Company registration number 05405140 (England and Wales)
ANGLIAN DEMOLITION & ASBESTOS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
ANGLIAN DEMOLITION & ASBESTOS LIMITED
COMPANY INFORMATION
Directors
Mr L M Storer
Mrs T A Storer
Mr R Eastaff
Company number
05405140
Registered office
Anglian Business Centre
West Carr Road
Attleborough
NR17 1AN
Auditor
Mapus-Smith & Lemmon LLP
23 London Road
Downham Market
Norfolk
PE38 9BJ
Business address
Anglian Business Centre
West Carr Road
Attleborough
NR17 1AN
ANGLIAN DEMOLITION & ASBESTOS LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Strategic report
3 - 5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 27
ANGLIAN DEMOLITION & ASBESTOS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 30 November 2024.
Principal activities
The principal activity of the company is demolition services supported by earthworks, scaffolding, asbestos removal and waste recycling.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £40,242. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr L M Storer
Mrs T A Storer
Mr R Eastaff
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr L M Storer
Director
6 June 2025
ANGLIAN DEMOLITION & ASBESTOS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ANGLIAN DEMOLITION & ASBESTOS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
The directors present the strategic report for the year ended 30 November 2024.
Review of the business
Business Overview
Anglian Demolition & Asbestos Limited is a well-established provider of specialist services within the construction sector. Our core operations include demolition services, asbestos removals, earthworks remediation, metal recycling, and commercial waste management. Our integrated service offering enables us to deliver comprehensive solutions to clients across the UK.
Business Model
Our business model is built around a multi-service offering that supports our clients through various stages of construction and redevelopment. By maintaining control over key aspects such as waste disposal, asbestos handling, and metal recycling, we add value through operational efficiency, compliance assurance, and environmental responsibility.
Strategic Objectives
During the year, the company undertook a strategic realignment, placing renewed focus on its core services of demolition and asbestos removal. This shift included the divestment of the loss-making commercial bin division, a decision aimed at releasing internal resources and streamlining operations within the skip hire and waste recycling functions.
Our strategy going forward is to consolidate our core strengths, drive operational efficiency, and enhance service delivery through targeted investments in equipment and people.
Financial Performance
The company recorded revenue of £12,814,456 for the financial year. However, this was accompanied by a pre-tax loss of £33,334. The loss primarily reflects the residual impact of the underperforming commercial bin division, which has since been exited. No material changes occurred in the company's capital structure or asset base during the reporting period.
The financial position remains stable, and management is confident that the actions taken during the year will support a return to profitability in the next financial period.
Principal risks and uncertainties
The company is subject to several external risks:
Market Conditions: Demand in the construction sector can fluctuate with broader economic cycles.
Metal Price Volatility: Global scrap metal prices impact the performance of our recycling division.
Landfill Tax: Upcoming increases in landfill tax (effective 2025) are expected to raise operational costs.
Labour Supply: Recruitment and retention remain ongoing challenges within the construction industry.
ANGLIAN DEMOLITION & ASBESTOS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
Risk Management
To mitigate these risks:
We maintain a diversified service portfolio to reduce overreliance on any single income stream.
Our metal recycling team monitors commodity prices daily, enabling responsive and informed pricing strategies.
The increased landfill tax will be addressed through revised pricing structures passed on to clients.
We are enhancing labour retention efforts through competitive compensation and upskilling initiatives to develop and retain talent.
Environmental, Social and Governance (ESG)
We continue to uphold our responsibilities in environmental management and corporate governance. Our operations align with UK environmental regulations, and we promote responsible waste management practices throughout all service areas. Further ESG-focused developments are planned as part of our wider operational review in the coming year.
Outlook
The first quarter of the next financial year is expected to remain challenging due to the carry-over impact of the commercial bin division. However, from the end of Q2, we anticipate a significant operational turnaround. Improved internal efficiencies, better use of resources, and planned capital investment in new machinery will support this transformation.
The management team is confident in the company's ability to return to profitability and continue delivering value to clients and stakeholders.
Key performance indicators
The Company's key financial and other performance indicators during the year were as follows:
Unit
2024
2023
Turnover
£
12,814,456
13,304,294
Gross profit margin
%
27.11
33.47
EBITDA
£
737,201
1,599,299
(Loss)/profit before taxation
£
(33,334)
1,069,231
ANGLIAN DEMOLITION & ASBESTOS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
Mr L M Storer
Director
6 June 2025
ANGLIAN DEMOLITION & ASBESTOS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANGLIAN DEMOLITION & ASBESTOS LIMITED
- 6 -
Opinion
We have audited the financial statements of Anglian Demolition & Asbestos Limited (the 'company') for the year ended 30 November 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its loss 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.
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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.
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 report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
ANGLIAN DEMOLITION & ASBESTOS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANGLIAN DEMOLITION & ASBESTOS LIMITED (CONTINUED)
- 7 -
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, 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.
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.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any, material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, and employment legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
ANGLIAN DEMOLITION & ASBESTOS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANGLIAN DEMOLITION & ASBESTOS LIMITED (CONTINUED)
- 8 -
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journals to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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.
Craig Symonds (Senior Statutory Auditor)
For and on behalf of Mapus-Smith & Lemmon LLP, Statutory Auditor
Chartered Accountants
23 London Road
Downham Market
Norfolk
PE38 9BJ
6 June 2025
ANGLIAN DEMOLITION & ASBESTOS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
4
12,814,456
13,304,294
Cost of sales
(9,340,376)
(8,851,208)
Gross profit
3,474,080
4,453,086
Distribution costs
(937,279)
(737,297)
Administrative expenses
(2,059,261)
(2,350,653)
Other operating income
43,920
Operating profit
5
477,540
1,409,056
Interest receivable and similar income
8
15,996
489
Interest payable and similar expenses
9
(526,870)
(340,314)
(Loss)/profit before taxation
(33,334)
1,069,231
Tax on (loss)/profit
10
(257,807)
(396,923)
(Loss)/profit for the financial year
(291,141)
672,308
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ANGLIAN DEMOLITION & ASBESTOS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 10 -
2024
2023
£
£
(Loss)/profit for the year
(291,141)
672,308
Other comprehensive income
Revaluation of tangible fixed assets
956,099
Total comprehensive income for the year
664,958
672,308
ANGLIAN DEMOLITION & ASBESTOS LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
7,887,679
6,738,274
Current assets
Stocks
13
249,821
29,282
Debtors
14
2,174,773
2,545,301
Cash at bank and in hand
53,994
69,467
2,478,588
2,644,050
Creditors: amounts falling due within one year
15
(4,761,278)
(4,653,383)
Net current liabilities
(2,282,690)
(2,009,333)
Total assets less current liabilities
5,604,989
4,728,941
Creditors: amounts falling due after more than one year
16
(1,932,674)
(1,930,729)
Provisions for liabilities
Deferred tax liability
19
1,107,903
858,516
(1,107,903)
(858,516)
Net assets
2,564,412
1,939,696
Capital and reserves
Called up share capital
21
23,672
23,672
Share premium account
90,688
90,688
Revaluation reserve
1,958,310
1,002,211
Profit and loss reserves
491,742
823,125
Total equity
2,564,412
1,939,696
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 6 June 2025 and are signed on its behalf by:
Mr L M Storer
Director
Company registration number 05405140 (England and Wales)
ANGLIAN DEMOLITION & ASBESTOS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 12 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 December 2022
23,672
90,688
1,002,211
150,817
1,267,388
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
-
-
672,308
672,308
Balance at 30 November 2023
23,672
90,688
1,002,211
823,125
1,939,696
Year ended 30 November 2024:
Loss for the year
-
-
-
(291,141)
(291,141)
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
956,099
-
956,099
Total comprehensive income for the year
-
-
956,099
(291,141)
664,958
Dividends
11
-
-
-
(40,242)
(40,242)
Balance at 30 November 2024
23,672
90,688
1,958,310
491,742
2,564,412
ANGLIAN DEMOLITION & ASBESTOS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
898,032
1,077,158
Interest paid
(526,870)
(340,314)
Income taxes paid
(8,420)
Net cash inflow from operating activities
362,742
736,844
Investing activities
Purchase of tangible fixed assets
(291,660)
(272,965)
Proceeds from disposal of tangible fixed assets
97,781
588,136
Repayment of loans
-
(81,241)
Interest received
15,996
489
Net cash (used in)/generated from investing activities
(177,883)
234,419
Financing activities
Issue of loans
479,081
89,251
Repayment of bank loans
(351,870)
(105,638)
Payment of finance leases obligations
(340,519)
(846,881)
Dividends paid
(40,242)
Net cash used in financing activities
(253,550)
(863,268)
Net (decrease)/increase in cash and cash equivalents
(68,691)
107,995
Cash and cash equivalents at beginning of year
(362,536)
(470,531)
Cash and cash equivalents at end of year
(431,227)
(362,536)
Relating to:
Cash at bank and in hand
53,994
69,467
Bank overdrafts included in creditors payable within one year
(485,221)
(432,003)
ANGLIAN DEMOLITION & ASBESTOS LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 14 -
1
Change in accounting policy
In the current year, a change in accounting policy was adopted by the company with regard to depreciation on freehold land and property.
The depreciation rate for freehold property has been revised from 2% straight line basis to nil, to better reflect the asset's actual usage and residual value. Freehold property typically does not suffer from wear and tear in the same way as other depreciable assets, and often appreciates in value over time.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Accounting policies
Company information
Anglian Demolition & Asbestos Limited is a private company limited by shares incorporated in England and Wales. The registered office is Anglian Business Centre, West Carr Road, Attleborough, NR17 1AN.
3.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
3.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
3.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
ANGLIAN DEMOLITION & ASBESTOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
3
Accounting policies
(Continued)
- 15 -
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
3.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
Not depreciated
Plant and machinery
10% reducing balance basis
Office equipment
20% reducing balance basis
Motor vehicles
20% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
3.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
3.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
ANGLIAN DEMOLITION & ASBESTOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
3
Accounting policies
(Continued)
- 16 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
3.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ANGLIAN DEMOLITION & ASBESTOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
3
Accounting policies
(Continued)
- 17 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
3.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
3.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
3.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
4
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rendering of services
12,814,456
13,304,294
ANGLIAN DEMOLITION & ASBESTOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
4
Turnover and other revenue
(Continued)
- 18 -
2024
2023
£
£
Other revenue
Interest income
15,996
489
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
16,200
16,169
Depreciation of owned tangible fixed assets
259,661
243,217
Profit on disposal of tangible fixed assets
(26,233)
(9,746)
Operating lease charges
9,750
-
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
16,200
16,169
7
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production
90
89
Administration and support
8
8
Total
98
97
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,797,542
3,511,206
Social security costs
396,245
360,559
Pension costs
69,781
61,647
4,263,568
3,933,412
ANGLIAN DEMOLITION & ASBESTOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 19 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
15,996
489
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
15,996
489
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
200,569
95,094
Interest on invoice finance arrangements
114,205
93,976
314,774
189,070
Other finance costs:
Interest on finance leases and hire purchase contracts
212,096
151,244
526,870
340,314
In the current year, the company has reclassified invoice financing interest from administrative expenses to interest payable to better reflect the nature of the cost. The prior year comparatives have been reclassified for consistency, with no impact on profit or equity.
10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
8,420
Deferred tax
Origination and reversal of timing differences
249,387
396,923
Total tax charge
257,807
396,923
ANGLIAN DEMOLITION & ASBESTOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
10
Taxation
(Continued)
- 20 -
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(33,334)
1,069,231
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(8,334)
267,308
Tax effect of expenses that are not deductible in determining taxable profit
1,339
1,743
Losses on discontinued operations not recognised
7,579
Effect of change in corporation tax rate
122,768
Permanent capital allowances in excess of depreciation
(12,625)
Depreciation on assets not qualifying for tax allowances
10,150
Adjustments in respect of financial assets
264,802
Taxation charge for the year
257,807
396,923
11
Dividends
2024
2023
£
£
Final paid
40,242
ANGLIAN DEMOLITION & ASBESTOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 21 -
12
Tangible fixed assets
Freehold buildings
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 December 2023
2,007,082
5,576,737
95,522
655,982
8,335,323
Additions
36,819
247,696
7,145
291,660
Disposals
(88,247)
(88,247)
Revaluation
956,099
956,099
Transfers
(164,215)
164,215
At 30 November 2024
3,000,000
5,571,971
102,667
820,197
9,494,835
Depreciation and impairment
At 1 December 2023
78,131
1,208,810
65,729
244,381
1,597,051
Depreciation charged in the year
165,524
6,167
87,970
259,661
Eliminated in respect of disposals
(16,699)
(16,699)
Revaluation
(78,131)
(154,726)
(232,857)
Transfers
51,665
(51,665)
At 30 November 2024
1,254,574
71,896
280,686
1,607,156
Carrying amount
At 30 November 2024
3,000,000
4,317,397
30,771
539,511
7,887,679
At 30 November 2023
1,928,951
4,367,927
29,794
411,602
6,738,274
Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:
2024
2023
£
£
Plant and machinery
2,185,663
2,754,627
Motor vehicles
417,871
262,126
2,603,534
3,016,753
The fair value of the company's land and buildings was revalued in September 2024 by an independent valuer.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
ANGLIAN DEMOLITION & ASBESTOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
12
Tangible fixed assets
(Continued)
- 22 -
Freehold land and buildings
2024
2023
£
£
Cost
930,026
893,807
Accumulated depreciation
(51,796)
(87,007)
Carrying value
878,230
806,800
13
Stocks
2024
2023
£
£
Raw materials and consumables
249,821
29,282
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,277,666
2,256,660
Gross amounts owed by contract customers
722,400
Other debtors
47,747
183,254
Prepayments and accrued income
126,960
105,387
2,174,773
2,545,301
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
594,211
550,853
Obligations under finance leases
18
419,068
878,214
Other borrowings
17
343,003
89,251
Trade creditors
1,324,370
1,305,914
Amounts owed to group undertakings
474,514
496,868
Taxation and social security
519,334
350,899
Other creditors
1,061,578
949,606
Accruals and deferred income
25,200
31,778
4,761,278
4,653,383
ANGLIAN DEMOLITION & ASBESTOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 23 -
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
721,293
848,028
Obligations under finance leases
18
1,189,977
1,082,701
Other borrowings
17
21,404
1,932,674
1,930,729
Creditors which fall due after five years are payable as follows:
Payable by instalments
(236,585)
(353,649)
17
Loans and overdrafts
2024
2023
£
£
Bank loans
830,283
966,878
Bank overdrafts
485,221
432,003
Other loans
364,407
89,251
1,679,911
1,488,132
Payable within one year
937,214
640,104
Payable after one year
742,697
848,028
The bank loans and overdrafts are secured by fixed and floating charges over the property and assets.
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
419,068
878,214
In two to five years
1,189,977
1,082,701
1,609,045
1,960,915
The finance leases are secured by the lessors' title to the leased assets which have a carrying value of £2,603,534 (2023: £3,016,753). The directors consider that the carrying amount of the obligations under finance leases approximate to their fair value.
ANGLIAN DEMOLITION & ASBESTOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 24 -
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,221,920
1,202,331
Tax losses
(529,083)
(535,895)
Revaluations
415,066
192,080
1,107,903
858,516
2024
Movements in the year:
£
Liability at 1 December 2023
858,516
Charge to profit or loss
249,387
Liability at 30 November 2024
1,107,903
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
69,781
61,647
Contributions totalling £Nil (2023 - £39,626) were payable to the scheme at the end of the year and are included in creditors
21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
23,672
23,672
23,672
23,672
ANGLIAN DEMOLITION & ASBESTOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 25 -
22
Operating lease commitments
As lessee
[General description if appropriate]
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within 1 year
13,000
32,750
Years 2-5
78,000
91,000
91,000
123,750
23
Events after the reporting date
The following material post balance sheet events have occurred after the financial year end:
Disposal of Waste Division
On 28 February 2025, the company completed the disposal of its waste division for a consideration of £1,000,000. This transaction relates to a non-adjusting event after the end of the reporting period. The disposal represents a strategic decision by the Board to focus on the company’s core operations. No adjustment has been made in these financial statements in respect of this transaction.
Fire Damage to Equipment
On 7 December 2024, a fire destroyed certain items of production equipment. The company expects to receive insurance proceeds amounting to £250,000 in due course. However, the estimated cost of replacing the damaged equipment is £600,000. This event occurred after the end of the reporting period and does not provide evidence of conditions that existed at the balance sheet date. Accordingly, no adjustment has been made to the carrying value of the affected assets.
Sale and Leaseback of Land
On 13 March 2025, the company completed a sale and leaseback transaction involving its freehold land. The land was sold for £3,000,000 and simultaneously leased back under an operating lease arrangement. This is a non-adjusting post balance sheet event, and no adjustments have been made to the financial statements.
24
Ultimate controlling party
The company's immediate parent is Anglian Plant & Recycling Limited, incorporated in England and Wales.
The ultimate parent is Anglian Waste Recycling Group Limited, incorporated in England and Wales.
The most senior parent entity producing publicly available financial statements is Anglian Waste Recycling Group Limited. These financial statements are available upon request from Companies House.
ANGLIAN DEMOLITION & ASBESTOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 26 -
25
Related party transactions
At 30 November 2024, the company had sales of £Nil and incurred purchases of £152,933 from LS Equipment Leasing Limited, an associated company. At the year end the company owed £28,200 (was owed 2023: £7,281).
At 30 November 2024, the company had sales of £Nil and incurred purchases of £300,000 from Anglian Waste Recycling Group Limited, a group company. At the year end amounts owed totalled £510,901 (was owed 2023: £571,963).
At 30 November 2024, the company had amounts owing from Anglian Plant & Recycling Limited, a group company. At the year end amounts owed totalled £76,629 (was owed 2023: £75,094).
During the year, the company invoiced and received £100,000 (2023: £nil) from a director, Lee Storer, in respect of construction and renovation works undertaken by the company at the director's private residence. Payment was received in full and no balance remained outstanding at the year end.
During the year, a director, Toni Storer, introduced funds totalling £340,000 to the company by way of an interest-free, unsecured loan. There are no formal repayment terms attached to the loan. The full amount remained outstanding at the year end. Subsequent to the year end, £270,000 of the loan was repaid.
26
Analysis of changes in net debt
1 December 2023
Cash flows
30 November 2024
£
£
£
Cash at bank and in hand
69,467
(15,473)
53,994
Bank overdrafts
(432,003)
(53,218)
(485,221)
(362,536)
(68,691)
(431,227)
Borrowings excluding overdrafts
(1,056,129)
(138,561)
(1,194,690)
Lease liabilities
(1,960,915)
351,870
(1,609,045)
(3,379,580)
144,618
(3,234,962)
ANGLIAN DEMOLITION & ASBESTOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 27 -
27
Cash generated from operations
2024
2023
£
£
(Loss)/profit for the year after tax
(291,141)
672,308
Adjustments for:
Taxation charged
257,807
396,923
Finance costs
526,870
340,314
Investment income
(15,996)
(489)
Gain on disposal of tangible fixed assets
(26,233)
(9,746)
Depreciation and impairment of tangible fixed assets
259,663
284,219
Prior period depreciation written off
(232,857)
-
Movements in working capital:
(Increase)/decrease in stocks
(220,539)
63,927
Decrease/(increase) in debtors
370,528
(655,437)
Increase/(decrease) in creditors
269,931
(14,861)
Cash generated from operations
898,033
1,077,158
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