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Registered number: 02232586









PREMIER WASTE (UK) HOLDINGS PLC









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
COMPANY INFORMATION


Directors
D Courtney 
W Clark 




Company secretary
D Courtney



Registered number
02232586



Registered office
209-211 Walsall Road
Perry Barr

Birmingham

B42 1TY




Independent auditor
Bennett Whitehouse Limited
Chartered Accountants & Statutory Auditor

Waterfront One

Waterfront Business Park

Brierley Hill

West Midlands

DY5 1LX





 
PREMIER WASTE (UK) HOLDINGS PLC
 

CONTENTS



Page
Group Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditor's Report
 
6 - 10
Consolidated Statement of Comprehensive Income
 
11
Consolidated Balance Sheet
 
12
Company Balance Sheet
 
13
Consolidated Statement of Changes in Equity
 
14
Company Statement of Changes in Equity
 
15
Consolidated Statement of Cash Flows
 
16
Consolidated Analysis of Net Debt
 
17
Notes to the Financial Statements
 
18 - 36


 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The Directors present their Strategic Report of the Company and the Group for the year ended 31 December 2024.

Business review
 
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
The principal activity of the Group continues to be that of property rental, waste disposal and waste management services.
Financial key performance indicators
We consider that our key financial performance indicators are those that communicate the financial performance and the strength of the Group as a whole, these being turnover, gross margin and return on capital employed.
Group turnover has increased by 20.5% in the year to £10.9m.
Overall operating loss was £18k (2023: profit £51k) and profit before tax was £27k (2023: £87k). After taxation £16k has been applied to reserves (2023: £65k), which at the end of the year stood at £6,536k (2023: £6,520k).
The return on capital employed was negative 0.25% (2023: positive 0.7%). Return on capital employed is calculated as (loss)/profit before interest and tax divided by capital employed, which constitutes total assets less current liabilities.
We consider the financial position of the Group at the period end is satisfactory with adequate cash resources.

Principal risks and uncertainties
 
As for many businesses of our size, the business environment in which we operate continues to be challenging. The market in the UK is highly competitive and margins continue to be tight. We continue to face strong competition. We are also subject to consumer spending patterns and consumers overall level of disposable income within our economy.
With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.

Future developments
 
The Group is currently operating in a very competitive industry with increased costs resulting in reduced margins. The directors are taking action to improve the profitability of the Group and this has resulted in improved trading performance in the current year compared with 2024.

Page 1

 
PREMIER WASTE (UK) HOLDINGS PLC
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' statement of compliance with duty to promote the success of the Group
 
Stakeholder Engagement
As the Board of Premier Waste (UK) Holdings Plc we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the Groups success for the benefit of its members as a whole, and to have regard to the long term effect of our decisions on the Group and its stakeholders. This statement summarises the ways in which we as a Board address this responsibility.
Promoting the Company's success for its members
Premier Waste (UK) Holdings Plc, is the parent company of Premier Waste (UK) Plc and Premier Waste Management Services (UK) Plc. The Group has provided its employees, past and present, with opportunities for employment, training, career development and financial reward.
In an increasingly competitive environment with competitors accepting low margins, the Group has focused on
maintaining its image as a trusted supplier offering high quality services whilst delivering pleasing financial returns. In order to continue to deliver satisfactory returns we recognise the need to protect and grow our markets, form strategic partnerships with other companies operating in our market sector whilst optimising investments in the business.
Our key stakeholders, and the ways in which we engage with them, include:
Our shareholders:
We recognise that the shareholders place their trust and confidence in us to manage the affairs of the Company and Group with the best interests of all stakeholders at heart whilst also striving to achieve consistently high returns on their investment in the business. We are fortunate that the shareholders take an active interest in promoting the long term success of the business.
Our employees:
We recognise the valuable contribution that our employees make to the success of our business. All employees
undergo appropriate training to ensure that we maintain the highest standard of operations and safety. Advancement of employees is encouraged and supported by the Company and Group through provision of appropriate training courses. Communications on all matters of relevance or significance are communicated through a site wide network of notice boards. Employees are encouraged to approach senior management at any time if they have issues to discuss.
Our customers and suppliers:
The success of our business is based on forging close relationships with our customers and suppliers, understanding their needs and promoting a spirit of cooperation with both ends of the value chain. We meet regularly with key suppliers to discuss the outlook for the industry and our business needs. Our customers appreciate the high quality service we aim to provide.
Our community:
As a local business in Birmingham we recognise the need to engage with our local community.
Our planet:
We recognise that compliance with environmental legislation and good practice is essential in order to contribute to the wellbeing of our planet and to continue operating.




 
Page 2

 
PREMIER WASTE (UK) HOLDINGS PLC
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Health & Safety/Environmental:
The Company and Group takes its responsibilities with regard to health and safety and environmental matters seriously.
Appropriate policies and procedures are in place and management systems are well documented and controlled by both the Company and Group. Staff training needs are identified and implemented in order that the Company and Group continues to meet its legal obligations. There have been no reportable incidents of a health and safety or environmental nature in the period. The Company and Group have implemented policies and procedures, in line with Government and HSE guidelines to ensure the wellbeing of its workforce.


This report was approved by the board and signed on its behalf.



D Courtney
Director

Date: 6 June 2025

Page 3

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £16,033 (2023 - £64,612).

During the year, the Company did not pay a dividend (2023 - £Nil). The Directors do not recommend the payment of a final dividend.

Directors

The Directors who served during the year were:

D Courtney 
W Clark 

Page 4

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


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 Director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

The auditor, Bennett Whitehouse Limitedwill be proposed for reappointment in accordance with section 489 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





D Courtney
Director

Date: 6 June 2025

Page 5

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PREMIER WASTE (UK) HOLDINGS PLC
 

Opinion


We have audited the financial statements of Premier Waste (UK) Holdings PLC (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 December 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 6

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PREMIER WASTE (UK) HOLDINGS PLC (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group 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 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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.


Page 7

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PREMIER WASTE (UK) HOLDINGS PLC (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 is 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.


Page 8

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PREMIER WASTE (UK) HOLDINGS PLC (CONTINUED)


Auditor's 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 Auditor's 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Group and the industry in which it operates, and considered the risk of acts by the Group which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with Companies Act 2006, health & safety legislation and FRS102.
We designed audit procedures to respond to the risks of material misstatement in the financial statements. 
We focused on laws and regulations that could give rise to a material misstatement in the Group financial
statements. Our tests included, but were not limited to:
• agreement of the financial statement disclosures to underlying supporting documentation;
• enquires of management, and
• obtaining an understanding of the control environment in monitoring compliance with laws and regulations.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.
We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.


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 Auditor's Report.


Page 9

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PREMIER WASTE (UK) HOLDINGS PLC (CONTINUED)


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 2006Our 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 Auditor's 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.





Gavin Whitehouse BSocSc FCA (Senior Statutory Auditor)
for and on behalf of
Bennett Whitehouse Limited
Chartered Accountants
Statutory Auditor
Waterfront One
Waterfront Business Park
Brierley Hill
West Midlands
DY5 1LX

6 June 2025
Page 10

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 3 
10,922,586
9,056,605

Cost of sales
  
(7,210,063)
(6,214,776)

Gross profit
  
3,712,523
2,841,829

Administrative expenses
  
(3,754,232)
(2,841,949)

Other operating income
 4 
23,627
51,168

Operating (loss)/profit
 5 
(18,082)
51,048

Interest receivable and similar income
 10 
47,970
40,996

Interest payable and similar expenses
 11 
(2,622)
(4,746)

Profit before taxation
  
27,266
87,298

Tax on profit
 12 
(11,233)
(22,686)

Profit for the financial year
  
16,033
64,612

Profit for the year attributable to:
  

Owners of the parent Company
  
16,033
64,612

  
16,033
64,612

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 18 to 36 form part of these financial statements.

Page 11

 
PREMIER WASTE (UK) HOLDINGS PLC
REGISTERED NUMBER: 02232586

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
  
2,847,792
2,397,946

Investments
  
69,775
69,775

  
2,917,567
2,467,721

Current assets
  

Debtors
 16 
2,422,764
2,103,881

Cash at bank and in hand
 17 
4,057,621
3,544,561

  
6,480,385
5,648,442

Creditors: amounts falling due within one year
 18 
(2,323,053)
(1,212,046)

Net current assets
  
 
 
4,157,332
 
 
4,436,396

Total assets less current liabilities
  
7,074,899
6,904,117

Creditors: amounts falling due after more than one year
 19 
(198,590)
(49,841)

Provisions for liabilities
  

Deferred taxation
  
(190,700)
(184,700)

Net assets
  
6,685,609
6,669,576


Capital and reserves
  

Called up share capital 
 23 
150,000
150,000

Profit and loss account
 24 
6,535,609
6,519,576

  
6,685,609
6,669,576


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D Courtney
Director

Date: 6 June 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 12

 
PREMIER WASTE (UK) HOLDINGS PLC
REGISTERED NUMBER: 02232586

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 14 
1,101,865
1,120,007

Investments
 15 
150,174
150,174

  
1,252,039
1,270,181

Current assets
  

Debtors
 16 
913,647
771,737

Cash at bank and in hand
 17 
538,230
851,701

  
1,451,877
1,623,438

Creditors: amounts falling due within one year
 18 
(673,978)
(847,409)

Net current assets
  
 
 
777,899
 
 
776,029

Net assets
  
2,029,938
2,046,210


Capital and reserves
  

Called up share capital 
 23 
150,000
150,000

Profit and loss account carried forward
 24 
1,879,938
1,896,210

  
2,029,938
2,046,210


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D Courtney
Director

Date: 6 June 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 13

 
PREMIER WASTE (UK) HOLDINGS PLC
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
150,000
6,454,964
6,604,964


Comprehensive income for the year

Profit for the year
-
64,612
64,612



At 1 January 2024
150,000
6,519,576
6,669,576


Comprehensive income for the year

Profit for the year
-
16,033
16,033


At 31 December 2024
150,000
6,535,609
6,685,609


The notes on pages 18 to 36 form part of these financial statements.

Page 14

 
PREMIER WASTE (UK) HOLDINGS PLC
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
150,000
1,828,842
1,978,842


Comprehensive income for the year

Profit for the year
-
67,368
67,368



At 1 January 2024
150,000
1,896,210
2,046,210


Comprehensive income for the year

Loss for the year
-
(16,272)
(16,272)


At 31 December 2024
150,000
1,879,938
2,029,938


The notes on pages 18 to 36 form part of these financial statements.

Page 15

 
PREMIER WASTE (UK) HOLDINGS PLC
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
16,033
64,612

Adjustments for:

Depreciation of tangible assets
419,327
386,103

Loss/(Profit) on disposal of tangible assets
(80,540)
-

Government grants
(7,078)
(9,439)

Interest paid
2,622
4,746

Interest received
(47,970)
(40,996)

Taxation charge
11,233
22,686

Decrease in debtors
6,992
44,967

Increase/(decrease) in creditors
1,116,017
(268,089)

Corporation tax (paid)
(15,433)
(29,571)

Net cash generated from operating activities

1,421,203
175,019


Cash flows from investing activities

Purchase of tangible fixed assets
(750,300)
(278,806)

Sale of tangible fixed assets
156,585
-

Interest received
47,970
40,996

HP interest paid
(2,484)
(3,855)

Net cash from investing activities

(548,229)
(241,665)

Cash flows from financing activities

Repayment of finance leases
(33,901)
(143,046)

Interest paid
(138)
(891)

Amounts introduced by or (repaid) to directors
(325,875)
882,805

Net cash used in financing activities
(359,914)
738,868

Net increase in cash and cash equivalents
513,060
672,222

Cash and cash equivalents at beginning of year
3,544,561
2,872,339

Cash and cash equivalents at the end of year
4,057,621
3,544,561


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,057,621
3,544,561

4,057,621
3,544,561


Page 16

 
PREMIER WASTE (UK) HOLDINGS PLC
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024






At 1 January 2024
Cash flows
New finance leases
Other non-cash changes
At 31 December 2024
£

£

£

£

£

Cash at bank and in hand

3,544,561

513,060

-

-

4,057,621

Debt due within 1 year

(32,342)

33,901

-

(40,860)

(39,301)

Debt due after 1 year

(17,989)

-

(194,917)

40,860

(172,046)


3,494,230
546,961
(194,917)
-
3,846,274

The notes on pages 18 to 36 form part of these financial statements.

Page 17

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Premier Waste (UK) Holdings PLC is an unlisted public limited company, registered in England and Wales. The Company's registered number and registered office address can be found on the Company information page.
The financial statements are prepared in Sterling (£), which is the functional currency of the Company and Group. The financial statements are for the year ended 31 December 2024 (2023: year ended 31 December 2023).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that
the Group has adequate resources to continue in operational existence for the foreseeable future.
Therefore the Directors continue to adopt the going concern basis of accounting in the preparation of
the financial statements.

Page 18

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Group 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.

 
2.5

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Interest income

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

 
2.8

Finance costs

Finance costs are charged to 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.

Page 19

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in 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 Group in independently administered funds.

 
2.10

Current and deferred taxation

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

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 the 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.


  
2.11

Goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected useful life, which is 10 years.

Page 20

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

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 be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
Over 40 year
Long-term leasehold property
-
Over the period of the lease
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance

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

 
2.13

Valuation of investments

Investments are measured at cost less accumulated impairment.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 21

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for
Page 22

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

  
2.19

Significant judgements and estimates

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 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. .


3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Waste disposal & recycling
10,922,586
9,056,605


All turnover arose within the United Kingdom.

Page 23

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Other operating income

2024
2023
£
£

Net rents receivable
16,549
41,730

Government grants receivable
7,078
9,438

23,627
51,168



5.


Operating (loss)/profit

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

2024
2023
£
£

Depreciation on owned assets
406,967
358,163

Depreciation on financed assets
12,359
27,940

Loss/(Profit) on disposal of fixed assets
(80,540)
-

Other operating lease rentals
158,002
161,728

The Group also made contributions to a Creditor Remuneration Trust (The GC Wealth RT Limited
Remuneration Trust) in the amount of £1,500,000 (2023: £1,020,000). The terms of the trust are set out in a Trust Deed executed by the individual Company's and the original trustees.
Company contributions to the Creditor Remuneration Trust amounted to £200,000 (2023: £300,000).


6.


Auditor's remuneration

2024
2023
£
£

Fees payable to the Group's auditor and its associates for the audit of the consolidated and parent Company's financial statements
13,275
13,125

Fees payable to the Group's auditor and its associates in respect of:

Non-audit services
6,525
8,230

Page 24

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees





The average monthly number of employees, including the Directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Administration
10
8
1
1



Waste management
46
37
-
-



Directors
2
2
2
2

58
47
3
3


8.


Staff costs

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£



Wages and salaries
2,231,644
1,875,521

Social security costs
232,205
191,591

Pension costs
137,980
29,726

2,601,829
2,096,838


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
182,494
82,047

Group contributions to defined contribution pension schemes
2,374
-

184,868
82,047


During the year retirement benefits were accruing to 1 Director (2023 - NIL) in respect of defined contribution pension schemes.

Page 25

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
47,970
40,996


11.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
53
-

Finance leases and hire purchase contracts
2,484
3,855

Other interest payable
85
891

2,622
4,746


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
5,700
15,900

Adjustments in respect of previous periods
(467)
(12,764)


5,233
3,136


Total current tax
5,233
3,136

Deferred tax


Origination and reversal of timing differences
6,000
19,550

Total deferred tax
6,000
19,550


11,233
22,686

Factors affecting tax charge for the year

There are no significant factors affecting the tax charge for the year. Factors relate to minor disallowable
expenses for tax purposes and differences arising due to the timing of tax relief.

Page 26

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.Taxation (continued)


Factors that may affect future tax charges

The main rate of corporation tax is 25%, in respect of taxable profits above £250,000. In addition to the main rate there remains a small profit rate of 19% for taxable profits below £50,000. Marginal relief will provide a gradual increase in the corporation tax rate between the small profits rate and the main rate.
Deferred tax balances must be recognised at the future rate applicable when the balance is expected to unwind. As such, deferred tax balances are recognised using the 25% rate.


13.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 January 2024
250,000



At 31 December 2024

250,000



Amortisation


At 1 January 2024
250,000



At 31 December 2024

250,000



Net book value



At 31 December 2024
-



At 31 December 2023
-



Page 27

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets

Group






Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



Cost 


At 1 January 2024
1,458,882
39,513
5,896,881
1,313,982
208,499
8,917,757


Additions
-
-
110,646
827,104
7,467
945,217


Disposals
-
(39,513)
(296,597)
(317,757)
-
(653,867)



At 31 December 2024

1,458,882
-
5,710,930
1,823,329
215,966
9,209,107



Depreciation


At 1 January 2024
339,439
35,985
5,020,921
947,444
176,022
6,519,811


Charge for the year on owned assets
17,578
529
226,373
153,278
9,209
406,967


Charge for the year on financed assets
-
-
-
12,359
-
12,359


Disposals
-
(36,514)
(296,174)
(245,134)
-
(577,822)



At 31 December 2024

357,017
-
4,951,120
867,947
185,231
6,361,315



Net book value



At 31 December 2024
1,101,865
-
759,810
955,382
30,735
2,847,792



At 31 December 2023
1,119,443
3,528
875,960
366,538
32,477
2,397,946

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
231,994
83,819

231,994
83,819

Page 28

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           14.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£

Cost


At 1 January 2024
1,458,882
296,597
862
1,756,341


Disposals
-
(296,597)
(862)
(297,459)



At 31 December 2024

1,458,882
-
-
1,458,882



Depreciation


At 1 January 2024
339,439
296,033
862
636,334


Charge for the year on owned assets
17,578
141
-
17,719


Disposals
-
(296,174)
(862)
(297,036)



At 31 December 2024

357,017
-
-
357,017



Net book value



At 31 December 2024
1,101,865
-
-
1,101,865



At 31 December 2023
1,119,443
564
-
1,120,007






Page 29

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Fixed asset investments

Group





Other unlisted investments

£



Cost 


At 1 January 2024
69,775



At 31 December 2024
69,775




Company





Investments in subsidiary companies
Other unlisted investments
Total

£
£
£



Cost


At 1 January 2024
80,399
69,775
150,174



At 31 December 2024
80,399
69,775
150,174





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Premier Waste (UK) Plc
209-211 Walsall Road, Perry Barr, Birmingham B42 1TY
Ordinary
100%
Premier Waste Management Services (UK) Plc
209-211 Walsall Road, Perry Barr, Birmingham B42 1TY
Ordinary
100%

Page 30

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£



Trade debtors
1,639,397
1,663,261
14,039
46,575

Amounts owed by group undertakings
-
-
899,608
725,162

Amounts owed by associated undertakings
200,000
200,000
-
-

Other debtors
437,069
118,481
-
-

Prepayments and accrued income
146,298
122,139
-
-

2,422,764
2,103,881
913,647
771,737


Included within Other Debtors due within one year was a loan to a Director, amounting to £325,875 (2023: £Nil). The loan was repaid in April 2025. The main conditions of the loan were as follows:
The loan was interest free, repayable on demand and unsecured.


17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
4,057,621
3,544,561
538,230
851,701

4,057,621
3,544,561
538,230
851,701



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Deferred government grants
5,303
7,072
-
-

Trade creditors
555,282
820,940
-
300

Amounts owed to group undertakings
-
-
450,340
774,252

Corporation tax
5,700
15,900
500
5,600

Other taxation and social security
201,870
139,038
20,989
36,519

Obligations under finance lease and hire purchase contracts
39,301
32,342
-
-

Other creditors
1,393,261
30,615
187,734
7,310

Accruals and deferred income
122,336
166,139
14,415
23,428

2,323,053
1,212,046
673,978
847,409


Page 31

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Deferred government grants
26,544
31,852

Net obligations under finance leases and hire purchase contracts
172,046
17,989

198,590
49,841



The following liabilities were secured:
Group
Group
2024
2023
£
£


Finance lease and hire purchase contracts
211,347
50,331

211,347
50,331

Details of security provided:

Obligations under finance leases and hire purchase contracts are secured on the assets to which they
relate.




20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
39,301
32,342

Between 1-5 years
172,046
17,989

211,347
50,331

Page 32

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets/(liabilities)

The carrying amount of financial assets includes debt instruments measured at amortised cost
2,245,272
1,981,742
913,647
771,737

The carrying amount of financial assets includes equity instruments measured at cost less impairment
-
-
80,399
80,399

The carrying amount of financial liabilities includes debt instruments measured at amortised cost
(2,154,972)
(901,886)
(638,074)
(781,862)

90,300
1,079,856
355,972
70,274



Page 33

 
PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Deferred taxation


Group



2024


£






At beginning of year
(184,700)


Charged to profit or loss
(6,000)



At end of year
(190,700)

Company


2024






At end of year
-
The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(190,700)
(184,700)

(190,700)
(184,700)


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



150,000 (2023 - 150,000) Ordinary share shares of £1.00 each
150,000
150,000



24.


Reserves

Profit and loss account

The profit and loss reserve represents all current and prior period retained profits and losses less dividends paid.

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PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

25.


Contingent liabilities

At the time of approval of the financial statements, the Group is responding to an ongoing enquiry from HM Revenue and Customs into contributions made by the Group into a Remuneration Trust. HM Revenue and Customs have indicated their view that adjustments are required, but at this time it is impractical to give an accurate estimate of the financial effect of these adjustments. The directors and their professional advisers are of the opinion that no provision for any amounts should be recognised in the financial statements as they strongly believe that no transfer of funds or settlement of any obligation is probable.


26.


Capital commitments




At 31 December 2024 the Group and Company had capital commitments as follows:


Group
Group
2024
2023
£
£

Contracted for but not provided in these financial statements
-
320,000

-
320,000


27.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of such schemes are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the funds amounted to £137,980 (2023: £29,726). Contributions totalling £1,697 (2023: £1,686) were payable to the fund at the balance sheet date and are included in creditors.


28.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
23,577
22,128

Later than 1 year and not later than 5 years
11,074
33,202

34,651
55,330

The Company had no commitments under non-cancellable operating leases at the balance sheet date.

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PREMIER WASTE (UK) HOLDINGS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

29.Other financial commitments

An inter-group unlimited multilateral guarantee dated 7 October 2013 exists in favour of HSBC Bank plc. The directors are not aware of any potential liability arising from this security.


30.


Related party transactions

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.
Transactions between Group entities which have been eliminated on consolidation are not disclosed within the financial statements.
The following are balances/transactions relating to companies and a pension scheme, where a director  is also a director of the related company or member of the pension scheme concerned.


2024
2023
£
£

Property rental charged by related pension scheme
158,002
158,002
Amounts due to the retirement benefit fund
(15,800)
(47,401)
Amounts due from companies by way of directors in common
278,000
288,500
Amount due to other related parties
(1,350,000)
-

During the year, key management personnel compensation of £184,868 (2026: £96,052) was awarded.


31.


Controlling party

The controlling party is D Courtney.

 
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