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REGISTERED NUMBER: 07306316 (England and Wales)















Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 30th April 2024

for

CLEARAWAY RECYCLING LIMITED

CLEARAWAY RECYCLING LIMITED (REGISTERED NUMBER: 07306316)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Profit and Loss Account 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


CLEARAWAY 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: 07306316 (England and Wales)





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

CLEARAWAY RECYCLING LIMITED (REGISTERED NUMBER: 07306316)

Strategic Report
for the year ended 30th April 2024


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

The historic principal activity of the company continues to be that of waste processing and recycling.

The core activities of the company include collecting waste from private households and businesses in the local area, organising the transportation of commercial waste via our sister company, Waste-A-Way Recycling, and bringing it to our recycling facility on the Burnt Mills Industrial Estate where we treat locally generated waste every year.

The board is committed to continuing to invest in waste processing capacity such that the company can maximise the levels of waste recycling undertaken and thus reduce the amount of waste that has to be delivered to landfill.

The company has endured a very challenging year as a result of several factors, which included a serious fire in one of the warehouses which created an interruption to trade as well as losses to plant and equipment, which have had to be replaced.

The board has continued to focus on the reorganisation of its operations, with more focus being put upon the move to the Waste to energy market and waste to energy disposal.

Competition for bulk waste has continued to rise as energy facilities in the region have undertaken significant price cuts to their gate fees to maintain power generation.

With respect to the business development, in the longer term and in order to support the commitment to reducing the level of untreated waste being delivered to landfill, Clearaway proposes to build an Energy Recovery Facility (ERF) next to its existing recycling facility on the Burnt Mills Industrial Estate, Archers Fields in Basildon.

The new contract that the company had hoped would be in place for April 2024, was once again delayed, resulting in a detrimental impact on operations. The approval was eventually received in August 2024, and the new contract will start in April 2025.

The delay in awarding the contract has seen the company organising waste disposal for 3rd parties, pending the completion of the ERF facility, for the past 18-24 months.

The ERF is designed to take the waste that already comes to the Clearaway recycling facility, which means there will be no additional deliveries, and, by processing waste left over after the commercial recycling processes have exhausted, significantly reduce the amount of waste which is currently transported to landfill. The production of heat and power will promote additional economic growth across the wider industrial estate.

The board see the next 12 months to 30th April 2025 as a year of transition, as the company gears up for the start of the new contract in April 2025. The new contract will only impact the trading for April 2025, but it is expected that the year to 30th April 2026 will see a return to historic levels of turnover. The company have begun the process of transitioning the bulk waste from Waste-A-Way Recycling Limited to Clearaway Recycling Limited. This will underpin the proof of incoming feed for the proposed ERF facility.

Principal risks that the business faces relate to ensuring we keep up to date and comply with the laws and regulations relating to waste processing and operating within authorised tonnage limits. The directors continue to oversee and monitor this area in detail ensuring compliance with all requirements and maintaining up to date knowledge to ensure compliance. The directors are pleased to report no issues in relation to this area of the business.

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 company has increased its apprenticeship opportunities and increased training to ensure that the team is ready to grasp opportunities in areas such as treatment of hazardous waste.

The directors remain committed to ensuring that Clearaway Recycling Limited is an exemplar waste management in Essex and will play a significant role in creating a more sustainable future for Essex.


CLEARAWAY RECYCLING LIMITED (REGISTERED NUMBER: 07306316)

Strategic Report
for the year ended 30th April 2024

ON BEHALF OF THE BOARD:





Mr P I Whitehair - Director


31st January 2025

CLEARAWAY RECYCLING LIMITED (REGISTERED NUMBER: 07306316)

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 £202,290.

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 P I Whitehair - Director


31st January 2025

Report of the Independent Auditors to the Members of
Clearaway Recycling Limited


Opinion
We have audited the financial statements of Clearaway 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
Clearaway 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 four, 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
Clearaway 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
Clearaway 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

CLEARAWAY RECYCLING LIMITED (REGISTERED NUMBER: 07306316)

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

2024 2023
Notes £    £   

TURNOVER 18,940,387 23,537,631

Cost of sales 18,836,120 21,928,238
GROSS PROFIT 104,267 1,609,393

Administrative expenses 1,448,535 1,212,070
OPERATING (LOSS)/PROFIT 4 (1,344,268 ) 397,323

Interest receivable and similar income 2,116 1,790
(1,342,152 ) 399,113

Interest payable and similar expenses 5 28,114 22,330
(LOSS)/PROFIT BEFORE TAXATION (1,370,266 ) 376,783

Tax on (loss)/profit 6 (346,409 ) 153,049
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(1,023,857

)

223,734

CLEARAWAY RECYCLING LIMITED (REGISTERED NUMBER: 07306316)

Other Comprehensive Income
for the year ended 30th April 2024

2024 2023
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (1,023,857 ) 223,734


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(1,023,857

)

223,734

CLEARAWAY RECYCLING LIMITED (REGISTERED NUMBER: 07306316)

Balance Sheet
30th April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 5,070,298 4,695,032

CURRENT ASSETS
Debtors 9 4,059,999 4,033,117
Cash at bank 656,573 929,340
4,716,572 4,962,457
CREDITORS
Amounts falling due within one year 10 3,994,619 2,798,910
NET CURRENT ASSETS 721,953 2,163,547
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,792,251

6,858,579

CREDITORS
Amounts falling due after more than one
year

11

(811,443

)

(305,215

)

PROVISIONS FOR LIABILITIES 15 (584,914 ) (931,323 )
NET ASSETS 4,395,894 5,622,041

CAPITAL AND RESERVES
Called up share capital 16 50,000 50,000
Retained earnings 17 4,345,894 5,572,041
SHAREHOLDERS' FUNDS 4,395,894 5,622,041

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 P I Whitehair - Director


CLEARAWAY RECYCLING LIMITED (REGISTERED NUMBER: 07306316)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st May 2022 50,000 5,457,983 5,507,983

Changes in equity
Dividends - (109,676 ) (109,676 )
Total comprehensive income - 223,734 223,734
Balance at 30th April 2023 50,000 5,572,041 5,622,041

Changes in equity
Dividends - (202,290 ) (202,290 )
Total comprehensive income - (1,023,857 ) (1,023,857 )
Balance at 30th April 2024 50,000 4,345,894 4,395,894

CLEARAWAY RECYCLING LIMITED (REGISTERED NUMBER: 07306316)

Cash Flow Statement
for the year ended 30th April 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 984,814 2,957,958
Interest paid (24,127 ) (19,599 )
Interest element of hire purchase payments
paid

(3,987

)

(2,731

)
Tax paid - (141,276 )
Net cash from operating activities 956,700 2,794,352

Cash flows from investing activities
Purchase of tangible fixed assets (2,098,816 ) (2,029,747 )
Sale of tangible fixed assets 526,352 -
Interest received 2,116 1,790
Net cash from investing activities (1,570,348 ) (2,027,957 )

Cash flows from financing activities
Loan repayments in year (100,002 ) (100,002 )
Capital repayments in year 672,878 (180,481 )
Amount introduced by directors 202,290 -
Amount withdrawn by directors (181,402 ) (202,290 )
Group company loan movements (50,859 ) (1,784,884 )
Equity dividends paid (202,290 ) (109,676 )
Net cash from financing activities 340,615 (2,377,333 )

Decrease in cash and cash equivalents (273,033 ) (1,610,938 )
Cash and cash equivalents at beginning of
year

2

929,340

2,540,278

Cash and cash equivalents at end of year 2 656,307 929,340

CLEARAWAY RECYCLING LIMITED (REGISTERED NUMBER: 07306316)

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 (1,370,266 ) 376,783
Depreciation charges 1,059,433 884,392
Loss on disposal of fixed assets 137,763 -
Finance costs 28,114 22,330
Finance income (2,116 ) (1,790 )
(147,072 ) 1,281,715
Decrease in trade and other debtors 173,506 1,260,799
Increase in trade and other creditors 958,380 415,444
Cash generated from operations 984,814 2,957,958

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 656,573 929,340
Bank overdrafts (266 ) -
656,307 929,340
Year ended 30th April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 929,340 2,540,278


CLEARAWAY RECYCLING LIMITED (REGISTERED NUMBER: 07306316)

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


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank 929,340 (272,767 ) 656,573
Bank overdrafts - (266 ) (266 )
929,340 (273,033 ) 656,307
Debt
Finance leases (44,222 ) (672,878 ) (717,100 )
Debts falling due within 1 year (100,002 ) - (100,002 )
Debts falling due after 1 year (299,995 ) 100,002 (199,993 )
(444,219 ) (572,876 ) (1,017,095 )
Total 485,121 (845,909 ) (360,788 )

CLEARAWAY RECYCLING LIMITED (REGISTERED NUMBER: 07306316)

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


1. STATUTORY INFORMATION

Clearaway 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.

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.

CLEARAWAY RECYCLING LIMITED (REGISTERED NUMBER: 07306316)

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:

Short leasehold- 10% Straight line
Plant and machinery- 20% Reducing balance
Motor vehicles- 20% Reducing balance and 20% Straight line
Computer equipment- 25% 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.

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.

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 their estimated useful lives or the lease term, whichever is the shorter.

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.

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.

CLEARAWAY RECYCLING LIMITED (REGISTERED NUMBER: 07306316)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

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 1,837,449 1,786,834
Social security costs 170,145 175,014
Other pension costs 29,467 27,964
2,037,061 1,989,812

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

Drivers 18 19
Office 7 7
Mechanics 4 4
Yard Staff 12 11
41 41

CLEARAWAY RECYCLING LIMITED (REGISTERED NUMBER: 07306316)

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


3. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration - -

4. OPERATING (LOSS)/PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 102,526 193,954
Depreciation - owned assets 1,059,435 884,393
Loss on disposal of fixed assets 137,763 -
Auditors' remuneration 13,000 10,250
Auditors non audit service fees 26,329 24,352

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 24,127 19,599
Hire purchase 3,987 2,731
28,114 22,330

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 (346,409 ) 153,049
Tax on (loss)/profit (346,409 ) 153,049

CLEARAWAY RECYCLING LIMITED (REGISTERED NUMBER: 07306316)

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 lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
(Loss)/profit before tax (1,370,266 ) 376,783
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

(342,567

)

71,589

Effects of:
Expenses not deductible for tax purposes (303 ) 967
Capital allowances in excess of depreciation (113,270 ) (366,265 )

Losses utilised 5,000 -
Deferred tax (346,409 ) 153,049
Group relief 23,007 86,697
Losses carried back - 43,637
Losses carried forward 428,133 163,375
Total tax (credit)/charge (346,409 ) 153,049

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 101,145 52,344
Ordinary B shares of £1 each
Interim 101,145 57,332
202,290 109,676

CLEARAWAY RECYCLING LIMITED (REGISTERED NUMBER: 07306316)

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


8. TANGIBLE FIXED ASSETS
Short Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st May 2023 52,790 6,156,397 1,700,952 79,414 7,989,553
Additions 112,761 1,938,595 2,500 44,960 2,098,816
Disposals - (1,236,110 ) - - (1,236,110 )
At 30th April 2024 165,551 6,858,882 1,703,452 124,374 8,852,259
DEPRECIATION
At 1st May 2023 - 2,399,224 833,700 61,597 3,294,521
Charge for year 12,909 830,038 197,887 18,601 1,059,435
Eliminated on disposal - (571,995 ) - - (571,995 )
At 30th April 2024 12,909 2,657,267 1,031,587 80,198 3,781,961
NET BOOK VALUE
At 30th April 2024 152,642 4,201,615 671,865 44,176 5,070,298
At 30th April 2023 52,790 3,757,173 867,252 17,817 4,695,032

Included above are assets held under hire purchase contracts and finance leases with a total net book value of £994,100 (2023: £272,624) and a total depreciation charge in the year of £71,490 (2023: £61,031).

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,172,311 1,287,964
Amounts owed by group undertakings 2,218,301 1,997,025
Other debtors 13,782 20,825
Directors' current accounts 181,402 202,290
Corporation tax debtor 132,500 132,500
VAT - 123,911
Prepayments and accrued income 341,703 268,602
4,059,999 4,033,117

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 12) 100,268 100,002
Hire purchase contracts (see note 13) 105,650 39,002
Trade creditors 1,661,257 1,061,930
Amounts owed to group undertakings 1,543,653 1,373,238
Social security and other taxes 28,736 43,314
VAT 225,492 -
Other creditors 4,920 12,216
Accruals and deferred income 324,643 169,208
3,994,619 2,798,910

CLEARAWAY RECYCLING LIMITED (REGISTERED NUMBER: 07306316)

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


11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 12) 199,993 299,995
Hire purchase contracts (see note 13) 611,450 5,220
811,443 305,215

12. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 266 -
Bank loans 100,002 100,002
100,268 100,002

Amounts falling due between one and two years:
Bank loans - 1-2 years 100,002 100,002

Amounts falling due between two and five years:
Bank loans - 2-5 years 99,991 199,993

13. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 105,650 39,002
Between one and five years 611,450 5,220
717,100 44,222

CLEARAWAY RECYCLING LIMITED (REGISTERED NUMBER: 07306316)

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
£    £   
Bank loans 299,995 399,997
Hire purchase contracts 717,100 44,222
1,017,095 444,219

The hire purchase liability is secured against the assets to which they relate.

The bank loan is secured by the Coronavirus Business Interruption Loan Scheme provided by the government during the coronavirus outbreak.

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 584,914 931,323

Deferred
tax
£   
Balance at 1st May 2023 931,323
Accelerated capital allowances (346,409 )
Balance at 30th April 2024 584,914

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
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.

CLEARAWAY RECYCLING LIMITED (REGISTERED NUMBER: 07306316)

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


17. RESERVES
Retained
earnings
£   

At 1st May 2023 5,572,041
Deficit for the year (1,023,857 )
Dividends (202,290 )
At 30th April 2024 4,345,894

18. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30th April 2024 and 30th April 2023:

2024 2023
£    £   
Mr P I Whitehair
Balance outstanding at start of year 101,135 -
Amounts advanced 127,212 136,118
Amounts repaid (137,647 ) (34,983 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 90,700 101,135

Mr I J Whitehair
Balance outstanding at start of year 101,155 -
Amounts advanced 90,691 101,155
Amounts repaid (101,145 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 90,701 101,155

19. 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.

The company has provided a cross guarantee of up to £3,051,000 relating to a loan held in the parent company.

20. ULTIMATE PARENT COMPANY

Clearaway 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.