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Registered number: 08368727
Asbestos Waste Solutions Limited
Financial statements
For the Year Ended 31 March 2025
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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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Notes to the Financial Statements
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Asbestos Waste Solutions Limited
Registered number: 08368727
Balance Sheet
As at 31 March 2025
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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.
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Asbestos Waste Solutions Limited
Registered number: 08368727
Balance Sheet (continued)
As at 31 March 2025
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 11 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 2025
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 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 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, invoice discounting facility and intercompany loans, and was party to the group headed by Watch It Come Down Limited’s (the 'Group') facility agreement with Together Commercial Finance at the year end.
The main trading company in the group, Pinden Limited, had a £5.5m commercial bridging loan which was
nitially 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.
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Asbestos Waste Solutions Limited
Notes to the Financial Statements
For the Period Ended 31 March 2025
2.Accounting policies (continued)
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.
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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Asbestos Waste Solutions Limited
Notes to the Financial Statements
For the Period Ended 31 March 2025
2.Accounting policies (continued)
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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.
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:
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Asbestos Waste Solutions Limited
Notes to the Financial Statements
For the Period Ended 31 March 2025
2.Accounting policies (continued)
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 is not depreciated)
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The freehold property was estimated to have a remaining economic life of 25 years when it was revalued in November 2023.
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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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.
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Asbestos Waste Solutions Limited
Notes to the Financial Statements
For the Period Ended 31 March 2025
2.Accounting policies (continued)
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 7 (2024 - 6).
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Asbestos Waste Solutions Limited
Notes to the Financial Statements
For the Period Ended 31 March 2025
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Charge for the period on owned assets
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Cost or valuation at 31 March 2025 is as follows:
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Cumulative revaluation surplus at 31 March 2025
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Asbestos Waste Solutions Limited
Notes to the Financial Statements
For the Period Ended 31 March 2025
5.Tangible fixed assets (continued)
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The freehold property was revalued to £1.0m in November 2023 by Avison Young (UK) Limited (Registered valuers Chris Lockwood MRICS MIQ and Paul Marsh MRICS). A further valuation was performed by Knight Frank LLP in November 2025, which supports the current valuation in the accounts. The surveyors were Chris Monkhouse MRICS MCIWM, Partner and Development Head of Infrastructure (Waste, Energy & Minerals team) and Katie Perks-Beattie MRICS, Asssociate).
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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 2025
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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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The provision for deferred taxation is made up as follows:
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A fixed and floating charge exists in favour of Close Brothers Limited over all the assets of the Company, in relation to Group invoice discounting liabilities totalling £939,855 (2024: £1,168,189).
A fixed charge exists in favour of Together Commercial Finance Limited over the property held by the Company, in relation to a Group bridging loan totalling £5,856,302 (2024: £5,577,430).
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Asbestos Waste Solutions Limited
Notes to the Financial Statements
For the Period Ended 31 March 2025
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 £612 (2024: £534) 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 2025 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 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.
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The audit report was signed on 16 December 2025 by Anthony Woodings (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.
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