Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-3123truetruefalse2024-01-01falsewaste management services29truefalse 05099834 2024-01-01 2024-12-31 05099834 2023-01-01 2023-12-31 05099834 2024-12-31 05099834 2023-12-31 05099834 2023-01-01 05099834 c:CompanySecretary1 2024-01-01 2024-12-31 05099834 c:Director1 2024-01-01 2024-12-31 05099834 c:Director3 2024-01-01 2024-12-31 05099834 c:RegisteredOffice 2024-01-01 2024-12-31 05099834 d:PlantMachinery 2024-01-01 2024-12-31 05099834 d:PlantMachinery 2024-12-31 05099834 d:PlantMachinery 2023-12-31 05099834 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05099834 d:MotorVehicles 2024-01-01 2024-12-31 05099834 d:MotorVehicles 2024-12-31 05099834 d:MotorVehicles 2023-12-31 05099834 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05099834 d:FurnitureFittings 2024-01-01 2024-12-31 05099834 d:FurnitureFittings 2024-12-31 05099834 d:FurnitureFittings 2023-12-31 05099834 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05099834 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05099834 d:CurrentFinancialInstruments 2024-12-31 05099834 d:CurrentFinancialInstruments 2023-12-31 05099834 d:Non-currentFinancialInstruments 2024-12-31 05099834 d:Non-currentFinancialInstruments 2023-12-31 05099834 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 05099834 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05099834 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 05099834 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 05099834 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 05099834 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 05099834 d:UKTax 2024-01-01 2024-12-31 05099834 d:UKTax 2023-01-01 2023-12-31 05099834 d:ShareCapital 2024-12-31 05099834 d:ShareCapital 2023-12-31 05099834 d:ShareCapital 2023-01-01 05099834 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 05099834 d:RetainedEarningsAccumulatedLosses 2024-12-31 05099834 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05099834 d:RetainedEarningsAccumulatedLosses 2023-12-31 05099834 d:RetainedEarningsAccumulatedLosses 2023-01-01 05099834 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 05099834 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 05099834 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 05099834 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05099834 c:OrdinaryShareClass1 2024-01-01 2024-12-31 05099834 c:OrdinaryShareClass1 2024-12-31 05099834 c:OrdinaryShareClass1 2023-12-31 05099834 c:FRS102 2024-01-01 2024-12-31 05099834 c:Audited 2024-01-01 2024-12-31 05099834 c:FullAccounts 2024-01-01 2024-12-31 05099834 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2024-01-01 2024-12-31 05099834 d:WithinOneYear 2024-12-31 05099834 d:WithinOneYear 2023-12-31 05099834 d:BetweenOneFiveYears 2024-12-31 05099834 d:BetweenOneFiveYears 2023-12-31 05099834 d:HirePurchaseContracts d:WithinOneYear 2024-12-31 05099834 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 05099834 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-12-31 05099834 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 05099834 2 2024-01-01 2024-12-31 05099834 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-12-31 05099834 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 05099834 d:LeasedAssetsHeldAsLessee 2024-12-31 05099834 d:LeasedAssetsHeldAsLessee 2023-12-31 05099834 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05099834









PREMIER WASTE MANAGEMENT SERVICES (UK) PLC









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
PREMIER WASTE MANAGEMENT SERVICES (UK) PLC
 
 
COMPANY INFORMATION


Directors
D Courtney 
W Clark 




Company secretary
D Courtney



Registered number
05099834



Registered office
209-211 Walsall Road
Perry Barr

Birmingham

West Midlands

B42 1TY




Independent auditor
Bennett Whitehouse Limited
Chartered Accountants & Statutory Auditor

Waterfront One

Waterfront Business Park

Brierley Hill

West Midlands

DY5 1LX





 
PREMIER WASTE MANAGEMENT SERVICES (UK) PLC
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditor's Report
 
6 - 9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11
Statement of Changes in Equity
 
12
Notes to the Financial Statements
 
13 - 27


 
PREMIER WASTE MANAGEMENT SERVICES (UK) PLC
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors herewith present their strategic report for the year ended 31 December 2024.

Business review
 
The principal activity of the Company continues to be that of waste management services.
We aim to present a balanced and comprehensive review of the development and performance of our business during the period and its position at the period 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.

Principal risks and uncertainties
 
As for many businesses of our size, the business environment in which we operate continues to be challenging. The market is highly competitive and margins continue to be under pressure. We are of course subject to world economic patterns and the level of activity 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 our control.

Financial key performance indicators
 
We consider that our key performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover, gross margin and return on capital employed.
Turnover has increased by 33% on the previous year. Gross profit margin amounts to 36% (2023: 43%). Gross profit margins have been under pressure due to the increase in gate fees for waste disposal.
Profit before tax £39k (2023: £121k). 
Retained reserves amount to £2.3m (2023: £2.2m).
Return on capital employed a negative return of 0.3% (2023: positive return of 4%). Return on capital employed is calculated as profit before interest and tax divided by capital employed, which constitutes total assets less current liabilities.

Other key performance indicators
 
We consider that the financial position of the Company at the period end is satisfactory, with adequate cash resources and an increase in total net assets compared with the previous period.

Future developments

Whilst the market place remains competitive, the directors anticipate that the company will achieve similar turnover to 2024, with the benefit of new contracts in the pipeline.

Page 1

 
PREMIER WASTE MANAGEMENT SERVICES (UK) PLC
 

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

Directors' statement of compliance with duty to promote the success of the Company
 
Stakeholder Engagement:
As the Board of Premier Waste Management Services (UK) 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 Company's success for the benefit of its members as a whole, and to have regard to the long term effect of our decisions on the Company 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 Management Services (UK) PLC 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 company 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 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 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 MANAGEMENT SERVICES (UK) PLC
 

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

Health & Safety/Environmental:
The Company 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 the Company. Staff training needs are identified and implemented in order that the Company 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 has 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 MANAGEMENT SERVICES (UK) 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 Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company'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 Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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 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 £30,357 (2023 - £91,603).

During the year, there were no dividends paid (2023: £Nil). The directors do not recommend payment of a final dividend.

Directors

The Directors who served during the year were:

D Courtney 
W Clark 

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'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's auditor is aware of that information.

Page 4

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

Post balance sheet events

There have been no significant events affecting the Company 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 MANAGEMENT SERVICES (UK) PLC
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PREMIER WASTE MANAGEMENT SERVICES (UK) PLC
 

Opinion


We have audited the financial statements of Premier Waste Management Services (UK) PLC (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 Company's affairs as at 31 December 2024 and of its 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 Company 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 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 MANAGEMENT SERVICES (UK) PLC
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PREMIER WASTE MANAGEMENT SERVICES (UK) 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
PREMIER WASTE MANAGEMENT SERVICES (UK) PLC
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PREMIER WASTE MANAGEMENT SERVICES (UK) 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 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 Company and the industry in which it operates, and considered the risk of acts by the Company 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 Company 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 8

 
PREMIER WASTE MANAGEMENT SERVICES (UK) PLC
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PREMIER WASTE MANAGEMENT SERVICES (UK) 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 9

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

2024
2023
Note
£
£

  

Turnover
 3 
3,435,493
2,582,090

Cost of sales
  
(2,191,648)
(1,466,780)

Gross profit
  
1,243,845
1,115,310

Administrative expenses
  
(1,255,892)
(1,039,091)

Other operating income
 4 
3,847
5,129

Operating (loss)/profit
 5 
(8,200)
81,348

Interest receivable and similar income
 8 
47,970
40,996

Interest payable and similar expenses
 9 
(445)
(891)

Profit before tax
  
39,325
121,453

Tax on profit
 10 
(8,968)
(29,850)

Profit for the financial year
  
30,357
91,603

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

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

The notes on pages 13 to 27 form part of these financial statements.

Page 10

 
PREMIER WASTE MANAGEMENT SERVICES (UK) PLC
REGISTERED NUMBER: 05099834

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
  
405,074
160,414

Current assets
  

Debtors: amounts falling due within one year
 12 
1,072,484
966,411

Cash at bank and in hand
 13 
2,791,302
2,066,229

  
3,863,786
3,032,640

Creditors: amounts falling due within one year
 14 
(1,851,339)
(859,109)

Net current assets
  
 
 
2,012,447
 
 
2,173,531

Total assets less current liabilities
  
2,417,521
2,333,945

Creditors: amounts falling due after more than one year
 15 
(70,395)
(22,176)

Provisions for liabilities
  

Deferred tax
 18 
(16,700)
(11,700)

  
 
 
(16,700)
 
 
(11,700)

Net assets
  
2,330,426
2,300,069


Capital and reserves
  

Called up share capital 
 19 
25,000
25,000

Profit and loss account
 20 
2,305,426
2,275,069

  
2,330,426
2,300,069


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 13 to 27 form part of these financial statements.

Page 11

 
PREMIER WASTE MANAGEMENT SERVICES (UK) PLC
 

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
25,000
2,183,466
2,208,466


Comprehensive income for the year

Profit for the year
-
91,603
91,603



At 1 January 2024
25,000
2,275,069
2,300,069


Comprehensive income for the year

Profit for the year
-
30,357
30,357


At 31 December 2024
25,000
2,305,426
2,330,426


The notes on pages 13 to 27 form part of these financial statements.

Page 12

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

1.


General information

Premier Waste Management Services (UK) 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. 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 management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Premier Waste (UK) Holdings PLC as at 31 December 2023 and these financial statements may be obtained from Companies House, Crown Way, Maindy, Cardiff CF14 3UZ.

 
2.3

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. Therefore the Directors continue to adopt the going concern basis of accounting in the preparation of the financial statements.

Page 13

 
PREMIER WASTE MANAGEMENT SERVICES (UK) 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 Company 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 Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Leased assets: the Company 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.

 
2.7

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 Statement of Comprehensive Income in the same period as the related expenditure.

 
2.8

Interest income

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

Page 14

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

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

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 operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between 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.


 
2.12

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.

Page 15

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

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
on reducing balance
Motor vehicles
-
25%
on reducing balance
Fixtures and fittings
-
25%
on 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

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.

 
2.14

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.

 
2.15

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.

 
2.16

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.

Page 16

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

2.Accounting policies (continued)

 
2.17

Financial instruments

The Company 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 Company'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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for 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
Page 17

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

2.Accounting policies (continued)


2.17
Financial instruments (continued)

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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

  
2.18

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 management services
3,435,493
2,582,090


All turnover arose within the United Kingdom.

Page 18

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

4.


Other operating income

2024
2023
£
£

Government grants receivable
3,847
5,129



5.


Operating (loss)/profit

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

2024
2023
£
£

Depreciation on owned assets
70,477
35,423

Auditor's remuneration
4,250
4,000

Auditor's remuneration- other fees
2,250
1,800

The Company also made contributions to a Creditor Remuneration Trust (The GC Wealth RT Limited Remuneration Trust) in the amount of £800,000 (2023: £720,000). The terms of the trust are set out in a Trust Deed executed by the Company and the original trustees.


6.


Employees

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


2024
2023
£
£

Wages and salaries
1,152,390
861,496

Social security costs
117,411
81,694

Cost of defined contribution scheme
17,366
10,659

1,287,167
953,849


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


        2024
        2023
            No.
            No.







Administrative
6
6



Direct
23
17

29
23

Page 19

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

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
179,997
93,974

Company contributions to defined contribution pension schemes
2,374
1,562

182,371
95,536


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


8.


Interest receivable

2024
2023
£
£


Other interest receivable
47,970
40,996

47,970
40,996


9.


Interest payable and similar expenses

2024
2023
£
£


Hire purchase interest
360
-

Other interest payable
85
891

445
891

Page 20

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

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
4,200
10,300

Adjustments in respect of previous periods
(232)
(5,000)


3,968
5,300


Total current tax
3,968
5,300

Deferred tax


Other timing differences
5,000
24,550

Total deferred tax
5,000
24,550


8,968
29,850

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 21

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


Factors that may affect future tax charges

The main UK 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.


11.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost


At 1 January 2024
923,169
215,610
26,189
1,164,968


Additions
-
315,137
-
315,137



At 31 December 2024

923,169
530,747
26,189
1,480,105



Depreciation


At 1 January 2024
829,834
169,822
4,898
1,004,554


Charge for the year on owned assets
23,334
41,820
5,323
70,477



At 31 December 2024

853,168
211,642
10,221
1,075,031



Net book value



At 31 December 2024
70,001
319,105
15,968
405,074



At 31 December 2023
93,335
45,788
21,291
160,414

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


2024
2023
£
£



Motor vehicles
60,275
-

60,275
-

Page 22

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

12.


Debtors

2024
2023
£
£


Trade debtors
511,315
729,930

Amounts owed by associated undertakings
200,000
200,000

Other debtors
357,069
29,981

Prepayments and accrued income
4,100
6,500

1,072,484
966,411


Included within Other Debtors due within one year is 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.


13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,791,302
2,066,229

2,791,302
2,066,229



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Deferred government grants
2,865
3,821

Trade creditors
26,709
28,406

Amounts owed to group undertakings
1,033,985
767,204

Corporation tax
4,200
10,300

Other taxation and social security
25,959
18,030

Obligations under finance lease and hire purchase contracts
8,521
-

Other creditors
737,656
3,939

Accruals and deferred income
11,444
27,409

1,851,339
859,109


Page 23

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

15.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Deferred government grants
19,286
22,176

Net obligations under finance leases and hire purchase contracts
51,109
-

70,395
22,176


The following liabilities were secured:

2024
2023
£
£



Finance lease and hire purchase contracts
59,630
-

59,630
-

Details of security provided:

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


16.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
8,521
-

Between 1-5 years
51,109
-

59,630
-

Page 24

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

17.


Financial instruments

2024
2023
£
£

Financial (liabilities)/assets


The carrying amount of financial assets (debt instruments) carried at amortised cost
1,068,384
959,911

The carrying amount of financial liabilities measured at amortised cost
(1,857,980)
(799,549)

(789,596)
160,362




18.


Deferred taxation




2024
2023


£

£






At beginning of year
(11,700)
12,850


Charged to profit or loss
(5,000)
(24,550)



At end of year
(16,700)
(11,700)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Short term timing differences
(16,700)
(11,700)

(16,700)
(11,700)


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



25,000 (2023 - 25,000) Ordinary shares shares of £1.00 each
25,000
25,000


Page 25

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

20.


Reserves

Profit and loss account

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


21.


Contingent liabilities

At the time of approval of the financial statements, the Company is responding to an ongoing enquiry from HM Revenue and Customs into contributions made by the Company 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.


22.


Capital commitments


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

2024
2023
£
£


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

-
320,000


23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £17,366 (2023: £10,659). Contributions totalling £706 (2023: £711) were payable to the fund at the balance sheet date and are included in creditors.


24.


Commitments under operating leases

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

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

Page 26

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

25.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.


26.


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 with the Group.


2024
2023
£
£

Amounts due from companies by way of directors in common
200,000
200,000
Amounts due to other related parties
(720,000)
-


27.


Controlling party

The ultimate parent company is Premier Waste (UK) Holdings PLC, a company registered in England and Wales under company number 2232586. Copies of the Group accounts can be obtained from Companies House, Crown Way, Maindy, Cardiff CF14 3UZ.

 
Page 27