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REGISTERED NUMBER: 05183729 (England and Wales)












STRATEGIC REPORT, DIRECTORS' REPORT AND

FINANCIAL STATEMENTS

FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024

FOR

BAKERS WASTE SERVICES LTD

BAKERS WASTE SERVICES LTD (REGISTERED NUMBER: 05183729)

CONTENTS OF THE FINANCIAL STATEMENTS
for the period 1 October 2022 to 31 March 2024










Page

Company Information 1

Strategic Report 2

Directors' Report 3

Independent Auditors' Report 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


BAKERS WASTE SERVICES LTD

COMPANY INFORMATION
for the period 1 October 2022 to 31 March 2024







DIRECTORS: M L Fentem
P A Baker
R Robinson





SECRETARY: S A Baker





REGISTERED OFFICE: 70 Boston Road
Leicester
LE4 1AW





REGISTERED NUMBER: 05183729 (England and Wales)





AUDITORS: Magma Audit LLP (part of the Dains Group)
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

BAKERS WASTE SERVICES LTD (REGISTERED NUMBER: 05183729)

STRATEGIC REPORT
for the period 1 October 2022 to 31 March 2024


The directors present their strategic report for the period 1 October 2022 to 31 March 2024.

BUSINESS REVIEW
During the period under review the Business was confronted with a number of challenging operational, compliance and commercial issues. Despite introducing a number of strategic initiatives, none had the desired effect and impact of delivering the requisite level of profitability.

Following a detailed strategic review the Directors took the decision to restructure the business by disposing of it's Trade and Compaction business, allowing the focus and development to fall on the remaining Skip \ Ro-ro and commodity recycling activities.

The successful conclusion of this has, in turn, seen the Balance Sheet significantly de-geared and strengthened. Facilitating much needed investment in critical areas, the Directors are confident this move will allow the business to return to profit and deliver the commercial and operational targets and aims built into the Business Plan, despite the continuing challenging economic environment.

The Company's overhead base continues to be effectively controlled, particularly against a backdrop of significant inflationary pressures, the business continues to invest in its key strategic areas being its fleet, its technology, processes, and the capability of it's people. This has positioned the Company well to take profitable advantage of the commercial opportunities that continue to arise going forwards.

PRINCIPAL RISKS AND UNCERTAINTIES
The challenges of competition and legislative compliance within the industry continue to be significant and are appropriately managed by ensuring that our service provision and key administrative systems are continually reviewed and improved upon. Additionally, continued investment in our staff and our methods of operation ensure that we are well positioned to meet and adapt to changes in the future and will allow us to achieve continued growth, as planned.

POST BALANCE SHEET EVENTS
Following the review and refocussing of the strategic direction of the group, the transfer of the Trade and Compaction division to a third party was completed at the end of September 2024. This is turn saw a significant strengthening of the Company's balance sheet through a combination of de-gearing and settlement of debt.

IMPACT OF GEO-POLITICAL EVENTS
Operating predominantly within the United Kingdom, the Company has no key suppliers or customers that are located in overseas territories. The Board's assessment of such issues is that the business is not impacted at present, other than certain primary commodity costs. The situation will remain under review.

GOING CONCERN
With the actions taken and after reviewing the Company's forecasts and projections, the Directors have an expectation that the Company will remain a viable, going concern for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing the financial statements.

ON BEHALF OF THE BOARD:





P A Baker - Director


28 March 2025

BAKERS WASTE SERVICES LTD (REGISTERED NUMBER: 05183729)

DIRECTORS' REPORT
for the period 1 October 2022 to 31 March 2024


The directors present their report with the financial statements of the company for the period 1 October 2022 to 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of waste management.

DIVIDENDS
An interim dividend of £510 per share was paid on 30 June 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the period ended 31 March 2024 will be £ 51,000 .

EVENTS SINCE THE END OF THE PERIOD
Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

M L Fentem
P A Baker

Other changes in directors holding office are as follows:

R Robinson - appointed 2 October 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
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 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.

DISCLOSURE OF INFORMATION TO AUDITOR
Each of the persons who are Directors at the time when this directors' report is approved has confirmed that:

- so far as the Directors are aware, there is no relevant audit information of which the Company's auditor is unaware, and
- the Directors have taken all the steps that ought to have been taken as Directors in other to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

BAKERS WASTE SERVICES LTD (REGISTERED NUMBER: 05183729)

DIRECTORS' REPORT
for the period 1 October 2022 to 31 March 2024


AUDITORS
The auditors, Magma Audit LLP (part of the Dains Group), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P A Baker - Director


28 March 2025

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
BAKERS WASTE SERVICES LTD


Opinion
We have audited the financial statements of Bakers Waste Services Ltd (the 'company') for the period ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 loss for the period 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 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 Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report 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.

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 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 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.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
BAKERS WASTE SERVICES LTD


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

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.

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

Irregularities, including fraud, are instances of non-compliance with law and regulations. We design procedures, in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the Company and its industry, we consider that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation, Environment Agency regulations and the Operator's Licence.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect of non-compliance, our procedures included, but were not limited to:

- Inquiring of management and, where appropriate, those charged with governance, as to whether the Company
is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance
with laws and regulations;
- Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
- Communicating identified laws and regulations to the engagement team and remaining alert to any indications of
non-compliance throughout our audit; and
- Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including
fraud.

We also considered those laws and regulations that have direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006.

In addition, we evaluated the Directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of the management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut off assertion) and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

- Making enquiries of the Directors and management on whether they had knowledge of any actual, suspected or
alleged fraud;
- Gaining an understanding of the internal controls established to mitigate risks related to fraud;
- Discussing amongst the engagement team risks of fraud; and
- Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
BAKERS WASTE SERVICES LTD


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 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.




Luke Turner FCA FCCA (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP (part of the Dains Group)
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

1 April 2025

BAKERS WASTE SERVICES LTD (REGISTERED NUMBER: 05183729)

INCOME STATEMENT
for the period 1 October 2022 to 31 March 2024

Period
1/10/22
to Year Ended
31/3/24 30/9/22
Notes £    £   

TURNOVER 4 20,449,688 14,009,410

Cost of sales (14,891,672 ) (10,189,822 )
GROSS PROFIT 5,558,016 3,819,588

Administrative expenses (6,057,833 ) (3,385,769 )
OPERATING (LOSS)/PROFIT 6 (499,817 ) 433,819

Exceptional items 7 (125,000 ) (64,751 )
(624,817 ) 369,068


Interest payable and similar expenses 8 (258,048 ) (207,619 )
(LOSS)/PROFIT BEFORE TAXATION (882,865 ) 161,449

Tax on (loss)/profit 9 157,596 (202,614 )
LOSS FOR THE FINANCIAL PERIOD (725,269 ) (41,165 )

BAKERS WASTE SERVICES LTD (REGISTERED NUMBER: 05183729)

OTHER COMPREHENSIVE INCOME
for the period 1 October 2022 to 31 March 2024

Period
1/10/22
to Year Ended
31/3/24 30/9/22
Notes £    £   

LOSS FOR THE PERIOD (725,269 ) (41,165 )


OTHER COMPREHENSIVE INCOME
Property revaluation - 152,869
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE PERIOD, NET OF INCOME TAX

-

152,869
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

(725,269

)

111,704

BAKERS WASTE SERVICES LTD (REGISTERED NUMBER: 05183729)

BALANCE SHEET
31 March 2024

2024 2022
Notes £    £   
FIXED ASSETS
Intangible assets 11 51,493 311,215
Tangible assets 12 2,970,124 5,237,079
Investments 13 1,000 1,000
3,022,617 5,549,294

CURRENT ASSETS
Stocks 14 60,000 82,867
Debtors 15 5,225,803 3,356,506
Cash at bank and in hand 8,277 8,214
5,294,080 3,447,587
CREDITORS
Amounts falling due within one year 16 (6,508,944 ) (5,145,955 )
NET CURRENT LIABILITIES (1,214,864 ) (1,698,368 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,807,753

3,850,926

CREDITORS
Amounts falling due after more than one
year

17

(774,233

)

(2,008,541

)

PROVISIONS FOR LIABILITIES 20 (586,197 ) (618,793 )
NET ASSETS 447,323 1,223,592

CAPITAL AND RESERVES
Called up share capital 21 100 100
Revaluation reserve - 152,869
Retained earnings 447,223 1,070,623
SHAREHOLDERS' FUNDS 447,323 1,223,592

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





P A Baker - Director


BAKERS WASTE SERVICES LTD (REGISTERED NUMBER: 05183729)

STATEMENT OF CHANGES IN EQUITY
for the period 1 October 2022 to 31 March 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 October 2021 100 1,111,788 - 1,111,888

Changes in equity
Total comprehensive income - (41,165 ) 152,869 111,704
Balance at 30 September 2022 100 1,070,623 152,869 1,223,592

Changes in equity
Dividends - (51,000 ) - (51,000 )
Total comprehensive income - (725,269 ) - (725,269 )
Transfer to/from profit and loss
account

-

152,869

(152,869

)

-
Balance at 31 March 2024 100 447,223 - 447,323

BAKERS WASTE SERVICES LTD (REGISTERED NUMBER: 05183729)

NOTES TO THE FINANCIAL STATEMENTS
for the period 1 October 2022 to 31 March 2024


1. STATUTORY INFORMATION

Bakers Waste Services Ltd is a limited company, registered in England and Wales. Its registered office address is 70 Boston Road, Leicester, LE4 1AW and the registered number is 05183729.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in Pounds Sterling, which is the functional currency of the Company, and rounded to the nearest £.

The financial statements have been drawn up for the 18 month period ending 31 March 2024. The comparative period covers the 12 months ending 30 September 2022.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Since the period end, the company have sold some of their trade and assets to a third party. This has generated funding which is expected to support the remaining activities going forwards. The directors have worked on forecasts and budgets which project future profitability of the company.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of BWS Leicester Limited, the ultimate parent undertaking, as at 31 March 2024 and these financial statements may be obtained from Companies House.

Related party exemption
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.

Sale of goods
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value other consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of turnover can be reliably measured;
- 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.

BAKERS WASTE SERVICES LTD (REGISTERED NUMBER: 05183729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 October 2022 to 31 March 2024


2. ACCOUNTING POLICIES - continued

Intangible assets
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the profit or loss over its useful economic life.

All intangible assets are considered to have a finite useful life. Acquisitions pre FRS 102 transition continue to be amortised over 20 years. This has not been reviewed on transition to FRS 102 due to the immateriality of the remaining balance. The useful economic life of goodwill generated on acquisition post FRS 102 transition has been estimated to be 10 years.

Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently being amortised on a straight line basis over their useful economic lives of five years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

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 capable of operating in the manner intended by management.

Depreciation is charged as so to allocate the cost of assets less their residual value over their estimated useful lives, depreciation is provided on the following annual rates:

Short leasehold land & buildings- 8.33% on straight line
Plant and machinery - Between 5% and 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles- Between 10% and 25% on straight line

The assets' residual values, useful lives and deprecation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of 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 the profit or loss.

Fair value of freehold property
Freehold land & buildings is held at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in other comprehensive income.

Investments in subsidiaries
Investments in subsidiary undertakings are measured at cost less accumulated impairment.

Stocks
Stocks are stated at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the impairment loss is recognised immediately in the profit or loss.

BAKERS WASTE SERVICES LTD (REGISTERED NUMBER: 05183729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 October 2022 to 31 March 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors or creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.


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

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 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.

Basic financial assets
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Finance costs
Finance costs are charged to the 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.


BAKERS WASTE SERVICES LTD (REGISTERED NUMBER: 05183729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 October 2022 to 31 March 2024


2. ACCOUNTING POLICIES - continued
Operating leases
Rental paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Hire purchase
Assets obtained under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The finance element of the rental payment is charged to the profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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 the 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.

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

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

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The Directors make estimates and assumptions concerning the future, they are also required to exercise judgement in the process of applying the Company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In preparing these financial statements, management have made the following judgements:

-Determine whether leases entered into by the Company are operating or finance leases. These decisions depend on an assessment of whether the risk and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
-Determine whether there are indicators of impairment of the Company's tangible fixed assets. Factors taken into consideration in reaching such decision include the economic viability and expected future financial performance of the asset.
-Determine whether to capitalise research and development expenditure or to write it off as incurred to the profit or loss. This judgement is based on the Board's assessment as to the commercial viability of projects and their economic value to the future cash flows of the business.

Key sources of estimation uncertainty are:

Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the assets and projected disposal values.

Fair value of freehold property
The fair value of the freehold properties is sensitive to the changes in the current market and the economic climate of the surrounding area. The valuation was performed by an independent external professional valuer in the prior year, with the property having been transferred out of the company in the current period.

BAKERS WASTE SERVICES LTD (REGISTERED NUMBER: 05183729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 October 2022 to 31 March 2024


4. TURNOVER

The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

Period
1/10/22
to Year Ended
31/3/24 30/9/22
£    £   
United Kingdom 20,449,688 13,232,158
Europe - 777,252
20,449,688 14,009,410

5. EMPLOYEES AND DIRECTORS
Period
1/10/22
to Year Ended
31/3/24 30/9/22
£    £   
Wages and salaries 5,643,157 3,494,790
Social security costs 536,022 349,001
Other pension costs 197,209 112,985
6,376,388 3,956,776

The average number of employees during the period was as follows:
Period
1/10/22
to Year Ended
31/3/24 30/9/22

Administration 18 23
Operational 105 113
Directors 3 2
126 138

Period
1/10/22
to Year Ended
31/3/24 30/9/22
£    £   
Directors' remuneration 181,099 92,937
Directors' pension contributions to money purchase schemes 14,905 8,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 2

BAKERS WASTE SERVICES LTD (REGISTERED NUMBER: 05183729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 October 2022 to 31 March 2024


6. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging/(crediting):

Period
1/10/22
to Year Ended
31/3/24 30/9/22
£    £   
Other operating leases 431,996 220,204
Depreciation - owned assets 344,250 354,812
Depreciation - assets on hire purchase contracts 524,321 337,525
Loss/(profit) on disposal of fixed assets 100,248 (1,699 )
Goodwill amortisation 30,689 19,238
Research & development amortisation 60,000 60,000
Auditor's remuneration - Audit fees 73,065 18,000
Auditor's remuneration - Other services 5,000 3,050

7. EXCEPTIONAL ITEMS

20242022
££
Exceptional items125,00064,751

During the year a provision was made in relation to a potential fine, See note 20 for further details.

During the prior period, the Short leasehold land & buildings depreciation rate was deemed to have been understated in previous years. This change in accounting estimate has been adjusted prospectively and the amount relating to prior years has been shown as an exceptional item.

8. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1/10/22
to Year Ended
31/3/24 30/9/22
£    £   
Bank loan interest 130,514 56,740
Hire purchase interest 125,894 150,879
Interest paid 1,640 -
258,048 207,619

9. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the period was as follows:
Period
1/10/22
to Year Ended
31/3/24 30/9/22
£    £   
Deferred tax (157,596 ) 202,614
Tax on (loss)/profit (157,596 ) 202,614

UK corporation tax was charged at 19%) in 2022.

BAKERS WASTE SERVICES LTD (REGISTERED NUMBER: 05183729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 October 2022 to 31 March 2024


9. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1/10/22
to Year Ended
31/3/24 30/9/22
£    £   
(Loss)/profit before tax (882,865 ) 161,449
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

(220,716

)

30,675

Effects of:
Expenses not deductible for tax purposes 82,981 20,460
Income not taxable for tax purposes (12,500 ) -
Adjustments to tax charge in respect of previous periods (6,616 ) 150,169
Other adjustments - 10,173
Super deduction (745 ) (8,863 )
Total tax (credit)/charge (157,596 ) 202,614

Tax effects relating to effects of other comprehensive income

There were no tax effects for the period ended 31 March 2024.

2022
Gross Tax Net
£    £    £   
Property revaluation 152,869 - 152,869

Factors that may affect future tax charges

From 1 April 2023, the rate of corporation tax in the United Kingdom will increase from 19% to 25% for companies whose taxable profits exceed £250,000. For companies with profits of less than £50,000, the current rate of 19% will still apply. Companies with taxable profits between £50,000 and £250,000 will be eligible for a marginal relief from the main rate of 25%.

10. DIVIDENDS
Period
1/10/22
to Year Ended
31/3/24 30/9/22
£    £   
Ordinary shares of £1 each
Interim 51,000 -

BAKERS WASTE SERVICES LTD (REGISTERED NUMBER: 05183729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 October 2022 to 31 March 2024


11. INTANGIBLE FIXED ASSETS
Research
Goodwill & development Totals
£    £    £   
COST
At 1 October 2022 216,373 294,033 510,406
Additions 5,000 - 5,000
Impairments - (294,033 ) (294,033 )
At 31 March 2024 221,373 - 221,373
AMORTISATION
At 1 October 2022 139,191 60,000 199,191
Amortisation for period 30,689 60,000 90,689
Impairments - (120,000 ) (120,000 )
At 31 March 2024 169,880 - 169,880
NET BOOK VALUE
At 31 March 2024 51,493 - 51,493
At 30 September 2022 77,182 234,033 311,215

12. TANGIBLE FIXED ASSETS
Short
Freehold leasehold
land & land & Plant and
buildings buildings machinery
£    £    £   
COST
At 1 October 2022 1,750,000 328,630 4,502,363
Additions - - 115,733
Disposals (1,750,000 ) - (81,672 )
At 31 March 2024 - 328,630 4,536,424
DEPRECIATION
At 1 October 2022 - 144,835 3,125,445
Charge for period - 41,077 310,941
Eliminated on disposal - - (54,916 )
At 31 March 2024 - 185,912 3,381,470
NET BOOK VALUE
At 31 March 2024 - 142,718 1,154,954
At 30 September 2022 1,750,000 183,795 1,376,918

BAKERS WASTE SERVICES LTD (REGISTERED NUMBER: 05183729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 October 2022 to 31 March 2024


12. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 October 2022 396,023 3,874,338 10,851,354
Additions 3,824 268,678 388,235
Disposals - (56,455 ) (1,888,127 )
At 31 March 2024 399,847 4,086,561 9,351,462
DEPRECIATION
At 1 October 2022 296,223 2,047,772 5,614,275
Charge for period 28,436 488,117 868,571
Eliminated on disposal - (46,592 ) (101,508 )
At 31 March 2024 324,659 2,489,297 6,381,338
NET BOOK VALUE
At 31 March 2024 75,188 1,597,264 2,970,124
At 30 September 2022 99,800 1,826,566 5,237,079

The net book value of assets held under hire purchase agreements, included above, are as follows:

20242022
££

Plant and machinery183,756366,915
Motor vehicles918,3921,474,984
1,102,1481,841,899

13. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2022 227,224
Additions 1,800,000
Disposals (1,800,000 )
At 31 March 2024 227,224
PROVISIONS
At 1 October 2022
and 31 March 2024 226,224
NET BOOK VALUE
At 31 March 2024 1,000
At 30 September 2022 1,000

BAKERS WASTE SERVICES LTD (REGISTERED NUMBER: 05183729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 October 2022 to 31 March 2024


13. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Berridge Waste Paper Ltd
Registered office: 70 Boston Road, Leicester, LE4 1AW
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

14. STOCKS
2024 2022
£    £   
Finished goods 60,000 82,867

15. DEBTORS
2024 2022
£    £   
Amounts falling due within one year:
Trade debtors 2,160,999 1,992,342
Amounts owed by related undertakings 2,524,473 488,862
Other debtors 34,695 36,620
Prepayments and accrued income 505,636 599,282
5,225,803 3,117,106

Amounts falling due after more than one year:
Amounts owed by related undertakings - 239,400

Aggregate amounts 5,225,803 3,356,506

Amounts owed by group undertakings due within one year are unsecured, interest free and repayable on demand.

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Bank loans and overdrafts (see note 18) 230,000 397,616
Other loans (see note 18) 312,500 -
Hire purchase contracts (see note 19) 315,005 623,765
Trade creditors 2,497,502 2,664,662
Amounts owed to related undertakings 1,335,509 1,000
Social security and other taxes 66,281 175,999
Other creditors 969,935 960,633
Accruals and deferred income 782,212 322,280
6,508,944 5,145,955

Included within other creditors is the invoice discounting facility which is secured on the trade debtors of the Company.

Obligations under hire purchase agreements are secured on the assets to which they relate.

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

BAKERS WASTE SERVICES LTD (REGISTERED NUMBER: 05183729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 October 2022 to 31 March 2024


17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2022
£    £   
Bank loans (see note 18) 287,500 1,679,646
Hire purchase contracts (see note 19) 486,733 328,895
774,233 2,008,541

Obligations under hire purchase agreements are secured on the assets to which they relate.

18. LOANS

An analysis of the maturity of loans is given below:

2024 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 230,000 397,616
Other loans 312,500 -
542,500 397,616

Amounts falling due between two and five years:
Bank loans - 2-5 years 287,500 762,974

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due in more than 5 years by
instalments

-

916,672

Bank loans are secured by a fixed charge over the Company's land and buildings. Bank loans are repayable in monthly instalments and are fully payable by June 2026. Interest is charged at 3.99% above the Bank of England's base rate.

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2022
£    £   
Net obligations repayable:
Within one year 315,005 623,765
Between one and five years 486,733 328,895
801,738 952,660

Non-cancellable operating leases
2024 2022
£    £   
Within one year 320,750 146,583
Between one and five years 1,210,792 429,250
1,531,542 575,833

BAKERS WASTE SERVICES LTD (REGISTERED NUMBER: 05183729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 October 2022 to 31 March 2024


20. PROVISIONS FOR LIABILITIES
2024 2022
£    £   
Deferred tax
Accelerated capital allowances 544,161 662,352
Short term timing differences (733 ) (477 )
Tax losses carried forward (82,231 ) (43,082 )
Other provisions 125,000 -
586,197 618,793

Deferred
tax
£   
Balance at 1 October 2022 618,793
Credit to Income Statement during period (157,596 )
Balance at 31 March 2024 461,197

An event that occurred in August 2021 has given rise to the possibility of a HSE prosecution. The Company feels it is appropriate to make a provision amounting to £125,000 in relation to a potential fine, which may be utilised within 3 years of the balance sheet date.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2022
value: £    £   
100 Ordinary £1 100 100

The shares are ordinary shares and carry one vote per share.

22. PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the schemes 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 funds during the period and amounted to £197,209 (2022: £112,985). Contributions totalling £Nil (2022: £3,753) were payable to the fund at the balance sheet date and are included within creditors.

23. ULTIMATE PARENT COMPANY

The ultimate parent undertaking is BWS Leicester Limited, incorporated in England and Wales. The intermediate parent company is BWS Holdings (UK) Limited, incorporated in England and Wales.

The registered address of both BWS Leicester Limited and BWS Holdings (UK) Limited is the same as Bakers Waste Services Ltd. BWS Leicester Limited is the largest group undertaking to consolidate these financial statements within its own accounts. Copies of the financial statements are publicly available from Companies House, Crown Way, Maindy, Cardiff.

P A Baker is considered to be the ultimate controlling party due to his controlling interest in the equity share capital of BWS Leicester Limited.

24. OTHER FINANCIAL COMMITMENTS

The Company is party to a cross guarantee with its fellow group undertakings and related parties in respect of the Company's bank facilities. At 30 September 2022, net bank borrowings relating to this guarantee were £1,509,700 (2022 - £3,022,193).

BAKERS WASTE SERVICES LTD (REGISTERED NUMBER: 05183729)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 October 2022 to 31 March 2024


25. RELATED PARTY TRANSACTIONS

During the year the Company rented premises from the Andrew and Anne SSAS, an entity which P Baker is a trustee for £57,900 (2022: £38,600).

During the year, the Company made sales of £97,247 (2022: £85,193) and purchases of £177,711 (2022: £90,581) to/from Driving Talent Limited, a company in which P A Baker is a Director. At 31 March 2024, £435,475 (2022: £299,812) was due from Driving Talent Limited.

During the year, the Company made sales of £16,827 (2022: £14,244) and purchases of £34,703 (2022: £20,568) to/from Workstuff UK Limited, a company in which P A Baker is a Director. At 31 March 2024 £268,044 was due from Workstuff UK Limited (2022: £176,621).

During the period, the Company acquired the shares in Bakers Investments Limited. These shares were subsequently disposed of. Premises were rented from this entity for £161,000 (2022: £Nil). At 31 March 2024, £1,398,884 was due to this entity (2022: £Nil).

26. POST BALANCE SHEET EVENTS

Since the year end the Company has restructured, culminating in the sale of its trade waste collection and compaction business to a third party. With gross proceeds totalling in excess of £5m, the deal concluded on 30 September 2024. The restructured business is primarily focussing on the provision of Skips and Ro-ros along with developing further the recycling activities.