Company Registration No. 02646317 (England and Wales)
NEALES WASTE MANAGEMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
31 December 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
NEALES WASTE MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
NEALES WASTE MANAGEMENT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
57,511
52,176
Current assets
Debtors
5
4,553,292
4,048,487
Cash at bank and in hand
141,113
532,454
4,694,405
4,580,941
Creditors: amounts falling due within one year
6
(507,963)
(574,798)
Net current assets
4,186,442
4,006,143
Net assets
4,243,953
4,058,319
Capital and reserves
Called up share capital
100,000
100,000
Other reserves
2,091,579
2,091,579
Profit and loss reserves
2,052,374
1,866,740
Total equity
4,243,953
4,058,319

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
T Weston
Director
Company registration number 02646317 (England and Wales)
NEALES WASTE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Neales Waste Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Clayton Hall Sand Quarry, Clayton Hall Quarry, Dawson Lane, Whittle le woods, Lancashire, England, PR6 7DT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

Depreciation is charged to the profit and loss account on a straight-line basis over the estimated useful lives of each part of an item of tangible fixed assets. Leased assets are depreciated over the shorter of the lease term and their useful lives. Land is not depreciated. The estimated useful lives are as follows:

Freehold land and buildings
20 years
Plant and equipment
5 years
Fixtures and fittings
4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

NEALES WASTE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

NEALES WASTE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
10
NEALES WASTE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 December 2023
199,094
Amortisation and impairment
At 1 January 2023 and 31 December 2023
199,094
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
341,797
686,133
1,027,930
Additions
-
0
26,818
26,818
Disposals
(298,636)
(102,360)
(400,996)
At 31 December 2023
43,161
610,591
653,752
Depreciation and impairment
At 1 January 2023
341,797
633,957
975,754
Depreciation charged in the year
-
0
21,483
21,483
Eliminated in respect of disposals
(298,636)
(102,360)
(400,996)
At 31 December 2023
43,161
553,080
596,241
Carrying amount
At 31 December 2023
-
0
57,511
57,511
At 31 December 2022
-
0
52,176
52,176
NEALES WASTE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
393,284
246,668
Amounts owed by group undertakings
4,016,166
3,599,659
Other debtors
64,073
99,292
4,473,523
3,945,619
Deferred tax asset
79,769
102,868
4,553,292
4,048,487

Amounts owed by group undertakings are interest-free and repayable on demand.

 

6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
209,750
191,801
Amounts owed to group undertakings
-
0
124,631
Taxation and social security
75,775
81,257
Other creditors
222,438
177,109
507,963
574,798

Amounts owed to group undertakings are interest free and repayable on demand.

7
Capital reserve
2023
2022
£
£
At the beginning of the year
2,091,579
-
Other movements
-
2,091,579
At the end of the year
2,091,579
2,091,579

On 10 May 2022, Aalborg Portland A/S waived a financial payable by the company amounting to £2.1m. This was waived as part of settling liabilities of the company based upon facilities held as part of the cash pooling system.

NEALES WASTE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Christopher Johnson FCA
Statutory Auditor:
PM+M Solutions for Business LLP
Date of audit report:
19 September 2024
9
Financial commitments, guarantees and contingent liabilities

The company has provided bonds, guarantees and indemnities in favour of Lancashire County Council for £10,000.

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
72,401
60,336
11
Parent company

The parent company is NWM Holdings Limited, a company incorporated in England and Wales. Their registered office is Clayton Hall Sand Quarry Clayton Hall Quarry, Dawson Lane, Whittle-Le-Woods, Lancashire, England, PR6 7DT.

2023-12-312023-01-01false19 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedE FrizP GrazianiI LedsonI FennyT Westonfalsefalse026463172023-01-012023-12-31026463172023-12-31026463172022-12-3102646317core:LandBuildings2023-12-3102646317core:OtherPropertyPlantEquipment2023-12-3102646317core:LandBuildings2022-12-3102646317core:OtherPropertyPlantEquipment2022-12-3102646317core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3102646317core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3102646317core:CurrentFinancialInstruments2023-12-3102646317core:CurrentFinancialInstruments2022-12-3102646317core:ShareCapital2023-12-3102646317core:ShareCapital2022-12-3102646317core:OtherMiscellaneousReserve2023-12-3102646317core:OtherMiscellaneousReserve2022-12-3102646317core:RetainedEarningsAccumulatedLosses2023-12-3102646317core:RetainedEarningsAccumulatedLosses2022-12-3102646317bus:Director52023-01-012023-12-3102646317core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3102646317core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3102646317core:PlantMachinery2023-01-012023-12-3102646317core:FurnitureFittings2023-01-012023-12-31026463172022-01-012022-12-3102646317core:IntangibleAssetsOtherThanGoodwill2022-12-3102646317core:IntangibleAssetsOtherThanGoodwill2023-12-3102646317core:IntangibleAssetsOtherThanGoodwill2022-12-3102646317core:LandBuildings2022-12-3102646317core:OtherPropertyPlantEquipment2022-12-31026463172022-12-3102646317core:LandBuildings2023-01-012023-12-3102646317core:OtherPropertyPlantEquipment2023-01-012023-12-3102646317core:WithinOneYear2023-12-3102646317core:WithinOneYear2022-12-3102646317bus:PrivateLimitedCompanyLtd2023-01-012023-12-3102646317bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102646317bus:FRS1022023-01-012023-12-3102646317bus:Audited2023-01-012023-12-3102646317bus:Director12023-01-012023-12-3102646317bus:Director22023-01-012023-12-3102646317bus:Director32023-01-012023-12-3102646317bus:Director42023-01-012023-12-3102646317bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP