IRIS Accounts Production v24.2.0.383 02415498 director 1.4.23 31.3.24 31.3.24 0 1 true true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh024154982023-03-31024154982024-03-31024154982023-04-012024-03-31024154982022-03-31024154982022-04-012023-03-31024154982023-03-3102415498ns15:EnglandWales2023-04-012024-03-3102415498ns14:PoundSterling2023-04-012024-03-3102415498ns10:Director12023-04-012024-03-3102415498ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3102415498ns10:FRS1022023-04-012024-03-3102415498ns10:Audited2023-04-012024-03-3102415498ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3102415498ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3102415498ns10:FullAccounts2023-04-012024-03-3102415498ns10:OrdinaryShareClass12023-04-012024-03-3102415498ns5:CurrentFinancialInstruments2024-03-3102415498ns5:CurrentFinancialInstruments2023-03-3102415498ns5:Non-currentFinancialInstruments2024-03-3102415498ns5:Non-currentFinancialInstruments2023-03-3102415498ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3102415498ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-310241549842023-04-012024-03-310241549842022-04-012023-03-310241549812023-04-012024-03-310241549812022-04-012023-03-310241549822023-04-012024-03-310241549822022-04-012023-03-3102415498ns10:RegisteredOffice2023-04-012024-03-3102415498ns5:ShortLeaseholdAssetsns5:LandBuildings2023-04-012024-03-3102415498ns5:LeaseholdImprovements2023-04-012024-03-3102415498ns5:PlantMachinery2023-04-012024-03-3102415498ns5:FurnitureFittings2023-04-012024-03-3102415498ns5:MotorVehicles2023-04-012024-03-3102415498ns15:UnitedKingdom2023-04-012024-03-3102415498ns15:UnitedKingdom2022-04-012023-03-3102415498ns15:Europe2023-04-012024-03-3102415498ns15:Europe2022-04-012023-03-3102415498ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-04-012024-03-3102415498ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-04-012023-03-3102415498ns5:OwnedAssets2023-04-012024-03-3102415498ns5:OwnedAssets2022-04-012023-03-3102415498ns5:LeasedAssets2023-04-012024-03-3102415498ns5:LeasedAssets2022-04-012023-03-3102415498112023-04-012024-03-3102415498112022-04-012023-03-3102415498122023-04-012024-03-3102415498122022-04-012023-03-310241549862023-04-012024-03-310241549862022-04-012023-03-3102415498ns5:HirePurchaseContracts2023-04-012024-03-3102415498ns5:HirePurchaseContracts2022-04-012023-03-3102415498ns5:ShortLeaseholdAssetsns5:LandBuildings2023-03-3102415498ns5:LeaseholdImprovements2023-03-3102415498ns5:PlantMachinery2023-03-3102415498ns5:ShortLeaseholdAssetsns5:LandBuildings2024-03-3102415498ns5:LeaseholdImprovements2024-03-3102415498ns5:PlantMachinery2024-03-3102415498ns5:ShortLeaseholdAssetsns5:LandBuildings2023-03-3102415498ns5:LeaseholdImprovements2023-03-3102415498ns5:PlantMachinery2023-03-3102415498ns5:FurnitureFittings2023-03-3102415498ns5:MotorVehicles2023-03-3102415498ns5:FurnitureFittings2024-03-3102415498ns5:MotorVehicles2024-03-3102415498ns5:FurnitureFittings2023-03-3102415498ns5:MotorVehicles2023-03-3102415498ns5:LeaseholdImprovementsns5:LeasedAssetsHeldAsLessee2023-03-3102415498ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-3102415498ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-3102415498ns5:LeasedAssetsHeldAsLessee2023-03-3102415498ns5:LeaseholdImprovementsns5:LeasedAssetsHeldAsLessee2023-04-012024-03-3102415498ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-04-012024-03-3102415498ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-04-012024-03-3102415498ns5:LeasedAssetsHeldAsLessee2023-04-012024-03-3102415498ns5:LeaseholdImprovementsns5:LeasedAssetsHeldAsLessee2024-03-3102415498ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-03-3102415498ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-03-3102415498ns5:LeasedAssetsHeldAsLessee2024-03-3102415498ns5:LeaseholdImprovementsns5:LeasedAssetsHeldAsLessee2023-03-3102415498ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-3102415498ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-3102415498ns5:LeasedAssetsHeldAsLessee2023-03-3102415498ns5:AdditionsToInvestments2024-03-3102415498ns5:CostValuation2024-03-3102415498ns5:Subsidiary12023-04-012024-03-3102415498ns5:Subsidiary112023-04-012024-03-3102415498ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3102415498ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3102415498ns5:Non-currentFinancialInstruments2023-04-012024-03-3102415498ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-03-3102415498ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3102415498ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3102415498ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3102415498ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-03-3102415498ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-3102415498ns5:HirePurchaseContracts2024-03-3102415498ns5:HirePurchaseContracts2023-03-3102415498ns5:WithinOneYear2024-03-3102415498ns5:WithinOneYear2023-03-3102415498ns5:BetweenOneFiveYears2024-03-3102415498ns5:BetweenOneFiveYears2023-03-3102415498ns5:MoreThanFiveYears2024-03-3102415498ns5:MoreThanFiveYears2023-03-3102415498ns5:AllPeriods2024-03-3102415498ns5:AllPeriods2023-03-3102415498ns5:Secured2024-03-3102415498ns5:Secured2023-03-3102415498ns5:DeferredTaxation2023-03-3102415498ns5:DeferredTaxation2024-03-3102415498ns10:OrdinaryShareClass12024-03-31
REGISTERED NUMBER: 02415498 (England and Wales)


















Strategic Report, Report of the Director and

Audited Financial Statements for the Year Ended 31 March 2024

for

Total Waste Management Limited

Total Waste Management Limited (Registered number: 02415498)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Strategic Report 1

Report of the Director 5

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


Total Waste Management Limited (Registered number: 02415498)

Strategic Report
for the Year Ended 31 March 2024

The director presents his report with the financial statements of the company for the year ended 31 March 2024.

REVIEW OF BUSINESS
End user demand for recycled metal improved throughout this financial year compared to the previous year.

Q3 and Q4 were significantly affected by the conflict in the Gulf of Aden which increased container prices to five times the annual average.

The significant investment we have made during the past 3 years in our assets, people and processes helped us to adapt to these new circumstances and improve our gross profit margin.

We consider we are well placed in the current year and beyond.

Key performance indicators
2024 2023
Turnover increase/(decrease) (8.19%) (16.97%)
Gross profit margin 19.18% 14.57%
EBITDA £1,214,582 £719,224

PRINCIPAL RISKS AND UNCERTAINTIES
The director has set out below the principal risks facing the business. Where possible, processes are in place to monitor and mitigate such risks.

Environmental, Health & Safety - The Company's success is a result of strong systems and environmental controls being in place at each site. Significant resources are invested into employee training and development to ensure sites are safe and compliant. This has resulted in zero CAR reports being issued by the Environment Agency at sites.

World Economy - The Company continually monitor the global market and commodity prices as the business has exposure to metal prices and volumes. This has been seen in the current slowdown of the manufacturing industry and demand for finished products.

FUTURE DEVELOPMENTS
Carbon Reduction Plan below:

Commitment to achieving Net Zero
Total Waste Management (TWM) is committed to achieving Net Zero emissions by 2035.

This is our baseline report from which all future carbon reporting will be measured and assessed. During 2022 we compensated for our 2021 emissions by investing in international carbon reduction projects certified to international standards.

Our aim is to reach our net zero target fifteen years in advance of the 2050 target. The target in this report applies to all TWM sites and operations throughout the UK and our supply chains where attainable.

Baseline Emissions Footprint
Baseline emissions are a record of the greenhouse gases that have been produced in the past and were produced prior to the introduction of any company strategies to reduce emissions. These Baseline emissions are the reference point against which our emissions reduction can be measured.

The specific greenhouse gases to be reported against are the seven greenhouse gases named by the Kyoto Protocol: Carbon dioxide (CO2); Hydroflurocarbons (HFCs); Methane (CH4); Nitrous Oxide (N2O); Nitrogen Trifluoride (NF3); Perfluorocarbons (PCFs); and Sulphur Hexafluoride (SF6).


Total Waste Management Limited (Registered number: 02415498)

Strategic Report
for the Year Ended 31 March 2024


Baseline Year: 2021

Additional Details relating to the Baseline Emissions calculations.

This Carbon Reduction Plan (CRP) acts as our baseline year with emissions covering the calendar year 2021. It is this CRP from which all our future carbon emission reductions will be measured going forwards.

The baseline emissions were calculated in line with GHG Protocol Corporate Accounting and Reporting Standard
and ISO 14064-1:2018-Part 1.

Emissions were assessed and calculated by a recognised carbon compliance consultancy using the latest set of conversion factors issued BEIS at https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2021
This baseline report covers all scope 1, 2 and 3 greenhouse gas emissions attributable to:

*Use of fuels in Stationary Equipment
*Use of Fuels in Mobile Equipment
*Fugitive Emissions
*Use of Electricity in Stationary and Mobile Equipment
*Transmission and Distribution (T&D) and Well to Tank (WTT) Emissions

Scope 1 activities:

Encompasses all direct emissions from sources, activities, or equipment under the direct control of TWM and includes:

*Use of diesel fuel, natural gas and gas oil in Stationary equipment
*Use of diesel fuel in mobile equipment including vehicular and HGV fleet.

Scope 2 activities:

Encompasses all indirect emissions including from electricity, heat or steam purchased and used by the organisation, this includes:

*Use of electricity in stationary and mobile equipment such as in office buildings and outbuildings in the yards as well as in vehicles.


Scope 3 activities:

All other indirect emissions from activities and sources not owned or directly controlled by TWM this includes:

*Transmission and Distribution losses and Well to Tank (WTT) associated with the use of fuels and electricity stated above.


Total Waste Management Limited (Registered number: 02415498)

Strategic Report
for the Year Ended 31 March 2024


Baseline year emissions: 2021
EMISSIONS TOTAL (tCO2e) EMISSIONS TOTAL (tCO2e)
Scope 1 1,950.18
Scope 2 22.45
Scope 3(Included Sources) 466.57
Total Emissions 2,439.20
Total Emissions per tonne of material managed 0.02

Current Emissions Reporting

Emissions reduction targets
In order to continue our progress to achieving Net Zero, we have adopted the following carbon reduction targets, these targets are based on an intensity factor of kg CO2 per tonne of ferrous and non-ferrous metal managed.
We project that carbon emissions will decrease over the next five years to 0.012 tCO2e by 2027 on a per tonne of ferrous/non-ferrous metal managed. This is a reduction of 40%.

Carbon reduction projects

Given that the result from our carbon baseline report suggests that circa 80% of our emissions are from scope 1 activities it is in this area that we have chosen to direct most of our focus and effort aimed at reducing our carbon reduction emissions in line with our 5-year target and 2035 net zero goal. Our aim is to make a tangible difference to our carbon agenda and the environment as a whole with the focus and effort on the 'big wins' in areas that have the greatest impact on the environment.

Purchase of a fully electric shear

We have made a huge financial investment to reduce our use of gas oil and diesel with the purchase of a fully electric 14,500 tonne shear which arrived on our Basildon site in February 2023 and was operational from April 2023. It is one of the first fully automated electric shears operating in the UK and is capable of processing anything up to 500 tonnes a day of every grade of ferrous and non-ferrous materials. Given that the shear is the largest and most carbon intensive piece of equipment on our site it is hoped that by transferring operations to this new state-of the art piece of equipment our Scope 1 carbon emissions will be greatly reduced.

Target: to make all TWM sites gas (burning) free by end of year 2024 and wherever possible convert all plant and machinery to electric powered alternatives by end of 2025.

Move to Self-Generation

The transfer of the fuel source away from these carbon intensive sources will lead to an increased demand and reliance on our electricity supply. In order therefore to mitigate some of this increase in supply we have committed to the introduction and installation of solar panels on each of the yard buildings throughout our Basildon site. In addition to this we are also in the process of determining the planning position for the introduction of a wind turbine on site to further increase our self-generation capacity.


Total Waste Management Limited (Registered number: 02415498)

Strategic Report
for the Year Ended 31 March 2024

FINANCIAL INSTRUMENTS
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are only conducted in sterling. The company does not enter into any hedging transactions.

RESEARCH AND DEVELOPMENT
The company makes significant investments in research and development to improve existing products and services, and innovate to enable advancement in related areas.

ON BEHALF OF THE BOARD:





J G Widdowson - Director


23 September 2024

Total Waste Management Limited (Registered number: 02415498)

Report of the Director
for the Year Ended 31 March 2024

The director presents his report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of Scrap metal and waste merchant.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

DIRECTOR
J G Widdowson held office during the whole of the period from 1 April 2023 to the date of this report.

STRATEGIC REPORT
The Directors have chosen in accordance with S414c of the Companies Act to set out in the strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch 7 to be contained in the Directors' report. It has done so in respect of future development, financial instruments and research and development.

DIRECTOR'S RESPONSIBILITIES STATEMENT
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Gravita Essex Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J G Widdowson - Director


23 September 2024

Report of the Independent Auditors to the Members of
Total Waste Management Limited

Opinion
We have audited the financial statements of Total Waste Management Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Total Waste Management Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Director's Responsibilities Statement set out on page five, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatements due to fraud and error; and to respond appropriately to these risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned in accordance with the ISA's (UK).

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations our procedures included the following:

- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, the UK Corporate Governance code and the UK corporate taxation laws,
- We obtained an understanding of how the company are complying with the with those legal and regulatory frameworks by making enquiries with the companies directors. We corroborated our inquiries through our review of the board minutes and other information provided to the audit team.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud
- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process
- Challenging assumptions and judgements made by management in its significant accounting estimates
- Identifying and testing journal entries, in particular any journal entries posted with unusual account collaborations
- Assessing the extent of compliance with the relevant laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Total Waste Management Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Barry Grant Chernoff FCA FCCA (Senior Statutory Auditor)
for and on behalf of Gravita Essex Limited
Chartered Certified Accountants and
Statutory Auditors
Treviot House
186-192 High Road
Ilford
Essex
IG1 1LR

23 September 2024

Total Waste Management Limited (Registered number: 02415498)

Income Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 3 61,335,926 66,804,380

Cost of sales (49,571,898 ) (57,070,316 )
GROSS PROFIT 11,764,028 9,734,064

Distribution costs (6,930,568 ) (6,589,324 )
Administrative expenses (4,438,174 ) (4,131,863 )
395,286 (987,123 )

Other operating income - 641,556
OPERATING PROFIT/(LOSS) 4 395,286 (345,567 )

Interest receivable and similar income 16,184 10,959
411,470 (334,608 )

Interest payable and similar expenses 5 (414,604 ) (322,965 )
LOSS BEFORE TAXATION (3,134 ) (657,573 )

Tax on loss 6 24,396 (1,131,189 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

21,262

(1,788,762

)

Total Waste Management Limited (Registered number: 02415498)

Other Comprehensive Income
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 21,262 (1,788,762 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

21,262

(1,788,762

)

Total Waste Management Limited (Registered number: 02415498)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 7 8,650,938 7,769,560
Investments 8 1,900,000 -
10,550,938 7,769,560

CURRENT ASSETS
Stocks 9 2,583,865 1,860,318
Debtors 10 4,508,506 4,986,624
Cash at bank and in hand 463,977 1,118,728
7,556,348 7,965,670
CREDITORS
Amounts falling due within one year 11 (10,567,685 ) (11,947,018 )
NET CURRENT LIABILITIES (3,011,337 ) (3,981,348 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,539,601

3,788,212

CREDITORS
Amounts falling due after more than one
year

12

(4,715,628

)

(961,104

)

PROVISIONS FOR LIABILITIES 16 (1,663,314 ) (1,687,711 )
NET ASSETS 1,160,659 1,139,397

CAPITAL AND RESERVES
Called up share capital 17 300 300
Share premium 18 912,054 912,054
Retained earnings 18 248,305 227,043
SHAREHOLDERS' FUNDS 1,160,659 1,139,397

The financial statements were approved by the director and authorised for issue on 23 September 2024 and were signed by:





J G Widdowson - Director


Total Waste Management Limited (Registered number: 02415498)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 April 2022 300 2,015,805 912,054 2,928,159

Changes in equity
Deficit for the year - (1,788,762 ) - (1,788,762 )
Total comprehensive income - (1,788,762 ) - (1,788,762 )
Total transactions with owners,
recognised directly in equity

-

-

-

-
Balance at 31 March 2023 300 227,043 912,054 1,139,397

Changes in equity
Profit for the year - 21,262 - 21,262
Total comprehensive income - 21,262 - 21,262
Total transactions with owners,
recognised directly in equity

-

-

-

-
Balance at 31 March 2024 300 248,305 912,054 1,160,659

Total Waste Management Limited (Registered number: 02415498)

Cash Flow Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,251,695 4,748,317
Interest paid (2,555 ) 2,555
Tax paid (69,977 ) (263,591 )
Tax refund 132,059 -
Net cash from operating activities 2,311,222 4,487,281

Cash flows from investing activities
Purchase of tangible fixed assets (1,966,733 ) (4,160,313 )
Purchase of fixed asset investments (1,900,000 ) -
Sale of tangible fixed assets 386,905 693,268
Interest received 1,931 10,959
Net cash from investing activities (3,477,897 ) (3,456,086 )

Cash flows from financing activities
New loans received in year - 2,224,902
Loan repayments in year (451,253 ) (2,273,500 )
Related party movements 995,738 125,190
Capital repayments in year (1,433,079 ) (307,063 )
Amount introduced by directors 2,011,749 -
Amount withdrawn by directors (182,681 ) (214,909 )
Interest Paid (282,088 ) (288,583 )
Interest element of hire purchase paid (129,961 ) (36,937 )
Net cash from financing activities 528,425 (770,900 )

(Decrease)/increase in cash and cash equivalents (638,250 ) 260,295
Cash and cash equivalents at beginning of
year

2

1,102,227

841,932

Cash and cash equivalents at end of year 2 463,977 1,102,227

Total Waste Management Limited (Registered number: 02415498)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Loss before taxation (3,134 ) (657,573 )
Depreciation charges 798,971 1,053,846
Profit on disposal of fixed assets (100,520 ) (7,063 )
Finance costs 414,604 322,965
Finance income (16,184 ) (10,959 )
1,093,737 701,216
(Increase)/decrease in stocks (723,547 ) 1,330,675
(Increase)/decrease in trade and other debtors (263,995 ) 2,803,158
Increase/(decrease) in trade and other creditors 2,145,500 (86,732 )
Cash generated from operations 2,251,695 4,748,317

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 463,977 1,118,728
Bank overdrafts - (16,501 )
463,977 1,102,227
Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 1,118,728 850,835
Bank overdrafts (16,501 ) (8,903 )
1,102,227 841,932


Total Waste Management Limited (Registered number: 02415498)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1/4/23 Cash flow At 31/3/24
£    £    £   
Net cash
Cash at bank and in hand 1,118,728 (654,751 ) 463,977
Bank overdrafts (16,501 ) 16,501 -
1,102,227 (638,250 ) 463,977
Debt
Finance leases (895,142 ) (1,387,024 ) (2,282,166 )
Debts falling due within 1 year (2,676,155 ) 2,476,155 (200,000 )
Debts falling due after 1 year (466,667 ) 200,000 (266,667 )
(4,037,964 ) 1,289,131 (2,748,833 )
Total (2,935,737 ) 650,881 (2,284,856 )

Total Waste Management Limited (Registered number: 02415498)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Total Waste Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02415498

Registered office: Hovefields Avenue
Burnt Mills Industrial Estate
Basildon
Essex
SS13 1EB

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Preparation of consolidated financial statements
The financial statements contain information about UK Waste Recycling Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 402 of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no other significant judgements or estimates in the preparation of these financial statements.

Changes in accounting estimates
At the beginning of the year the directors reviewed the depreciation of skips and containers, the Arjes shredder and the shears included within Plant and Machinery. On review it was assessed that skips and containers should be depreciated using 20 years straight line instead of 10% reducing balance, the Arjes Shredder should be depreciated using 20 years straight line instead of 25% reducing balance and the shears should be depreciated using 20 years straight line on cost less residual value instead of 25% reducing balance to reflect the longer economic life of the assets.This resulted in fixed assets increasing and expenses decreasing by £1,160,560.

Turnover
Turnover represents the total invoice value, excluding value added tax. Sales of scrap metal are recognised as turnover based on delivery date of goods.

Total Waste Management Limited (Registered number: 02415498)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - Straight line over life of lease
Improvements to property - 20% on cost
Plant and machinery - 25% on reducing balance and Straight line over 20 years
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.

Total Waste Management Limited (Registered number: 02415498)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Debtors & creditors
Short term debtors are measured at transaction price, less any impairment. Short term creditors are measured at transaction price.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Going concern
The balance sheet at the end of the year recorded net current liabilities. However, the director believes that sufficient financial resources are available to the company to enable it to continue trading into the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 53,585,237 63,256,083
Europe 865,605 2,024,977
Rest of World 6,885,084 1,523,320
61,335,926 66,804,380

4. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 594,397 581,692
Depreciation - owned assets 570,313 768,187
Depreciation - assets on hire purchase contracts 228,657 285,657
Profit on disposal of fixed assets (100,520 ) (7,063 )
Foreign exchange differences 6,069 (25 )
Auditors remuneration 32,000 28,000
Hire of plant and machinery 1,297,717 859,957

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 266,084 270,909
Loan interest 18,559 17,674
Interest on underpaid tax - (2,555 )
Hire purchase 129,961 36,937
414,604 322,965

Total Waste Management Limited (Registered number: 02415498)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2024 2023
£    £   
Deferred tax (24,396 ) 1,131,189
Tax on loss (24,396 ) 1,131,189

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Loss before tax (3,134 ) (657,573 )
Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

(784

)

(124,939

)

Effects of:
Expenses not deductible for tax purposes 39,988 18,727
Income not taxable for tax purposes - (28,500 )
Capital allowances in excess of depreciation (193,469 ) (916,195 )
Deferred tax (24,396 ) 1,131,189

Unutilized losses 154,265 1,050,907
Total tax (credit)/charge (24,396 ) 1,131,189

Factors that may affect future tax charges
In the March 2021 Budget it was announced that the UK corporation tax rate would increase to 25% from 1
April 2023 for profits over £250,000. There are no other significant factors that may affect future tax charges.

Total Waste Management Limited (Registered number: 02415498)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. TANGIBLE FIXED ASSETS
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST
At 1 April 2023 316,089 1,302,147 8,674,557
Additions 6,938 351,720 1,518,983
Disposals - - (435,308 )
At 31 March 2024 323,027 1,653,867 9,758,232
DEPRECIATION
At 1 April 2023 54,022 775,024 2,547,800
Charge for year 29,509 171,760 378,849
Eliminated on disposal - - (233,923 )
At 31 March 2024 83,531 946,784 2,692,726
NET BOOK VALUE
At 31 March 2024 239,496 707,083 7,065,506
At 31 March 2023 262,067 527,123 6,126,757

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2023 378,460 1,235,235 11,906,488
Additions 55,692 33,400 1,966,733
Disposals - (191,270 ) (626,578 )
At 31 March 2024 434,152 1,077,365 13,246,643
DEPRECIATION
At 1 April 2023 209,235 550,847 4,136,928
Charge for year 50,394 168,458 798,970
Eliminated on disposal - (106,270 ) (340,193 )
At 31 March 2024 259,629 613,035 4,595,705
NET BOOK VALUE
At 31 March 2024 174,523 464,330 8,650,938
At 31 March 2023 169,225 684,388 7,769,560

Total Waste Management Limited (Registered number: 02415498)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 April 2023 46,610 3,135,086 431,400 3,613,096
Additions - 35,895 - 35,895
At 31 March 2024 46,610 3,170,981 431,400 3,648,991
DEPRECIATION
At 1 April 2023 4,195 200,592 134,445 339,232
Charge for year 9,322 145,096 74,239 228,657
At 31 March 2024 13,517 345,688 208,684 567,889
NET BOOK VALUE
At 31 March 2024 33,093 2,825,293 222,716 3,081,102
At 31 March 2023 42,415 2,934,494 296,955 3,273,864

8. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 1,900,000
At 31 March 2024 1,900,000
NET BOOK VALUE
At 31 March 2024 1,900,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

UK Waste Recycling Ltd
Registered office: Hovefields Avenue, Basildon, Essex, England, SS13 1EB
Nature of business: Treatment and disposal of non-hazardous waste
%
Class of shares: holding
Ordinary 100.00

9. STOCKS
2024 2023
£    £   
Raw materials 2,583,865 1,860,318

Total Waste Management Limited (Registered number: 02415498)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,023,096 3,084,144
Amounts owed by related parties 128,488 124,226
Other debtors 32,796 -
Directors' loan accounts - 611,761
Tax 236,534 371,148
VAT 29,537 307,419
Prepayments and accrued income 1,058,055 487,926
4,508,506 4,986,624

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13) 200,000 2,692,656
Hire purchase contracts (see note 14) 633,205 400,705
Trade creditors 8,569,401 7,604,845
Amounts owed to associates - 1,000,000
Tax - 72,532
Other creditors 11,327 19,531
Directors' loan accounts 403,055 -
Accruals and deferred income 750,697 156,749
10,567,685 11,947,018

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 13) 266,667 466,667
Hire purchase contracts (see note 14) 1,648,961 494,437
Amounts owed to associates 2,000,000 -
Directors' loan accounts 800,000 -
4,715,628 961,104

The loan is secured on the plant and machinery, which are included within fixed assets.

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 16,501
Bank loans 200,000 2,676,155
200,000 2,692,656

Amounts falling due between one and two years:
Bank loans - 1-2 years 266,667 466,667

Total Waste Management Limited (Registered number: 02415498)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 633,205 400,705
Between one and five years 1,648,961 494,437
2,282,166 895,142

Non-cancellable operating leases
2024 2023
£    £   
Within one year 1,394,353 1,485,200
Between one and five years 3,832,182 4,789,642
In more than five years 3,417,036 3,880,675
8,643,571 10,155,517

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 466,667 3,142,822
Hire purchase contracts 2,282,166 895,142
2,748,833 4,037,964

Bank loans are secured by way of a debenture over all assets of the company.

Hire purchase contracts are secured over the assets of the company, which are subject to hire purchase.

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,663,314 1,687,711

Deferred
tax
£   
Balance at 1 April 2023 1,687,711
Accelerated capital allowances 239,204
Deferred tax asset (263,601 )
Balance at 31 March 2024 1,663,314

Total Waste Management Limited (Registered number: 02415498)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
300 Ordinary £1 300 300

18. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2023 227,043 912,054 1,139,097
Profit for the year 21,262 21,262
At 31 March 2024 248,305 912,054 1,160,359

19. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023


20242023
£   £   

Amounts Advanced196,933214,909
Amounts Repaid(2,011,749)-

20. ULTIMATE CONTROLLING PARTY

The company is controlled by J Widdowson by virtue of The Gary Widdowson Family Settlement Trust 2004 holding 51% of the issued share capital in which he is a 50% beneficiary and also him holding another 39% personally.