|
Registered number: 06479263
Erith Waste Management Limited
Financial statements
For the Year Ended 31 March 2025
|
|
Erith Waste Management Limited
Company Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hurst Accountants Limited
|
|
|
Chartered Accountants & Statutory Auditors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Erith Waste Management Limited
Contents
|
|
|
|
|
|
Notes to the Financial Statements
|
|
|
|
Erith Waste Management Limited
Registered number: 06479263
Balance Sheet
As at 31 March 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 2 to 6 form part of these financial statements.
|
|
Erith Waste Management Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
Erith Waste Management Limited ('the Company') is a private limited company domiciled and incorporated in England and Wales.
The address of its registered office and principal place of business is Waldens Depot, Waldens Road, Orpington, Kent, BR5 4EU.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
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 reporting period is the year ended 31 March 2025. As the previous reporting period was the 18 months ended 31 March 2024, the comparative amounts presented in the financial statements are not entirely comparable.
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 following principal accounting policies have been applied:
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.
Pinden Limited, the main trading company in the group headed by Watch It Come Down Limited (of which the Company is a member), had a £5.5m commercial bridging loan which was initially repayable in November 2024, and an agreement was made to increase the loan to £5.8m and extend the repayment date to November 2025. Subsequent to the year end, in November 2025, an agreement was made to increase the bridging loan to £6.1m and the repayment date has been further extended to November 2026, which is less than 12 months after the financial statements being approved.
The Group's 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 significant value will be realised from the disposal of certain property assets held in the wider Group headed by Watch It Come Down Limited, and longer term financing will subsequently be obtained.
The directors believe it is appropriate to prepare the financial statements to 31 March 2025 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 when the skips are delivered to customers.
|
|
Erith Waste Management Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
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.
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, on a reducing balance basis.
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.
Short-term debtors are measured at transaction price, less any impairment.
|
|
|
Cash and cash equivalents
|
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.
|
|
Erith Waste Management Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
|
|
The average monthly number of employees, including directors, during the year was 7 (18 months ended 31 March 2024: 7).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Erith Waste Management Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
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 £1,103,017 (31 March 2024: £1,351,671).
The Company operates a defined pension contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £455 (31 March 2024: £998) were payable to the fund at the balance sheet date and is included in creditors.
|
|
Erith Waste Management Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
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 year ended 31 March 2025 was unqualified.
|
|
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 a bridging loan which is now due to be repaid in November 2026, less than 12 months from the financial statements being approved. The auditors' opinion is not modified in respect of this matter.
|
The audit report was signed on 16 December 2025 by Anthony Woodings (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.
|