REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 30 September 2023 |
for |
Waste Managed Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
140 Coniscliffe Road |
Darlington |
County Durham |
DL3 7RT |
Waste Managed Limited (Registered number: 13631532) |
Statement of Comprehensive |
Income |
for the Year Ended 30 September 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING LOSS | 5 | ( |
) | ( |
) |
Income from shares in group undertakings |
(390,006 | ) | (2,895,554 | ) |
Interest payable and similar expenses | 7 | ( |
) |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 8 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
Prior year adjustment | 9 | ( |
) |
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 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 | ( |
) | (2,865,240 | ) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 | - |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 September 2022 | ( |
) | ( |
) |
Prior year adjustment | - | ( |
) | ( |
) |
As restated | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 September 2023 | ( |
) | ( |
) |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
as restated |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
as restated |
Admin | 108 | 93 |
Directors | 3 | 3 |
Sales | 39 | 34 |
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 |
Directors' long term incentive schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
as restated |
£ | £ |
Emoluments etc |
5. | OPERATING LOSS |
The operating loss is stated after charging: |
2023 | 2022 |
as restated |
£ | £ |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Customer lists amortisation |
Development costs amortisation |
Computer software amortisation |
Management charges | (1,727,720 | ) | (3,315,749 | ) |
Operating lease rentals |
Auditors remuneration |
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 |
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 | ( |
) |
Tax on loss | ( |
) |
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 | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of (2022 - |
( |
) |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2023 |
AMORTISATION |
At 1 October 2022 |
Amortisation for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Office | and |
Equipment | fittings | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
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 |
Additions |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 2nd Floor, 41-51 Grey Street, Newcastle Upon Tyne, England, NE1 6EE. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 2nd Floor, 41-51 Grey Street, Newcastle Upon Tyne, England, NE1 6EE. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 2nd Floor, 41-51 Grey Street, Newcastle Upon Tyne, England, NE1 6EE. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 2nd Floor, 41-51 Grey Street, Newcastle Upon Tyne, England, NE1 6EE. |
Nature of business: |
% |
Class of shares: | holding |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 1,123,678 | 841,792 |
Prepayments and accrued income |
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 |
Amounts owed to group undertakings |
Corporation tax |
Taxation and social security |
Other creditors |
Invoice discounting | 299,483 | - |
Accruals and deferred income |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
as restated |
£ | £ |
Within one year |
Between one and five years |
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 |
£ | £ |
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 | ( |
) |
Prior year adjustment | ( |
) |
( |
) |
Deficit for the year | ( |
) |
At 30 September 2023 | ( |
) |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |