Registration number:
City Waste London Limited
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City Waste London Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
City Waste London Limited
Company Information
Director |
J Wright |
Registered office |
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Accountants |
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City Waste London Limited
Statement of Financial Position as at 30 November 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Retained earnings |
(249,094) |
(124,185) |
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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:
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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
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J Wright
Director
Company registration number: 09291773
City Waste London Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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.
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.
Staff numbers |
The average number of persons employed by the company during the year, was
City Waste London Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 December 2022 |
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Additions |
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Disposals |
- |
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At 30 November 2023 |
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Depreciation |
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At 1 December 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
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At 30 November 2023 |
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Carrying amount |
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At 30 November 2023 |
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At 30 November 2022 |
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Stocks |
2023 |
2022 |
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Stock |
- |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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City Waste London Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Hire purchase and finance lease liabilities |
100,484 |
72,083 |
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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 |
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Bank borrowings |
72,684 |
103,950 |
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Hire purchase and finance lease liabilities |
133,670 |
94,234 |
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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.
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
City Waste London Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
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).
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.