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COMPANY REGISTRATION NUMBER: 06195649
Shred-On-Site Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Shred-On-Site Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
2,087,080
2,048,948
Investments
6
20,000
20,000
------------
------------
2,107,080
2,068,948
Current assets
Stocks
3,500
5,188
Debtors
7
915,392
942,772
Cash at bank and in hand
474,676
691,080
------------
------------
1,393,568
1,639,040
Creditors: amounts falling due within one year
8
1,105,886
1,067,465
------------
------------
Net current assets
287,682
571,575
------------
------------
Total assets less current liabilities
2,394,762
2,640,523
Creditors: amounts falling due after more than one year
9
248,997
541,750
Provisions
416,558
400,565
------------
------------
Net assets
1,729,207
1,698,208
------------
------------
Shred-On-Site Limited
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,729,107
1,698,108
------------
------------
Shareholders funds
1,729,207
1,698,208
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 3 September 2024 , and are signed on behalf of the board by:
A J Chandler
Director
Company registration number: 06195649
Shred-On-Site Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 9 Trafalgar Way, Camberley, Surrey, GU15 3BN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as disclosed in the accounting policies. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed within the accounting policies. 1 Depreciation The annual depreciation charge for each class of tangible asset and the amortisation charge for the intangible asset is based on estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors.
Revenue recognition
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Consoles
-
5% or 33% straight line
Motor vehicles
-
12% straight line
Computer Equipment
-
10% or 33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 58 (2023: 55 ).
5. Tangible assets
Plant and machinery
Consoles
Motor vehicles
Computer Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
260,974
223,328
2,873,071
57,740
3,415,113
Additions
29,914
29,233
324,368
6,503
390,018
---------
---------
------------
--------
------------
At 31 March 2024
290,888
252,561
3,197,439
64,243
3,805,131
---------
---------
------------
--------
------------
Depreciation
At 1 April 2023
225,432
61,208
1,043,067
36,458
1,366,165
Charge for the year
18,931
39,679
281,809
11,467
351,886
---------
---------
------------
--------
------------
At 31 March 2024
244,363
100,887
1,324,876
47,925
1,718,051
---------
---------
------------
--------
------------
Carrying amount
At 31 March 2024
46,525
151,674
1,872,563
16,318
2,087,080
---------
---------
------------
--------
------------
At 31 March 2023
35,542
162,120
1,830,004
21,282
2,048,948
---------
---------
------------
--------
------------
6. Investments
Shares in participating interests
£
Cost
At 1 April 2023 and 31 March 2024
20,000
--------
Impairment
At 1 April 2023 and 31 March 2024
--------
Carrying amount
At 31 March 2024
20,000
--------
At 31 March 2023
20,000
--------
The company owns 20% of the issued share capital of The Shredding Alliance Holdings Limited.
7. Debtors
2024
2023
£
£
Trade debtors
709,005
701,914
Other debtors
206,387
240,858
---------
---------
915,392
942,772
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
60,000
Trade creditors
71,987
234,628
Amounts owed to group undertakings and undertakings in which the company has a participating interest
398,264
294,008
Social security and other taxes
215,081
174,927
Other creditors
420,554
303,902
------------
------------
1,105,886
1,067,465
------------
------------
Included in other creditors are hire purchase agreements £370,721 (2023 - £278,862) which are secured against the assets to which they relate.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
125,000
Other creditors
248,997
416,750
---------
---------
248,997
541,750
---------
---------
Included in other creditors are hire purchase agreements of £248,997 (2023 £416,750) which are secured against the assets to which they relate.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
215,737
256,674
Later than 1 year and not later than 5 years
199,245
581,500
---------
---------
414,982
838,174
---------
---------
11. Directors' advances, credits and guarantees
Included in other debtors are amounts owing to the company by the directors. These were advances of £18,521 (2023 £18,521) made to Director A, £15,970 (2023 £15,970) made to Director B and £15,918 (2023 £ 15,918 ) each to Director C and Director D. The loans are interest bearing and the balances outstanding at the year end represent the highest amount outstanding in the year.
12. Controlling party
The company is a wholly owned subsidiary of Mass Holdings and Investments Limited , a company registered in England and Wales. There is no ultimate controlling party.