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Registered number: 08368727
Asbestos Waste Solutions Limited
Financial statements
For the Period Ended 31 March 2024
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Asbestos Waste Solutions Limited
Company Information
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Hurst Accountants Limited
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Statutory Auditors & Chartered Accountants
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Asbestos Waste Solutions Limited
Contents
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Statement of Changes in Equity
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Notes to the Financial Statements
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Asbestos Waste Solutions Limited
Registered number: 08368727
Balance Sheet
As at 31 March 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 12 form part of these financial statements.
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Asbestos Waste Solutions Limited
Statement of Changes in Equity
For the Period Ended 31 March 2024
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Comprehensive income for the year
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Surplus on revaluation of freehold property, net of deferred tax
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Other comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the period
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Surplus on revaluation of freehold property, net of deferred tax
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Other comprehensive income for the period
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Total comprehensive income for the period
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The notes on pages 3 to 12 form part of these financial statements.
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Asbestos Waste Solutions Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
Asbestos Waste Solutions Limited ('the Company') is a private limited company domiciled and incorporated in England and Wales.
The address of its registered office is Waldens Depot, Waldens Road, Orpington, Kent, BR5 4EU. The address of the Company's principal place of business is 27a Oliver Close, West Thurrock, Essex, RM20 3EE.
The principal activities of the Company continue to be that of hazardous waste management.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of 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 reporting period is the 18 months ended 31 March 2024. As the previous reporting period was the year ended 30 September 2022, the comparative amounts presented in the financial statements are not entirely comparable.
In the prior year financial statements, Net rent receivable totalling £25,283 was classified within Turnover. In these financial statements, Net rent receivable has been classified as Other operating income and the prior period comparative has been restated accordingly. This reclassification has no impact on profit or loss, nor on equity in either period.
The following principal accounting policies have been applied:
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Asbestos Waste Solutions Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis.
The Company has been meeting its working capital requirements through its cash balances and intercompany loans, aided by the Group headed by Watch It Come Down Limited’s bank facilities with Together Commercial Finance at the period-end.
During the period, the Group breached the terms of covenants under the previous facility with Shawbrook Bank, and tax liabilities totalling £2.3m were overdue for payment. In November 2023, the main trading company in the group, Pinden Limited, arranged a £5.5m commercial bridging loan which enabled the tax liabilities to be paid under the terms of a payment arrangement, and Shawbrook Bank loans and invoice discounting facilities were settled early. The bridging loan was initially repayable in November 2024, and an agreement has been made to increase the loan to £5.8m and extend the repayment date to November 2025, which is less than 12 months after the financial statements being approved.
The directors acknowledge that long-term financing facilities are not yet in place, and Group property assets have not yet been sold, at the date of these financial statements. Other options are being considered for the group, in order to make funds available to settle the bridging facility, including refinancing. The current position represents a material uncertainty over the group and Company’s ability to continue to trade as a going concern. However, given the significant value in the property assets held in the group headed by Watch It Come Down Limited, together with further group tangible assets, the Directors are very confident that either an extension to the repayment date, a long-term refinance or property sale, will be achievable ahead of the repayment date.
The directors believe it is appropriate to prepare the financial statements to 31 March 2024 on a going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue is recognised on the date on which customers' waste material is disposed of. This is the point at which the amount of revenue and the costs incurred can be measured reliably, and it is probable that the Company will receive the consideration due for the service provided.
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.
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Asbestos Waste Solutions Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
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.
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Current and deferred taxation
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The tax expense for the period 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.
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Asbestos Waste Solutions Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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straight line (land with a cost of £165,854 is not depreciated)
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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.
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Asbestos Waste Solutions Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
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.
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Cash and cash equivalents
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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.
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.
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Provisions for liabilities
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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.
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The average monthly number of employees, including directors, during the period was 6 (Year ended 30 September 2022 - 8).
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Asbestos Waste Solutions Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
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Asbestos Waste Solutions Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
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Charge for the period on owned assets
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Cost or valuation at 31 March 2024 is as follows:
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Cumulative revaluation surplus at 31 March 2024
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Asbestos Waste Solutions Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
5.Tangible fixed assets (continued)
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The valuation at the prior period reporting date, 30 September 2022, was carried out by a third party, Avison Young, on behalf of Shawbook Bank, on an open market value for existing use basis. The revaluation surplus totalled £382,664.
A further valuation was carried out by Avison Young in November 2023, on behalf of Together Commercial Finance Limited, and the accounts have been adjusted to reflect the £202,000 revaluation uplift.
If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
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A fixed charge exists on the freehold property in favour of Together Commercial Finance Limited.
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings are interest-free and repayable on demand.
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Cash and cash equivalents
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Asbestos Waste Solutions Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Invoice discounting advances
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Accruals and deferred income
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Invoice discounting advances are secured by a charge on present and future debts, related rights, revenues or claims of the Company.
Amounts owed to group undertakings are interest-free and payable on demand.
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Charged to other comprehensive income
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The provision for deferred taxation is made up as follows:
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Asbestos Waste Solutions Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
The Company had a cross-company guarantee in favour of Shawbrook Bank Limited. The cross-company guarantee was in relation to bank loans and invoice discounting facilities provided to the group, totalling £4,841,186 at 30 September 2022 (of which £210,111 was recognised as a liability of the Company). These loans were repaid during the period alongside refinancing; a £5.5m commercial bridging loan is now in place for the group headed by Watch It Come Down Limited, of which the Company is a member.
The Company also had a mortgage debenture in favour of Shawbrook Bank Limited over all the assets of the Company. The guarantee and debenture were removed during the period ended 31 March 2024.
A fixed and floating charge now exists in favour of Close Brothers Limited over all the assets of the Company, in relation to Group invoice discounting liabilities totalling £1,168,189 (30 September 2022: £nil).
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions of £534 (30 September 2022: £2,912) were payable to the fund at the period-end.
Syd Bishop & Sons (Demolition) Limited is the immediate parent company. Syd Bishop & Sons (Demolition) Limited is incorporated in England and its registered office is Waldens Road, Orpington, Kent, BR5 4EU.
The Company's ultimate parent undertaking is Watch It Come Down Limited, which is the parent of the smallest group for which consolidated financial statements are drawn up of which this company is a member. Watch It Come Down Limited is incorporated in England and its registered office is Waldens Road, Orpington, Kent, BR5 4EU.
The ultimate controlling party is the Group's Board of Directors.
The auditors' report on the financial statements for the period ended 31 March 2024 was unqualified.
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In their report, the auditors drew attention to note 2.2, whereby conditions exist which indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. The material uncertainty is in relation to the group headed by Watch it Come Down Limited's ability to repay, or obtain an extension to the repayment date of, a bridging loan which is due to be repaid in November 2025, less than 12 months from the financial statements being approved. The auditors' opinion is not modified in respect of this matter.
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The audit report was signed on 19 September 2025 by Anthony Woodings (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.
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