REGISTERED NUMBER: 15575862 (England and Wales) |
WEST MOORLAND TOPCO LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 OCTOBER 2024 TO 31 DECEMBER 2024 |
REGISTERED NUMBER: 15575862 (England and Wales) |
WEST MOORLAND TOPCO LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 OCTOBER 2024 TO 31 DECEMBER 2024 |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 7 |
Report of the Independent Auditors | 9 |
Consolidated Income Statement | 13 |
Consolidated Other Comprehensive Income | 14 |
Consolidated Balance Sheet | 15 |
Company Balance Sheet | 16 |
Consolidated Statement of Changes in Equity | 17 |
Company Statement of Changes in Equity | 18 |
Consolidated Cash Flow Statement | 19 |
Notes to the Consolidated Cash Flow Statement | 20 |
Notes to the Consolidated Financial Statements | 22 |
WEST MOORLAND TOPCO LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
9-11 Vittoria Street |
Birmingham |
B1 3ND |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
The directors present their strategic report of the company and the group for the period 1 October 2024 to 31 December 2024. |
Principal activity |
The principal activity of the Company is that of an investment holding company. |
The principal activity of the Group is that of recycling scrap metal from various waste streams such as construction, automotive and other industrial sectors. The Group is engaged in all stages of the recycling process from acquisition, collection and processing of the materials and the marketing and distribution of these raw material products to the Group's customers. |
Strategy |
The Group has continued to follow a strategy of investing for growth through targeted capital expenditure to improve efficiencies, production consistency and to deliver high quality raw materials for our customers. This is underpinned by our commitment to providing prompt and high-quality service to our suppliers to effectively manage their metal waste streams and to seek to maintain consistent purchases. |
The Group expects to continue to play a key role in the Circular Economy through high quality metal recycling to reduce the impact of the use of natural resources. |
Business Overview for the Period |
The Company was incorporated on 19 March 2024 and commenced trading on the same date. On 23 April 2024, the Company acquired 100% of the equity of both Enablelink Limited and MT Transport Limited, with Endless Fund V A LP and Endless Fund V B LP, funds managed by Endless LLP becoming the ultimate controlling parties. |
The challenging market conditions experienced throughout 2024 continued during this short reporting period. The ongoing impact of the war in Ukraine has impacted on global economic activity and has been inflationary, particularly for energy costs. The weakness of the Chinese economy, particularly construction, has also impacted global demand for steel and other metals. The pressure on global demand has impacted upon our customers to whom we supply raw materials. |
At the same time, low economic activity has impacted upon the availability of metals to recycle. The resultant increased competition for the available volume has put pressure on margins. |
In response to the challenging conditions, the Group has been investing to improve the efficiency and capability of the business. Additional equipment has been installed in 2024 to improve the separation of metals and further improve efficiencies and production consistency. In addition, we continue to further train and develop our dedicated employees, particularly focussing in the year on further health and safety training and procedures. |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
Results and Key performance indicators |
The Group reported a turnover of £18.8m for the 13-week period compared to £42.7m in the prior period, which represented 23 weeks of post-acquisition trading. Gross margin was negative in the period, compared to 5.4% positive in the prior period. This negative margin reflects both lower average daily volumes, a period of 3 weeks downtime of the main Fragmentiser machine, and a challenging pricing environment. |
An operating loss of £3.86m was reported in the period (prior period operating loss of £2.70m). |
Due to the recent short reporting periods, comparison of performance year on year has been made difficult. The table below therefore shows the performance of the Group on an adjusted annualised basis. |
Annualised | Annualised |
23 Apr 24 to | 1 Jan 23 to | Annualised | Annualised |
31 Dec 24 | 22 Apr 24 | Var | Var |
(£'000) | (£'000) | (£'000) | % |
Sales | 88,320 | 100,407 | (12,087 | ) | (12.0% | ) |
Cost of sales | 87,713 | 91,164 | 3,451 | 3.8% |
Gross profit | 607 | 9,244 | (8,637 | ) | (93.4% | ) |
Gross profit margin | 0.7% | 9.2% | (8.5% | ) |
Administration costs (excl exceptionals) | 7,624 | 7,416 | (208 | ) | (2.8% | ) |
Operating profit / (loss) (excl exceptionals) | (8,456 | ) | 882 | (9,339 | ) | (1,058.7% | ) |
Profit before tax (excl exceptionals) margin | (9.6% | ) | 0.9% | (10.5% | ) |
Over the last few months, the Group has significantly improved financial controls and monitoring processes to control costs to mitigate margin and inflationary pressures. The directors believe that the Group is emerging into the new financial period with improved production efficiency, improved financial controls, and improved flexibility to manage changing volumes. |
Subsequent Event |
In April 2025, the Company agreed increased funding of up to £10m from Endless Fund V A LP and Endless Fund |
V B LP, funds managed by Endless LLP. This additional RCF provides the business adequate cash funding for its planned growth. |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
Principal risks and uncertainties |
The directors believe that the principal risks facing the business are as set out below. The directors have put processes in place to monitor and mitigate such risks. |
Macroeconomic conditions |
The business is exposed to changes in global metal demand and to changes in prices, both of which are linked to global economic activity. Changes in the levels of consumer and industrial activity have a direct impact on the supply and demand for recycled metals. In response to this, directors seek to monitor global demand and modify purchasing and sales strategies. |
Global conflict and trade disputes |
The global trading environment is volatile, impacted by long-standing conflicts such as the wars in Ukraine and the Middle-east and currently exacerbated by recent actions on tariffs from the US. It is highly uncertain how long the military conflicts will continue, nor the extent of the impacts (positive or negative) of a potential global trade war. The Group does not have any direct exposure to Ukraine, Russia or the US. |
Fluctuating Commodity prices |
The Group's revenue is exposed to fluctuating commodity prices. The Group minimises exposures by rapidly turning over inventories to minimise risk and seeks to adjust purchase prices to reflect changing market pricing. |
Safety, Health and Environment |
The Group maintains strong health and safety systems and operates robust practices to ensure compliance to environmental standards. Performance is constantly monitored and reviewed by the board to ensure ongoing effectiveness. |
Finance Risk |
- | Credit Risk - the Group seeks to manage risk of customer payment default through the use of stringent credit limits and where appropriate the use of advance payment or credit insurance. |
- | Interest Rate Risk - the Group seeks to mitigate the risk of increasing interest rates by structuring interest-bearing borrowings with an appropriate mix of floating and fixed rate debt instruments. |
- | Going Concern and Liquidity Risk - the Group keeps its funding structure and liquidity under review to ensure it has the capacity to meet operational requirements and to facilitate the execution of its growth strategy. |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
Section 172 Statement |
The directors understand their duty under Section 172 of the Companies Act 2006 and are committed to acting in a way that promotes the success of the Group for the benefit of its members as a whole, while taking into consideration the long-term impact of decisions and the interests of all our stakeholders. |
Throughout the period, the directors have carefully considered the following factors while making decisions and setting the strategic direction of the Group: |
1 | Our Employees We value our employees as the core of our business and have continued to invest in their development, well-being, and safety. Regular engagement initiatives such as toolbox talks have been conducted to ensure their voices are heard and acted upon and we have provided EAP and healthcare support benefits. |
2 | Our Customers Providing consistent high-quality service to our customers remains a top priority. We continue to ensure delivery of consistent product. |
3 | Our Suppliers We maintain strong, collaborative relationships with our suppliers, ensuring high quality service and support, and reliable collections. This supports the long-term resilience of our supply chain. |
4 | Our Shareholders We are dedicated to delivering sustainable growth and ensuring transparency with our shareholders. We provide regular updates through ongoing reporting, meetings and discussions. |
5 | Our Community and Environment We are committed to positively impacting the communities in which we operate and minimizing our environmental footprint. We continue to contribute strongly to the Circular Economy through our operations and invest to minimise our impact on the environment. |
6 | Our Business Performance and Long-Term Success All major strategic decisions have been made with the aim of ensuring the long-term success of the Group. This includes evaluating risks and opportunities carefully to deliver sustainable growth. |
Through these considerations, the directors believe they have upheld our responsibilities under Section 172 of the Companies Act 2006 and ensured that the Group operates ethically, sustainably, and successfully. |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
Energy and Carbon Report |
As the company has consumed more than 40,000 kWh of energy in this reporting period, it is required to report on its emissions, energy consumption or energy efficiency activities. |
Period |
1st Oct 2024 |
to 31st Dec 2024 |
Energy Consumption | kWh |
Aggregate of energy consumption in the year: |
Gas combustion | 29,982 |
Electricity purchased | 1,731,219 |
Fuel consumed for transport | 2,096,466 |
3,857,666 |
Emissions of CO2 equivalent | Metric Tonnes |
Scope 1 - direct emissions | 26.91 |
Fuel consumed for owned transport | 3,319.43 |
3,346.34 |
Scope 2 - indirect emissions |
Electricity purchased | 910.04 |
4,256.38 |
Intensity ratio | 0.021 |
Tonnes CO2e per £k of turnover |
Quantification and reporting methodology |
We have followed the 2019 HM Governmental Environmental reporting guidelines. We have also the GHR reporting protocol - Corporate Statement and have used the 2024 UK Governments Conversion Factors for Company Reporting. |
Intensity measurement |
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1,000 of turnover, the recommended ratio for the sector. |
ON BEHALF OF THE BOARD: |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
The directors present their report with the financial statements of the company and the group for the period 1 October 2024 to 31 December 2024. |
DIVIDENDS |
No dividends will be distributed for the period ended 31 December 2024. |
DIRECTORS |
The directors who have held office during the period from 1 October 2024 to the date of this report are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, 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 the group and of the profit or loss of the group 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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information. |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
AUDITORS |
The auditors, UHY Hacker Young (Birmingham) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WEST MOORLAND TOPCO LIMITED |
Opinion |
We have audited the financial statements of West Moorland Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent 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. |
Key audit matters |
We have determined that there are the following key audit matters to be communicated in our report: |
We have identified significant estimation uncertainty relating to the valuation and existence of stock quantities held by the group at the balance sheet date. The group's inventory balance is material to the financial statements, and the determination of the correct quantity of stock is inherently subject to estimation and judgment. The process of stock taking and reconciliation is complex, and the risk of misstatement is heightened due to the reliance on manual processes and estimation methods. |
We have performed procedures to assess the group's internal controls over stock management, evaluated the reasonableness of management’s estimates, and performed substantive testing of stock quantities through physical observation, reconciliation procedures, and sample testing. Despite these efforts, given the inherent uncertainty involved in estimating stock quantities, this remains a key audit matter. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WEST MOORLAND TOPCO LIMITED |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and 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. |
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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page seven, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WEST MOORLAND TOPCO 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: |
- | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; and |
- | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- | performed analytical procedures to identify any unusual or unexpected relationships; |
- | tested journal entries to identify unusual transactions; and |
- | investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- | agreeing financial statement disclosures to underlying supporting documentation; |
- | reading the minutes of meetings of those charged with governance; and |
- | enquiring of management as to actual and potential litigation and claims. |
There are inherent limitations in the audit procedures described above; any instance of non-compliance with laws and regulations and fraud which is far removed from transactions reflected in the financial statements would diminish the likelihood of detection. Furthermore, the risk of not detecting a material misstatement due to fraud is greater than the risk of not detecting one resulting from error. Fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through an act of collusion that would mitigate 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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WEST MOORLAND TOPCO 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. |
for and on behalf of |
9-11 Vittoria Street |
Birmingham |
B1 3ND |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
CONSOLIDATED INCOME STATEMENT |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
Period | Period |
1.10.24 | 19.3.24 |
to | to |
31.12.24 | 30.9.24 |
Notes | £ | £ |
TURNOVER | 18,760,577 | 42,651,570 |
Cost of sales | 20,523,664 | 40,337,481 |
GROSS (LOSS)/PROFIT | (1,763,087 | ) | 2,314,089 |
Administrative expenses | 2,530,543 | 6,668,678 |
(4,293,630 | ) | (4,354,589 | ) |
Other operating income | 4,123 | - |
Gain on bargain purchase | - | 905,788 |
OPERATING LOSS | 4 | (4,289,507 | ) | (3,448,801 | ) |
Interest receivable and similar income | 8,853 | - |
(4,280,654 | ) | (3,448,801 | ) |
Interest payable and similar expenses | 6 | 942,525 | 1,394,775 |
LOSS BEFORE TAXATION | (5,223,179 | ) | (4,843,576 | ) |
Tax on loss | 7 | (947,738 | ) | (387,240 | ) |
LOSS FOR THE FINANCIAL PERIOD | ( | ) | ( | ) |
Loss attributable to: |
Owners of the parent | (4,275,441 | ) | (4,456,336 | ) |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
Period | Period |
1.10.24 | 19.3.24 |
to | to |
31.12.24 | 30.9.24 |
Notes | £ | £ |
LOSS FOR THE PERIOD | (4,275,441 | ) | (4,456,336 | ) |
OTHER COMPREHENSIVE INCOME | - | - | |||
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | (4,275,441 | ) | (4,456,336 | ) |
Total comprehensive income attributable to: |
Owners of the parent | (4,275,441 | ) | (4,456,336 | ) |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2024 |
31.12.24 | 30.9.24 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 15,638,950 | 16,063,007 |
Tangible assets | 10 | 28,736,013 | 28,729,141 |
Investments | 11 | - | - |
44,374,963 | 44,792,148 |
CURRENT ASSETS |
Stocks | 12 | 3,109,948 | 4,545,934 |
Debtors | 13 | 11,559,910 | 19,097,880 |
Cash at bank and in hand | 429,970 | 135,795 |
15,099,828 | 23,779,609 |
CREDITORS |
Amounts falling due within one year | 14 | 20,703,701 | 24,363,978 |
NET CURRENT LIABILITIES | (5,603,873 | ) | (584,369 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES | 38,771,090 | 44,207,779 |
CREDITORS |
Amounts falling due after more than one year | 15 | (37,344,237 | ) | (37,557,747 | ) |
PROVISIONS FOR LIABILITIES | 18 | (1,499,630 | ) | (2,447,368 | ) |
NET (LIABILITIES)/ASSETS | (72,777 | ) | 4,202,664 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 8,500 | 8,500 |
Share premium | 20 | 7,991,500 | 7,991,500 |
Retained earnings | 20 | (8,072,777 | ) | (3,797,336 | ) |
SHAREHOLDERS' FUNDS | (72,777 | ) | 4,202,664 |
The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2025 and were signed on its behalf by: |
R A Scully - Director |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
COMPANY BALANCE SHEET |
31 DECEMBER 2024 |
31.12.24 | 30.9.24 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( | ) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Share premium |
Retained earnings | ( | ) | ( | ) |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (99,688 | ) | (172,151 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Changes in equity |
Fair Value Adjustment | - | 659,000 | - | 659,000 |
Issue of Share Capital | 8,500 | - | - | 8,500 |
Total comprehensive income | - | (4,456,336 | ) | - | (4,456,336 | ) |
Share Premium | - | - | 7,991,500 | 7,991,500 |
Balance at 30 September 2024 | 8,500 | (3,797,336 | ) | 7,991,500 | 4,202,664 |
Changes in equity |
Total comprehensive income | - | (4,275,441 | ) | - | (4,275,441 | ) |
Balance at 31 December 2024 | 8,500 | (8,072,777 | ) | 7,991,500 | (72,777 | ) |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Changes in equity |
Issue of Share Capital | 8,500 | - | - | 8,500 |
Total comprehensive income | - | ( | ) | - | ( | ) |
Share Premium | - | - | 7,991,500 | 7,991,500 |
Balance at 30 September 2024 | ( | ) |
Changes in equity |
Total comprehensive income | - | ( | ) | - | ( | ) |
Balance at 31 December 2024 | ( | ) |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
Period | Period |
1.10.24 | 19.3.24 |
to | to |
31.12.24 | 30.9.24 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 5,063,474 | (6,736,325 | ) |
Interest paid | (849,505 | ) | (1,220,390 | ) |
Interest element of hire purchase and finance lease rental payments paid | (93,020 | ) | (174,385 | ) |
Tax paid | - | 42,989 |
Net cash from operating activities | 4,120,949 | (8,088,111 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,077,743 | ) | (6,924,610 | ) |
Sale of tangible fixed assets | 33,333 | 647,113 |
Acquisition of subsidiaries net of cash | - | (31,164,348 | ) |
Interest received | 8,853 | - |
Net cash from investing activities | (1,035,557 | ) | (37,441,845 | ) |
Cash flows from financing activities |
New loans in year | 2,000,000 | 38,135,483 |
Loan repayments in year | (4,544,887 | ) | - |
Capital repayments in year | (246,330 | ) | (469,732 | ) |
Share issue | - | 8,000,000 |
Net cash from financing activities | (2,791,217 | ) | 45,665,751 |
Increase in cash and cash equivalents | 294,175 | 135,795 |
Cash and cash equivalents at beginning of period | 2 | 135,795 | - |
Cash and cash equivalents at end of period | 2 | 429,970 | 135,795 |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period | Period |
1.10.24 | 19.3.24 |
to | to |
31.12.24 | 30.9.24 |
£ | £ |
Loss before taxation | (5,223,179 | ) | (4,843,576 | ) |
Depreciation charges | 1,459,728 | 2,511,575 |
Loss/(profit) on disposal of fixed assets | 1,868 | (11,352 | ) |
Gain on bargain purchase | - | (905,788 | ) |
Finance costs | 942,525 | 1,394,775 |
Finance income | (8,853 | ) | - |
(2,827,911 | ) | (1,854,366 | ) |
Decrease/(increase) in stocks | 1,435,986 | (1,851,263 | ) |
Decrease/(increase) in trade and other debtors | 7,537,970 | (6,216,403 | ) |
(Decrease)/increase in trade and other creditors | (1,082,571 | ) | 3,185,707 |
Cash generated from operations | 5,063,474 | (6,736,325 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 31 December 2024 |
31.12.24 | 1.10.24 |
£ | £ |
Cash and cash equivalents | 429,970 | 135,795 |
Period ended 30 September 2024 |
30.9.24 | 19.3.24 |
£ | £ |
Cash and cash equivalents | 135,795 | - |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.10.24 | Cash flow | At 31.12.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 135,795 | 294,175 | 429,970 |
135,795 | 294,175 | 429,970 |
Debt |
Hire purchase and finance leases | (4,781,882 | ) | 246,330 | (4,535,552 | ) |
Debts falling due within 1 year | (14,122,924 | ) | 2,544,886 | (11,578,038 | ) |
Debts falling due after 1 year | (32,000,000 | ) | - | (32,000,000 | ) |
(50,904,806 | ) | 2,791,216 | (48,113,590 | ) |
Total | (50,769,011 | ) | 3,085,391 | (47,683,620 | ) |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
1. | STATUTORY INFORMATION |
West Moorland Topco Limited is a |
2. | ACCOUNTING POLICIES |
Accounting convention |
These financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006. |
The period covered by the financial statements is 1 October 2024 to 31 December 2024, which is shorter than one year. |
The reason for using a shorter period was to align the previous financial period with the date of acquisition of the entity by its new owners on 23 April 2024. |
The prior period covered from the 23 April 2024 until 30 September 2024. It should therefore be noted that the amounts presented relating to the prior period are not entirely comparable. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
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. |
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. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
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. |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Land and buildings Leasehold improvements | 20.0% straight line basis |
Plant and machinery | 12.5% reducing balance basis |
Fixtures, fittings & equipment | 10.0% reducing balance basis / 25.0% straight line basis |
Motor vehicles | 25.0% reducing balance basis |
Other assets | 12.5% straight line basis |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds the carrying value of the asset, and is credited or charged to profit or loss. |
Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. |
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. |
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. |
The valuation of stock is determined based on the weighted average cost of purchases of the same grade of scrap metal. |
Financial instruments |
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
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 current liabilities. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
Taxation |
The tax expense represents the sum of the tax currently payable and deferred tax. |
Current tax |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax liabilities are a specific category of provisions recognised for temporary differences between the carrying amounts of assets and liabilities in the financial statements and their corresponding tax bases. |
Deferred tax is measured on a discounted basis only where material and is recorded in line with the company's applicable tax rates and legislation. |
Government Grants and Tax Relief |
Government grants and tax reliefs relating to R&D activities are recognised in accordance with FRS 102. Government grants are recognised when there is reasonable assurance that the grant will be received, and the conditions for receiving the grant have been met. |
Provisions |
Provisions are recognised when the company has a present obligation as a result of a past event at the reporting date, and it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount can be reliably estimated. |
Provisions are measured at the best estimate of the expenditure required to settle the obligation. Where the effect of the time value of money is material, the provision is determined at its present value, using a pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised as a finance cost in the statement of profit or loss. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Retirement benefits |
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
Leases |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. |
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign exchange |
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. |
Judgements and key sources of estimation uncertainty |
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
A significant source of estimation uncertainty relates to the valuation and quantities of stock (inventory) at the balance sheet date. The company estimates stock quantities based on physical counts. |
Given the inherent uncertainty, actual stock quantities and valuations may differ materially from those estimated, affecting the cost of sales and the balance sheet. Management regularly reviews its assumptions to mitigate these risks, but adjustments may be required in future periods. |
3. | EMPLOYEES AND DIRECTORS |
Period | Period |
1.10.24 | 19.3.24 |
to | to |
31.12.24 | 30.9.24 |
£ | £ |
Wages and salaries | 937,773 | 1,396,456 |
Social security costs | 104,542 | 162,935 |
Other pension costs | 20,128 | 31,267 |
1,062,443 | 1,590,658 |
The average number of employees during the period was as follows: |
Period | Period |
1.10.24 | 19.3.24 |
to | to |
31.12.24 | 30.9.24 |
Employees |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees by undertakings that were proportionately consolidated during the period was 73 (30.9.24 - 68). |
Period | Period |
1.10.24 | 19.3.24 |
to | to |
31.12.24 | 30.9.24 |
£ | £ |
Directors' remuneration | - | - |
4. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
Period | Period |
1.10.24 | 19.3.24 |
to | to |
31.12.24 | 30.9.24 |
£ | £ |
Hire of plant and machinery | 188,784 | 268,827 |
Depreciation - owned assets | 1,035,670 | 1,770,347 |
Loss/(profit) on disposal of fixed assets | 1,868 | (11,352 | ) |
Goodwill amortisation | 424,057 | 741,228 |
Auditors' remuneration | 20,000 | 25,000 |
5. | EXCEPTIONAL ITEMS |
Expenditure |
Period | Period |
1.10.24 | 19.3.24 |
to | to |
31.12.24 | 30.9.24 |
£ | £ |
Acquisition costs | - | 1,749,736 |
Other | 49,638 | 425,795 |
49,638 | 2,175,531 |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period | Period |
1.10.24 | 19.3.24 |
to | to |
31.12.24 | 30.9.24 |
£ | £ |
Bank interest | - | 11,239 |
Invoice finance interest | 115,713 | 273,253 |
Loan arrangement fees | 39,890 | 270,575 |
RCF interest | 90,301 | 52,603 |
Interest payable | 568,110 | 564,603 |
Unwinding of discount | 35,491 | 48,117 |
Hire purchase & Finance leases | 93,020 | 174,385 |
942,525 | 1,394,775 |
7. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the period was as follows: |
Period | Period |
1.10.24 | 19.3.24 |
to | to |
31.12.24 | 30.9.24 |
£ | £ |
Deferred tax | (947,738 | ) | (387,240 | ) |
Tax on loss | (947,738 | ) | (387,240 | ) |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 October 2024 |
and 31 December 2024 | 16,804,235 |
AMORTISATION |
At 1 October 2024 | 741,228 |
Amortisation for period | 424,057 |
At 31 December 2024 | 1,165,285 |
NET BOOK VALUE |
At 31 December 2024 | 15,638,950 |
At 30 September 2024 | 16,063,007 |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 October 2024 | 6,079,500 | 3,280,932 | 17,706,032 |
Additions | - | 105,110 | 936,592 |
Disposals | - | - | - |
At 31 December 2024 | 6,079,500 | 3,386,042 | 18,642,624 |
DEPRECIATION |
At 1 October 2024 | - | 432,951 | 989,018 |
Charge for period | - | 255,333 | 576,546 |
Eliminated on disposal | - | - | - |
At 31 December 2024 | - | 688,284 | 1,565,564 |
NET BOOK VALUE |
At 31 December 2024 | 6,079,500 | 2,697,758 | 17,077,060 |
At 30 September 2024 | 6,079,500 | 2,847,981 | 16,717,014 |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 October 2024 | 362,940 | 2,865,569 | 30,294,973 |
Additions | 12,979 | 23,062 | 1,077,743 |
Disposals | - | (60,191 | ) | (60,191 | ) |
At 31 December 2024 | 375,919 | 2,828,440 | 31,312,525 |
DEPRECIATION |
At 1 October 2024 | 28,724 | 115,139 | 1,565,832 |
Charge for period | 18,888 | 184,903 | 1,035,670 |
Eliminated on disposal | - | (24,990 | ) | (24,990 | ) |
At 31 December 2024 | 47,612 | 275,052 | 2,576,512 |
NET BOOK VALUE |
At 31 December 2024 | 328,307 | 2,553,388 | 28,736,013 |
At 30 September 2024 | 334,216 | 2,750,430 | 28,729,141 |
No depreciation is provided for freehold property as the residual value is determined to be equal to the current carrying value. |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertaking |
£ |
COST |
At 1 October 2024 |
and 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 30 September 2024 |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Subsidiary undertakings |
The following were subsidiary undertakings of the company: |
Name | Registered Office | Class of shares | Holding |
West Moorland Bidco Limited | George Henry Road, Great Bridge, Tipton, West Midlands, England, DY4 7BZ | Ordinary | 100% |
Parent Company Guarantee for Subsidiary Audit Exemption |
In accordance with section 479C of the Companies Act 2006, the Company has provided guarantees in respect of all liabilities outstanding at the end of the financial year, as defined in section 479A(2) of that Act, for the following subsidiary undertakings incorporated in the United Kingdom, in order that those subsidiaries may be exempt from audit under section 479A of the Companies Act 2006: |
West Moorland Bidco Limited | Company number 15576311 |
West Moorland Propco 1 Limited | Company number 15576998 |
West Moorland Propco 2 Limited | Company number 15576991 |
12. | STOCKS |
Group |
31.12.24 | 30.9.24 |
£ | £ |
Stocks | 3,109,948 | 4,545,934 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.12.24 | 30.9.24 | 31.12.24 | 30.9.24 |
£ | £ | £ | £ |
Trade debtors | 8,517,973 | 14,427,461 |
Other debtors | 1,361,422 | 1,827,072 |
VAT | 987,204 | 1,814,788 |
Prepayments | 693,311 | 1,028,559 |
11,559,910 | 19,097,880 |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.12.24 | 30.9.24 | 31.12.24 | 30.9.24 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 11,578,038 | 14,122,924 |
Hire purchase contracts and finance leases (see note 17) | 989,602 | 986,930 |
Trade creditors | 7,207,896 | 8,323,467 |
Amounts owed to group undertakings | - | - |
Tax | 42,989 | 42,989 |
Social security and other taxes | 110,975 | 114,637 |
Other creditors | 450,008 | 294,885 |
Accrued expenses | 324,193 | 478,146 |
20,703,701 | 24,363,978 |
Bank loans and hire purchase contracts are secured by the way of fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery. |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
31.12.24 | 30.9.24 |
£ | £ |
Other loans (see note 16) | 32,000,000 | 32,000,000 |
Hire purchase contracts and finance leases (see note 17) | 3,545,950 | 3,794,952 |
Deferred consideration | 1,798,287 | 1,762,795 |
37,344,237 | 37,557,747 |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
31.12.24 | 30.9.24 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans | 6,078,038 | 10,622,924 |
Loans | 5,500,000 | 3,500,000 |
11,578,038 | 14,122,924 |
Amounts falling due between two and five years: |
Loan notes | 32,000,000 | 32,000,000 |
The expiry date of bank loans range from August 2026 to July 2030. Interest rates vary from 5.8% to 8.5%. |
The loan of £5,500,000 (30.9.24: £3,500,000) relates to a rolling credit facility provided by the ultimate controllingparty, Endless V (GP) LP acting as General Partner to Endless V A LP and Endless V B LP. This attracts interest at 8% and is repayable on demand. This liability is secured via a fixed and floating charge over the company's assets. |
Loan notes of £32,000,000 (30.9.24: £32,000,000) relates to loan notes provided by the ultimate controllingparty, Endless V (GP) LP acting as General Partner to Endless V A LP and Endless V B LP. This attracts interest at 8% and is repayable on 23 April 2029. This liability is secured via a fixed and floating charge over the company's assets. |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts | Finance leases |
31.12.24 | 30.9.24 | 31.12.24 | 30.9.24 |
£ | £ | £ | £ |
Net obligations repayable: |
Within one year | 32,304 | 32,304 | 957,298 | 954,626 |
Between one and five years | 43,072 | 51,148 | 3,502,878 | 3,743,804 |
75,376 | 83,452 | 4,460,176 | 4,698,430 |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
18. | PROVISIONS FOR LIABILITIES |
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes: |
31.12.24 | 30.9.24 |
Balances: | £ | £ |
Advanced capital allowances | 4,705,690 | 4,644,917 |
Tax losses | (3,225,297 | ) | (2,217,563 | ) |
1,480,393 | 2,427,354 |
31.12.24 |
Movements in the year: | £ |
Liability at 1 October 2024 | 2,427,354 |
Provided during the period | (946,961 | ) |
1,480,393 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.24 | 30.9.24 |
value: | £ | £ |
A1 Ordinary | 0.01 | 8,500 | 8,500 |
20. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 October 2024 | (3,797,336 | ) | 7,991,500 | 4,194,164 |
Deficit for the period | (4,275,441 | ) | (4,275,441 | ) |
At 31 December 2024 | (8,072,777 | ) | 7,991,500 | (81,277 | ) |
WEST MOORLAND TOPCO LIMITED (REGISTERED NUMBER: 15575862) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024 |
21. | ULTIMATE PARENT COMPANY |
The ultimate controlling party is Endless V (GP) LP acting as General Partner to Endless V A LP and Endless V B LP. |