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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
1,490,228
1,490,228
1,490,228
4,265,273
4,265,273
xbrli:pure
xbrli:shares
iso4217:GBP
08326079
2023-04-01
2024-03-31
08326079
2024-03-31
08326079
2022-04-01
2023-03-31
08326079
2023-03-31
08326079
core:WithinOneYear
2024-03-31
08326079
core:WithinOneYear
2023-03-31
08326079
core:ShareCapital
2024-03-31
08326079
core:ShareCapital
2023-03-31
08326079
core:RetainedEarningsAccumulatedLosses
2024-03-31
08326079
core:RetainedEarningsAccumulatedLosses
2023-03-31
08326079
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2024-03-31
08326079
core:CostValuation
core:Non-currentFinancialInstruments
2024-03-31
08326079
core:Non-currentFinancialInstruments
2024-03-31
08326079
bus:Director1
2023-04-01
2024-03-31
08326079
bus:SmallEntities
2023-04-01
2024-03-31
08326079
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
08326079
bus:FullAccounts
2023-04-01
2024-03-31
08326079
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
08326079
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
08326079
core:DecommissioningRestorationDilapidations
2023-04-01
2024-03-31
08326079
core:DecommissioningRestorationDilapidations
2024-03-31
COMPANY REGISTRATION NUMBER:
08326079
Octagon Green Solutions Limited |
|
Filleted Unaudited Financial Statements |
|
Octagon Green Solutions Limited |
|
31 March 2024
Fixed assets
Investments |
5 |
|
1,490,228 |
– |
|
|
|
|
|
Current assets
Debtors |
6 |
184,449 |
|
1,510,257 |
Cash at bank and in hand |
322,243 |
|
133,593 |
|
--------- |
|
------------ |
|
506,692 |
|
1,643,850 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
4,140) |
|
(
50,750) |
|
--------- |
|
------------ |
Net current assets |
|
502,552 |
1,593,100 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
1,992,780 |
1,593,100 |
|
|
|
|
|
Provisions
Other provisions |
8 |
|
(
4,265,273) |
– |
|
|
------------ |
------------ |
Net (liabilities)/assets |
|
(
2,272,493) |
1,593,100 |
|
|
------------ |
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
1 |
1 |
Profit and loss account |
|
(
2,272,494) |
1,593,099 |
|
|
------------ |
------------ |
Shareholders (deficit)/funds |
|
(
2,272,493) |
1,593,100 |
|
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Octagon Green Solutions Limited |
|
Balance Sheet (continued) |
|
31 March 2024
These financial statements were approved by the
board of directors
and authorised for issue on
29 November 2024
, and are signed on behalf of the board by:
K J Wanless
Director
Company registration number:
08326079
Octagon Green Solutions Limited |
|
Notes to the Financial Statements |
|
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Blaydon Quarry Landfill Site, Lead Road, Greenside, Gateshead, NE12 4SX.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Provisions and contingent liabilities
Provisions are uncertain in timing or amount, and are recognised when there is a present obligation as a result of a past event and the outflow of economic benefit is probable and can be estimated reliably. Judgement is involved in determining whether an obligation exists, and in estimating the probability, timing and amount of any outflows.
Provisions for legal proceedings and regulatory matters typically require a higher degree of judgement than other types of provisions. When matters of dispute are at an early stage, accounting judgements can be difficult because of the high degree of uncertainty associated with determining whether a present obligation exists as a result of a past event, estimating the probability of outflows and making estimates of the amount of any outflows that may arise. Management evaluate on an ongoing basis whether provisions should be recognised as well as their estimated amounts as matters progress through many stages of development, revising previous judgements and estimates as appropriate.
At more advanced stages, it is typically possible to make judgements and estimates around a better-defined set of possible outcomes however, such judgements can be very difficult and the amount of any provision can be very sensitive to the assumptions used. There could be a wide range of possible outcomes for any pending legal proceedings, investigations or enquiries. As a result, it is often not practicable to quantify a range of possible outcomes for individual matters. Quantifying ranges of potential outcomes for these types of provisions is also not practicable because of the diverse nature and circumstances of such matters and the wide range of uncertainties involved.
Information with regard to civil action for VAT and landfill taxation raised by HMRC can be found in note 11 of the financial statements.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. The investment has been disposed of in the year as part of the disposal of the landfill site and its associated remediation obligations.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4.
Particulars of employees
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
5.
Investments
|
Other investments other than loans |
|
£ |
Cost |
|
At 1 April 2023 |
– |
Additions |
1,490,228 |
|
------------ |
At 31 March 2024 |
1,490,228 |
|
------------ |
Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
|
------------ |
|
|
Carrying amount |
|
At 31 March 2024 |
1,490,228 |
|
------------ |
At 31 March 2023 |
– |
|
------------ |
|
|
Fixed asset investments are held by The Blaydon Quarry Landfill Trust 2012 and are managed by independent investment management companies. Although the legal title to the trust assets rests with the trustees, the purpose of the trust is to pay for landfill remediation costs which will arise in the future.
In 2017, the landfill site was disposed of to a third party. At the point of disposal, it was the intention for the associated investments to be disposed of to the third party. The company has since had difficulty transferring the relevant permits to the third party landfill operator and as such the company still holds the permits. As a result, the associated investments are recognised as seen above, at their fair value.
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
– |
1,016,936 |
Other debtors |
184,449 |
493,321 |
|
--------- |
------------ |
|
184,449 |
1,510,257 |
|
--------- |
------------ |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
1,140 |
– |
Other creditors |
3,000 |
50,750 |
|
------- |
-------- |
|
4,140 |
50,750 |
|
------- |
-------- |
|
|
|
8.
Provisions
|
Remediation provision |
|
£ |
At 1 April 2023 |
– |
Additions |
4,265,273 |
|
------------ |
At 31 March 2024 |
4,265,273 |
|
------------ |
|
|
In 2017, the landfill site was disposed of to a third party. At the point of disposal, it was the intention for the associated remediation obligation to be transferred to the third party. The company has since had difficulty transferring the relevant permits to the third party landfill operator and as such the company still holds the permits. As a result, the associated remediation provision required has been recognised as seen above. The company has a liability to make good, monitor and maintain its landfill site for a period of approximately 60 years post-closure. Provision is made for the estimated costs of capping and making good the landfill site and for the future post-closure costs of maintaining the site (based on a schedule agreed with the appropriate monitoring agency). The landfill site, for which the company holds the relevant permits, is due to close in 2026 when the licence comes to an end.
9.
Financial instruments
No non-basic financial instruments were used by the company in the year.
10.
Contingent liabilities
HMRC has ongoing civil action against the company for alleged under-paid landfill tax and VAT. The company's management have strenuously defended the company's tax compliance record.
At the date of signature of these accounts the civil case had not been concluded. As a result, it is not possible to say if the company has a liability to HMRC.
No provision has been made in these accounts for the alleged underpaid landfill tax or VAT due to the inherent uncertainty of the outcome of the court case. However, if the company was to lose the court case this could have implications for the company's ability to continue as a going concern.
11.
Going concern
At the year end, the Balance Sheet of the company shows a net liabilities position of £2,272,493. The company is unable to meet its liabilities in the next financial period. The director has sought the appropriate legal and professional advice with regards to the possibility of liquidating the company. At the date of these financial statements, the company status is still active.
12.
Director's advances, credits and guarantees
There were no directors advances, credits and guarantees in the period.