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Company No: 14299953 (England and Wales)

WASTE SPECTRUM LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

WASTE SPECTRUM LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

WASTE SPECTRUM LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 August 2024
WASTE SPECTRUM LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2024
Note 31.08.2024 31.08.2023
£ £
Fixed assets
Tangible assets 3 32,187 0
32,187 0
Current assets
Stocks 0 50,000
Debtors 4 947,278 534,875
Cash at bank and in hand 2,284 16,280
949,562 601,155
Creditors: amounts falling due within one year 5 ( 684,618) ( 594,931)
Net current assets 264,944 6,224
Total assets less current liabilities 297,131 6,224
Provision for liabilities 6 ( 223,518) 0
Net assets 73,613 6,224
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 73,513 6,124
Total shareholders' funds 73,613 6,224

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

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Waste Spectrum Limited (registered number: 14299953) were approved and authorised for issue by the Director on 12 April 2025. They were signed on its behalf by:

Nathan Joseph Parry
Director
WASTE SPECTRUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
WASTE SPECTRUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Waste Spectrum Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Suite G3 New Venture House Venture Business Park, Weir Lane, Worcester, WR2 4AY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

Reporting period length is 12 months, the prior period was 13 months (16.08.2022 to 31.08.2023) due to being the first period of trading, so the figures are not entirely comparable.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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 fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Vehicles 5 years straight line
Office equipment 5 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

Year ended
31.08.2024
Period from
16.08.2022 to
31.08.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Vehicles Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 September 2023 0 0 0 0
Additions 26,850 13,174 1,204 41,228
Disposals 0 ( 354) 0 ( 354)
At 31 August 2024 26,850 12,820 1,204 40,874
Accumulated depreciation
At 01 September 2023 0 0 0 0
Charge for the financial year 7,402 1,100 250 8,752
Disposals 0 ( 65) 0 ( 65)
At 31 August 2024 7,402 1,035 250 8,687
Net book value
At 31 August 2024 19,448 11,785 954 32,187
At 31 August 2023 0 0 0 0

4. Debtors

31.08.2024 31.08.2023
£ £
Trade debtors 617,413 495,499
Amounts owed by Group undertakings 102,049 0
Amounts owed by director ( 220) 0
Prepayments and accrued income 1,357 18,510
VAT recoverable 28,082 20,766
Other debtors 198,597 100
947,278 534,875

5. Creditors: amounts falling due within one year

31.08.2024 31.08.2023
£ £
Trade creditors 62,585 12,501
Amounts owed to director 2,781 3,271
Accruals and deferred income 598,657 554,059
Taxation and social security 20,595 25,100
684,618 594,931

6. Provision for liabilities

31.08.2024 31.08.2023
£ £
Deferred tax 8,047 0
Other provisions 215,471 0
223,518 0

7. Called-up share capital

31.08.2024 31.08.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with owners holding a participating interest in the entity

31.08.2024 31.08.2023
£ £
Amounts owed by a company with shareholder in common 296,923 0

No interest has been charged on this balance.

Transactions with the entity's director

31.08.2024 31.08.2023
£ £
Amounts owed to director 3,001 3,271

9. Events after the Balance Sheet date

After the financial year end the company with shareholder in common owing money to Waste Spectrum Limited has gone into liquidation. The liquidation is still currently ongoing and final outcome is unknown, therefore no change has been made to the balance sheet in the accounts.