Company registration number 02921413 (England and Wales)
THOMAS WASTE MANAGEMENT LIMITED
Unaudited Financial Statements
for the Year Ended 31 March 2024
THOMAS WASTE MANAGEMENT LIMITED
CONTENTS
Page
Company Information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
THOMAS WASTE MANAGEMENT LIMITED
Company Information
- 1 -
Directors
Mr B J Thomas
Mrs D Thomas
Mr G R Thomas
Mr H M Thomas
Secretary
Mr H M Thomas
Company number
02921413
Registered office
Old Hafod Garage
Old Abergavenny Road
Brynmawr
Blaenau Gwent
NP23 4GU
Accountants
Mitchell Associates Ltd
The Business Park
Triangle Business Centre
Merthyr Tydfil
CF48 4TQ
THOMAS WASTE MANAGEMENT LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,354,996
1,409,321
Current assets
Stocks
33,150
30,000
Debtors
4
945,151
1,198,185
Cash at bank and in hand
987,922
631,082
1,966,223
1,859,267
Creditors: amounts falling due within one year
5
(1,394,606)
(1,357,112)
Net current assets
571,617
502,155
Total assets less current liabilities
1,926,613
1,911,476
Creditors: amounts falling due after more than one year
6
(650,431)
(767,960)
Provisions for liabilities
(335,128)
(346,907)
Net assets
941,054
796,609
Capital and reserves
Called up share capital
160
160
Profit and loss reserves
940,894
796,449
Total equity
941,054
796,609

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

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

THOMAS WASTE MANAGEMENT LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 21 October 2024 and are signed on its behalf by:
Mrs D Thomas
Director
Company registration number 02921413 (England and Wales)
THOMAS WASTE MANAGEMENT LIMITED
Notes to the Financial Statements
For the Year Ended 31 March 2024
- 4 -
1
Accounting policies
Company information

Thomas Waste Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Old Hafod Garage, Old Abergavenny Road, Brynmawr, Blaenau Gwent, NP23 4GU.

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 the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

 

The company recognises Turnover when:

The amount of Turnover can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

1.3
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% on cost
Motor vehicles
20% reducing balance

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.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

THOMAS WASTE MANAGEMENT LIMITED
Notes to the Financial Statements
For the Year Ended 31 March 2024
1
Accounting policies
- 5 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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 measured at transaction price.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

 

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 at transaction price.

1.8
Taxation

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

THOMAS WASTE MANAGEMENT LIMITED
Notes to the Financial Statements
For the Year Ended 31 March 2024
1
Accounting policies
- 6 -
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.

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.

1.9
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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

THOMAS WASTE MANAGEMENT LIMITED
Notes to the Financial Statements
For the Year Ended 31 March 2024
- 7 -
2
Employees

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

2024
2023
Number
Number
Total
50
49
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
901,981
1,698,155
8,000
8,915
484,050
3,101,101
Additions
12,370
20,335
-
0
-
0
69,000
101,705
Disposals
-
0
(44,023)
-
0
-
0
(42,640)
(86,663)
At 31 March 2024
914,351
1,674,467
8,000
8,915
510,410
3,116,143
Depreciation and impairment
At 1 April 2023
-
0
1,393,603
5,469
6,818
285,890
1,691,780
Depreciation charged in the year
-
0
77,338
633
699
45,919
124,589
Eliminated in respect of disposals
-
0
(38,283)
-
0
-
0
(16,939)
(55,222)
At 31 March 2024
-
0
1,432,658
6,102
7,517
314,870
1,761,147
Carrying amount
At 31 March 2024
914,351
241,809
1,898
1,398
195,540
1,354,996
At 31 March 2023
901,980
304,552
2,531
2,097
198,161
1,409,321
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
861,127
1,140,787
Other debtors
84,024
57,398
945,151
1,198,185
THOMAS WASTE MANAGEMENT LIMITED
Notes to the Financial Statements
For the Year Ended 31 March 2024
- 8 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
21,757
32,155
Trade creditors
666,017
543,648
Taxation and social security
158,977
136,628
Other creditors
547,855
644,681
1,394,606
1,357,112
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
479,734
527,717
Other creditors
170,697
240,243
650,431
767,960
7
Loans and overdrafts
2024
2023
£
£
Bank loans
500,295
559,872
Bank overdrafts
1,196
-
0
Other loans
234,648
308,568
736,139
868,440
Payable within one year
85,708
100,480
Payable after one year
650,431
767,960

Bank Loans

Commercial Mortgage is denominated in GBP with a nominal interest rate of 0.3%, and the final instalment is due on 31 March 2050. The carrying amount at year end is £500,295 (2023 - £533,021). The commercial mortgage is secured against Units 24 and 25 Rassau Industrial Estate, Ebbw Vale.

 

Other Loans

Funding Circle loan is denominated in GBP with a nominal interest rate of 8.90%, and the final instalment is due on 31 March 2027. The carrying amount at year end is £233,789 (2023 - £296,880).

 

Thomas Waste Pension Scheme loan is denominated in GBP with a nominal interest rate of 1.5%, and the final instalment is due on 31 March 2025. The carrying amount at year end is £860 (2023 - £11,687).

THOMAS WASTE MANAGEMENT LIMITED
Notes to the Financial Statements
For the Year Ended 31 March 2024
- 9 -
8
Operating lease commitments
Lessee

The total amount of financial commitments not included in the balance sheet is £17,279 (2023 - £27,084). Made up of the following lease agreements a 1 year rental agreement with annual rent of £23,000 payable until 31 August 2024 and 2 lease agreements for office equipment with annual rents totaling £5,306.

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