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Registration number: 09699924

Wasteworx Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Wasteworx Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Wasteworx Limited

(Registration number: 09699924)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

224

267

Current assets

 

Debtors

5

7,871

8,085

Cash at bank and in hand

 

7,294

10,029

 

15,165

18,114

Creditors: Amounts falling due within one year

6

(19,177)

(16,093)

Net current (liabilities)/assets

 

(4,012)

2,021

Total assets less current liabilities

 

(3,788)

2,288

Creditors: Amounts falling due after more than one year

6

(5,583)

(9,651)

Net liabilities

 

(9,371)

(7,363)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(9,471)

(7,463)

Shareholders' deficit

 

(9,371)

(7,363)

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 6 September 2024
 


M H Stephens
Director

 

Wasteworx Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
96 High Street
Ilfracombe
Devon
EX34 9NH

Principal activity

The principal activity of the company is other building completion and finishing

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence fort he foreseeable future. The validity of this assumption depends on the continued support from the company's directors.

If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of the assets to their recoverable amounts and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets.

The director believes that it is appropriate for the financial statements to be prepared on the going concern basis.

 

Wasteworx Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Asset class

Depreciation method and rate

Fixtures & Fittings

Straight Line 7 years

Motor Vehicles

Straight Line 9.5 years

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

 

Wasteworx Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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 statement of comprehensive income 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Wasteworx Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

550

7,800

8,350

At 31 January 2024

550

7,800

8,350

Depreciation

At 1 February 2023

288

7,795

8,083

Charge for the year

38

5

43

At 31 January 2024

326

7,800

8,126

Carrying amount

At 31 January 2024

224

-

224

At 31 January 2023

262

5

267

5

Debtors

2024
£

2023
£

Trade debtors

6,787

7,051

Other debtors

-

696

Prepayments

1,084

338

7,871

8,085

 

Wasteworx Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

5,026

4,865

Trade creditors

 

5,645

2,837

Taxation and social security

 

1,319

1,979

Accruals and deferred income

 

632

707

Other creditors

 

6,555

5,705

 

19,177

16,093

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

5,583

9,651

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Wasteworx Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,583

9,651

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,068

3,966

Other borrowings

958

899

5,026

4,865

9

Related party transactions

Transactions with the director

2024

At 1 February 2023
£

Advances to director
£

At 31 January 2024
£

(5,705)

454

(5,251)

       
     

 

2023

At 1 February 2022
£

At 31 January 2023
£

(5,705)

(5,705)