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REGISTERED NUMBER: 04422716 (England and Wales)















Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 30th April 2024

for

WASTE-A-WAY RECYCLING
LIMITED

WASTE-A-WAY RECYCLING
LIMITED (REGISTERED NUMBER: 04422716)

Contents of the Financial Statements
for the year ended 30th April 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Profit and Loss Account 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


WASTE-A-WAY RECYCLING
LIMITED

Company Information
for the year ended 30th April 2024







DIRECTORS: Mr I J Whitehair
Mr P I Whitehair





SECRETARY: Mr I J Whitehair





REGISTERED OFFICE: Monometer House
Rectory Grove
Leigh on Sea
Essex
SS9 2HN





REGISTERED NUMBER: 04422716 (England and Wales)





AUDITORS: Barrons Limited
Chartered Accountants
& Statutory Auditors
Monometer House
Rectory Grove
Leigh on Sea
Essex
SS9 2HN

WASTE-A-WAY RECYCLING
LIMITED (REGISTERED NUMBER: 04422716)

Strategic Report
for the year ended 30th April 2024


The directors present their strategic report for the year ended 30th April 2024.

The principal activities of the company continue to be that of providing haulage services to both the public and private sectors of the waste industry, together with offering value-added, combined haulage and disposal services to its customer base.

The company has endured a challenging year in 2024 partly due to the fact that the company have focussed on improving the transport element of the business, as Clearaway Recycling Limited gears up for the start of the new contract. This has resulted in a loss of material sales due to a diversion from landfill costs. The company have changed its behaviour and moved towards a return to waste to energy facilities for commercial gains.

Gross margins have remained consistent despite the material loss of sales in the year. Costs have continued to rise as the company continues to make the necessary improvements to ensure that they are making full use of their own depot workshop facilities. There has been a significant increase in rental costs as the company have occupied additional premises owned by its parent company, Waste-A-Way holdings Limited. The full transfer to in-house maintenance was completed in the financial year.

The 2024/25 financial year is seen as a transitional year as the trading subsidiary, Clearaway Recycling Limited, awaits the commencement of the new contract in April 2025. It is anticipated that the 2025/26 financial year will see the company return to its historic levels of turnover once all new operations are in place.

The Basildon waste transfer station continues to be popular with local authorities in South Essex, with additional waste and recycling streams being added to ensure the facility's full capacity is being utilised.

The directors continue to ensure that the company takes a positive and proactive approach to its legal and regulatory obligations as a haulage operator and waste management facilitator.

With greater visibility comes greater accountability, and the directors are determined to deliver progressive practices which promote the company's environmental and social value credentials and its role in the community.

The full management team utilises electric vehicles and a switch to 100% renewable energy supplies to our premises was completed within the previous financial year. Waste-A-Way Recycling Limited provides high quality jobs to the local communities from which it operates and continues to pay its lowest paid staff the Real Living Wage.

ON BEHALF OF THE BOARD:





Mr I J Whitehair - Director


31st January 2025

WASTE-A-WAY RECYCLING
LIMITED (REGISTERED NUMBER: 04422716)

Report of the Directors
for the year ended 30th April 2024


The directors present their report with the financial statements of the company for the year ended 30th April 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30th April 2024 will be £192,399.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st May 2023 to the date of this report.

Mr I J Whitehair
Mr P I Whitehair

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Annual Report 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 judgments and accounting estimates that are reasonable and prudent
- state whether applicable UK Accounting Standards have been followed, subject to any material departures, disclosed and explained in the financial statements
- 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.

AUDITORS
The auditors, Barrons Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr I J Whitehair - Director


31st January 2025

Report of the Independent Auditors to the Members of
Waste-A-Way Recycling
Limited


Opinion
We have audited the financial statements of Waste-A-Way Recycling Limited (the 'company') for the year ended 30th April 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 30th April 2024 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-A-Way Recycling
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 three, 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-A-Way Recycling
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:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include, licencing requirements, environmental regulations, health and safety legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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-A-Way Recycling
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.




Mark Radford FCCA (Senior Statutory Auditor)
for and on behalf of Barrons Limited
Chartered Accountants
& Statutory Auditors
Monometer House
Rectory Grove
Leigh on Sea
Essex
SS9 2HN

31st January 2025

WASTE-A-WAY RECYCLING
LIMITED (REGISTERED NUMBER: 04422716)

Profit and Loss Account
for the year ended 30th April 2024

2024 2023
Notes £    £   

TURNOVER 23,608,001 32,435,666

Cost of sales 21,748,860 29,426,557
GROSS PROFIT 1,859,141 3,009,109

Administrative expenses 1,966,921 1,386,697
OPERATING (LOSS)/PROFIT 4 (107,780 ) 1,622,412

Interest receivable and similar income 1,665 1,787
(106,115 ) 1,624,199

Interest payable and similar expenses 5 146,780 189,286
(LOSS)/PROFIT BEFORE TAXATION (252,895 ) 1,434,913

Tax on (loss)/profit 6 (47,807 ) 160,614
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(205,088

)

1,274,299

WASTE-A-WAY RECYCLING
LIMITED (REGISTERED NUMBER: 04422716)

Other Comprehensive Income
for the year ended 30th April 2024

2024 2023
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (205,088 ) 1,274,299


OTHER COMPREHENSIVE INCOME
Revaluation - 122,281
Revaluation rate change
Income tax relating to other comprehensive
income

-

(30,570

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

91,711
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(205,088

)

1,366,010

WASTE-A-WAY RECYCLING
LIMITED (REGISTERED NUMBER: 04422716)

Balance Sheet
30th April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 9,313,907 10,322,146

CURRENT ASSETS
Stocks 9 167,893 82,381
Debtors 10 5,717,798 7,552,889
Cash at bank 107,863 146,237
5,993,554 7,781,507
CREDITORS
Amounts falling due within one year 11 3,755,793 5,273,204
NET CURRENT ASSETS 2,237,761 2,508,303
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,551,668

12,830,449

CREDITORS
Amounts falling due after more than one
year

12

(1,684,889

)

(2,518,377

)

PROVISIONS FOR LIABILITIES 15 (1,760,116 ) (1,807,923 )
NET ASSETS 8,106,663 8,504,149

CAPITAL AND RESERVES
Called up share capital 16 50,000 50,000
Revaluation reserve 302,824 302,824
Retained earnings 7,753,839 8,151,325
SHAREHOLDERS' FUNDS 8,106,663 8,504,149

The financial statements were approved by the Board of Directors and authorised for issue on 31st January 2025 and were signed on its behalf by:





Mr I J Whitehair - Director


WASTE-A-WAY RECYCLING
LIMITED (REGISTERED NUMBER: 04422716)

Statement of Changes in Equity
for the year ended 30th April 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st May 2022 50,000 6,877,026 211,113 7,138,139

Changes in equity
Total comprehensive income - 1,274,299 91,711 1,366,010
Balance at 30th April 2023 50,000 8,151,325 302,824 8,504,149

Changes in equity
Dividends - (192,398 ) - (192,398 )
Total comprehensive income - (205,088 ) - (205,088 )
Balance at 30th April 2024 50,000 7,753,839 302,824 8,106,663

WASTE-A-WAY RECYCLING
LIMITED (REGISTERED NUMBER: 04422716)

Cash Flow Statement
for the year ended 30th April 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,802,659 3,914,327
Interest paid - (1,706 )
Interest element of hire purchase payments
paid

(146,780

)

(187,580

)
Tax paid - 49,616
Net cash from operating activities 1,655,879 3,774,657

Cash flows from investing activities
Purchase of tangible fixed assets (1,054,729 ) (1,173,170 )
Sale of tangible fixed assets 392,876 37,000
Interest received 1,665 1,787
Net cash from investing activities (660,188 ) (1,134,383 )

Cash flows from financing activities
Capital repayments in year (1,036,980 ) (1,915,868 )
Amount introduced by directors 192,399 -
Amount withdrawn by directors (147,099 ) (192,399 )
Group company loan movements 150,013 (685,496 )
Equity dividends paid (192,398 ) -
Net cash from financing activities (1,034,065 ) (2,793,763 )

Decrease in cash and cash equivalents (38,374 ) (153,489 )
Cash and cash equivalents at beginning of
year

2

146,237

299,726

Cash and cash equivalents at end of year 2 107,863 146,237

WASTE-A-WAY RECYCLING
LIMITED (REGISTERED NUMBER: 04422716)

Notes to the Cash Flow Statement
for the year ended 30th April 2024


1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
(Loss)/profit before taxation (252,895 ) 1,434,913
Depreciation charges 1,543,691 1,402,599
Loss/(profit) on disposal of fixed assets 126,400 (2,642 )
Finance costs 146,780 189,286
Finance income (1,665 ) (1,787 )
1,562,311 3,022,369
Increase in stocks (85,512 ) (40,881 )
Decrease in trade and other debtors 1,650,579 2,077,167
Decrease in trade and other creditors (1,324,719 ) (1,144,328 )
Cash generated from operations 1,802,659 3,914,327

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 107,863 146,237
Year ended 30th April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 146,237 299,726


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank 146,237 (38,374 ) 107,863
146,237 (38,374 ) 107,863
Debt
Finance leases (4,011,955 ) 1,036,980 (2,974,975 )
(4,011,955 ) 1,036,980 (2,974,975 )
Total (3,865,718 ) 998,606 (2,867,112 )

WASTE-A-WAY RECYCLING
LIMITED (REGISTERED NUMBER: 04422716)

Notes to the Financial Statements
for the year ended 30th April 2024


1. STATUTORY INFORMATION

Waste-A-Way Recycling Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
The turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before the revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

WASTE-A-WAY RECYCLING
LIMITED (REGISTERED NUMBER: 04422716)

Notes to the Financial Statements - continued
for the year ended 30th April 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Plant and machinery - 10%, 20% & 7 Years Straight Line
Fixtures and fittings- 20% Reducing Balance
Computer equipment- 25% Straight Line
Motor vehicles- 20% Straight Line
Long leasehold- 10% Straight Line

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks
Stocks of spares are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If Stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

WASTE-A-WAY RECYCLING
LIMITED (REGISTERED NUMBER: 04422716)

Notes to the Financial Statements - continued
for the year ended 30th April 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over the operating life of the asset.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

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.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,453,069 4,865,203
Social security costs 116,783 119,820
Other pension costs 102,439 98,897
4,672,291 5,083,920

The average number of employees during the year was as follows:
2024 2023

Director 2 2
Driver 46 58
Mechanic 8 8
Office 19 16
Yard 14 14
89 98

2024 2023
£    £   
Directors' remuneration 17,851 18,068

WASTE-A-WAY RECYCLING
LIMITED (REGISTERED NUMBER: 04422716)

Notes to the Financial Statements - continued
for the year ended 30th April 2024


3. EMPLOYEES AND DIRECTORS - continued

The above represents key management personnel compensation.

4. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 5,643 48,556
Depreciation - owned assets 1,543,692 1,402,600
Loss/(profit) on disposal of fixed assets 126,400 (2,642 )
Auditors' remuneration 12,750 12,250
Auditors non audit service fees 42,352 39,516

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Fines and penalties - 1,706
Hire purchase interest and finance lease
charges

146,780

187,580
146,780 189,286

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2024 2023
£    £   
Deferred tax (47,807 ) 160,614
Tax on (loss)/profit (47,807 ) 160,614

WASTE-A-WAY RECYCLING
LIMITED (REGISTERED NUMBER: 04422716)

Notes to the Financial Statements - continued
for the year ended 30th April 2024


6. TAXATION - continued

Reconciliation of total tax (credit)/charge 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:

2024 2023
£    £   
(Loss)/profit before tax (252,895 ) 1,434,913
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

(63,224

)

272,633

Effects of:
Expenses not deductible for tax purposes (472 ) 19
Capital allowances in excess of depreciation - (102,515 )
Depreciation in excess of capital allowances 86,703 -
Utilisation of tax losses - (83,440 )
Deferred tax (47,807 ) 160,614

Group relief (23,007 ) (87,611 )
Effects of change in tax rate - 914
Total tax (credit)/charge (47,807 ) 160,614

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30th April 2024.

2023
Gross Tax Net
£    £    £   
Revaluation 122,281 (30,570 ) 91,711
Revaluation rate change
122,281 (30,570 ) 91,711

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 96,199 -
Ordinary B shares of £1 each
Interim 96,199 -
192,398 -

WASTE-A-WAY RECYCLING
LIMITED (REGISTERED NUMBER: 04422716)

Notes to the Financial Statements - continued
for the year ended 30th April 2024


8. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST OR VALUATION
At 1st May 2023 1,069,212 14,949,400 275,370
Additions 54,419 966,740 23,711
Disposals - (1,785,586 ) -
At 30th April 2024 1,123,631 14,130,554 299,081
DEPRECIATION
At 1st May 2023 - 5,931,735 112,855
Charge for year 84,317 1,381,123 48,204
Eliminated on disposal - (1,266,310 ) -
At 30th April 2024 84,317 6,046,548 161,059
NET BOOK VALUE
At 30th April 2024 1,039,314 8,084,006 138,022
At 30th April 2023 1,069,212 9,017,665 162,515

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1st May 2023 116,267 67,395 16,477,644
Additions - 9,859 1,054,729
Disposals - - (1,785,586 )
At 30th April 2024 116,267 77,254 15,746,787
DEPRECIATION
At 1st May 2023 62,249 48,659 6,155,498
Charge for year 19,254 10,794 1,543,692
Eliminated on disposal - - (1,266,310 )
At 30th April 2024 81,503 59,453 6,432,880
NET BOOK VALUE
At 30th April 2024 34,764 17,801 9,313,907
At 30th April 2023 54,018 18,736 10,322,146

WASTE-A-WAY RECYCLING
LIMITED (REGISTERED NUMBER: 04422716)

Notes to the Financial Statements - continued
for the year ended 30th April 2024


8. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30th April 2024 is represented by:

Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
Valuation in 2021 214,230 - -
Cost 909,401 14,130,554 299,081
1,123,631 14,130,554 299,081

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2021 - - 214,230
Cost 116,267 77,254 15,532,557
116,267 77,254 15,746,787

Long leasehold were valued on an open market basis on 30th June 2023 by Ayers & Cruiks .

Included above are assets held under hire purchase contracts and finance leases with a total net book value of £5,210,712 (2023: £6,016,179) and a total depreciation charge in the year of £803,444 (2023: £923,024).

9. STOCKS
2024 2023
£    £   
Stock of spares 167,893 82,381

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,429,105 4,039,315
Amounts owed by group undertakings 2,701,377 2,840,589
Other debtors 12,700 21,884
Directors' current accounts 147,099 192,399
Tax 1,866 1,866
Prepayments and accrued income 425,651 456,836
5,717,798 7,552,889

WASTE-A-WAY RECYCLING
LIMITED (REGISTERED NUMBER: 04422716)

Notes to the Financial Statements - continued
for the year ended 30th April 2024


11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 13) 1,290,086 1,493,578
Trade creditors 739,368 1,753,286
Factoring account 833,990 1,376,343
Amounts owed to group undertakings 10,800 -
Social security and other taxes 97,331 394,176
VAT 322,939 -
Other creditors 78,502 18,155
Accruals and deferred income 382,777 237,666
3,755,793 5,273,204

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 13) 1,684,889 2,518,377

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 1,290,086 1,493,578
Between one and five years 1,684,889 2,518,377
2,974,975 4,011,955

Non-cancellable operating leases
2024 2023
£    £   
Within one year 249,750 249,750
Between one and five years 1,082,813 1,116,563
In more than five years 162,000 378,000
1,494,563 1,744,313

WASTE-A-WAY RECYCLING
LIMITED (REGISTERED NUMBER: 04422716)

Notes to the Financial Statements - continued
for the year ended 30th April 2024


14. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 2,974,975 4,011,955
Factoring creditor 883,990 1,376,343
3,858,965 5,388,298

The hire purchase contracts are secured against the assets to which they relate.

The factoring creditor is secured by fixed and floating charges over the total assets of the company, and a limited personal guarantee from directors of the company.

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,760,116 1,807,923

Deferred
tax
£   
Balance at 1st May 2023 1,807,923
Provided during year (47,807 )
Balance at 30th April 2024 1,760,116

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
40,000 Ordinary £1 40,000 40,000
10,000 Ordinary B £1 10,000 10,000
50,000 50,000

Ordinary and Ordinary B Shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any right of redemption.

17. RELATED PARTY DISCLOSURES

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.

At the balance sheet date the directors owed the company £147,099 (2023: £192,399) Interest has been charged on this balance. The balance is repaid by way of a dividend processed on 1st May 2024.

WASTE-A-WAY RECYCLING
LIMITED (REGISTERED NUMBER: 04422716)

Notes to the Financial Statements - continued
for the year ended 30th April 2024


18. ULTIMATE PARENT COMPANY

Waste-A-Way Holdings Limited is the immediate parent company for the current and preceding year due to its shareholding in the company. Whitehair Group Limited is the ultimate parent company for the current year due to its shareholding in the immediate parent company. Whitehair Group Limited prepares consolidated financial statements and these may be obtained from their registered office at Monometer House, Rectory Grove, Leigh on Sea, Essex, SS9 2HL.