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Registered number: 03832051
Centralgrange Environmental Waste Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2023
Alexander Myerson & Co Limited
Contents
Page
Strategic Report 1
Directors' Report 2
Independent Auditor's Report 3—5
Profit and Loss Account 6
Statement of Comprehensive Income 7
Balance Sheet 8
Statement of Changes in Equity 9
Statement of Cash Flows 10
Notes to the Statement of Cash Flows 11
Notes to the Financial Statements 12—16
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2023.
Principal Activity
The company's principal activity continues to be that of waste disposal and recycling.
Review of the Business
The turnover in 2023 was up by 6%, gross margins up from 13% to 30% and profit before tax up by 288%. 2022 was a year of change with the company ceasing a contract with its main customer and replacing this with a more diverse range of customers, 2023 saw the rewards of this change. This is covered more below.
Principal Risks and Uncertainties
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risk and uncertainty affecting the company is considered to be the current economic climate and legislation in the industry, however, the continued diversification of the customer base and outlets for the disposal of the waste will help to address the risk as recycling becomes more of a priority.
Market Development
The company continued with its decision, started in 2022, to move from its one main customer to a much wider spread of customers and types of waste including local councils. The company has the facilities in place to deal with these new types of waste and has developed relationships with suppliers to recycle the waste including recycling and burning in waste to energy plants rather than just going to landfill. New legislation brought in regarding what can go to landfill benefited the company as it is well placed to come up with alternative solutions
Next Financial Year
Continuing with the changes already made in 2023 turnover and profits for the year ended December 24 are expected to increase as new contracts are brought in and volumes built back up again. The expenditure on the plant in previous years will help with efficiencies and as the new contracts come online will help the business to increase turnover and profitability.
Financing
CEW is self-financed. The company is happy that it has sufficient funds in place without needing to seek any further external finance.
On behalf of the board
Mr C Molyneux
Director
26 September 2024
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Directors
The directors who held office during the year were as follows:
Mr C Molyneux
Mrs A Welsby
Mr P J Dean
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, Alexander Myerson & Co Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr C Molyneux
Director
26 September 2024
Page 2
Page 3
Independent Auditor's Report
Opinion
We have audited the financial statements of Centralgrange Environmental Waste Limited for the year ended 31 December 2023 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit/(loss) 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 Auditor's 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 directors' 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 entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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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 Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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 or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's report 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
As part of designing our audit, we determined materiality and assesses the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptons and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or noncomplaince with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of journals and key estimates and judgements made by management.
We gained an understanding of the legal regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the comapny that were in breach of these laws and regulations, including fraud.
We made enquiries of management with regards to compliance with the above laws and regulations to ensure that there were no breaches.
As part of our audit we performed sample testing, agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.
We did not identify any key audit matters relating to irregularities, including fraud. We addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 that we are required to state to them in an auditor's report 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.
Page 4
Page 5
Paul Burns BscBFP FCA (Senior Statutory Auditor)
for and on behalf of Alexander Myerson & Co Limited , Statutory Auditor
26 September 2024
Alexander Myerson & Co Limited
61 Rodney Street
Liverpool
L1 9ER
Page 5
Page 6
Profit and Loss Account
2023 2022
Notes £ £
TURNOVER 3 12,391,273 11,694,189
Cost of sales (8,686,277 ) (10,209,065 )
GROSS PROFIT 3,704,996 1,485,124
Administrative expenses (1,472,930 ) (888,610 )
OPERATING PROFIT 4 2,232,066 596,514
Profit on disposal of fixed assets 8,025 23,143
Other interest receivable and similar income 9 70,213 6,251
Interest payable and similar charges 10 (6,370 ) (32,730 )
PROFIT BEFORE TAXATION 2,303,934 593,178
Tax on Profit 11 (545,325 ) (75,815 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 1,758,609 517,363
The notes on pages 11 to 16 form part of these financial statements.
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Statement of Comprehensive Income
2023 2022
£ £
PROFIT FOR THE FINANCIAL YEAR 1,758,609 517,363
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,758,609 517,363
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Page 8
Balance Sheet
Registered number: 03832051
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 12 3,017,046 3,248,771
3,017,046 3,248,771
CURRENT ASSETS
Debtors 13 1,982,957 1,819,086
Cash at bank and in hand 6,521,270 4,903,259
8,504,227 6,722,345
Creditors: Amounts Falling Due Within One Year 14 (1,550,882 ) (1,733,962 )
NET CURRENT ASSETS (LIABILITIES) 6,953,345 4,988,383
TOTAL ASSETS LESS CURRENT LIABILITIES 9,970,391 8,237,154
PROVISIONS FOR LIABILITIES
Deferred Taxation 15 (517,333 ) (542,705 )
NET ASSETS 9,453,058 7,694,449
CAPITAL AND RESERVES
Called up share capital 17 1 1
Profit and Loss Account 9,453,057 7,694,448
SHAREHOLDERS' FUNDS 9,453,058 7,694,449
On behalf of the board
Mr C Molyneux
Director
26 September 2024
The notes on pages 11 to 16 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2022 1 7,177,085 7,177,086
Profit for the year and total comprehensive income - 517,363 517,363
As at 31 December 2022 and 1 January 2023 1 7,694,448 7,694,449
Profit for the year and total comprehensive income - 1,758,609 1,758,609
As at 31 December 2023 1 9,453,057 9,453,058
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Statement of Cash Flows
2023 2022
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 2,137,456 1,833,573
Interest paid (6,370 ) (32,730 )
Tax paid (167,382 ) (384,926 )
Net cash generated from operating activities 1,963,704 1,415,917
Cash flows from investing activities
Purchase of tangible assets (463,023 ) (312,267 )
Proceeds from disposal of tangible assets 80,000 215,000
Interest received 70,213 6,251
Net cash used in investing activities (312,810 ) (91,016 )
Cash flows from financing activities
Amount withdrawn by directors (32,883) -
Increase in cash and cash equivalents 1,618,011 1,324,901
Cash and cash equivalents at beginning of year 2 4,903,259 3,578,358
Cash and cash equivalents at end of year 2 6,521,270 4,903,259
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2023 2022
£ £
Profit for the financial year 1,758,609 517,363
Adjustments for:
Tax on profit 545,325 75,815
Interest expense 6,370 32,730
Interest income (70,213 ) (6,251 )
Depreciation of tangible assets 622,773 757,306
Profit on disposal of tangible assets (8,025) (23,143)
Movements in working capital:
Increase in trade and other debtors (163,745 ) (679,684 )
(Decrease)/increase in trade and other creditors (553,638 ) 1,159,437
Net cash generated from operations 2,137,456 1,833,573
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2023 2022
£ £
Cash at bank and in hand 6,521,270 4,903,259
3. Analysis of changes in net funds
As at 1 January 2023 Cash flows As at 31 December 2023
£ £ £
Cash at bank and in hand 4,903,259 1,618,011 6,521,270
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Notes to the Financial Statements
1. General Information
Centralgrange Environmental Waste Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03832051 . The registered office is Cew Recycling, Merton Street, St Helens, Merseyside, WA9 1HU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. 
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% on cost
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
2.4. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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3. Turnover
Analysis of turnover by geographical market is as follows:
2023 2022
£ £
United Kingdom 12,391,273 11,694,189
12,391,273 11,694,189
4. Operating Profit
The operating profit is stated after charging:
2023 2022
£ £
Bad debts - 10,560
Depreciation of tangible fixed assets 622,773 757,306
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2023 2022
£ £
Audit Services
Audit of the company's financial statements 7,000 6,700
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2023 2022
£ £
Wages and salaries 1,114,919 958,929
Social security costs 122,023 100,574
Other pension costs 317,034 24,009
1,553,976 1,083,512
7. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2023 2022
Office and administration 6 6
Drivers 11 10
Plant operators 9 9
26 25
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8. Directors' remuneration
2023 2022
£ £
Emoluments 127,000 88,507
Company contributions to money purchase pension schemes 290,250 1,095
417,250 89,602
Information regarding the highest paid director was as follows:
2023 2022
£ £
Emoluments 26,000 26,000
Company contributions to money purchase pension schemes 144,000 -
170,000 26,000
9. Interest Receivable and Similar Income
2023 2022
£ £
Bank interest receivable 70,213 6,251
10. Interest Payable and Similar Charges
2023 2022
£ £
Bank loans and overdrafts - 90
Factoring charges - 25,999
Other finance charges 6,370 6,641
6,370 32,730
11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2023 2022
2023 2022 £ £
Current tax
UK Corporation Tax 23.5% 19.0% 570,697 167,382
Deferred Tax
Deferred taxation (25,372 ) (91,567 )
Total tax charge for the period 545,325 75,815
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2023 2022
£ £
Profit before tax 2,303,934 593,178
Tax on profit at 23.5% (UK standard rate) 541,885 112,704
...CONTINUED
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Goodwill/depreciation not allowed for tax 146,476 143,888
Expenses not deductible for tax purposes 1,419 (2,780 )
Capital allowances (119,083 ) (86,430 )
Deferred tax from unrecognised tax loss or credit (25,372 ) (91,567 )
Total tax charge for the period 545,325 75,815
12. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 January 2023 900,787 4,145,500 1,663,805 6,710,092
Additions - 334,360 128,663 463,023
Disposals - (219,150 ) - (219,150 )
As at 31 December 2023 900,787 4,260,710 1,792,468 6,953,965
Depreciation
As at 1 January 2023 100,213 2,546,432 814,676 3,461,321
Provided during the period 6,681 377,005 239,087 622,773
Disposals - (147,175 ) - (147,175 )
As at 31 December 2023 106,894 2,776,262 1,053,763 3,936,919
Net Book Value
As at 31 December 2023 793,893 1,484,448 738,705 3,017,046
As at 1 January 2023 800,574 1,599,068 849,129 3,248,771
13. Debtors
2023 2022
£ £
Due within one year
Trade debtors 958,579 1,358,594
Prepayments and accrued income 360,052 460,492
Other debtors 664,200 -
Net wages 126 -
1,982,957 1,819,086
14. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 589,764 1,177,893
Corporation tax 570,697 167,382
Other taxes and social security 32,676 27,497
VAT 179,649 121,088
Accruals and deferred income 149,774 178,897
Directors' loan accounts 28,322 61,205
1,550,882 1,733,962
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15. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 517,333 542,705
16. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2023 542,705 542,705
Deferred taxation (25,372 ) (25,372 )
Balance at 31 December 2023 517,333 517,333
17. Share Capital
2023 2022
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 1.00 each 1 1
18. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £317,034 (2022: £24,009).
At the balance sheet date contributions of £NIL were due to the fund.
19. Related Party Disclosures
Included in other debtors is an interest free loan to Madora Property Management Limited totalling £664,200, a company controlled by Faye Molyneux, the daughter of Christopher Molyneux, one of the Directors of Centralgrange Environmental Waste Limited.
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