Registration number:
Economic Skips Limited
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Brebners
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Economic Skips Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Economic Skips Limited
Company Information
Directors |
M R Crossan E J Crossan |
Registered office |
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Auditor |
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Economic Skips Limited
Statement of Financial Position as at 31 July 2024
Note |
31 July |
15 September |
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Fixed assets |
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Tangible assets |
- |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities - Deferred tax |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Revaluation reserve |
- |
1,624,283 |
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Retained earnings |
5,159,535 |
3,378,366 |
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Shareholders' funds |
5,160,535 |
5,003,649 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
.........................................
M R Crossan
Director
Company registration number: 03409966
Economic Skips Limited
Notes to the Financial Statements for the Period from 16 September 2023 to 31 July 2024
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
The principal activity of the company is that of remediation activities and other waste management services.
Audit Report |
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
The comparative information presented in the financial statements was unaudited as the company was entitled to exemption from audit.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Disclosure of long or short period
Economic Skips Limited
Notes to the Financial Statements for the Period from 16 September 2023 to 31 July 2024
Going concern
At 31 July 2024, the company had substantial net assets of £5,160,535 including cash at bank of £728,068.
Following acquisition by Powerday plc on 15 September 2023, the parent and ultimate undertaking, on 1 November 2023 the company transferred its trading operations to Powerday Plc.
The group's latest unaudited management accounts show continued profitability and the directors believe that the group is well placed to manage its business risks successfully.
After making enquiries the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Revenue is recognised in the period in which the company's obligation to its customers to treat/dispose of waste received at its facilities has been met. Skip hire income is recognised based upon the specific period of hire.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Economic Skips Limited
Notes to the Financial Statements for the Period from 16 September 2023 to 31 July 2024
Asset class |
Depreciation method and rate |
Plant and machinery |
10% - 25% reducing balance |
Assets held under the revaluation model
Land and buildings are held under the revaluation model. The directors assess the valuation of the site at each period end to determine the accuracy of the value of land and buildings held within their financial statements.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing
borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of
transaction costs, and the amount due on redemption being recognised as a charge to the income statement
over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable
and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as
operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis
over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and
rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease
obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Economic Skips Limited
Notes to the Financial Statements for the Period from 16 September 2023 to 31 July 2024
Hire Purchase
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at cost. The asset is then depreciated over its useful life. Future payments are apportioned between finance costs in the income statement and reduction of the liability so as to achieve a constant periodic rate of interest on the remaining balance of the liability using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company during the period, was
Economic Skips Limited
Notes to the Financial Statements for the Period from 16 September 2023 to 31 July 2024
Tangible assets |
Land and buildings |
Plant and machinery |
Total |
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Cost or valuation |
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At 16 September 2023 |
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Transfers |
( |
( |
( |
At 31 July 2024 |
- |
- |
- |
Depreciation |
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At 16 September 2023 |
- |
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Charge for the period |
- |
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Transfers |
- |
( |
( |
At 31 July 2024 |
- |
- |
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Carrying amount |
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At 31 July 2024 |
- |
- |
- |
At 15 September 2023 |
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Included within the net book value of land and buildings above is £Nil (15 September 2023 - £2,500,000) in respect of freehold land and buildings.
During the period all tangible assets were transferred to the holding company.
Stocks |
31 July |
15 September |
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Stock |
- |
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Debtors |
31 July |
15 September |
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Trade debtors |
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Amounts owed by group undertakings |
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- |
Other debtors |
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Economic Skips Limited
Notes to the Financial Statements for the Period from 16 September 2023 to 31 July 2024
Creditors |
Creditors: amounts falling due within one year
31 July |
15 September |
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Trade creditors |
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Taxation and social security |
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Other creditors |
- |
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Parent and Ultimate Parent Undertaking |
The company's immediate and ultimate parent is Powerday PLC, incorporated in England and Wales.
The parent of the largest and smallest group in which these financial statements are consolidated is Powerday PLC. These financial statements are available from Companies House.
The registered address of Powerday PLC is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU
Reserves |
The profit and loss account records current and prior year retained earnings and accumulated losses.
Revaluation reserve includes all current and prior year gains and losses on revaluation of land and buildings, less deferred taxation.