Company registration number 12677334 (England and Wales)
CLEAN PLANET TEESSIDE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CLEAN PLANET TEESSIDE LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
CLEAN PLANET TEESSIDE LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Current assets
Debtors
4
1,566,473
1,485,354
Cash at bank and in hand
5,296
402,621
1,571,769
1,887,975
Creditors: amounts falling due within one year
5
(3,404,928)
(3,715,264)
Net current liabilities
(1,833,159)
(1,827,289)
Capital and reserves
Called up share capital
6
3
3
Share premium account
1,599,999
1,599,999
Profit and loss reserves
(3,433,161)
(3,427,291)
Total equity
(1,833,159)
(1,827,289)

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 December 2023 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.

The financial statements were approved by the board of directors and authorised for issue on 17 March 2025 and are signed on its behalf by:
I R Gear
B J Stephens
Director
Director
Company registration number 12677334 (England and Wales)
CLEAN PLANET TEESSIDE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
2
-
0
(3,399,652)
(3,399,650)
Year ended 31 December 2022:
Loss and total comprehensive income
-
-
(27,639)
(27,639)
Issue of share capital
6
1
1,599,999
-
1,600,000
Balance at 31 December 2022
3
1,599,999
(3,427,291)
(1,827,289)
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(5,869)
(5,869)
Balance at 31 December 2023
3
1,599,999
(3,433,161)
(1,833,159)
CLEAN PLANET TEESSIDE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Clean Planet Teesside Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 128 City Road, London, EC1V 2NX.

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
Going concern

At the balance sheet date, the company had net liabilities of £1,833,159 (2022 - £1,827,289), however £3,372,099 (2022 - £3,697,573) was due to its parent company. The parent company has undertaken to provide the necessary financial support required for at least 12 months from date of the approval of the financial statements to ensure that the company is able to meet its working capital requirements for the foreseeable future and will not recall or otherwise demand the repayment of advances given until the company is in a position to do so. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

CLEAN PLANET TEESSIDE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
4
Debtors
2023
2022
£
£
Amounts falling due within one year:
Amounts owed by group undertakings
1,543,272
1,458,881
Other debtors
23,201
26,473
1,566,473
1,485,354
CLEAN PLANET TEESSIDE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,976
441
Amounts owed to group undertakings
3,372,099
3,697,573
Taxation and social security
27,253
-
0
Other creditors
2,600
17,250
3,404,928
3,715,264
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
7
Related party transactions

The company has taken advantage of the exemption available in accordance with Section 1 AC.35 of Financial Reporting Standard 102 "Related party disclosures" and has not disclosed transactions entered into between wholly owned group members.

8
Parent company

The parent company of Clean Planet Teesside Ltd is Clean Planet Teesside Holdco Ltd and its registered office is 128 City Road, London, EC1V 2NX.

9
Prior period adjustment

In the prior year, costs amounting to £623,011, originally incurred by Clean Planet Teesside Ltd, were determined to relate to a fellow group member. These balances have now been reclassified to reflect their appropriate allocation within the group. Additionally, the company’s share capital has been restated to accurately reflect the issuance of 1 ordinary share of £1, which occurred in the prior year but was not previously recorded. These adjustments have been corrected to ensure the accurate presentation of the company's financial statements.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2022
£
£
£
Current assets
Debtors due within one year
884,470
600,884
1,485,354
Creditors due within one year
Other creditors
(3,737,391)
22,127
(3,715,264)
Net assets
(2,450,300)
623,011
(1,827,289)
CLEAN PLANET TEESSIDE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Prior period adjustment
As previously reported
Adjustment
As restated at 31 Dec 2022
£
£
£
(Continued)
- 6 -
Capital and reserves
Share capital
2
1
3
Share premium
1,600,000
(1)
1,599,999
Profit and loss reserves
(4,050,302)
623,011
(3,427,291)
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