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REGISTERED NUMBER: 07699273 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 31 March 2024

for

VWP Waste Processing Limited

VWP Waste Processing Limited (Registered number: 07699273)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Balance Sheet 9

Notes to the Financial Statements 10


VWP Waste Processing Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Z E Dastur
S E Dastur
E K Dastur





SECRETARY: S E Dastur





REGISTERED OFFICE: 3rd Floor
20 King Street
London
EC2V 8EG





REGISTERED NUMBER: 07699273 (England and Wales)





AUDITORS: MohanRed & Co
110 Carlton Avenue East
Wembley
Middlesex
HA9 8LY

VWP Waste Processing Limited (Registered number: 07699273)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Z E Dastur
S E Dastur
E K Dastur

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, MohanRed & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.


VWP Waste Processing Limited (Registered number: 07699273)

Report of the Directors
for the Year Ended 31 March 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





E K Dastur - Director


25 March 2025

Report of the Independent Auditors to the Members of
VWP Waste Processing Limited

Opinion
We have audited the financial statements of VWP Waste Processing Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 March 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 UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note twelve to the financial statements, 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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Report of the Independent Auditors to the Members of
VWP Waste Processing Limited


Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

Report of the Independent Auditors to the Members of
VWP Waste Processing Limited


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are FRS102 and the Companies Act 2006, together with the supervisory requirments of Companies House.

The company continues to operate locally and is not significantly impacted by International law and regulations. Taxation law and regulation apply to the company but is not involved in any complex matters that increase the risk of non-compliance.

We understood how the company is complying with those frameworks through discussions with the directors and review of the directors minutes and the company's documented policies and procedures.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur by considering the key risks impacting the financial statements.

Based on this understanding we designed our audit procedures to indentify non-compliance with such laws and regulations. Our procedures involved a review of the director's reporting to the company with respect of the application of the documented policies and prcedures and review of the financial statements to ensure compliance with the reporting requirements of the company.

Our pre-audit review specifically make reference to fraud risk and this is supported by audit documentation. We also review board minutes to identify any matters of concern or risk. None was identified.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
VWP Waste Processing Limited


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 2006. Our 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 a Report of the Auditors 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.




Jitesh Kapadia FCCA (Senior Statutory Auditor)
for and on behalf of MohanRed & Co
110 Carlton Avenue East
Wembley
Middlesex
HA9 8LY

26 March 2025

VWP Waste Processing Limited (Registered number: 07699273)

Income Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 1,428,985 1,350,000

Cost of sales 662,810 836,455
GROSS PROFIT 766,175 513,545

Administrative expenses 431,080 609,142
OPERATING PROFIT/(LOSS) 4 335,095 (95,597 )


Interest payable and similar expenses - 120,521
PROFIT/(LOSS) BEFORE TAXATION 335,095 (216,118 )

Tax on profit/(loss) - -
PROFIT/(LOSS) FOR THE
FINANCIAL YEAR

335,095

(216,118

)

VWP Waste Processing Limited (Registered number: 07699273)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 120,515 173,168
Tangible assets 6 12,513 88,222
133,028 261,390

CURRENT ASSETS
Stocks 953,660 1,084,944
Debtors 7 6,439,321 4,476,832
Cash at bank 20,929 497,077
7,413,910 6,058,853
CREDITORS
Amounts falling due within one year 8 5,175,942 5,284,342
NET CURRENT ASSETS 2,237,968 774,511
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,370,996

1,035,901

CREDITORS
Amounts falling due after more than one
year

9

4,014,725

4,014,725
NET LIABILITIES (1,643,729 ) (2,978,824 )

CAPITAL AND RESERVES
Called up share capital 10 60,000 50,000
Share premium 990,000 -
Retained earnings (2,693,729 ) (3,028,824 )
SHAREHOLDERS' FUNDS (1,643,729 ) (2,978,824 )

The financial statements have been prepared 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 25 March 2025 and were signed on its behalf by:




E K Dastur - Director


VWP Waste Processing Limited (Registered number: 07699273)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

VWP Waste Processing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


VWP Waste Processing Limited (Registered number: 07699273)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

31.3.24 31.3.23
£    £   
Depreciation - owned assets 75,709 75,709
Development costs amortisation 64,839 62,402

VWP Waste Processing Limited (Registered number: 07699273)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023 1,564,932
Additions 12,186
At 31 March 2024 1,577,118
AMORTISATION
At 1 April 2023 1,391,764
Charge for year 64,839
At 31 March 2024 1,456,603
NET BOOK VALUE
At 31 March 2024 120,515
At 31 March 2023 173,168

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 883,929
DEPRECIATION
At 1 April 2023 795,707
Charge for year 75,709
At 31 March 2024 871,416
NET BOOK VALUE
At 31 March 2024 12,513
At 31 March 2023 88,222

VWP Waste Processing Limited (Registered number: 07699273)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. DEBTORS
31.3.24 31.3.23
£    £   
Amounts falling due within one year:
Trade debtors 139,785 139,160
Amounts owed by group undertakings 6,020,500 4,300,000
Other debtors 69,036 37,672
6,229,321 4,476,832

Amounts falling due after more than one year:
Amounts owed by group undertakings 210,000 -

Aggregate amounts 6,439,321 4,476,832

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 284,304 76,050
Amounts owed to participating interests 769,965 1,099,950
Taxation and social security 1,043 976
Other creditors 4,120,630 4,107,366
5,175,942 5,284,342

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Amounts owed to group undertakings 4,014,725 4,014,725

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
50,000 Ordinary £1 50,000 50,000
10,000 Preference £1 10,000 -
60,000 50,000

Share Capital includes 10,000 preference shares which were issued during the year and 50,000 ordinary shares which were were already issued from previous years.

VWP Waste Processing Limited (Registered number: 07699273)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The amount of £769,965 ( 2023 : £1,099,950) was owed to a related company at the year end.

12. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements, supported by independent accountants

13. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is K M Dastur Holdings Limited ( Incorporated in England & Wales). and its registered office is 3rd Floor, 20 King Street , London, EC2V 8EG.

Copies if the group accounts may be obtained from the company's registered offices.

14. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from this of the company in an independently administered fund.

During the year the charge to the profit or loss in respect of defined contribution schemed was £1,956 ( 2023 : £1,885)