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Registration number: 09291773

City Waste London Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

City Waste London Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

City Waste London Limited

Company Information

Director

J Wright

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

City Waste London Limited

Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

359,830

289,251

Current assets

 

Stocks

5

-

119

Debtors

6

588,035

571,505

Cash at bank and in hand

 

4,130

2,393

 

592,165

574,017

Creditors: Amounts falling due within one year

7

(994,733)

(789,267)

Net current liabilities

 

(402,568)

(215,250)

Total assets less current liabilities

 

(42,738)

74,001

Creditors: Amounts falling due after more than one year

7

(206,354)

(198,184)

Net liabilities

 

(249,092)

(124,183)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(249,094)

(124,185)

Shareholders' deficit

 

(249,092)

(124,183)

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

City Waste London Limited

Statement of Financial Position as at 30 November 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the director on 16 October 2024
 

.........................................

J Wright

Director

Company registration number: 09291773

 

City Waste London Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal place of business is:
Enterprise House
Perry Road
Harlow
Essex
CM18 7PN

The principal activity of the company is the collection of non-hazardous waste.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a loss in the year ended 30 November 2023 and had a deficiency of net assets at that date amounting to £249,092.

Despite returning to profitability in the prior year for the first time since the beginning of the COVID-19 pandemic, the company has made a loss in the year. Although turnover increased since the prior year, several one off costs were incurred relating to vehicle repairs and hiring costs. The director is hopeful that the company will return to profitability in the coming years. The recent economic impact from high inflation and increasing energy costs have been considered by the director in his assessment of going concern and he believes that costs are manageable and can be controlled. The company is reliant on bank loans and the factoring arrangement, and whilst pressures on cashflow remain, both are operating within agreed terms. There are no indications to suggest that these arrangements will not continue into future years.

On the basis of the above, and after making appropriate enquiries, the director is confident that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the company continues to adopt the going concern basis in preparing the financial statements.

 

City Waste London Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Revenue recognition

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

The company recognises revenue when the amount of revenue 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% reducing balance

Other tangible assets

25% reducing balance

Furniture, fittings and equipment

25% reducing balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

City Waste London Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Finance leases and hire purchase

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.

The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 13 (2022 - 11).

 

City Waste London Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

24,867

402,776

100,473

528,116

Additions

12,756

144,675

21,350

178,781

Disposals

-

(55,254)

(14,975)

(70,229)

At 30 November 2023

37,623

492,197

106,848

636,668

Depreciation

At 1 December 2022

10,393

190,372

38,100

238,865

Charge for the year

5,580

57,695

14,849

78,124

Eliminated on disposal

-

(33,491)

(6,660)

(40,151)

At 30 November 2023

15,973

214,576

46,289

276,838

Carrying amount

At 30 November 2023

21,650

277,621

60,559

359,830

At 30 November 2022

14,474

212,404

62,373

289,251

5

Stocks

2023
£

2022
£

Stock

-

119

6

Debtors

2023
£

2022
£

Trade debtors

496,756

480,619

Other debtors

91,279

90,886

588,035

571,505

 

City Waste London Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Bank loans and overdrafts

42,332

48,089

Trade creditors

266,078

219,675

Taxation and social security

280,390

187,168

Other creditors

305,449

262,252

Hire purchase and finance lease liabilities

100,484

72,083

994,733

789,267


Creditors include factored debts of £288,195 (2022 - £246,300) which are secured via fixed and floating charges against the company's assets.

The bank overdraft is secured by way of personal guarantee from the Director. Bank loans are secured upon the assets of the company.

Also included in creditors are net obligations under hire purchase contracts of £100,484 (2022 - £72,083) which are secured against the assets concerned.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Bank borrowings

72,684

103,950

Hire purchase and finance lease liabilities

133,670

94,234

 

206,354

198,184


 

Creditors include net obligations under hire purchase contracts of £133,670 (2022 - £94,234) which are secured against the assets concerned. A further £72,684 (2022 - £103,950) relates to non-current obligations in respect of the Coronavirus Business Interruption Loan Scheme (CBILS) and an additional top-up CBILS loan. Interest is accruing on both loans at a fixed rate of 3.24% per year.

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

54,000

54,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £54,000 (2022 - £54,000).

 

City Waste London Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Other financial commitments

At the year end the company had capital commitments of £Nil (2022: £31,500) and other financial commitments of £Nil (2022: £Nil).

10

Related party transactions

Other transactions with directors

At 30 November 2023 an amount of £47,225 (2022: £42,366) was due from the director. During the year advances of £11,834 and repayments of £7,895 were made. There are no set repayment terms in place and interest on the overdrawn loan amount of £920 has been charged.