Company registration number 04971708 (England and Wales)
BAGNALL WASTE WATER LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BAGNALL WASTE WATER LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BAGNALL WASTE WATER LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
141,102
156,547
Current assets
Debtors
4
10,771
1,843
Cash at bank and in hand
404
909
11,175
2,752
Creditors: amounts falling due within one year
5
(73,136)
(95,398)
Net current liabilities
(61,961)
(92,646)
Total assets less current liabilities
79,141
63,901
Creditors: amounts falling due after more than one year
6
(2,074)
(5,301)
Provisions for liabilities
(32,501)
(33,646)
Net assets
44,566
24,954
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
44,466
24,854
Total equity
44,566
24,954
BAGNALL WASTE WATER LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
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 profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 2 December 2024
Mr G M Walker
Director
Company registration number 04971708 (England and Wales)
BAGNALL WASTE WATER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Bagnall Waste Water Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Brook House Farm, Wheatlow Brooks, Garshall Green, Milwich Stone, Staffordshire, ST18 0EW.
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.
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
Motor vehicles
25% 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
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 profit and loss account 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.
BAGNALL WASTE WATER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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 profit and loss account, 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.
1.5
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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
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 balance sheet 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
BAGNALL WASTE WATER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
153,265
207,844
361,109
Additions
64,640
64,640
Disposals
(380)
(86,600)
(86,980)
At 31 March 2024
152,885
185,884
338,769
Depreciation and impairment
At 1 April 2023
114,251
90,311
204,562
Depreciation charged in the year
5,852
37,508
43,360
Eliminated in respect of disposals
(380)
(49,875)
(50,255)
At 31 March 2024
119,723
77,944
197,667
Carrying amount
At 31 March 2024
33,162
107,940
141,102
At 31 March 2023
39,014
117,533
156,547
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
325
Other debtors
10,446
1,843
10,771
1,843
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
46
Taxation and social security
42,526
38,623
Other creditors
30,564
56,775
73,136
95,398
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
2,074
5,301
BAGNALL WASTE WATER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Creditors: amounts falling due after more than one year
(Continued)
- 6 -
Within creditors are secured debts relating to hire purchase contracts of £14,579 (2023: £28,796)
7
Directors' transactions
The loan is interest free, unsecured and repayable on demand.
Description
Opening balance
Amounts repaid
Closing balance
£
£
£
Director
57
(57)
-
57
(57)
-