Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31false2023-06-018false8Tipping of inert waste and sale of aggregates.truefalse 02783211 2023-06-01 2024-05-31 02783211 2022-06-01 2023-05-31 02783211 2024-05-31 02783211 2023-05-31 02783211 c:CompanySecretary1 2023-06-01 2024-05-31 02783211 c:Director1 2023-06-01 2024-05-31 02783211 c:Director2 2023-06-01 2024-05-31 02783211 c:Director3 2023-06-01 2024-05-31 02783211 c:RegisteredOffice 2023-06-01 2024-05-31 02783211 c:Agent1 2023-06-01 2024-05-31 02783211 d:PlantMachinery 2023-06-01 2024-05-31 02783211 d:PlantMachinery 2024-05-31 02783211 d:PlantMachinery 2023-05-31 02783211 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02783211 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 02783211 d:MotorVehicles 2023-06-01 2024-05-31 02783211 d:MotorVehicles 2024-05-31 02783211 d:MotorVehicles 2023-05-31 02783211 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02783211 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 02783211 d:FurnitureFittings 2023-06-01 2024-05-31 02783211 d:FurnitureFittings 2024-05-31 02783211 d:FurnitureFittings 2023-05-31 02783211 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02783211 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 02783211 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02783211 d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 02783211 d:PatentsTrademarksLicencesConcessionsSimilar 2024-05-31 02783211 d:PatentsTrademarksLicencesConcessionsSimilar 2023-05-31 02783211 d:OtherResidualIntangibleAssets 2023-06-01 2024-05-31 02783211 d:CurrentFinancialInstruments 2024-05-31 02783211 d:CurrentFinancialInstruments 2023-05-31 02783211 d:Non-currentFinancialInstruments 2024-05-31 02783211 d:Non-currentFinancialInstruments 2023-05-31 02783211 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 02783211 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 02783211 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 02783211 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 02783211 d:UKTax 2023-06-01 2024-05-31 02783211 d:UKTax 2022-06-01 2023-05-31 02783211 d:ShareCapital 2024-05-31 02783211 d:ShareCapital 2023-05-31 02783211 d:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 02783211 d:RetainedEarningsAccumulatedLosses 2024-05-31 02783211 d:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 02783211 d:RetainedEarningsAccumulatedLosses 2023-05-31 02783211 d:RetainedEarningsAccumulatedLosses 2022-06-01 02783211 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-06-01 2024-05-31 02783211 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-05-31 02783211 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-05-31 02783211 c:FRS102 2023-06-01 2024-05-31 02783211 c:Audited 2023-06-01 2024-05-31 02783211 c:FullAccounts 2023-06-01 2024-05-31 02783211 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 02783211 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 02783211 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 02783211 d:TaxLossesCarry-forwardsDeferredTax 2024-05-31 02783211 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 02783211 d:RetirementBenefitObligationsDeferredTax 2024-05-31 02783211 d:RetirementBenefitObligationsDeferredTax 2023-05-31 02783211 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-05-31 02783211 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-05-31 02783211 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-06-01 2024-05-31 02783211 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 02783211










MIDLAND LANDFILL LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
MIDLAND LANDFILL LIMITED
 
 
COMPANY INFORMATION


Directors
G C Bowring 
J W Bowring 
V A Bowring 




Company secretary
G C Bowring



Registered number
02783211



Registered office
Windmill House Farm
Forest Road

Warsop

Nottinghamshire

NG20 0EP




Independent auditors
Roddis Taylor Robinson
Chartered Accountants & Registered Auditor

Unit 6

Acorn Business Park

Woodseats Close

Sheffield

South Yorkshire

S8 0TB




Accountants
Shorts
2 Ashgate Road

Chesterfield

Derbyshire

S40 4AA




Bankers
Barclays Bank plc





 
MIDLAND LANDFILL LIMITED
 

CONTENTS



Page
Directors' report
 
1 - 2
Independent auditors' report
 
3 - 6
Statement of income and retained earnings
 
7
Balance sheet
 
8 - 9
Notes to the financial statements
 
10 - 19


 
MIDLAND LANDFILL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Directors

The directors who served during the year were:

G C Bowring 
J W Bowring 
V A Bowring 

Qualifying third party indemnity provisions

The directors have been granted a qualifying third party indemnity provision under section 234 of the Companies Act 2006. This indemnity does not provide cover in the event of a director acting fraudulently or dishonestly.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

 
MIDLAND LANDFILL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Auditors

The auditorsRoddis Taylor Robinsonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 27 February 2025 and signed on its behalf.
 





G C Bowring
Secretary

Page 2

 
MIDLAND LANDFILL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIDLAND LANDFILL LIMITED
 

Opinion


We have audited the financial statements of Midland Landfill Limited (the 'Company') for the year ended 31 May 2024, which comprise the Statement of income and retained earnings, the Balance sheet and the related notes, including a summary of significant accounting policiesThe 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 31 May 2024 and of its profit 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 United Kingdom, including the Financial Reporting Council'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.


Page 3

 
MIDLAND LANDFILL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIDLAND LANDFILL LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Page 4

 
MIDLAND LANDFILL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIDLAND LANDFILL LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, 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 is 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.


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 an Auditors' report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The company is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the company and the environment in which it operates, we determined that the laws and regulations which were most significant included “The Environmental Permitting Regulations” and Health and Safety. We considered the extent to which non-compliance with laws and regulations might have a material effect on the financial statements, including how fraud might occur. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to the completeness of income from cash sales.
Audit procedures performed by the engagement team included:

Discussions with management to obtain an understanding of the legal and regulatory framework applicable to the company and how it ensures compliance, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
Reviewing minutes of Board meetings;
Identifying and assessing the effectiveness of internal controls in place to mitigate risks of fraud and non compliance with laws and regulations which includes tests designed to ensure income is complete and in particular cash receipts are appropriately recorded;
Enquiring of management as to actual and potential litigation and claims
Challenging assumptions and judgements made by management in their significant accounting estimates including the provision for future expenditure persuant with the permit granted under the laws and regulations applicable to the company.
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management.

There are inherent limitations in the audit procedures described above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely
Page 5

 
MIDLAND LANDFILL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIDLAND LANDFILL LIMITED (CONTINUED)


we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation or through collusion.
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 Auditors' report.


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 2006Our 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 an Auditors' report 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.





Julie Holderness (Senior statutory auditor)
  
for and on behalf of
Roddis Taylor Robinson
 
Chartered Accountants
Registered Auditor
  
Unit 6
Acorn Business Park
Woodseats Close
Sheffield
South Yorkshire
S8 0TB

27 February 2025
Page 6

 
MIDLAND LANDFILL LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
Note
£
£

  

Turnover
  
1,602,827
1,584,245

Cost of sales
  
(1,075,184)
(899,362)

Gross profit
  
527,643
684,883

Administrative expenses
  
(227,622)
(209,141)

Operating profit
  
300,021
475,742

Interest receivable and similar income
  
3,180
1,629

Interest payable and similar expenses
  
(12,402)
(7,702)

Profit before tax
  
290,799
469,669

Tax on profit
 4 
(74,335)
(94,312)

Profit after tax
  
216,464
375,357

  

  

Retained earnings at the beginning of the year
  
2,396,941
2,021,584

Profit for the year
  
216,464
375,357

Retained earnings at the end of the year
  
2,613,405
2,396,941
The notes on pages 10 to 19 form part of these financial statements.

Page 7

 
MIDLAND LANDFILL LIMITED
REGISTERED NUMBER: 02783211

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
47,077
54,227

Tangible assets
 6 
993,085
784,839

  
1,040,162
839,066

Current assets
  

Stocks
  
13,130
22,401

Debtors: amounts falling due within one year
 7 
1,252,884
1,257,792

Cash at bank and in hand
  
1,357,419
1,177,191

  
2,623,433
2,457,384

Creditors: amounts falling due within one year
 8 
(320,673)
(290,953)

Net current assets
  
 
 
2,302,760
 
 
2,166,431

Total assets less current liabilities
  
3,342,922
3,005,497

Creditors: amounts falling due after more than one year
 9 
(235,826)
(199,200)

Provisions for liabilities
  

Deferred tax
 10 
(233,689)
(159,354)

Other provisions
 11 
(260,000)
(250,000)

  
 
 
(493,689)
 
 
(409,354)

Net assets
  
2,613,407
2,396,943


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
2,613,405
2,396,941

  
2,613,407
2,396,943


Page 8

 
MIDLAND LANDFILL LIMITED
REGISTERED NUMBER: 02783211
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 February 2025.




J W Bowring
G C Bowring
Director
Director

The notes on pages 10 to 19 form part of these financial statements.

Page 9

 
MIDLAND LANDFILL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Midland Landfill is a private company limited by shares, incorporated in England and Wales (registered number: 02783211). Its registered office is Windmill House Farm, Forest Road, Warsop, Nottinghamshire, NG20 0EP. The principal activity of the Company throughout the year continued to be the tipping of inert waste and sale of aggregates.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 company’s functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 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.

Page 10

 
MIDLAND LANDFILL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.3

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings. 
The  current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Licence
-
16
years

Page 11

 
MIDLAND LANDFILL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model 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 their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Plant and machinery
-
10%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
straight line

The assets' 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.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the 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 or loss.

  
2.9

Provisions for liabilities

Provision is made for site restoration costs that will be incurred in restoring the company's landfill site on the expiration of its licence to use the site.

Page 12

 
MIDLAND LANDFILL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.10

Financial instruments


The company only enters into basic financial instrument transactions that result in the recognition of the financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
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.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 8).

Page 13

 
MIDLAND LANDFILL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
50,211


-
50,211


Total current tax
-
50,211

Deferred tax


Origination and reversal of timing differences
74,862
44,101

Losses carried forward
(527)
-

Total deferred tax
74,335
44,101


Tax on profit
74,335
94,312

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 20%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
290,799
469,669


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20%)
72,699
93,946

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
588
(8,450)

Capital allowances for year in excess of depreciation
-
8,816

Other timing differences leading to an increase (decrease) in taxation
1,048
-

Total tax charge for the year
74,335
94,312


Factors that may affect future tax charges

Page 14

 
MIDLAND LANDFILL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
4.Taxation (continued)

The company had tax losses carried forward of £2,109 which will result in the reduction of future taxable profits.


5.


Intangible assets




Licence

£



Cost


At 1 June 2023
114,402



At 31 May 2024

114,402



Amortisation


At 1 June 2023
60,175


Charge for the year on owned assets
7,150



At 31 May 2024

67,325



Net book value



At 31 May 2024
47,077



At 31 May 2023
54,227



Page 15

 
MIDLAND LANDFILL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost


At 1 June 2023
1,537,552
19,750
5,729
1,563,031


Additions
378,170
37,040
3,061
418,271


Disposals
(91,795)
(19,750)
-
(111,545)



At 31 May 2024

1,823,927
37,040
8,790
1,869,757



Depreciation


At 1 June 2023
756,793
17,279
4,120
778,192


Charge for the year on owned assets
72,776
5,659
620
79,055


Charge for the year on financed assets
55,320
-
-
55,320


Disposals
(18,359)
(17,536)
-
(35,895)



At 31 May 2024

866,530
5,402
4,740
876,672



Net book value



At 31 May 2024
957,397
31,638
4,050
993,085



At 31 May 2023
780,759
2,471
1,609
784,839

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
571,935
475,626

Page 16

 
MIDLAND LANDFILL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Debtors

2024
2023
£
£


Trade debtors
121,104
113,028

Amounts owed by group undertakings
1,054,374
1,090,267

Other debtors
15,087
-

Prepayments and accrued income
62,319
54,497

1,252,884
1,257,792



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
108,459
81,728

Corporation tax
-
50,211

Other taxation and social security
4,693
23,576

Obligations under finance lease and hire purchase contracts
165,139
108,005

Other creditors
3,196
1,247

Accruals and deferred income
39,186
26,186

320,673
290,953



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
235,826
199,200


The loans falling due within and after more than one year in respect of the hire purchase and finance lease agreements are secured against the assets to which they relate.

Page 17

 
MIDLAND LANDFILL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Deferred taxation




2024


£






At beginning of year
159,354


Charged to profit or loss
74,335



At end of year
233,689

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
234,253
159,375

Tax losses carried forward
(527)
-

Pension surplus
(37)
(21)

233,689
159,354


11.


Provisions




Provision for site restoration costs

£





At 1 June 2023
250,000


Charged to profit or loss
10,000



At 31 May 2024
260,000

The provision for site restoration costs refers to costs that will be incurred in restoring the company's landfill site on the expiration of its licence to use the site.


12.


Contingent liabilities

Guarantees have been given to the Barclays Bank plc in respect of borrowings by members of the Bowring Transport group of companies. 

Page 18

 
MIDLAND LANDFILL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £7,561 (2023: £4,043). Contributions totalling £345 (2023: £192) were payable to the fund at the balance sheet date and are included in creditors.


14.


Related party transactions

The company has taken advantage of the exemption granted in FRS102 from the requirement to disclose transactions with the parent company, Bowring Transport Limited, as the company is wholly owned within the group and consolidated accounts of the group are publicly available.


15.


Controlling party

The ultimate controlling party is Bowring Transport Limited, Windmill House Farm, Forest Road, Warsop, Nottinghamshire, NG20 0EP.

 
Page 19