General Information
SKIP IT WASTE MANAGEMENT LIMITED is a private company, limited by shares, registered in England and Wales, registration number 03898215, registration address The Chalk Pit, College Road, Epsom, KT17 4JA.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 5 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and Machinery |
5 year Straight Line
|
| Motor Vehicles |
5 year Straight Line
|
| Fixtures and Fittings |
5 year Straight Line
|
| Computer Equipment |
5 year Straight Line
|
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
|
| 2. |
Average number of employees
Average number of employees during the year was 76 (2023 : 60).
|
| 3. |
Intangible fixed assets
| Cost |
Goodwill |
|
Total |
| |
£ |
|
£ |
| At 01 January 2024 |
5,000 |
|
5,000 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 December 2024 |
5,000 |
|
5,000 |
| Amortisation |
| At 01 January 2024 |
5,000 |
|
5,000 |
| Charge for year |
- |
|
- |
| On disposals |
- |
|
- |
| At 31 December 2024 |
5,000 |
|
5,000 |
| Net book values |
| At 31 December 2024 |
- |
|
- |
| At 31 December 2023 |
- |
|
- |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Land and Buildings |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 January 2024 |
2,283,391 |
|
2,025,542 |
|
14,440 |
|
63,361 |
|
1,219,351 |
|
5,606,085 |
| Additions |
650,673 |
|
22,188 |
|
- |
|
1,393 |
|
167,851 |
|
842,105 |
| Disposals |
(112,750) |
|
- |
|
- |
|
- |
|
- |
|
(112,750) |
| At 31 December 2024 |
2,821,314 |
|
2,047,730 |
|
14,440 |
|
64,754 |
|
1,387,202 |
|
6,335,440 |
| Depreciation |
| At 01 January 2024 |
647,484 |
|
985,730 |
|
9,379 |
|
54,669 |
|
- |
|
1,697,262 |
| Charge for year |
493,771 |
|
372,241 |
|
2,888 |
|
2,663 |
|
- |
|
871,563 |
| On disposals |
(70,721) |
|
- |
|
- |
|
- |
|
- |
|
(70,721) |
| At 31 December 2024 |
1,070,534 |
|
1,357,971 |
|
12,267 |
|
57,332 |
|
- |
|
2,498,104 |
| Net book values |
| Closing balance as at 31 December 2024 |
1,750,780 |
|
689,759 |
|
2,173 |
|
7,422 |
|
1,387,202 |
|
3,837,336 |
| Opening balance as at 01 January 2024 |
1,635,671 |
|
1,039,812 |
|
5,061 |
|
8,692 |
|
1,219,351 |
|
3,908,587 |
The net book value of Land and Buildings includes £ 1,387,202 (2023 £1,219,351) in respect of assets leased under finance leases or hire purchase contracts.
The net book value of motor vehicles includes £492,692 (2023: £1,039,812) in respect of assets held under finance leases or hire purchase contracts.
The net book value of plant and machinery includes £856,453 (2023: £958,111) in respect of assets held under finance leases or hire purchase contracts.
|
| 5. |
Share Capital
Allotted, called up and fully paid
|
2024
£ |
|
2023
£ |
|
1,000
Class A shares of £1.00 each |
1,000 |
|
1,000 |
|
1,000 |
|
1,000 |
|
| 6. |
Related parties
During the year the company entered into the following transactions with related parties: | Transaction value - income/(expenses) | | Balance owed by/(owed to) |
|---|
| 2024
£ | | 2023
£ | | 2024
£ | | 2023
£ |
|---|
| Mo Maan | - | | - | | 631,207 | | 288,876 |
During the year dividends of £126,672 (2023: £92,672) were paid to Mo Maan, a 100% shareholder of the company.
During the year £55,486 (2023: £42,238) was due from Skip It Epsom Limited, a company in which Mo Maan and Ali Maan are directors and shareholders.
During the year £9,140 (2023: £9,140) was due from Skip Stakka Limited, a company in which Mo Maan is a director and shareholder.
During the year £18,707 (2023: £Nil) was due to Maan's Properties Limited, a company in which Mo Maan and Ali Maan are directors and shareholders.
During the year £631,207 (2023: £288,876) was due to the directors. |
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