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Registered Number: 03898215
England and Wales

 

 

 

SKIP IT WASTE MANAGEMENT LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 5 3,908,587    2,559,321 
3,908,587    2,559,321 
Current assets      
Debtors: amounts falling due within one year 684,983    698,387 
Cash at bank and in hand 52,824    77,365 
737,807    775,752 
Creditors: amount falling due within one year (1,992,353)   (1,207,881)
Net current assets (1,254,546)   (432,129)
 
Total assets less current liabilities 2,654,041    2,127,192 
Creditors: amount falling due after more than one year (1,834,965)   (1,329,011)
Net assets 819,076    798,181 
 

Capital and reserves
     
Called up share capital 6 1,000    1,000 
Profit and loss account 818,076    797,181 
Shareholders' funds 819,076    798,181 
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 17 October 2024 and were signed on its behalf by:


-------------------------------
Mo Maan
Director
1
General Information
SKIP IT WASTE MANAGEMENT LIMITED is a private company, limited by shares, registered in England and Wales, registration number 03898215, registration address The Chalk Pit, College Road, Epsom, KT17 4JA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 5 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 5 year Straight Line
Motor Vehicles 5 year Straight Line
Fixtures and Fittings 5 year Straight Line
Computer Equipment 5 year Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
2.

Staff Costs

2023
£
  2022
£
Wages and salaries 410,676    267,627 
Social security costs 188,352    110,817 
Other staff costs 13,921    5,501 
612,949    383,945 
 
Average number of employees during the year Number   Number
Administration 60    40 
60    40 

3.

Average number of employees

Average number of employees during the year was 60 (2022 : 40).
4.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 January 2023 5,000    5,000 
Additions  
Disposals  
At 31 December 2023 5,000    5,000 
Amortisation
At 01 January 2023 5,000    5,000 
Charge for year  
On disposals  
At 31 December 2023 5,000    5,000 
Net book values
At 31 December 2023  
At 31 December 2022  


5.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Land and Buildings   Total
  £   £   £   £   £   £
At 01 January 2023 1,917,818    1,465,012    14,440    59,054    492,640    3,948,964 
Additions 991,385    560,530      4,307    726,711    2,282,933 
Disposals (625,812)           (625,812)
At 31 December 2023 2,283,391    2,025,542    14,440    63,361    1,219,351    5,606,085 
Depreciation
At 01 January 2023 676,835    653,432    6,491    52,885      1,389,643 
Charge for year 402,942    332,298    2,888    1,784      739,912 
On disposals (432,057)           (432,057)
At 31 December 2023 647,720    985,730    9,379    54,669      1,697,498 
Net book values
Closing balance as at 31 December 2023 1,635,671    1,039,812    5,061    8,692    1,219,351    3,908,587 
Opening balance as at 01 January 2023 1,240,983    811,580    7,949    6,169    492,640    2,559,321 

The net book value of Land and Buildings includes £ 1,219,351 (2022 £492,640) in respect of assets leased under finance leases or hire purchase contracts.
The net book value of motor vehicles includes £1,039,812 (2022: £805,,665) in respect of assets held under finance leases or hire purchase contracts.
The net book value of plant and machinery includes £958,111 (2022: £824,262) in respect of assets held under finance leases or hire purchase contracts. 

6.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
1,000 Class A shares of £1.00 each 1,000    1,000 
1,000    1,000 

7.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
Mo Maan288,876 476 

During the year dividends of £92,672 (2022: £130,673) were paid to Mo Maan, a 100% shareholder of the company. During the year £42,238 (2022: £15,115) was due from Skip It Epsom Limited, a company in which Mo Maan and Ali Maan are directors and shareholders. During the year £9,140 (2022: £7,380) was due from Skip Stakka Limited, a company in which Mo Maan is a director and shareholder.
2