Ordinary Shares respectively, as the directors may from time to time determine.

25. RESERVES
Non
Retained Revaluation distributable
earnings reserve reserves Totals
£    £    £    £   

At 1 April 2023 3,593,424 64,319 101,215 3,758,958
Profit for the year 1,474,436 1,474,436
Dividends (349,000 ) (349,000 )
At 31 March 2024 4,718,860 64,319 101,215 4,884,394

BINN SKIPS LIMITED (REGISTERED NUMBER: SC223118)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

26. PENSION COMMITMENTS

The company's pension cost for the year was £334,884 (2023: £284,131). Outstanding contributions as at the year end totalled £55,437 (2023: £30,551) in relation to employers and employees contributions.

27. ULTIMATE PARENT COMPANY

The ultimate parent company is Binn Group Limited. The accounts of Binn Group Limited, which reflect the consolidation
of the company, are available from the company secretary at 5 Atholl Crescent, Edinburgh, EH3 8EJ.

28. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 2,555,000 -

29. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
A MacGregor
Balance outstanding at start of year 108,315 142,618
Amounts advanced 229,587 205,591
Amounts repaid (203,600 ) (239,894 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 134,302 108,315

J MacGregor
Balance outstanding at start of year 305,872 147,558
Amounts advanced 151,452 258,681
Amounts repaid (323,022 ) (100,367 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 134,302 305,872

The above loans are interest free and there are no fixed repayment terms.

30. RELATED PARTY DISCLOSURES

Key management personnel compensation for the year ended 31 March 2024 was £814,702 (2023: £612,344).

During the year the company transacted with a related party. As at 31 March 2024 there is a nil balance due from (2023: £13,924) the related party to the company. The loan is interest free and repayable on demand.

31. ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by the MacGregor Family by virtue of their shareholding in the parent company, Binn
Group Limited.