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REGISTERED NUMBER: 13631532 (England and Wales)













Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 September 2023

for

Waste Managed Limited

Waste Managed Limited (Registered number: 13631532)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


Waste Managed Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: L J Borthwick
J R Jukes
C Penfold



REGISTERED OFFICE: 2nd Floor
41-51 Grey Street
Newcastle Upon Tyne
Tyne And Wear
NE1 6EE



REGISTERED NUMBER: 13631532 (England and Wales)



SENIOR STATUTORY AUDITOR: Kevin Shotton BA BFP FCA



AUDITORS: Clive Owen LLP
Chartered Accountants
& Statutory Auditors
140 Coniscliffe Road
Darlington
County Durham
DL3 7RT

Waste Managed Limited (Registered number: 13631532)

Strategic Report
for the Year Ended 30 September 2023

The directors present the strategic report for the year ended 30 September 2023, its second full year of trading following its incorporation on 20 September 2021 and acquisition of CheaperWaste Limited in November 2021.

The company's principal activities continues to be the provision of outsourced commercial waste collection services for SMEs.

BUSINESS REVIEW AND FUTURE DEVELOPMENTS

Our business is based on maintaining and growing our population of customers whom we retain on a subscription revenue model. The core focus of our business is on acquiring new customers and retaining those we have by striving to provide the best service possible. We aim to offer a full product range to our customers to handle all of their waste collection needs across general waste, recycling, specialist waste plus ancillary services such as pest control and confidential waste; and we will continue to add additional products and services business customers require.

Our vision Our mission

Revolutionising fully managed business services via
technology with first class customers experience.


We will deliver a consistent, outstanding customer
experience by creating a culture of community,
engagement, development and empowerment.

The company recorded strong growth in the year ended 30 September 2023, with revenue increasing from £11.0m in the prior year to £24.7m. Significant investment was made in the period to acquire new customers (see Management Operating Profit commentary in the KPIs section of this report) and technology development (see note 10).

Whilst the company recorded a loss in the period, it is Management's view that the underlying performance metrics show significant progress was made in the period. The growth trajectory of the company has later resulted in significant profitability and cash generation from its operational activities during the course of 2024. During the period sufficient finance facilities were in place to allow the company to make the necessary investments in the meantime.

Key Performance Indicators

Measure 30-Sep-2023 30-Sep-2022
As restated
Secured Future Contracted Revenue £25.7m £20.7m
Annualised Revenue at Year End £29.0m £20.3m
Management Operating Profit £1.3m £0.7m
Waste Managed Trust Pilot score 3.9 4.2
Customer Response Time < 3 minutes < 3 minutes

Secured Future Contracted Revenue
Customer subscriptions are secured under contract and so high proportions of future revenues have already been achieved. As at September 2023, the business had secured future contracted revenues of £25.7m (2022 - £20.7m).

Annualised Revenue at Year End
Revenues increase throughout the period as the level of customer subscriptions grow. As at 30 September 2023, being the final month of the period, revenues were £2.42m (2022 - £1.7m), which annualised equates to £29.0m (2022 - £20.3m)


Waste Managed Limited (Registered number: 13631532)

Strategic Report
for the Year Ended 30 September 2023

BUSINESS REVIEW AND FUTURE DEVELOPMENTS - CONTINUED
Management Operating Profit
This is a non-GAAP measure used by Management to monitor the performance of the business and is defined as operating before exceptional items, depreciation, amortisation and customer acquisition costs, resulting in a Management Operating Profit for the period of £1.3m (2022 - £0.7m).

FY 23 FY 22As restated
Turnover 24,713,204 11,012,086
COS (16,310,607) (8,380,392)
Gross profit 8,402,597 2,631,694
Administrative expenses (7,115,660) (1,902,907)
Management operating profit 1,286,937 728,787
Customer acquisition cost (2,546,170) (827,430)
Depreciation and amortisation (3,280,773) (2,796,911)
Operating loss (4,540,006) (2,895,554)
Income from shares in group undertakings 4,150,000 -
Interest payable and similar expenses (5,991) -
Loss before taxation (395,997) (2,895,554)
Taxation - 30.314
Total comprehensive income for the period (395,997) (2,865,240)


Trust Pilot Score
Trustpilot is the most recognised and widely used independent customer review platform and therefore the most accurate reflection of our customers perception of the service we offer.

As at 30 September 2023, Waste Managed has received 3,631 reviews and achieved an average rating of 3.9 which Trustpilot deem as "Good". Management is not satisfied with this rating and has active improvements in place to get back an "Excellent" rating as soon as possible.

Customer Response Time
We understand the challenges SME owners face, particularly the time constraints they are often under and so we focus heavily on responding to our customers calls, webchats, messages and emails in the shortest possible timeframe.

During the period we maintained our average response time at <3 minutes. We are making further developments to reduce this via investment in technology, particularly our customer portal which went live in 2024 and our mobile app which is in development.


Waste Managed Limited (Registered number: 13631532)

Strategic Report
for the Year Ended 30 September 2023

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 board reviews these risks and puts in place policies to mitigate them.

Supply chain risk
The company's continued success is reliant on maintaining strong relationships with its key suppliers. Significant effort is placed on working with these key suppliers to ensure minimal disruption to its customers.

Credit risk
The company monitors credit risk and considers the current policy of limited credit terms meets its objectives of managing its exposure.

Liquidity risk
The company manages this by monitoring cash flow to ensure it is able to meet its foreseeable debts as they fall due, ensuring the company has sufficient funds available for day-to-day operations.

ON BEHALF OF THE BOARD:





C Penfold - Director


29 October 2024

Waste Managed Limited (Registered number: 13631532)

Report of the Directors
for the Year Ended 30 September 2023

The directors present their report with the financial statements of the company for the year ended 30 September 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of collection of non-hazardous waste.

DIVIDENDS
No dividends will be distributed or are recommended to be distributed for the period ended 30 September 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

L J Borthwick
J R Jukes
C Penfold

DISCLOSURE IN THE STRATEGIC REPORT
The following information, which would otherwise be disclosed in the directors' report, is instead disclosed in the strategic report, as permitted by s414C(11) of the Companies Act 2006:

- principal risks and uncertainties;
- future developments;

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 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 these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Waste Managed Limited (Registered number: 13631532)

Report of the Directors
for the Year Ended 30 September 2023


AUDITORS
During the year, UNW LLP resigned and Clive Owen LLP were appointed as auditor.

Pursuant to s485, Companies Act 2006, resolutions excluding the company from the obligation to hold annual general meetings and re-elect an auditor annually have been passed by the company.

ON BEHALF OF THE BOARD:





C Penfold - Director


29 October 2024

Report of the Independent Auditors to the Members of
Waste Managed Limited

Opinion
We have audited the financial statements of Waste Managed Limited (the 'company') for the year ended 30 September 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its 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 Auditors' 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 company's ability to continue as a going concern for a period of at least twelve 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Waste Managed Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 and 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 Statement of Directors' Responsibilities set out on page five, 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 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.

Report of the Independent Auditors to the Members of
Waste Managed Limited


Auditors' 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 a Report of the Auditors 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. Our audit must be alert to the risk of manipulation of the financial statements and seek to understand the incentives and opportunities for management to achieve this.

We undertake the following procedures to identify and respond to these risks of non-compliance:
- Understanding the key legal and regulatory frameworks that are applicable to the company. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We determined the most significant of these to be employment law,taxation law, accounting legislation, health and safety and Companies Act 2006.
- Enquiry of directors and management as to policies and procedures to ensure compliance and any known instances of non-compliance
- Review of board minutes and correspondence with regulators
- Enquiry of directors and management as to areas of the financial statements susceptible to fraud and how these risks are managed
- Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. The significant areas of key estimates and judgements are disclosed within the accounting policies.
- Identifying and testing unusual journal entries, with a particular focus on manual journal entries.

Through these procedures, we did not become aware of actual or suspected non-compliance.

We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 concealment, collusion, forgery, misrepresentations, or override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Waste Managed Limited


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 we are required to state to them in a Report of the Auditors 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.




Kevin Shotton BA BFP FCA (Senior Statutory Auditor)
for and on behalf of Clive Owen LLP
Chartered Accountants
& Statutory Auditors
140 Coniscliffe Road
Darlington
County Durham
DL3 7RT

29 October 2024

Waste Managed Limited (Registered number: 13631532)

Statement of Comprehensive
Income
for the Year Ended 30 September 2023

2023 2022
as restated
Notes £    £   

TURNOVER 3 24,713,204 11,012,086

Cost of sales (16,310,607 ) (8,380,392 )
GROSS PROFIT 8,402,597 2,631,694

Administrative expenses (12,942,603 ) (5,527,248 )
OPERATING LOSS 5 (4,540,006 ) (2,895,554 )

Income from shares in group undertakings 4,150,000 -
(390,006 ) (2,895,554 )

Interest payable and similar expenses 7 (5,991 ) -
LOSS BEFORE TAXATION (395,997 ) (2,895,554 )

Tax on loss 8 - 30,314
LOSS FOR THE FINANCIAL YEAR (395,997 ) (2,865,240 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(395,997

)

(2,865,240

)
Prior year adjustment 9 (965,448 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

(1,361,445

)

Waste Managed Limited (Registered number: 13631532)

Balance Sheet
30 September 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 4,877,656 3,403,434
Tangible assets 11 112,670 164,025
Investments 12 104 102
4,990,430 3,567,561

CURRENT ASSETS
Debtors 13 3,742,563 2,574,215
Cash at bank 416,496 13,774
4,159,059 2,587,989
CREDITORS
Amounts falling due within one year 14 12,389,320 8,999,384
NET CURRENT LIABILITIES (8,230,261 ) (6,411,395 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,239,831

)

(2,843,834

)

CAPITAL AND RESERVES
Called up share capital 17 21,406 21,406
Retained earnings 18 (3,261,237 ) (2,865,240 )
SHAREHOLDERS' FUNDS (3,239,831 ) (2,843,834 )

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:





C Penfold - Director


Waste Managed Limited (Registered number: 13631532)

Statement of Changes in Equity
for the Year Ended 30 September 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 21,406 - 21,406
Total comprehensive income - (1,899,792 ) (1,899,792 )
Balance at 30 September 2022 21,406 (1,899,792 ) (1,878,386 )
Prior year adjustment - (965,448 ) (965,448 )
As restated 21,406 (2,865,240 ) (2,843,834 )

Changes in equity
Total comprehensive income - (395,997 ) (395,997 )
Balance at 30 September 2023 21,406 (3,261,237 ) (3,239,831 )

Waste Managed Limited (Registered number: 13631532)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Waste Managed Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Key sources of estimation uncertainty
The estimates which have the most significant effect on the amounts recognised in the financial statements are set out below:

Bad debt provision - Provisions are made against the company's trade and intercompany debtors based on historical experience of recoverability. The estimates made could differ to the amount subsequently recovered from these debtors, which impacts on operating results.

Lead generation recognition and impairment - lead generation costs are initially assessed to ascertain whether appropriate to capitalise or expense. Once management are satisfied they can be capitalised in line with section 18 of FRS 102 these amounts are capitalised and are released to the profit and loss account in line with the customer lifespan. On an annual basis the Directors review for any potential impairment based on the estimated future economic benefit of each individual asset capitalised.

Intangible asset impairment - intangible assets are reviewed on an annual basis for impairment by the directors who assess the carrying value against future economic benefit generated by the underlying assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised on delivery of waste management services to customers with any advanced customer receipts being deferred.

Waste Managed Limited (Registered number: 13631532)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of 3 years.

Computer software is being amortised evenly over it's estimated useful life of 3 to 10 years.

Lead generation costs, being the acquisition of customer lists are capitalised as an intangible asset in line with FRS 102, Section 18. These assets are initially measured at cost, then subsequently at cost less accumulated amortisation and impairment. These assets are amortised over 2 years, representing the customer contract life.

Annual impairment reviews are undertaken, looking at the expected future economic benefit less any directly attributable costs on a customer list by customer list basis. Where expected benefit is less than carrying value an impairment is recognised

Tangible fixed assets
Tangible fixed assets are stated at cost, less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price plus any further costs directly attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their estimated useful lives as follows:

Office equipment - 33.3% on cost
Fixtures and fittings - 33.3% on cost

Asset residual values and useful lives are reviewed at the end of each reporting period, and adjusted if appropriate. The effect of any change is accounted for prospectively.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less accumulated impairment.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and cash and bank balances.

All such instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, in which case the transaction is measured at the present value of the receipts discounted at a market rate of interest. All financial instruments are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the statement of comprehensive income.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Waste Managed Limited (Registered number: 13631532)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The directors have reviewed the Company's forecasts and projections in detail on a monthly basis to ensure adequate resources are available to continue in operational existence for the foreseeable future. The directors are confident that the business will have sufficient resources to continue to trade. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
as restated
£    £   
United Kingdom 24,713,204 11,012,086
24,713,204 11,012,086

4. EMPLOYEES AND DIRECTORS
2023 2022
as restated
£    £   
Wages and salaries 5,863,334 4,127,418
Social security costs 642,658 449,443
Other pension costs 234,433 146,193
6,740,425 4,723,054

The average number of employees during the year was as follows:
2023 2022
as restated

Admin 108 93
Directors 3 3
Sales 39 34
150 130

Waste Managed Limited (Registered number: 13631532)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

4. EMPLOYEES AND DIRECTORS - continued

2023 2022
as restated
£    £   
Directors' remuneration 309,860 240,655
Directors' long term incentive schemes 2,640 1,101

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2023 2022
as restated
£    £   
Emoluments etc 107,500 92,172

5. OPERATING LOSS

The operating loss is stated after charging:

2023 2022
as restated
£    £   
Depreciation - owned assets 68,402 40,119
Loss on disposal of fixed assets - 23,804
Customer lists amortisation 2,770,997 1,698,603
Development costs amortisation 436,662 1,056,870
Computer software amortisation 4,712 3,524
Management charges (1,727,720 ) (3,315,749 )
Operating lease rentals 123,406 114,921
Auditors remuneration 18,250 25,000

6. EXCEPTIONAL ITEMS
2023 2022
as restated
£    £   
Exceptional items (200,581 ) -

Exceptional items relate to an impairment of intercompany balances.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
as restated
£    £   
Bank loan interest 5,991 -

Waste Managed Limited (Registered number: 13631532)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

8. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2023 2022
as restated
£    £   
Deferred tax - (30,314 )
Tax on loss - (30,314 )

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
as restated
£    £   
Loss before tax (395,997 ) (2,895,554 )
Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

(98,999

)

(550,155

)

Effects of:
Expenses not deductible for tax purposes 50,145 -
Income not taxable for tax purposes (1,037,500 ) (6,868 )
Tax rate changes - (7,505 )
Deferred tax not provided 249,963 534,214
Group relief surrendered 836,391 -
Total tax credit - (30,314 )

9. PRIOR YEAR ADJUSTMENT

As a result of a change in accounting policy to recognise lead generation costs, previously held in prepayments, as an intangible asset, including the write off of a customer conversion intangible asset, the comparative figures have been restated. The directors feel that the nature of the customer acquisition costs are reflective of the acquisition of customer lists and therefore feel it appropriate to recognise these costs as an intangible asset in line with section 18 of FRS 102. This has resulted in a decrease to profit before tax and net assets of £965,448.

Waste Managed Limited (Registered number: 13631532)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

10. INTANGIBLE FIXED ASSETS
Customer Development Computer
lists costs software Totals
£    £    £    £   
COST
At 1 October 2022 4,333,214 1,762,300 66,917 6,162,431
Additions 3,907,222 781,869 1,125 4,690,216
Disposals - - (3,623 ) (3,623 )
At 30 September 2023 8,240,436 2,544,169 64,419 10,849,024
AMORTISATION
At 1 October 2022 1,698,603 1,056,870 3,524 2,758,997
Amortisation for year 2,770,997 436,662 4,712 3,212,371
At 30 September 2023 4,469,600 1,493,532 8,236 5,971,368
NET BOOK VALUE
At 30 September 2023 3,770,836 1,050,637 56,183 4,877,656
At 30 September 2022 2,634,611 705,430 63,393 3,403,434

11. TANGIBLE FIXED ASSETS
Fixtures
Office and
Equipment fittings Totals
£    £    £   
COST
At 1 October 2022 122,670 74,509 197,179
Additions 14,947 2,100 17,047
At 30 September 2023 137,617 76,609 214,226
DEPRECIATION
At 1 October 2022 25,312 7,842 33,154
Charge for year 43,299 25,103 68,402
At 30 September 2023 68,611 32,945 101,556
NET BOOK VALUE
At 30 September 2023 69,006 43,664 112,670
At 30 September 2022 97,358 66,667 164,025

Waste Managed Limited (Registered number: 13631532)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

12. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2022 102
Additions 2
At 30 September 2023 104
NET BOOK VALUE
At 30 September 2023 104
At 30 September 2022 102

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Cheaperwaste Limited
Registered office: 2nd Floor, 41-51 Grey Street, Newcastle Upon Tyne, England, NE1 6EE.
Nature of business: Provision of waste management services
%
Class of shares: holding
Ordinary 100.00

Trovare Industries Ltd
Registered office: 2nd Floor, 41-51 Grey Street, Newcastle Upon Tyne, England, NE1 6EE.
Nature of business: Provision of waste management services
%
Class of shares: holding
Ordinary 100.00

Business Marketing Limited
Registered office: 2nd Floor, 41-51 Grey Street, Newcastle Upon Tyne, England, NE1 6EE.
Nature of business: Online marketing
%
Class of shares: holding
Ordinary 100.00

Online Business Companion Limited
Registered office: 2nd Floor, 41-51 Grey Street, Newcastle Upon Tyne, England, NE1 6EE.
Nature of business: Online Marketing
%
Class of shares: holding
Ordinary 100.00

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 1,023,450 906,948
Amounts owed by group undertakings 832,036 601,756
Other debtors 416,374 2,903
Directors' current accounts 1,123,678 841,792
Prepayments and accrued income 347,025 220,816
3,742,563 2,574,215

Waste Managed Limited (Registered number: 13631532)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade creditors 4,184,243 2,474,475
Amounts owed to group undertakings 1,799,957 4,147,701
Corporation tax 104,607 -
Taxation and social security 1,903,074 789,376
Other creditors 553,729 118,057
Invoice discounting 299,483 -
Accruals and deferred income 3,544,227 1,469,775
12,389,320 8,999,384

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
as restated
£    £   
Within one year 108,396 173,226
Between one and five years 75,625 230,373
184,021 403,599

16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
as restated
£    £   
Invoice discounting 299,483 -

The invoice discounting liability is secured by the book debts of the company.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£    £   
21,406 Ordinary £1 21,406 21,406

Waste Managed Limited (Registered number: 13631532)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

18. RESERVES
Retained
earnings
£   

At 1 October 2022 (1,899,792 )
Prior year adjustment (965,448 )
(2,865,240 )
Deficit for the year (395,997 )
At 30 September 2023 (3,261,237 )

Retained earnings represent the accumulated profits and losses less distributions to shareholders since incorporation.

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2023 and 30 September 2022:

2023 2022
as restated
£    £   
L J Borthwick
Balance outstanding at start of year 262,977 -
Amounts advanced 84,128 262,977
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 347,105 262,977

J R Jukes
Balance outstanding at start of year 559,653 -
Amounts advanced 147,025 559,653
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 706,678 559,653

C Penfold
Balance outstanding at start of year 19,162 -
Amounts advanced 50,733 19,162
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 69,895 19,162

No interest is charged on outstanding balances.

20. ULTIMATE CONTROLLING PARTY

The smallest group within which the company belongs and for which group financial statements are prepared is Everything Managed Group Limited. The registered office is 2nd Floor, 41 - 51 Grey Street, Newcastle Upon Tyne, England, NE1 6EE.