Company registration number 04702157 (England and Wales)
Tidysite Skip Services Limited
Unaudited financial statements
For the year ended 31 March 2024
Tidysite Skip Services Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Tidysite Skip Services Limited
Statement of financial position
As at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,432,112
2,642,443
Current assets
Stocks
31,139
35,450
Debtors
4
2,838,005
2,719,124
Cash at bank and in hand
29,970
3,992
2,899,114
2,758,566
Creditors: amounts falling due within one year
5
(2,890,061)
(2,776,806)
Net current assets/(liabilities)
9,053
(18,240)
Total assets less current liabilities
3,441,165
2,624,203
Creditors: amounts falling due after more than one year
6
(1,160,794)
(562,178)
Provisions for liabilities
(664,180)
(453,805)
Net assets
1,616,191
1,608,220
Capital and reserves
Called up share capital
8
8
Profit and loss reserves
1,616,183
1,608,212
Total equity
1,616,191
1,608,220
Tidysite Skip Services Limited
Statement of financial position (continued)
As at 31 March 2024
- 2 -
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 27 November 2024
Mr A J Hampton
Director
Company registration number 04702157 (England and Wales)
Tidysite Skip Services Limited
Notes to the financial statements
For the year ended 31 March 2024
- 3 -
1
Accounting policies
Company information
Tidysite Skip Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hamptons Way, Hamptons Industrial Estate, Newcastle under Lyme, Staffordshire, ST5 9JQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% reducing balance and 10% cost
Office equipment
15% reducing balance
Motor vehicles
10% - 15% reducing balance
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.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
Tidysite Skip Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
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.
Classification of financial liabilities
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
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.
1.7
Equity instruments
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.
Tidysite Skip Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Tidysite Skip Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
40
34
3
Tangible fixed assets
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
1,954,390
11,054
1,957,146
3,922,590
Additions
590,077
913,478
1,503,555
Disposals
(71,876)
(458,000)
(529,876)
At 31 March 2024
2,472,591
11,054
2,412,624
4,896,269
Depreciation and impairment
At 1 April 2023
436,064
6,038
838,045
1,280,147
Depreciation charged in the year
225,504
2,764
227,737
456,005
Eliminated in respect of disposals
(35,091)
(236,904)
(271,995)
At 31 March 2024
626,477
8,802
828,878
1,464,157
Carrying amount
At 31 March 2024
1,846,114
2,252
1,583,746
3,432,112
At 31 March 2023
1,518,326
5,016
1,119,101
2,642,443
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
628,681
710,044
Other debtors
2,209,324
2,009,080
2,838,005
2,719,124
Tidysite Skip Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,204
43,273
Obligations under finance leases
663,986
503,356
Other borrowings
519,762
622,339
Trade creditors
655,440
927,408
Amounts owed to group undertakings
235,863
169,576
Taxation and social security
65,977
130,600
Other creditors
342,146
87,640
Accruals and deferred income
396,683
292,614
2,890,061
2,776,806
The amounts included within other borrowings relate to invoice financing arrangements.
Included within obligations under finance leases are hire purchase liabilities of £663,986 (2023 - £503,356). Hire purchase contracts are secured against the assets which they relate to
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,234
22,435
Other creditors
1,148,560
539,743
1,160,794
562,178
Included within other creditors are hire purchase liabilities of £1,148,560 (2023 - £539,743). Hire purchase contracts are secured against the assets which they relate to.
7
Security
The bank loans are secured by a fixed and floating charge over the assets of the company.
The invoice finance is secured by a debenture over the assets of the company.
Amounts due under finance leases and hire purchase contracts are secured against the assets which they relate to.
On some amounts due under finance leases there are personal guarantees held by the directors along with a group guarantee over the balances.