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REGISTERED NUMBER: 06181137 (England and Wales)














Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Priority Waste Limited

Priority Waste Limited (Registered number: 06181137)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


Priority Waste Limited (Registered number: 06181137)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 11,250 13,500
Tangible assets 5 64,421 63,620
75,671 77,120

CURRENT ASSETS
Debtors 6 543,413 453,971
Cash at bank and in hand 197,312 179,109
740,725 633,080
CREDITORS
Amounts falling due within one year 7 638,320 601,444
NET CURRENT ASSETS 102,405 31,636
TOTAL ASSETS LESS CURRENT LIABILITIES 178,076 108,756

CREDITORS
Amounts falling due after more than one year 8 - (6,499 )

PROVISIONS FOR LIABILITIES (16,105 ) (15,905 )
NET ASSETS 161,971 86,352

CAPITAL AND RESERVES
Called up share capital 11 11
Retained earnings 10 161,960 86,341
SHAREHOLDERS' FUNDS 161,971 86,352

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 January 2025 and were signed on its behalf by:



G Cronnolley - Director


Priority Waste Limited (Registered number: 06181137)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Priority Waste Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06181137

Registered office: Rejel House
Murdock Road
Manton Industrial Estate
Bedford
Bedfordshire
MK41 7PE

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents net invoiced sales of services excluding value added tax

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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.


Priority Waste Limited (Registered number: 06181137)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 22,500
AMORTISATION
At 1 July 2023 9,000
Amortisation for year 2,250
At 30 June 2024 11,250
NET BOOK VALUE
At 30 June 2024 11,250
At 30 June 2023 13,500

Priority Waste Limited (Registered number: 06181137)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 28,156 10,506 67,780 11,296 117,738
Additions 2,458 316 29,117 432 32,323
Disposals (1,182 ) - (24,290 ) - (25,472 )
At 30 June 2024 29,432 10,822 72,607 11,728 124,589
DEPRECIATION
At 1 July 2023 14,353 4,990 30,876 3,899 54,118
Charge for year 3,844 1,458 14,215 1,957 21,474
Eliminated on disposal (296 ) - (15,128 ) - (15,424 )
At 30 June 2024 17,901 6,448 29,963 5,856 60,168
NET BOOK VALUE
At 30 June 2024 11,531 4,374 42,644 5,872 64,421
At 30 June 2023 13,803 5,516 36,904 7,397 63,620

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2023
and 30 June 2024 25,995
DEPRECIATION
At 1 July 2023 11,374
Charge for year 3,656
At 30 June 2024 15,030
NET BOOK VALUE
At 30 June 2024 10,965
At 30 June 2023 14,621

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 414,019 416,906
Other debtors 129,394 37,065
543,413 453,971

Priority Waste Limited (Registered number: 06181137)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 6,499 8,665
Trade creditors 107,313 113,472
Taxation and social security 277,851 213,277
Other creditors 246,657 266,030
638,320 601,444

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts - 6,499

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 6,499 15,164

The hire purchase liability is secured against the asset to which it relates.

10. RESERVES
Retained
earnings
£   

At 1 July 2023 86,341
Profit for the year 287,663
Dividends (212,044 )
At 30 June 2024 161,960

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
G Cronnolley
Balance outstanding at start of year - -
Amounts advanced 229,069 -
Amounts repaid (149,386 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 79,683 -

12. ULTIMATE CONTROLLING PARTY

The controlling party is Pro-Innovation Solutions GroupHoldings Ltd.