Eastwood Envirowaste (Newline) Limited NI631129 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the treatment and disposal of non-hazardous waste Digita Accounts Production Advanced 6.30.9574.0 true true false NI631129 2023-01-01 2023-12-31 NI631129 2023-12-31 NI631129 bus:OrdinaryShareClass1 2023-12-31 NI631129 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI631129 core:RevaluationReserve 2023-12-31 NI631129 core:ShareCapital 2023-12-31 NI631129 core:CurrentFinancialInstruments 2023-12-31 NI631129 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 NI631129 core:FurnitureFittingsToolsEquipment 2023-12-31 NI631129 core:LandBuildings 2023-12-31 NI631129 core:OtherPropertyPlantEquipment 2023-12-31 NI631129 bus:SmallEntities 2023-01-01 2023-12-31 NI631129 bus:Audited 2023-01-01 2023-12-31 NI631129 bus:FullAccounts 2023-01-01 2023-12-31 NI631129 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI631129 bus:RegisteredOffice 2023-01-01 2023-12-31 NI631129 bus:Director1 2023-01-01 2023-12-31 NI631129 bus:Director2 2023-01-01 2023-12-31 NI631129 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 NI631129 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI631129 core:FurnitureFittings 2023-01-01 2023-12-31 NI631129 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 NI631129 core:LandBuildings 2023-01-01 2023-12-31 NI631129 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 NI631129 core:PlantMachinery 2023-01-01 2023-12-31 NI631129 1 2023-01-01 2023-12-31 NI631129 countries:AllCountries 2023-01-01 2023-12-31 NI631129 2022-12-31 NI631129 core:FurnitureFittingsToolsEquipment 2022-12-31 NI631129 core:LandBuildings 2022-12-31 NI631129 core:OtherPropertyPlantEquipment 2022-12-31 NI631129 2022-01-01 2022-12-31 NI631129 2022-12-31 NI631129 bus:OrdinaryShareClass1 2022-12-31 NI631129 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI631129 core:RevaluationReserve 2022-12-31 NI631129 core:ShareCapital 2022-12-31 NI631129 core:CurrentFinancialInstruments 2022-12-31 NI631129 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 NI631129 core:FurnitureFittingsToolsEquipment 2022-12-31 NI631129 core:LandBuildings 2022-12-31 NI631129 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI631129

Eastwood Envirowaste (Newline) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Eastwood Envirowaste (Newline) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Eastwood Envirowaste (Newline) Limited

Company Information

Directors

Mr John M Eastwood

Mrs Suzanne Eastwood

Registered office

137 Shore Road
Newtownabbey
Co. Antrim
BT37 9SY

Solicitors

McEvoy Sheridan Solicitors
344 Ormeau road
Belfast
BT7 2HL

Auditors

McKeague Morgan & Company
Chartered Accountants & Statutory Auditors
27 College Gardens
Belfast
BT9 6BS

 

Eastwood Envirowaste (Newline) Limited

(Registration number: NI631129)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,750,071

1,755,094

Current assets

 

Debtors

5

41,647

41,865

Creditors: Amounts falling due within one year

6

(2,208,854)

(2,227,800)

Net current liabilities

 

(2,167,207)

(2,185,935)

Total assets less current liabilities

 

(417,136)

(430,841)

Provisions for liabilities

(18,456)

(17,524)

Net liabilities

 

(435,592)

(448,365)

Capital and reserves

 

Called up share capital

200

200

Revaluation reserve

112,875

112,875

Profit and loss account

(548,667)

(561,440)

Total equity

 

(435,592)

(448,365)

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 June 2024 and signed on its behalf by:
 

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

Mrs Suzanne Eastwood
Director

 

Eastwood Envirowaste (Newline) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
137 Shore Road
Newtownabbey
Co. Antrim
BT37 9SY

These financial statements were authorised for issue by the Board on 27 June 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 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.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The company's liabilities exceed the assets by £435,592 (2022 : £448,365). In this regard the company is technically insolvent. The validity of the going concern assumption depends upon the continued support of other group companies.

The directors consider that in preparing the financial statements they have taken into account all information that could reasonably be expected to be available. Other group companies have provided cross company guarantees to fund the company to enable it to pay its debts as they fall due.

On this basis, the directors consider that it is appropriate to prepare the financial statements on a going concern basis.

Audit report

The Independent Auditors' Report was unqualified and the auditor did not draw attention to any matters by way of emphasis. The name of the Senior Statutory Auditor who signed the audit report on 27 June 2024 was Mr Nicholas McKeague, who signed for and on behalf of McKeague Morgan & Company.

 

Eastwood Envirowaste (Newline) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

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 sales/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.

Tax

The tax expense for the period comprises 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.

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:

Asset class

Depreciation method and rate

Fixtures and fittings

20% straight line

Plant and machinery

20% straight line

 

Eastwood Envirowaste (Newline) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

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.

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.

 

Eastwood Envirowaste (Newline) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

1,750,000

1,206

207,664

1,958,870

At 31 December 2023

1,750,000

1,206

207,664

1,958,870

Depreciation

At 1 January 2023

-

1,041

202,735

203,776

Charge for the year

-

165

4,858

5,023

At 31 December 2023

-

1,206

207,593

208,799

Carrying amount

At 31 December 2023

1,750,000

-

71

1,750,071

At 31 December 2022

1,750,000

165

4,929

1,755,094

Revaluation

The fair value of the company's land and buildings were revalued on 21 September 2022 by professional independent valuers, Savills (UK) Limited, a subsidiary of Savills Plc.

The Valuations were prepared on the basis of Market Value in accordance with the RICS Valuation – Global Standards (Incorporating the IVSC International Valuation Standards) (the “Red Book”) prepared by the Royal Institution of Chartered Surveyors
.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,637,125 (2022 - £1,637,125).

 

Eastwood Envirowaste (Newline) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

29,780

19,196

Amounts owed by group companies

9

8,888

19,078

Prepayments and accrued income

 

2,979

3,591

 

41,647

41,865

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

430,742

468,458

Trade creditors

 

20,500

13,540

Amounts owed to group companies

9

1,747,764

1,739,193

Taxation and social security

 

9,848

5,509

Accruals and deferred income

 

-

1,100

 

2,208,854

2,227,800

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

         
 

Eastwood Envirowaste (Newline) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

430,742

468,458

9

Related party transactions

The directors have taken advantage of the exemption from disclosing related party transactions with other wholly owned group companies, in accordance with FRS102.

10

Parent and ultimate parent undertaking

Eastwood Envirowaste (Newline) Limited is a 100% owned subsidiary of Eastwood Group Holdings Limited.

 The company's immediate parent is Eastwood Group Holdings Limited, incorporated in Northern Ireland.

 The ultimate controlling party is Mrs Suzanne Eastwood.