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Registration number: 10963640

Shift-it (Waste) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Shift-it (Waste) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Shift-it (Waste) Limited

Company Information

Directors

Mr M Holland

Mr H Holland

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Shift-it (Waste) Limited

(Registration number: 10963640)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

17,452

23,436

Tangible assets

5

255,996

209,154

 

273,448

232,590

Current assets

 

Debtors

6

55,800

73,815

Cash at bank and in hand

 

89,656

114,238

 

145,456

188,053

Creditors: Amounts falling due within one year

7

(140,400)

(130,617)

Net current assets

 

5,056

57,436

Total assets less current liabilities

 

278,504

290,026

Creditors: Amounts falling due after more than one year

7

(80,629)

(71,658)

Provisions for liabilities

(51,834)

(52,289)

Net assets

 

146,041

166,079

Capital and reserves

 

Called up share capital

1

1

Retained earnings

146,040

166,078

Shareholders' funds

 

146,041

166,079

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Shift-it (Waste) Limited

(Registration number: 10963640)
Balance Sheet as at 31 December 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 April 2025 and signed on its behalf by:
 

.........................................
Mr M Holland
Director

 

Shift-it (Waste) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Shift-it (Waste) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% straight line basis

Motor vehicles

25% reducing balance basis

Office equipment

20% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Shift-it (Waste) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Shift-it (Waste) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 15).

 

Shift-it (Waste) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

59,839

59,839

At 31 December 2024

59,839

59,839

Amortisation

At 1 January 2024

36,403

36,403

Amortisation charge

5,984

5,984

At 31 December 2024

42,387

42,387

Carrying amount

At 31 December 2024

17,452

17,452

At 31 December 2023

23,436

23,436

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

41,515

378,003

419,518

Additions

11,556

139,785

151,341

Disposals

-

(34,375)

(34,375)

At 31 December 2024

53,071

483,413

536,484

Depreciation

At 1 January 2024

18,807

191,557

210,364

Charge for the year

7,668

86,194

93,862

Eliminated on disposal

-

(23,738)

(23,738)

At 31 December 2024

26,475

254,013

280,488

Carrying amount

At 31 December 2024

26,596

229,400

255,996

At 31 December 2023

22,708

186,446

209,154

 

Shift-it (Waste) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Debtors

2024
£

2023
£

Trade debtors

9,994

14,860

Other debtors

42,143

52,891

Prepayments and accrued income

3,663

6,064

Total current trade and other debtors

55,800

73,815

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

78,782

53,043

Taxation and social security

 

32,801

54,308

Other creditors

 

12,091

6,791

Accrued expenses

 

16,726

16,475

 

140,400

130,617

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

80,629

71,658

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,305

9,305

Hire purchase contracts

69,477

43,738

78,782

53,043

 

Shift-it (Waste) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,695

19,102

Hire purchase contracts

74,934

52,556

80,629

71,658

9

Related party transactions

Transactions with directors

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

Loan repayable on demand

47,501

91,949

(105,522)

33,928

         

Loan repayable on demand

-

6,757

-

6,757

         

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Loan repayable on demand

19,881

133,833

(106,213)

47,501