Company registration number 02205997 (England and Wales)
WESTCOMBE WASTE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
WESTCOMBE WASTE LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
WESTCOMBE WASTE LTD
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
904,035
793,800
Current assets
Debtors
4
458,293
475,168
Cash at bank and in hand
6,100
11,985
464,393
487,153
Creditors: amounts falling due within one year
5
(1,079,350)
(969,713)
Net current liabilities
(614,957)
(482,560)
Total assets less current liabilities
289,078
311,240
Creditors: amounts falling due after more than one year
6
(1,120)
(46,192)
Provisions for liabilities
7
(460,486)
(467,603)
Net liabilities
(172,528)
(202,555)
Capital and reserves
Called up share capital
8
150,000
150,000
Profit and loss reserves
(322,528)
(352,555)
Total equity
(172,528)
(202,555)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

WESTCOMBE WASTE LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Mr A Marland
Director
Company registration number 02205997 (England and Wales)
WESTCOMBE WASTE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2021
150,000
(366,482)
(216,482)
Year ended 31 March 2022:
Profit for the period
-
29,927
29,927
Dividends
-
(16,000)
(16,000)
Balance at 31 March 2022
150,000
(352,555)
(202,555)
Year ended 31 March 2023:
Profit for the year
-
52,027
52,027
Dividends
-
(22,000)
(22,000)
Balance at 31 March 2023
150,000
(322,528)
(172,528)
WESTCOMBE WASTE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information

Westcombe Waste Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of McCarthy Marland Limited. These consolidated financial statements are available from its registered office, 82 St. John Street, London, England, EC1M 4JN.

1.2
Going concern

As at the balance sheet date, the financial statements show that the company has liabilities in excess of assets of £172,528 (2022: £202,555) as a result of losses made to date. The financial statements have been prepared on a going concern basis as the directors and shareholders have confirmed that they will continue to support the company for the foreseeable future and meet the excess liabilities if the company is unable to do so.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the provision of waste management services provided in the normal course of business, and is shown net of VAT.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

WESTCOMBE WASTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
50 years straight line
Plant and equipment
3 - 8 years straight line
Motor vehicles
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

WESTCOMBE WASTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

WESTCOMBE WASTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
1,636,138
411,448
2,047,586
Additions
5,881
-
0
5,881
Transfers
167,185
-
0
167,185
At 31 March 2023
1,809,204
411,448
2,220,652
Depreciation and impairment
At 1 April 2022
936,101
317,685
1,253,786
Depreciation charged in the year
32,785
30,046
62,831
At 31 March 2023
968,886
347,731
1,316,617
Carrying amount
At 31 March 2023
840,318
63,717
904,035
At 31 March 2022
700,037
93,763
793,800
WESTCOMBE WASTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,416
14,632
Other debtors
456,877
460,536
458,293
475,168
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
1,936
9,707
Obligations under finance leases
12,684
11,386
Trade creditors
12,587
32,705
Amounts owed to group undertakings
696,788
815,507
Corporation tax
-
0
12,025
Other taxation and social security
26,091
14,636
Other creditors
195,285
28,073
Accruals
133,979
45,674
1,079,350
969,713

Obligations under finance leases are secured against the assets to which they relate.

 

The bank loan is repayable in instalments over 4 years and interest charged on the loan at a rate of 2.5% per annum.

 

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
-
0
32,387
Obligations under finance leases
1,120
13,805
1,120
46,192
WESTCOMBE WASTE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
7
Provisions for liabilities
2023
2022
£
£
Restoration provision
153,750
105,387
Aftercare provision
298,552
346,915
452,302
452,302
Deferred tax liabilities
8,184
15,301
460,486
467,603
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
150,000 Ordinary shares of £1 each
150,000
150,000
9
Related party transactions

The company has taken advantage of the exemption available in section 33.1A of FRS102 whereby it has not disclosed transactions with any wholly owned subsidiary undertakings within the group.

 

At the balance sheet date £28,000 (2022: £28,000) was owed to Alex Marland, a director of the company. This amount is repayable on demand and is included within other creditors.

 

10
Parent company

The parent company is McCarthy Marland Limited, whose registered office is 82 St John Street, London, EC1M 4JN.

The company is consolidated into the financial statements of the parent company, which is the smallest and largest group in which the company is consolidated into.

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