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Registered number: 11712644
Cornwall Waste Care Ltd.
Unaudited Financial Statements
For The Year Ended 31 December 2024
Whyfield Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11712644
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 447,497 335,118
447,497 335,118
CURRENT ASSETS
Stocks 5 20,000 16,019
Debtors 6 96,752 37,321
Cash at bank and in hand 28 1,759
116,780 55,099
Creditors: Amounts Falling Due Within One Year 7 (222,314 ) (164,913 )
NET CURRENT ASSETS (LIABILITIES) (105,534 ) (109,814 )
TOTAL ASSETS LESS CURRENT LIABILITIES 341,963 225,304
Creditors: Amounts Falling Due After More Than One Year 8 (211,619 ) (194,197 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (97,669 ) -
NET ASSETS 32,675 31,107
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 32,674 31,106
SHAREHOLDERS' FUNDS 32,675 31,107
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Page 2
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Charles Scully
Director
14/08/2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Cornwall Waste Care Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 11712644 . The registered office is 24 St. Francis Meadow, Mitchell, Newquay, TR8 5DB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% RB
Motor Vehicles 10% RB
Fixtures & Fittings 25% RB
Computer Equipment 25% RB
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts 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 the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 10)
9 10
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2024 3,061 385,432 874 13,306 402,673
Additions - 147,950 198 4,855 153,003
Disposals - - - (2,332 ) (2,332 )
As at 31 December 2024 3,061 533,382 1,072 15,829 553,344
Depreciation
As at 1 January 2024 984 61,383 598 4,590 67,555
Provided during the period 208 36,538 92 2,037 38,875
Disposals - - - (583 ) (583 )
As at 31 December 2024 1,192 97,921 690 6,044 105,847
Net Book Value
As at 31 December 2024 1,869 435,461 382 9,785 447,497
As at 1 January 2024 2,077 324,049 276 8,716 335,118
5. Stocks
2024 2023
£ £
Stock 20,000 16,019
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 15,445 12,383
Other debtors 38,530 24,938
53,975 37,321
Due after more than one year
Other debtors 42,777 -
96,752 37,321
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 119,387 86,763
Trade creditors 13,033 15,513
Bank loans and overdrafts 6,929 3,868
IWOCA Loan <1 year 13,117 14,683
Other creditors 1,000 3,242
Taxation and social security 68,848 40,844
222,314 164,913
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 210,296 189,365
Lloyds Bounceback Loan >1 year 1,323 4,832
211,619 194,197
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 119,387 86,763
Later than one year and not later than five years 210,296 189,365
329,683 276,128
329,683 276,128
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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