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Registered number:
For the 18 months Ended
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Pinden Limited
Company Information
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Pinden Limited
Contents
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Pinden Limited
Strategic Report
For the 18 months Ended 31 March 2024
The directors present their Strategic Report for the 18 months ended 31 March 2024.
The Company has had another period of difficult trading. Turnover remained static after accounting for the extended period of account at £15.4m, and although there was an improvement in the gross profit percentage from 24% to 27%, the heavy burden of the increased finance costs of the bridging loan arranged in the period led to the business posting a significant loss before tax of £2.96m (Year ended 30 September 2022: £1.5m loss before tax).
During the period, the business had to find alternative finance to ensure it met its tax liabilities with HMRC. The strength of the balance sheet enabled the business to achieve both a short-term loan with Together Finance and a new invoice discounting facility with Close Brothers on improved terms from the departing provider. The business has maintained a good record with both providers, with no breaches on any covenants. The Company adopted a policy of revaluing its property assets in the prior year, and a further revaluation took place during 2024. This resulted in a revaluation uplift of £3.9m being recognised in Other Comprehensive Income. Total comprehensive income for the year was £964k (Year ended 30 September 2022: £1.6m). The Directors took out a comprehensive review of the value of the land and buildings by a recognised leading professional firm in the this field, which led to a significant uplift in value which the Directors are very confident about. Waste Transfer Station The impact of the fire in August 2020 has still had an effect its general waste customer base as the recovery to rebuild it has taken longer than expected. Further pressure came from contraction in the overseas energy market and the available contracts for disposal, whilst wage pressure is still felt as economic inflationary pressure continues. Transport The skip business maintained its position in the market, but the continued pressure on drivers’ wages cannot be discounted. The Directors sought to incentivise members of the transport team with increasing productivity bonuses to maintain the appropriate staffing levels. Asbestos Landfill The market is tough, but the position has remained steady with no further contraction. Position at the end of the year and into 2025 During the year, the Company started to see some improvements in sales but the heavy financial costs of the bridging loan would continue to significantly impact the results until the business could obtain a loan on a term basis, which is what the Directors are currently pursuing. In the current year of trading, the Directors have re-employed a key member of the senior management team to turn around the operations of the business. The early indications of which a very promising, with the business returning to profitability ahead of the financial statements being approved in October 2025, even under the burden of the interest from the short-term loans. The Directors feel confident about the trading future of the business and look forward to the year ahead.
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Pinden Limited
Strategic Report (continued)
For the 18 months Ended 31 March 2024
The Company uses financial instruments including bank loans and overdrafts, invoice discounting and hire purchase agreements. These instruments expose the Company to a number of financial risks, which are described below:
Funding risk The Company finances its operations through a combination of equity, bridging loans, invoice discounting, hire purchase contracts and working capital. The Company undertakes short term cash forecasting to monitor its expected cash flows against its cash availability and finance facilities. The Company also undertakes longer term cash forecasting to monitor its expected funding requirements in order to meet its current business plan, in the context of its existing facilities, and to identify and address its requirement for future funding facilities. Interest risk The Company finances its operations through a mixture of profits and bank and hire purchase borrowings. Liquidity risk In normal trading periods, the Company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet ongoing operations and future development. Short term debt finance flexibility is achieved by invoice discounting, hire purchase and bridging loans which help smooth the cash flow over the year as the Group operates in a seasonally effected industry. Currently liquidity risk is being managed by the directors in accordance with the usual procedures, but utilising the short-term bridging facilities in place. The directors secured an invoice discounting facility, which together with planned property sales will address any liquidity risk for the longer term. Credit risk The Company’s principal financial assets are cash and trade debtors. In order to manage credit risk, the directors set limits for customers based on carrying out independent credit checks, credit agency and third party references. Payment history is also monitored based on trading history. Credit limits are reviewed on a regular basis by the credit control team in conjunction with debt aging and collection history. Competitive risks The Company operates in competitive markets. The breadth of the client base reduces the possible effect of the loss of any one single client. The Company focuses on providing clients with a high level of service and wide range of services. This enables the Company to maintain long term relationships with clients and attract new custom. Compliance risk Compliance is central to everything the Company does, particularly the operation of a landfill site, recycling facility and waste transfer stations alongside managing a large fleet of vehicles and plant and machinery. The Company has continually invested in people and systems whilst engaging with external professional bodies and stakeholders to ensure the business the highest standards and levels of compliance.
The financial key performance indicators of the Company are Turnover, Gross Profit and Profit before tax, as noted above.
The Directors and senior management team continue to use a number of methods to monitor performance including the use of the data extraction tools within the accounting package to pinpoint departmental and cost centre fluctuations both seasonal and unexpected, so that decisions can be made to rectify performance. The use of the hand-recording payroll system enable the HR function to assess sickness absence and overall morale of the staff to ensure that policies to help and support staff can be put in place. The transport function has a suite of tools to help it maintain efficiencies including vehicle tracking, digital tachographs and fuel management software, to maintain and develop the department.
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Pinden Limited
Strategic Report (continued)
For the 18 months Ended 31 March 2024
This report was approved by the board and signed on its behalf.
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Pinden Limited
Directors' Report
For the 18 months Ended 31 March 2024
The directors present their report and the financial statements for the 18 months ended 31 March 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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;
∙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 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.
The loss for the period, after taxation, amounted to £2,979,005 (Year ended 30 September 2022 - loss £1,427,221).
The directors do not recommend the payment of a final dividend.
The directors who served during the 18 months were:
Future developments are discussed in the Strategic Report.
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Pinden Limited
Directors' Report (continued)
For the 18 months Ended 31 March 2024
The financial statements have been prepared on a going concern basis.
The Company had net assets totalling £6.2m at 31 March 2024 (30 September 2022: £5.2m), with the movement reflecting the £3.9m revaluation uplift and £2.9m losses in the period. The Company has been meeting its working capital requirements through cash generated from operations, intercompany loans and other loans as noted below. At the beginning of the period, the Company 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 Company 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 was subsequently 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. Net current liabilities totalled £7.3m at 31 March 2024 (30 September 2022: £2.3m) as a result of the bridging loan being due for repayment in less than one year. In July 2025, tax liabilities totalling £0.9m were overdue and at the date of the accounts being approved, all scheduled payments under a Time-To-Pay arrangement have been made to date. The current position represents a material uncertainty over the Company’s ability to continue to trade as a going concern. However, the Directors are very confident that an extension to the repayment date of the bridging loan, or obtaining a new bridging loan, will be achievable ahead of the repayment date. The Company continued to make a loss in the year ended 31 March 2025, however improvements have been made to internal operations and the Company's trading position has begun to improve in the 2025/26 period. There is also significant value in the property assets held in the wider group headed by Watch It Come Down Limited, which may be utilised in the event of funds being required. The directors believe it is appropriate to prepare the financial statements to 31 March 2024 on a going concern basis.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Pinden Limited
Independent Auditors' Report to the Members of Pinden Limited
We have audited the financial statements of Pinden Limited (the 'Company') for the 18 months ended 31 March 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 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).
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 Auditors' 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.
We draw attention to note 2.4 in the financial statements, which indicates 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 Company'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. Our opinion is not modified in respect of this matter.
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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Key audit matters Except for the matter described in the Material uncertainty related to going concern section, we have determined that there are no other key audit matters to be communicated in our report.
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Pinden Limited
Independent Auditors' Report to the Members of Pinden Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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 18 months 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.
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.
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Pinden Limited
Independent Auditors' Report to the Members of Pinden Limited (continued)
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 Auditors' 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:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. • The outcome of enquiries of management, including whether management was aware of any instances of non- compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. • Supporting documentation relating to the Company's policies and procedures for: - Identifying, evaluating, and complying with laws and regulations - Detecting and responding to the risks of fraud • The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. • The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. • The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, Anti-bribery and Corruption, healthy and safety regulations and regulations associated with the Company's waste carrier licence, waste management/operations permits and landfill permit. Audit response to risks identified Our procedures to respond to the risks identified included the following: • Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. • Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. • Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities. • Enquiring of management about any actual and potential litigation and claims. • Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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Pinden Limited
Independent Auditors' Report to the Members of Pinden Limited (continued)
We have also considered the risk of fraud through management override of controls by:
• Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error. • Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and • Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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 Auditors' 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 Auditors' 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.
for and on behalf of
Statutory Auditors
Chartered Accountants
3 Stockport Exchange
Cheshire
SK1 3GG
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Pinden Limited
Statement of Comprehensive Income
For the 18 months Ended 31 March 2024
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Pinden Limited
Registered number: 05195416
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 35 form part of these financial statements.
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Pinden Limited
Statement of Changes in Equity
For the 18 months Ended 31 March 2024
Statement of Changes in Equity
For the Year Ended 30 September 2022
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
Pinden Limited ('the Company') is a private limited company limited by shares and domiciled and incorporated in England and Wales.
The address of its registered office and its place of business is Waldens Depot, Waldens Road, Orpington, Kent, BR5 4EU. The principal activities of the Company continue to be waste management, recycling and asbestos disposal.
2.Accounting policies
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 (see note 3).
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.
The following principal accounting policies have been applied:
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 Watch It Come Down Limited as at 31 March 2024 and these financial statements may be obtained from Companies House.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis.
The Company had net assets totalling £6.2m at 31 March 2024 (30 September 2022: £5.2m), with the movement reflecting the £3.9m revaluation uplift and £2.9m losses in the period. The Company has been meeting its working capital requirements through cash generated from operations, intercompany loans and other loans as noted below. At the beginning of the period, the Company 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 Company 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 was subsequently 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. Net current liabilities totalled £7.3m at 31 March 2024 (30 September 2022: £2.3m) as a result of the bridging loan being due for repayment in less than one year. In July 2025, tax liabilities totalling £0.9m were overdue and at the date of the accounts being approved, all scheduled payments under a Time-To-Pay arrangement have been made to date. The current position represents a material uncertainty over the Company’s ability to continue to trade as a going concern. However, the Directors are very confident that an extension to the repayment date of the bridging loan, or obtaining a new bridging loan, will be achievable ahead of the repayment date. The Company continued to make a loss in the year ended 31 March 2025, however improvements have been made to internal operations and the Company's trading position has begun to improve in the 2025/26 period. There is also significant value in the property assets held in the wider group headed by Watch It Come Down Limited, which may be utilised in the event of funds being required. The directors believe it is appropriate to prepare the financial statements to 31 March 2024 on a going concern basis. Specifically, revenue from landfill and waste recycling operations is recognised when the waste is deposited or when the skips are delivered.
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
2.Accounting policies (continued)
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
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:
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.
Depreciation is provided on the following basis:
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.
The landfill site is depreciated over its useful economic life, as calculated by the proportion of the site which has been filled with waste, relative to its estimated total capacity. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Aftercare costs are those of reinstating the landfill site at the end of its usage, and of monitoring the site thereafter, as required by the Environment Agency. Provision is made based on the costs estimated at the balance sheet date. The provision is allocated over the estimated useful life of the site, based on the current rate of landfill. The provision is based on present-value terms.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
2.Accounting policies (continued)
is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
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.
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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
2.Accounting policies (continued)
Derecognition of financial instruments
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.
After-care provision Management makes judgements in relation to the provision made for after-care costs associated with the landfill site. The total aftercare costs were calculated by an independent expert and a proportion of this is included within the accounts based on the level of fill of the entire site. The carrying value of the aftercare provision at 31 March 2024 was £2,502,432 (30 September 2022: £2,470,957). Revaluation of Freehold Property and Landfill The Company’s accounting policy is to revalue certain freehold property and the landfill site to fair value in accordance with FRS 102. The determination of fair value involves significant judgement and estimation. Management engages qualified independent valuers to assess the fair value of properties at appropriate intervals. In determining fair value, the valuers consider market conditions, recent transactions for similar properties, location, condition, and the current use of the asset. Due to the nature of property valuation, there is inherent uncertainty in the estimates. Changes in market conditions or assumptions may result in material adjustments to the carrying amount of revalued properties. Management has reviewed the valuation reports and considers the assumptions used to be reasonable and supportable at the reporting date. The carrying value of the freehold property and landfill at 31 March 2024 was £7,100,000 and £4,370,000 respectively (30 September 2022: £7,046,774 and £1,063,229 respectively).
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
Page 22
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
11.Taxation (continued)
The Company has tax losses of approximately £4.7m (30 September 2022: £2.5m) available to carry forward against future trading profits.
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
Page 26
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
13.Tangible fixed assets (continued)
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
13.Tangible fixed assets (continued)
At the balance sheet date, Freehold property and Landfill sites included within other fixed assets have been revalued to £7.1m and £4.37m respectively. The valuation was carried out by by a third party, Knight Frank, in May 2024. The surveyors were Chris Monkhouse MRICS MCIWM, Partner and Development Head of Infrastructure (Waste, Energy & Minerals team) together with Katie Perks-Beattie (Associate).
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
Page 29
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
Page 30
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
Page 31
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
Page 32
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
Page 33
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
Revaluation reserve
The revaluation reserve comprises the cumulative effect of revaluations of freehold land and buildings. Profit and loss account The cumulative profit and loss, net of distribution to owners.
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 £4,631,075 was recognised as liability of the Company). These facilities were repaid during the period alongside refinancing. The Company now has a £5.5m commercial bridging loan in place.
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 £131,812 (Year ended 30 September 2022: £76,290). Contributions totalling £29,669 (30 September 2022: £39,939) were payable to the fund at the balance sheet date and are included in creditors.
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Pinden Limited
Notes to the Financial Statements
For the 18 months Ended 31 March 2024
29.Directors' personal guarantees
Personal guarantees have been given by the directors in respect of the Company's commercial bridging loan (classified within 'Other loans') totalling £5,577,430 (30 September 2022: £nil).
The Company is a wholly owned subsidiary of Syd Bishop & Sons (Demolition) Limited. The ultimate parent undertaking is Watch It Come Down Limited, which is controlled by the board of directors of this company.
Watch It Come Down Limited prepares group financial statements, and its registered office is Waldens Depot, Waldens Road, Orpington, Kent, BR5 4EU.
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