Company registration number 06768583 (England and Wales)
HAWES SKIP HIRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
HAWES SKIP HIRE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
HAWES SKIP HIRE LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,719,992
3,835,277
Current assets
Debtors
4
909,773
1,424,606
Cash at bank and in hand
62,704
26,998
972,477
1,451,604
Creditors: amounts falling due within one year
5
(3,270,144)
(2,641,118)
Net current liabilities
(2,297,667)
(1,189,514)
Total assets less current liabilities
1,422,325
2,645,763
Creditors: amounts falling due after more than one year
6
(232,860)
(1,669,653)
Provisions for liabilities
(78,943)
(84,459)
Net assets
1,110,522
891,651
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
1,110,521
891,650
Total equity
1,110,522
891,651

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

HAWES SKIP HIRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 January 2025 and are signed on its behalf by:
K Hawes
Director
Company registration number 06768583 (England and Wales)
HAWES SKIP HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Hawes Skip Hire Limited is a private company limited by shares incorporated in England and Wales. The registered office is Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire, HP12 3RP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.

 

Rendering of services

Revenue arises from the provision of skip hire and waste disposal services.

Revenue from skip hire is recognised when a skip is delivered to a customer. Revenue from waste disposal is recognised as waste is tipped at the company's site.

 

Rental income

Operating lease income from investment properties is recognised in profit and loss on a straight-line basis over the lease term.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over 20 years straight line or over the life time of the lease
Plant and equipment
17% - 20% reducing balance
Office equipment
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

HAWES SKIP HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.

 

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

HAWES SKIP HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
26
27
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Office equipment
Total
£
£
£
£
Cost
At 1 April 2023
3,751,566
1,788,904
25,530
5,566,000
Additions
107,238
354,500
-
0
461,738
Disposals
-
0
(697,090)
-
0
(697,090)
At 31 March 2024
3,858,804
1,446,314
25,530
5,330,648
Depreciation and impairment
At 1 April 2023
865,277
851,055
14,391
1,730,723
Depreciation charged in the year
105,616
126,885
2,228
234,729
Eliminated in respect of disposals
-
0
(354,796)
-
0
(354,796)
At 31 March 2024
970,893
623,144
16,619
1,610,656
Carrying amount
At 31 March 2024
2,887,911
823,170
8,911
3,719,992
At 31 March 2023
2,886,289
937,849
11,139
3,835,277
HAWES SKIP HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
670,645
684,937
Amounts owed by group undertakings
16,500
631,438
Other debtors
918
1,429
Prepayments and accrued income
221,710
106,802
909,773
1,424,606
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
35,250
251,838
Obligations under finance leases
344,871
314,849
Other borrowings
137,370
526,799
Trade creditors
469,426
407,072
Amounts owed to group undertakings
1,914,639
854,146
Taxation and social security
119,729
195,187
Other creditors
80,005
12,500
Accruals and deferred income
168,854
78,727
3,270,144
2,641,118

Bank loans of £nil (2023 - £251,838) are secured by fixed and floating charges over the company's leasehold land and property and other assets.

 

Amounts in other borrowings totalling £137,370 (2023 - £526,799) represent an invoice discounting facility which is secured over the company's debtor book.

 

Hire purchase creditors of £344,871 (2023 - £314,849) are secured on the assets to which they relate.

 

The bank holds a legal first charge over the commercial properties within the Group.

 

6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
29,375
1,341,812
Obligations under finance leases and hire purchase contracts
203,485
327,841
232,860
1,669,653
HAWES SKIP HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Creditors: amounts falling due after more than one year
(Continued)
- 7 -

Bank loans of £nil (2023 - £1,341,812) are secured by fixed and floating charges over the company's leasehold land and property and other assets.

 

Hire purchase creditors of £203,485 (2023 - £327,841) are secured on the assets to which they relate.

 

The bank holds a legal first charge over the commercial properties within the Group.

 

The bank holds an unlimited guarantee from all companies within the Group.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
8
Related party transactions

The company has taken advantage of the exemption in paragraph 1AC.35 of FRS102 not to disclose transactions with wholly owned group entities.

 

At the balance-sheet date the company was owed £918 (2023 - £1,429) by its directors.

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