Wroot Drying Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bankwood Processing Site, Bankwood Lane, Rossington, Doncaster, South Yorkshire, DN11 0PS.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Eco-Power Environmental Holdings Limited. These consolidated financial statements are available from its registered office, Bankwood Lane Industrial Estate, Bankwood Lane, Rossington, Doncaster, South Yorkshire, Dn11 0PS.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the company during the year was:
The amounts written off loans receivable relate to balances due from Eco-Power Environmental (Hull) Limited a company in which Mr M Jepson had an indirect shareholding. This company remains in liquidation. An amount of £80,000 (2022: £121,000 credit) has been written off in relation to Eco-Power Environmental (Hull). This reflects a one off charge to the profit and loss account in the year and is not reflective of the underlying trade.
The balance also relates to amounts written off loans due from ESC Investments Limited a company owned by Mr D Colakovic. An amount of £292,150 has been written off in relation to ESC Investments Limited, this reflects a one off charge to the profit and loss account in the year and is not reflective of the underlying trade.
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Mr M Jepson and Mr D Colakovic are beneficial shareholders in the ultimate parent undertaking, Eco-Power Environmental Holdings Limited.
During the year, the company entered into the following transactions with related parties:
Retford Wood Fuels Limited
Retford Wood Fuels Limited is a company owned by Mr D Colakovic.
At the period end, the company owed £179,891 (2022: £179,891) to Retford Wood Fuels Limited.
Eco Power Plant Hire Limited
Eco Power Plant Hire Limited is a company owned by Mr D Colakovic.
At the period end, the company owed £19,383 (2022: £nil) to Eco Power Plant Hire Limited.
Eco Power Wood Fuels Limited
Eco Power Wood Fuels Limited is a company in which Mr M Jepson is a director and both Mr M Jepson and Mr D Colakovic have an interest.
During the year ended 31 October 2023, the company made purchases of £51,457 (2022: £50,500) from Eco Power Wood Fuels Limited.
The company was owed £294,881 (2022: £195,058) from Eco Power Wood Fuels Limited at the year-end.
ESC Investments Limited
ESC Investments Limited is a company owned by Mr D Colakovic.
At the period end, ESC Investments Limited owed £107,100 (2022: £292,150) to the company.
Eco-Power Skips Limited
Eco-Power Skips Limited is a company in which Mr M Jepson and Mr D Colakovic are directors and shareholders.
During the year ended 31 October 2023, the company made purchases of £667 (2022: £nil) from Eco-Power Skips Limited.
At the period end, Eco-Power Skips Limited owed £117,478 (2022: £25,180) to the company.
Eco Power Star Design Interiors Limited
Eco Power Star Design Interiors Limited is a company in which Mr M Jepson and Mr D Colakovic are shareholders.
At the period end, Eco Power Star Design Interiors Limited owed £32,000 (2022: £nil) to the company.
Eco Power Racing Limited
Eco Power Racing Limited is a company in which Mr M Jepson and Mr D Colakovic are shareholders.
At the period end, Eco Power Racing Limited owed £37,100 (2022: £nil) to the company.
Eco-Power Environmental Limited
Eco Power Environmental Limited is a subsidiary of Eco-Power Environmental Group Limited, the parent company of Wroot Drying Services Limited.
During the year ended 31 October 2023, the company made purchases of £22,729 (2022: £nil) from Eco-Power Environmental Limited. At the period end, Eco-Power Environmental Limited owed £218,200 (2022: £214,130 creditor) to the company.
Eco-Power Environmental Group Limited
Eco-Power Environmental Group Limited is the 100% parent company of Wroot Drying Services Limited.
At the period end, the company owed £493,519 (2022: £483,519) to Eco-Power Environmental Group Limited.