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Registered number: 01227028










CHAMBERS WASTE MANAGEMENT PLC

AUDITED
ANNUAL REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
30 SEPTEMBER 2024
 






 



 






 
CHAMBERS WASTE MANAGEMENT PLC
 

COMPANY INFORMATION


Directors
Mr P G Chambers 
Mrs E K C Chambers 
Mr M Konig 




Company secretary
Mrs E K C Chambers



Registered number
01227028



Registered office
Chambers House
North Moors

Slyfield Industrial Estate

Guildford

Surrey

GU1 1SE




Independent auditors
Wellden Turnbull Limited
Chartered Accountants & Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ





 
CHAMBERS WASTE MANAGEMENT PLC
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Statement of Income and Retained Earnings
 
 
9
Balance Sheet
 
 
10
Statement of Cash Flows
 
 
11
Notes to the Financial Statements
 
 
12 - 27


 
CHAMBERS WASTE MANAGEMENT PLC
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The Directors present their strategic report for the Company for the year ended 30 September 2024.

Business review
 
The Company is engaged in the provision of waste management and recycling services primarily through its site in Slyfield, Surrey.
The Company has performed well during the year with profits before tax of £2,476,993 (2023 - £3,298,806) on revenues of £19,666,417 (2023 - £19,934,895) have been generated.
The Company has continued to invest in the business by renewing its plant and machinery to maintain efficiency and service levels to clients.

Principal risks and uncertainties
 
The Board of Directors has the primary responsibility for identifying the major business threats facing the Company and developing appropriate strategies to mitigate them.
From a performance perspective the Company is exposed to fluctuations in the activity of the local construction industry which in turn is impacted by wider economic factors. Management actively monitor the Company's pipelines of work and are comfortable that the business is well placed to manage any resulting volatility. Management actively manage the cash resources of the Company to ensure it has the resources to continue to operate.
The Company is exposed to interest rate risk on its third party finance. Bank loans are financed at a rate of interest which is variable. However, these loans represent a small part of the Company's financing structure and so the associated risks are minimal. Finance loans are at a fixed rate of interest and for relatively short durations, therefore the directors are of the view that any associated interest rate risk is minimal.
 
The Company is exposed to credit risk in respect of its client base. To mitigate this credit risk assessments are performed in advance of entering into contracts with customers.
The Company recognises and acknowledges its duty of care to its employees and the need to ensure compliance with industry health and safety standards.

Financial key performance indicators
 
Management view revenue and expenditure as the main indicators of the performance of the Company. Revenue has decreased from £19,934,895 to £19,666,417 in the year and there has been an decrease in the gross profit margin of 0.9% from 34.5% to 33.6%. This is a consequence of the construction industry experiencing a downturn in 2023 and 2024, primarily driven by a decline in output and ongoing labour shortages.
Management monitor performance through the preparation of monthly management accounts and close scrutiny of the day to day operations of the business.

Other key performance indicators
 
The Directors do not consider that there are any other key performance indicators to the Company.

Directors' statement of compliance with duty to promote the success of the Company

The Directors of the Company have acted in accordance with their duties and obligations set out in statute. The Board makes decisions in good faith to promote the success of the Company and for the long-term benefit of it's stakeholders which include members, employees and business partners.

Page 1

 
CHAMBERS WASTE MANAGEMENT PLC
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


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



Mr P G Chambers
Director

Date: 28 January 2025

Page 2

 
CHAMBERS WASTE MANAGEMENT PLC
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The Directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, 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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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.

Principal activity

The principal activity of the Company in the year under review continued to be that of the provision of environmental services.

Results and dividends

The profit for the year, after taxation, amounted to £1,768,277 (2023 - £2,247,611).

Dividends are declared and paid in the current and prior year as set out in note 11.

Directors

The Directors who served during the year were:

Mr P G Chambers 
Mrs E K C Chambers 
Mr M Konig 

Future developments

The Directors do not anticipate any changes in the level or nature of the Company's in the near future. The Directors will continue to develop relationships with customers, generating new business and exploring new opportunities where possible. 

Page 3

 
CHAMBERS WASTE MANAGEMENT PLC
 

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Engagement with suppliers, customers and others

The Directors of the Company have, and continue to have, regard for the need to foster the Company's business relationships with suppliers, customers and other stakeholders. 

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.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWellden Turnbull Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





Mrs E K C Chambers
Director

Date: 28 January 2025
Page 4

 
CHAMBERS WASTE MANAGEMENT PLC
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHAMBERS WASTE MANAGEMENT PLC
 

Opinion


We have audited the financial statements of Chambers Waste Management PLC (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows 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 30 September 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.


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.


Page 5

 
CHAMBERS WASTE MANAGEMENT PLC
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHAMBERS WASTE MANAGEMENT PLC (CONTINUED)

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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have 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 Strategic Report or 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.
Page 6

 
CHAMBERS WASTE MANAGEMENT PLC
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHAMBERS WASTE MANAGEMENT PLC (CONTINUED)

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 procedure sin line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company’s operations and reputation. The Companies Act 2006, environmental laws and regulations, employee legislation, health and safety legislation, UK Company tax law and data protection are those we have identified in this regard. Auditing standards limit the required procedures as to non compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence. 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Enquiry of management and those charged with governance as to actual and potential litigation and claims;
 
Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
 
Assessing the reasonableness of revenue recognised in the period based on contractual terms and obligations and the requirements of accounting standards and ensuring that sales are recorded in the correct period;
 
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
 
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.
Page 7

 
CHAMBERS WASTE MANAGEMENT PLC
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHAMBERS WASTE MANAGEMENT PLC (CONTINUED)

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.





Mark Nelligan FCA (Senior Statutory Auditor)
  
for and on behalf of
Wellden Turnbull Limited
 
Chartered Accountants
Statutory Auditors
  
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
 

28 January 2025
Page 8

 
CHAMBERS WASTE MANAGEMENT PLC
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
19,666,417
19,934,895

Cost of sales
  
(13,059,914)
(13,057,225)

Gross profit
  
6,606,503
6,877,670

Administrative expenses
  
(3,976,918)
(3,448,458)

Operating profit
 5 
2,629,585
3,429,212

Interest receivable and similar income
 8 
13,933
-

Interest payable and similar expenses
 9 
(166,525)
(130,406)

Profit before tax
  
2,476,993
3,298,806

Tax on profit
 10 
(708,716)
(1,051,195)

Profit after tax
  
1,768,277
2,247,611

  

  

Retained earnings at the beginning of the year
  
20,747,939
18,693,923

Profit for the year
  
1,768,277
2,247,611

Dividends declared and paid
 11 
(528,328)
(193,595)

Retained earnings at the end of the year
  
21,987,888
20,747,939

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 12 to 27 form part of these financial statements.

Page 9

 
CHAMBERS WASTE MANAGEMENT PLC
REGISTERED NUMBER:01227028

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
                                          Note
£
£

Fixed assets
  

Intangible assets
 12 
20,987
28,007

Tangible assets
 13 
12,499,896
13,088,538

  
12,520,883
13,116,545

Current assets
  

Stocks
 14 
26,000
26,000

Debtors: amounts falling due within one year
 15 
12,114,338
10,668,820

Cash at bank and in hand
 16 
3,669,569
4,240,648

  
15,809,907
14,935,468

Current liabilities
  

Creditors: amounts falling due within one year
 17 
(3,840,596)
(3,928,560)

Net current assets
  
 
 
11,969,311
 
 
11,006,908

Total assets less current liabilities
  
24,490,194
24,123,453

Creditors: amounts falling due after more than one year
 18 
(1,215,436)
(2,067,444)

Provisions for liabilities
  

Deferred tax
 20 
(1,236,870)
(1,258,070)

  
 
 
(1,236,870)
 
 
(1,258,070)

Net assets
  
22,037,888
20,797,939


Capital and reserves
  

Called up share capital 
 21 
50,000
50,000

Profit and loss account
 22 
21,987,888
20,747,939

Shareholders' funds
  
22,037,888
20,797,939


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr P G Chambers
Director

Date: 28 January 2025

The notes on pages 12 to 27 form part of these financial statements.

Page 10

 
CHAMBERS WASTE MANAGEMENT PLC
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,768,277
2,247,611

Adjustments for:

Amortisation of intangible assets
7,020
9,360

Depreciation of tangible assets
2,146,724
2,063,964

Loss on disposal of tangible assets
(35,736)
(181,067)

Interest paid
166,525
130,406

Interest received
(13,933)
-

Taxation charge
708,716
1,051,195

(Increase) in debtors
(1,633,609)
(2,940,056)

(Decrease)/increase in creditors
(130,211)
91,474

Corporation tax (paid)
(270,000)
(660,000)

Net cash generated from operating activities

2,713,773
1,812,887


Cash flows from investing activities

Purchase of tangible fixed assets
(857,643)
(543,232)

Sale of tangible fixed assets
288,139
711,546

Interest received
13,933
-

HP interest paid
(136,203)
(89,702)

Net cash from investing activities

(691,774)
78,612

Cash flows from financing activities

Repayment of bank loans
(100,000)
(100,000)

Repayment of other loans
(204,146)
(204,592)

Repayment of/new finance leases
(1,730,282)
(1,514,661)

Dividends paid
(528,328)
(193,595)

Interest paid
(30,322)
(30,513)

Net cash used in financing activities
(2,593,078)
(2,043,361)

Net (decrease) in cash and cash equivalents
(571,079)
(151,862)

Cash and cash equivalents at beginning of year
4,240,648
4,392,510

Cash and cash equivalents at the end of year
3,669,569
4,240,648


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,669,569
4,240,648


The notes on pages 12 to 27 form part of these financial statements.

Page 11

 
CHAMBERS WASTE MANAGEMENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Chambers Waste Management PLC is a public company, limited by shares and incorporated in England and Wales, registration number 01227028. The registered office is Chambers House, North Moors, Slyfield Industrial Estate, Guildford, Surrey, GU1 1SE.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

These financial statements are presented in sterling, which is the functional currency of the Company and rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standard

The financial statements have been prepared in accordance with the provisions of FRS102 the Financial Reporting Standard applicable in the UK and the Republic of Ireland. There were no material departures from this standard.

Page 12

 
CHAMBERS WASTE MANAGEMENT PLC
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

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.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 13

 
CHAMBERS WASTE MANAGEMENT PLC
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

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.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 14

 
CHAMBERS WASTE MANAGEMENT PLC
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.11

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

 Amortisation is provided on the following bases:

Computer software
-
25%
reducing balance
 
2.12

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line and reducing balance methods.

Depreciation is provided on the following basis:

Freehold property
-
2% - 4% straight line basis
Long-term leasehold property
-
4% straight line basis
Short-term leasehold property
-
4% straight line basis
Plant and machinery
-
10 - 25% reducing balance basis
Fixtures and fittings
-
25% reducing balance basis

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.

Page 15

 
CHAMBERS WASTE MANAGEMENT PLC
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.13

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. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.14

Debtors

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

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.16

Creditors

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

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Page 16

 
CHAMBERS WASTE MANAGEMENT PLC
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 17

 
CHAMBERS WASTE MANAGEMENT PLC
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, management is required to make judgements, estimates and assumptions which affect expected reported income, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
Management do not consider the Company to have any key sources of estimation uncertainty nor significant judgements or assumptions in preparing these financial statements.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Waste management goods and services
19,666,417
19,934,895


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
2,146,724
2,063,964

Amortisation of intangible assets
7,020
9,360

Other operating lease rentals
472,808
418,860

Defined contribution pension cost
152,964
122,619

Page 18

 
CHAMBERS WASTE MANAGEMENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
12,850
12,000

Fees payable to the Company's auditors in respect of:

All other services
14,565
2,010

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
4,629,035
4,500,315

Social security costs
481,380
490,273

Cost of defined contribution scheme
152,964
122,619

5,263,379
5,113,207


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production staff
96
95



Administrative staff
20
21

116
116

The Directors did not receive any remuneration in the current or prior year.


8.


Interest receivable

2024
2023
£
£


Bank interest receivable
13,933
-

Page 19

 
CHAMBERS WASTE MANAGEMENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
30,322
30,513

Interest payable to related parties
-
10,191

Hire purchase contracts
136,203
89,702

166,525
130,406


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
729,916
410,276


Deferred tax


Origination and reversal of timing differences
(21,200)
640,919


Taxation on profit on ordinary activities
708,716
1,051,195

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 - the effective tax rate was22%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,476,993
3,298,806


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
619,248
722,032

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
18,450
8,247

Capital allowances for year in excess of depreciation
92,218
(320,003)

Other timing differences leading to an increase (decrease) in taxation
(21,200)
640,919

Total tax charge for the year
708,716
1,051,195


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
CHAMBERS WASTE MANAGEMENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Dividends

2024
2023
£
£


Ordinary A
276,338
88,565


Ordinary B
251,990
105,030

528,328
193,595


12.


Intangible assets




Computer software

£



Cost


At 1 October 2023
165,512



At 30 September 2024

165,512



Amortisation


At 1 October 2023
137,505


Charge for the year on owned assets
7,020



At 30 September 2024

144,525



Net book value



At 30 September 2024
20,987



At 30 September 2023
28,007



Page 21

 
CHAMBERS WASTE MANAGEMENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Tangible fixed assets





Freehold and Leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 October 2023
11,324,133
16,990,887
492,199
28,807,219


Additions
377,767
1,411,419
21,297
1,810,483


Disposals
-
(1,450,789)
-
(1,450,789)



At 30 September 2024

11,701,900
16,951,517
513,496
29,166,913



Depreciation


At 1 October 2023
4,583,075
10,809,310
326,295
15,718,680


Charge for the year on owned assets
437,934
544,355
44,362
1,026,651


Charge for the year on financed assets
-
1,120,073
-
1,120,073


Disposals
-
(1,198,387)
-
(1,198,387)



At 30 September 2024

5,021,009
11,275,351
370,657
16,667,017



Net book value



At 30 September 2024
6,680,891
5,676,166
142,839
12,499,896



At 30 September 2023
6,741,058
6,181,576
165,904
13,088,538

Included in "Freehold and leasehold property" is freehold land held at cost of £276,617 (2023 - £276,617) which is not depreciated.
The net book value of "Freehold and leasehold property" may be further analysed as follows:
Freehold land and property: £276,617          (2023 - £267,617)
Long term leasehold:           £5,888,028       (2023 - £,5,916,800)
Short term leasehold:          £548,790          (2023 - £548,790)

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


2024
2023
£
£



Land and buildings
326,907
915,539

Plant and machinery
3,549,919
3,962,679

3,876,826
4,878,218

Page 22

 
CHAMBERS WASTE MANAGEMENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Stocks

2024
2023
£
£

Spare parts
26,000
26,000



15.


Debtors

2024
2023
£
£


Trade debtors
2,365,906
2,648,879

Other debtors
9,063,826
7,302,637

Prepayments and accrued income
684,606
717,304

12,114,338
10,668,820


Trade and other debtors include balances due from related parties the details of which are set out in note 26.


16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,669,569
4,240,648



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
684,238
893,292

Other creditors
270,377
271,711

Accruals and deferred income
263,704
171,593

Other taxation and social security
677,583
689,516

Bank loans
100,000
100,000

Other loans
177,083
357,080

Net obligations under finance lease and hire purchase contracts
1,395,785
1,445,368

Corporation tax
271,826
-

3,840,596
3,928,560


Trade creditors and other loans include balances due to related parties the details of which are set out in note 26.
Refer to note 18 for details of bank loans.

Page 23

 
CHAMBERS WASTE MANAGEMENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
108,333
208,333

Other loans
271,613
295,762

Net obligations under finance leases and hire purchase contracts
835,490
1,563,349

1,215,436
2,067,444


Bank loans comprise a Coronavirus Business Interruption Loan. The loan attracts a fixed rate of interest of 2.8% per annum, reaches maturity in 2026 and is repayable in instalments.
Other loans include balances due to related parties the details of which are set out in note 26. 

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
-
170,429




19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
1,395,785
1,445,368

Between 1-5 years
835,490
1,563,349

2,231,275
3,008,717

Net obligations under hire purchase and finance lease liabilities are secured over the assets to which they relate.

Page 24

 
CHAMBERS WASTE MANAGEMENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

20.


Deferred taxation




2024


£






At beginning of year
(1,258,070)


Charged to profit or loss
21,200



At end of year
(1,236,870)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,236,870)
(1,258,070)


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



30,000 (2023 - 30,000) Ordinary A shares of £1 each
30,000
30,000
20,000 (2023 - 20,000) Ordinary B shares of £1 each
20,000
20,000

50,000

50,000

The different classes of shares rank pari passu save that a dividend may be declared on one class and not the other.



22.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.
Page 25

 
CHAMBERS WASTE MANAGEMENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
23.


Analysis of net debt





At 1 October 2023
Cash flows
New finance leases
At 30 September 2024
£

£

£

£

Cash at bank and in hand

4,240,648

(571,079)

-

3,669,569

Debt due after 1 year

(504,096)

124,150

-

(379,946)

Debt due within 1 year

(457,080)

179,997

-

(277,083)

Finance leases

(3,008,717)

(1,730,281)

2,507,723

(2,231,275)


270,755
(1,997,213)
2,507,723
781,265


24.


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 £152,964 (2023 - £122,619).


25.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
339,308
386,808

Later than 1 year and not later than 5 years
1,368,986
1,459,711

Later than 5 years
21,797,688
22,030,438

23,505,982
23,876,957

Operating lease payments recognised as an expense in the profit and loss account amounted to £472,808 (2023 - £418,860).
Included within operating lease payments are amounts relating to leases held by Chambers Runfold PLC, a related party under common control, but used by the Company.

Page 26

 
CHAMBERS WASTE MANAGEMENT PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

26.


Related party transactions

During the year dividends were declared relating to shares held by the Directors of £528,328 (2023 - £193,595).
During the year, a director was paid £52,604 in relation to consultancy services provided.
During the year, a child of a director was employed by the Company and received remuneration totalling £93,270 (2023 - £73,750).

Chambers Runfold PLC is a company related by common control.
The following amounts due from and to Chambers Runfold PLC are included in trade debtors and trade creditors respectively:
  Trade debtors    £19,332 (2023 - £25,662)
 Trade creditors    £115,033 (2023 - £178,007)
At the balance sheet date there is a loan due to Chambers Runfold PLC of £145,750 (2023 - £325,747). This loan attracts interest at 2.5% per annum, is repayable on demand and presented within other loans. Interest charged on this loan through the profit and loss in the year amounted to £NIL (2023 - £10,191).
At the balance sheet date there is an amount due to Chambers Runfold PLC of £302,946 (2023 - £327,096) of which £31,333 is due less than one year. This loan attracts interest at base rate plus a margin of 2% per annum, is repayable by 2033 and is presented within other loans.
At the balance sheet date there is an amount due from Chambers Runfold PLC of £9,050,000 (2023 - £7,050,000). This balance is interest free, repayable on demand and is presented within other debtors.
The following transactions took place between Chambers Runfold PLC and the Company. The transactions are all included in the profit and loss account and are as follows:
Charges to Chambers Runfold PLC
 Diesel and tipping charges  £72,633 (2023 - £119,113)
 All other recharges   £182,106 (2023 - £164,606)
Charges from Chambers Runfold PLC
 Management Charges   £300,000 (2023 - £300,000)
 Rent and rates of buildings  £278,661 (2023 - £294,764)
 Diesel and tipping charges £252,127 (2023 - £253,585)
 All other recharges   £135,593 (2023 - £158,312)
Security over the assets of the Company are held in favour of Lloyds Bank in relation to an amount borrowed by Chambers Runfold PLC.
Chambers Runfold PLC provides key management personnel services to the Company. The cost of these services is included within management charges.


27.


Controlling party

The ultimate controlling party is Mr P G Chambers by virtue of his majority holding of the issued share capital.

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