8 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 50,000 20,000 5,000 25,000 25,000 30,000 xbrli:pure xbrli:shares iso4217:GBP 07109780 2023-01-01 2023-12-31 07109780 2023-12-31 07109780 2022-12-31 07109780 2022-01-01 2022-12-31 07109780 2022-12-31 07109780 2021-12-31 07109780 core:NetGoodwill 2023-01-01 2023-12-31 07109780 core:PlantMachinery 2023-01-01 2023-12-31 07109780 core:MotorVehicles 2023-01-01 2023-12-31 07109780 bus:Director1 2023-01-01 2023-12-31 07109780 bus:Director2 2023-01-01 2023-12-31 07109780 core:NetGoodwill 2022-12-31 07109780 core:NetGoodwill 2023-12-31 07109780 core:PlantMachinery 2022-12-31 07109780 core:MotorVehicles 2022-12-31 07109780 core:PlantMachinery 2023-12-31 07109780 core:MotorVehicles 2023-12-31 07109780 core:WithinOneYear 2023-12-31 07109780 core:WithinOneYear 2022-12-31 07109780 core:AfterOneYear 2023-12-31 07109780 core:ShareCapital 2023-12-31 07109780 core:ShareCapital 2022-12-31 07109780 core:RetainedEarningsAccumulatedLosses 2023-12-31 07109780 core:RetainedEarningsAccumulatedLosses 2022-12-31 07109780 core:NetGoodwill 2022-12-31 07109780 core:PlantMachinery 2022-12-31 07109780 core:MotorVehicles 2022-12-31 07109780 bus:Director1 2022-12-31 07109780 bus:Director1 2023-12-31 07109780 bus:Director2 2022-12-31 07109780 bus:Director2 2023-12-31 07109780 bus:Director1 2021-12-31 07109780 bus:Director1 2022-12-31 07109780 bus:Director2 2021-12-31 07109780 bus:Director2 2022-12-31 07109780 bus:Director1 2022-01-01 2022-12-31 07109780 bus:Director2 2022-01-01 2022-12-31 07109780 bus:SmallEntities 2023-01-01 2023-12-31 07109780 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07109780 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07109780 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07109780 bus:FullAccounts 2023-01-01 2023-12-31 07109780 core:OfficeEquipment 2023-01-01 2023-12-31 07109780 core:OfficeEquipment 2022-12-31 07109780 core:OfficeEquipment 2023-12-31
COMPANY REGISTRATION NUMBER: 07109780
DRAIN WISE WASTE SOLUTIONS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
DRAIN WISE WASTE SOLUTIONS LTD
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Intangible assets
5
25,000
30,000
Tangible assets
6
197,143
176,000
---------
---------
222,143
206,000
CURRENT ASSETS
Stocks
15,460
15,460
Debtors
7
297,338
286,505
Cash at bank and in hand
81,878
68,057
---------
---------
394,676
370,022
CREDITORS: amounts falling due within one year
8
96,673
121,737
---------
---------
NET CURRENT ASSETS
298,003
248,285
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
520,146
454,285
CREDITORS: amounts falling due after more than one year
9
15,444
---------
---------
NET ASSETS
504,702
454,285
---------
---------
CAPITAL AND RESERVES
Called up share capital
10
10
Profit and loss account
504,692
454,275
---------
---------
SHAREHOLDERS FUNDS
504,702
454,285
---------
---------
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 December 2023 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 .
DRAIN WISE WASTE SOLUTIONS LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 4 July 2024 , and are signed on behalf of the board by:
S Woolley
A Reeve
Director
Director
Company registration number: 07109780
DRAIN WISE WASTE SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
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 3 George Street, Great Northern Terrace, Lincoln, LN5 8LG.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured 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 all 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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% reducing balance
Motor vehicles
-
20% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Defined contribution 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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 8 (2022: 10 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
50,000
--------
Amortisation
At 1 January 2023
20,000
Charge for the year
5,000
--------
At 31 December 2023
25,000
--------
Carrying amount
At 31 December 2023
25,000
--------
At 31 December 2022
30,000
--------
6. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
60,621
196,924
19,858
277,403
Additions
14,678
67,185
1,068
82,931
Disposals
( 14,000)
( 766)
( 14,766)
--------
---------
--------
---------
At 31 December 2023
75,299
250,109
20,160
345,568
--------
---------
--------
---------
Depreciation
At 1 January 2023
21,035
74,686
5,682
101,403
Charge for the year
10,855
35,645
3,811
50,311
Disposals
( 2,800)
( 489)
( 3,289)
--------
---------
--------
---------
At 31 December 2023
31,890
107,531
9,004
148,425
--------
---------
--------
---------
Carrying amount
At 31 December 2023
43,409
142,578
11,156
197,143
--------
---------
--------
---------
At 31 December 2022
39,586
122,238
14,176
176,000
--------
---------
--------
---------
7. DEBTORS
2023
2022
£
£
Trade debtors
48,776
69,666
Other debtors
248,562
216,839
---------
---------
297,338
286,505
---------
---------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
8,436
15,120
Corporation tax
47,157
51,229
Social security and other taxes
33,945
24,616
Other creditors
7,135
30,772
--------
---------
96,673
121,737
--------
---------
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Other creditors
15,444
--------
----
10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
S Woolley
( 28,538)
77,586
49,048
A Reeve
( 995)
( 6,918)
( 7,913)
--------
--------
--------
( 29,533)
70,668
41,135
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
S Woolley
( 76,712)
48,174
( 28,538)
A Reeve
( 22,700)
21,705
( 995)
--------
--------
--------
( 99,412)
69,879
( 29,533)
--------
--------
--------