W & S Waste Management Limited

	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—7
Consolidated Profit and Loss Account	8
Consolidated Statement of Comprehensive Income	9
Consolidated Balance Sheet	10
Company Balance Sheet	11—12
Consolidated Statement of Changes in Equity	13
Company Statement of Changes in Equity	14
Consolidated Statement of Cash Flows	15
Notes to the Consolidated Statement of Cash Flows	16
Company Statement of Cash Flows	17
Notes to the Company Statement of Cash Flows	18
Notes to the Financial Statements	19—32

The directors present their strategic report for the year ended 31 March 2025.

Review of the Business

The directors consider that the results for the year and the financial position at the end of the year are satisfactory.

W & S Waste Management Limited and its associated businesses currently operate and manage HWRCs (Household Waste Recycling Centre) throughout Great Britain.

During this time W&S Recycling have formed a robust partnership with the Local Councils. The company also has commercial partnerships with numerous leading companies.

These relationships enable us to deliver efficient and sustainable services throughout the waste sector.

Our fully qualified staff and licensed sites comply with all current legislation and together ensure a closely controlled cohesive operation.

Principal Risks and Uncertainties

The general economy remains challenging but recycling remains at the forefront of political policies. We maintain strong relationships with our existing partnerships and our high quality customer service ensures that the majority of customers return with repeat business.

Inflationary pressures were difficutl but have started to ease recently. The Company has significant reserves and is well placed to take advantage of opportunities as they arise.

Financial Risk

The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors and loans to the business. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance which is sufficient to fund ongoing operations.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts as they become due.

The business manages the liquidity risk by ensuring that there are sufficient funds to meet the repayments.

Future Developments

It is the intention of management to continue to support and encourage recycling in line with the growing awareness in society.

The Company is well respected and operates in all market sectors ranging from individual site requirements through to major regional and mainland UK recycling contracts.

A comprehensive operation is provided by W & S skips for ferrous/non-ferrous materials and recycling services fully operational throughout mainland UK.

At local level W & S cater for additional waste streams which include - cardboard, paper, glass, plastic, wood, inert, metal, plasterboard, asbestos and general waste.

W & S operate the most efficient cost effective and sustainable service by utilising our comprehensive fleet of up to date vehicles. All operations are fully compliant, offering a transparent audit trail.

It is this range of services and respect in the industry which will continue to fuel growth in the coming years.

The Company will also continue to expand into larger projects and demolition works as the opportunities arise.

The Company has now settled into the new, purpose built, energy efficient, recycling centre.

Employees

The Company's policy is to consult and discuss with employees (through formal and informal meetings, regular contact and Company publications) matters likely to affect employees' interests. Information on matters of interest and possible concern to employees is given through bulletins which seek to achieve common awareness on the part of all employees of factors affecting the Company and their roles.

Page 1

Page 2

W & S Waste Management Limited

Strategic Report (continued)

For The Year Ended 31 March 2025

Disabled Employees

Applications for employment by disabled persons are always fully considered bearing in mind the aptitude of the applicant concerned and the physical nature of the care service delivered to the client. Where appropriate, all necessary assistance is given with initial training and once employed a career plan is developed so as to ensure suitable opportunities for each individual.

On behalf of the board

Mr Geoffrey Thompson

Director

19 December 2025

Page 2

Page 3

W & S Waste Management Limited

Company No. 03864068

Directors' Report For The Year Ended 31 March 2025

Directors' Report

The directors present their report and the financial statements for the year ended 31 March 2025.

Principal Activity

The group's principal activity continues to be that of waste recycling.

Directors

The directors who held office during the year were as follows:

Mr Simon Perry

Mr Geoffrey Thompson

Mrs Jacqueline Thompson

Research and Development

The Company continues to invest in Research & Development. The waste industry is evolving rapidly and investment is essential to keep up to date.

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Page 3

Page 4

W & S Waste Management Limited

Directors' Report (continued)

For The Year Ended 31 March 2025

Independent Auditors

The auditors, Scott Vevers Ltd, 65 East Street, Bridport, Dorset, DT6 3LB, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr Geoffrey Thompson

Director

19 December 2025

Page 4

Page 5

Independent Auditor's Report

to the Members of

W & S Waste Management Limited

Independent Auditor's Report

Qualified opinion

We have audited the financial statements of W & S Waste Management Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 March 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion, except for the effects of the matter described in the Basis for qualified opinion section, the financial statements:

* give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit/(loss) for the year then ended

* have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

* have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Qualified Opinion

The company’s freehold and investment properties are measured at fair value under the revaluation model in accordance with FRS 102 Sections 16 and 17. During the year, the directors revalued certain freehold properties, specifically the trading premises at Ling Road, Mannings Heath (incorporating Cottees Auction House). However, other freehold and investment properties have not been revalued during the year or on a regular basis.

FRS 102 requires that properties carried under the revaluation model are revalued with sufficient regularity to ensure that their carrying amounts do not differ materially from fair value at the reporting date. We were unable to satisfy ourselves regarding the carrying amount of properties that have not been revalued recently, and therefore we were unable to determine whether any adjustments to the carrying amounts of these properties, revaluation surpluses, or depreciation (where applicable) might have been necessary.

This limitation of scope affects the valuation of freehold and investment properties included in the financial statements at 31 March 2025.

Conclusions Relating to Going Concern

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.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

The matter described in the Basis for Qualified Opinion section is the only key matter to be communicated in our report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's 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.

In connection with our audit of the financial statements, 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 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.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Page 5

Page 6

Independent Auditor's Report (continued)

to the Members of

W & S Waste Management Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records or returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors report and from the requirement to prepare a strategic report.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, taxation legislation and data protection, employment and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation

- enquiring of management as to actual and potential litigation and claims;

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Page 6

Page 7

Independent Auditor's Report (continued)

to the Members of

W & S Waste Management Limited

Use Of Our 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 that we are required to state to them in an auditor's 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.

Mr Marcus Cridland BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of Scott Vevers Ltd, 65 East Street, Bridport, Dorset, DT6 3LB , Statutory Auditor

23 December 2025

Page 7

Page 8

W & S Waste Management Limited

Consolidated Profit and Loss Account

For The Year Ended 31 March 2025

Consolidated Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	23,805,711	22,344,649
Cost of sales		(20,601,470 )	(18,452,550 )

GROSS PROFIT		3,204,241	3,892,099

Administrative expenses		(1,635,549 )	(1,643,117 )
Other operating income		295,093	317,846

OPERATING PROFIT	5	1,863,785	2,566,828
Other interest receivable and similar income	10	18,150	-
Interest payable and similar charges	11	(703,986 )	(320,090 )

PROFIT BEFORE TAXATION		1,177,949	2,246,738
Tax on Profit	12	6,430	(1,019,218 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		1,184,379	1,227,520

The notes on pages 16 to 32 form part of these financial statements.

Page 8

Page 9

W & S Waste Management Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 March 2025

Consolidated Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	1,184,379	1,227,520
OTHER COMPREHENSIVE INCOME:
Gain on revaluation of property, plant and equipment	3,786,017	-
Tax expense on components of other comprehensive income	(946,504 )	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT	4,023,892	1,227,520

Page 9

Page 10

W & S Waste Management Limited

Consolidated Balance Sheet

As At 31 March 2025

Consolidated Balance Sheet

Registered number: 03864068

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	14		22,097,281		17,098,292
Investment Properties	15		1,213,000		1,213,000

			23,310,281		18,311,292
CURRENT ASSETS
Stocks	17	4,005,000		3,705,000
Debtors	18	13,382,473		11,711,390
Cash at bank and in hand		1,784,928		1,296,690

		19,172,401		16,713,080
Creditors: Amounts Falling Due Within One Year	19	(3,988,799 )		(3,166,588 )

NET CURRENT ASSETS (LIABILITIES)			15,183,602		13,546,492

TOTAL ASSETS LESS CURRENT LIABILITIES			38,493,883		31,857,784

Creditors: Amounts Falling Due After More Than One Year	20		(9,278,084 )		(7,955,553 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	23		(1,781,142 )		(491,466 )

NET ASSETS			27,434,657		23,410,765

CAPITAL AND RESERVES
Called up share capital	25		100		100
Revaluation reserve	28		3,260,788		421,275
Profit and Loss Account			24,173,769		22,989,390

SHAREHOLDERS' FUNDS			27,434,657		23,410,765

On behalf of the board

Mr Geoffrey Thompson

Director

19 December 2025

The notes on pages 16 to 32 form part of these financial statements.

Page 10

Page 11

W & S Waste Management Limited

Company Balance Sheet

As At 31 March 2025

Company Balance Sheet

Registered number: 03864068

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	14		22,061,617		17,055,292
Investment Properties	15		1,213,000		1,213,000
Investments	16		100		-

			23,274,717		18,268,292
CURRENT ASSETS
Stocks	17	5,000		5,000
Debtors	18	17,850,473		15,960,462
Cash at bank and in hand		1,350,557		1,296,690

		19,206,030		17,262,152
Creditors: Amounts Falling Due Within One Year	19	(3,988,798 )		(3,677,728 )

NET CURRENT ASSETS (LIABILITIES)			15,217,232		13,584,424

TOTAL ASSETS LESS CURRENT LIABILITIES			38,491,949		31,852,716

Creditors: Amounts Falling Due After More Than One Year	20		(9,278,084 )		(7,955,553 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	23		(1,781,142 )		(491,466 )

NET ASSETS			27,432,723		23,405,697

CAPITAL AND RESERVES
Called up share capital	25		100		100
Revaluation reserve	28		3,260,788		421,275
Profit and Loss Account			24,171,835		22,984,322

SHAREHOLDERS' FUNDS			27,432,723		23,405,697

Page 11

Page 12

W & S Waste Management Limited

Company Balance Sheet (continued)

As At 31 March 2025

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 1,187,513 (2024: £ 1,222,452 profit).

On behalf of the board

Mr Geoffrey Thompson

Director

19 December 2025

The notes on pages 16 to 32 form part of these financial statements.

Page 12

Page 13

W & S Waste Management Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 March 2025

Consolidated Statement of Changes in Equity

	Share Capital	Revaluation reserve	Profit and Loss Account	Total
	£	£	£	£
As at 1 April 2023	100	421,275	21,761,870	22,183,245
Profit for the year and total comprehensive income	-	-	1,227,520	1,227,520

As at 31 March 2024 and 1 April 2024	100	421,275	22,989,390	23,410,765


Profit for year	-	-	1,184,379	1,184,379

Surplus on revaluation	-	2,839,513	-	2,839,513

Other comprehensive income for the year	-	2,839,513	-	2,839,513

Total comprehensive income for the year	-	2,839,513	1,184,379	4,023,892

As at 31 March 2025	100	3,260,788	24,173,769	27,434,657

Page 13

Page 14

W & S Waste Management Limited

Company Statement of Changes in Equity

For The Year Ended 31 March 2025

Company Statement of Changes in Equity

	Share Capital	Revaluation reserve	Profit and Loss Account	Total
	£	£	£	£
As at 1 April 2023	100	421,275	21,761,870	22,183,245
Profit for the year and total comprehensive income	-	-	1,222,452	1,222,452

As at 31 March 2024 and 1 April 2024	100	421,275	22,984,322	23,405,697


Profit for year	-	-	1,187,513	1,187,513

Surplus on revaluation	-	2,839,513	-	2,839,513

Other comprehensive income for the year	-	2,839,513	-	2,839,513

Total comprehensive income for the year	-	2,839,513	1,187,513	4,027,026

As at 31 March 2025	100	3,260,788	24,171,835	27,432,723

Page 14

Page 15

W & S Waste Management Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from/(used in) operations	1	3,179,753	(652,738 )
Interest paid		(703,986 )	(320,090 )
Tax paid		(237,698 )	-

Net cash generated from/(used in) operating activities		2,238,069	(972,828 )

Cash flows from investing activities
Purchase of tangible assets		(3,317,306 )	(1,667,859 )
Proceeds from disposal of tangible assets		22,500	289,194
Interest received		18,150	-

Net cash used in investing activities		(3,276,656 )	(1,378,665 )

Cash flows from financing activities
Proceeds from new bank borrowings		-	8,500,000
Repayment of bank borrowings		(198,946 )	(5,380,104 )
Repayment of finance leases		1,725,771	(362,150 )

Net cash generated from financing activities		1,526,825	2,757,746



Increase in cash and cash equivalents		488,238	406,253
Cash and cash equivalents at beginning of year	2	1,296,690	890,437

Cash and cash equivalents at end of year	2	1,784,928	1,296,690

Page 15

Page 16

W & S Waste Management Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from/(used in) operations

	2025	2024
	£	£
Profit for the financial year	1,184,379	1,227,520
Adjustments for:
Tax on profit	(6,430 )	1,019,218
Interest expense	703,986	320,090
Interest income	(18,150 )	-
Depreciation of tangible assets	2,100,242	1,505,999
Profit on disposal of tangible assets	(18,408)	(206,899)
Movements in working capital:
Increase in stocks	(300,000 )	(3,700,000 )
Increase in trade and other debtors	(1,671,083 )	(468,877 )
Increase/(decrease) in trade and other creditors	1,205,217	(349,789 )

Net cash generated from/(used in) operations	3,179,753	(652,738 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	1,784,928	1,296,690

3. Analysis of changes in net debt

	As at 1 April 2024	Cash flows	As at 31 March 2025
	£	£	£
Cash at bank and in hand	1,296,690	488,238	1,784,928
Finance leases	(290,567)	(1,725,771)	(2,016,338)
Debts falling due within one year	(505,032 )	293,192	(211,840 )
Debts falling due after more than one year	(7,937,275)	(94,246)	(8,031,521)

	(7,436,184)	(1,038,587)	(8,474,771)

Page 16

Page 17

W & S Waste Management Limited

Company Statement of Cash Flows

For The Year Ended 31 March 2025

Company Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from/(used in) operations	1	2,745,482	(695,738 )
Interest paid		(703,986 )	(320,090 )
Tax paid		(237,698 )	-

Net cash generated from/(used in) operating activities		1,803,798	(1,015,828 )

Cash flows from investing activities
Purchase of tangible assets		(3,317,306 )	(1,624,859 )
Proceeds from disposal of tangible assets		22,500	289,194
Purchase of investment in subsidiary undertaking		(100 )	-
Interest received		18,150	-

Net cash used in investing activities		(3,276,756 )	(1,335,665 )

Cash flows from financing activities
Proceeds from new bank borrowings		-	8,500,000
Repayment of bank borrowings		(198,946 )	(5,380,104 )
Repayment of finance leases		1,725,771	(362,150 )

Net cash generated from financing activities		1,526,825	2,757,746



Increase in cash and cash equivalents		53,867	406,253
Cash and cash equivalents at beginning of year	2	1,296,690	890,437

Cash and cash equivalents at end of year	2	1,350,557	1,296,690

Page 17

Page 18

W & S Waste Management Limited

Notes to the Company Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Company Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from/(used in) operations

	2025	2024
	£	£
Profit for the financial year	1,187,513	1,222,452
Adjustments for:
Tax on profit	(6,430 )	1,019,218
Interest expense	703,986	320,090
Interest income	(18,150 )	-
Depreciation of tangible assets	2,092,906	1,505,999
Profit on disposal of tangible assets	(18,408)	(206,899)
Movements in working capital:
Increase in trade and other debtors	(1,890,011 )	(4,717,949 )
Increase in trade and other creditors	694,076	161,351

Net cash generated from/(used in) operations	2,745,482	(695,738 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	1,350,557	1,296,690

3. Analysis of changes in net debt

	As at 1 April 2024	Cash flows	As at 31 March 2025
	£	£	£
Cash at bank and in hand	1,296,690	53,867	1,350,557
Finance leases	(290,567)	(1,725,771)	(2,016,338)
Debts falling due within one year	(505,032 )	293,192	(211,840 )
Debts falling due after more than one year	(7,937,275)	(94,246)	(8,031,521)

	(7,436,184)	(1,472,958)	(8,909,142)

Page 18

Page 19

W & S Waste Management Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

W & S Waste Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03864068 . The registered office is Material Recycling Facility, Ling Road, Poole, Dorset, BH12 4NZ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 March 2025.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

2.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

Page 19

Page 20

W & S Waste Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	in accordance with the property
Plant & Machinery	33% on reducing balance
Motor Vehicles	33% on reducing balance
Computer Equipment	33% on reducing balance

2.6. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.7. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.8. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.9. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

Page 20

Page 21

W & S Waste Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.10. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position 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 is a legally enforceable right to set off the recognised amounts and there is an intention to set a on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss , are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Page 21

Page 22

W & S Waste Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.11. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.12. Pensions

The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.13. Research and Development

Expenditure incurred on research and development is written off in the year in which it is incurred.

3. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Recycling	23,805,711	22,344,649

4. Other Operating Income

	2025	2024
	£	£
Rental income	295,093	317,846

	295,093	317,846

5. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	(6,818)	4,677
Operating lease rentals	134,617	135,311
Depreciation of tangible fixed assets - owned	1,163,568	1,339,431
Depreciation of tangible fixed assets - finance leases and hire purchase contracts	936,674	166,568
Profit on disposal of tangible fixed assets	(18,408 )	(206,899 )

Page 22

Page 23

W & S Waste Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

6. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the group and company's financial statements	17,000	16,000

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Wages and salaries	5,418,296	5,045,936	5,418,296	5,045,936
Social security costs	507,615	476,567	507,615	476,567
Other pension costs	118,603	110,405	118,603	110,405

	6,044,514	5,632,908	6,044,514	5,632,908

8. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	Group		Company
	2025	2024	2025	2024
Office and administration	6	6	6	6
Production	166	154	166	154

	172	160	172	160

9. Directors' remuneration

	2025	2024
	£	£
Emoluments	20,424	12,424

10. Interest Receivable and Similar Income

	2025	2024
	£	£
Deposit accout interest	18,150	-

11. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	609,038	302,741
Finance charges payable under finance leases and hire purchase contracts	94,948	17,349

	703,986	320,090

Page 23

Page 24

W & S Waste Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

12. Tax on Profit

	Tax Rate		2025	2024
The tax (credit)/charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	-	450,402
Prior period adjustment			(349,602 )	508,225

			(349,602 )	958,627
Deferred Tax
Deferred taxation			343,172	60,591


Total tax charge for the period			(6,430 )	1,019,218


The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			1,177,949	2,246,738

Tax on profit at 25% (UK standard rate)			295,271	560,417
Expenses not deductible for tax purposes			518,625	324,776
Capital allowances			(518,625 )	(374,200 )
Prior period adjustment			(349,602 )	508,225
Tax losses unutilised carried forward			47,901	-

Total tax charge for the period			(6,430)	1,019,218

13. Prior Period Adjustment

Prior Year Adjustment – First-Time Preparation of Group Financial Statements

During the current financial year, the company has, for the first time, prepared consolidated financial statements in accordance with FRS 102 Section 9 "Consolidated and Separate Financial Statements". In prior years, the company presented only individual financial statements.

As a result of this change in presentation, the financial statements for the prior year have been restated to reflect the inclusion of the financial performance and position of the Company and its Subsidiaries, as if the group had prepared consolidated financial statements in that year.

There is no impact on the total equity at the beginning of the prior period, as the subsidiaries were already under common control.

Page 24

Page 25

W & S Waste Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

14. Tangible Assets

Group

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£	£
Cost or Valuation
As at 1 April 2024	14,043,268	9,630,553	5,322,670	38,840	29,035,331
Additions	46,494	642,162	2,628,650	-	3,317,306
Disposals	-	(236,000 )	-	-	(236,000 )
Revaluation	3,786,017	-	-	-	3,786,017

As at 31 March 2025	17,875,779	10,036,715	7,951,320	38,840	35,902,654

Depreciation
As at 1 April 2024	-	7,576,309	4,326,234	34,496	11,937,039
Provided during the period	-	890,442	1,208,352	1,448	2,100,242
Disposals	-	(231,908 )	-	-	(231,908 )

As at 31 March 2025	-	8,234,843	5,534,586	35,944	13,805,373

Net Book Value
As at 31 March 2025	17,875,779	1,801,872	2,416,734	2,896	22,097,281

As at 1 April 2024	14,043,268	2,054,244	996,436	4,344	17,098,292

Cost or valuation as at 31 March 2025 represented by:

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£	£
At cost	14,062,042	10,036,715	7,951,320	38,840	32,088,917
At valuation	3,813,737	-	-	-	3,813,737

	17,875,779	10,036,715	7,951,320	38,840	35,902,654

The company’s freehold properties are held for use in the business and are measured under the revaluation model in accordance with FRS 102 Section 17.

During the year, the directors revalued certain freehold properties, specifically the trading premises at Ling Road, Mannings Heath, incorporating Cottees Auction House, resulting in an upward revaluation of £3,786,017. A prior year revaluation of £27,720 had previously been recognised. Other freehold properties were not revalued during the year.

The directors’ assessment was based on an independent valuation report prepared by Knight Frank, RICS-certified, dated 16 January 2024, and reflects fair value assuming continued use. No depreciation has been charged on the revalued properties, which are considered to have an indefinite useful economic life. Depreciation is charged on other freehold properties as appropriate.

Page 25

Page 26

W & S Waste Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Company

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£	£
Cost or Valuation
As at 1 April 2024	14,043,268	9,587,553	5,322,670	38,840	28,992,331
Additions	46,494	642,162	2,628,650	-	3,317,306
Disposals	-	(236,000 )	-	-	(236,000 )
Revaluation	3,786,017	-	-	-	3,786,017

As at 31 March 2025	17,875,779	9,993,715	7,951,320	38,840	35,859,654

Depreciation
As at 1 April 2024	-	7,576,309	4,326,234	34,496	11,937,039
Provided during the period	-	883,106	1,208,352	1,448	2,092,906
Disposals	-	(231,908 )	-	-	(231,908 )

As at 31 March 2025	-	8,227,507	5,534,586	35,944	13,798,037

Net Book Value
As at 31 March 2025	17,875,779	1,766,208	2,416,734	2,896	22,061,617

As at 1 April 2024	14,043,268	2,011,244	996,436	4,344	17,055,292

The company’s freehold properties are held for use in the business and are measured under the revaluation model in accordance with FRS 102 Section 17.

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Plant & Machinery	35,407	218,741
Motor Vehicles	1,873,349	280,023

	1,908,756	498,764

Cost or valuation as at 31 March 2025 represented by:

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£	£
At cost	14,062,042	9,993,715	7,951,320	38,840	32,045,917
At valuation	3,813,737	-	-	-	3,813,737

	17,875,779	9,993,715	7,951,320	38,840	35,859,654

Page 26

Page 27

W & S Waste Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

15. Investment Property

Group

	2025
	£
Fair Value
As at 1 April 2024 and 31 March 2025	1,213,000

If investment property had been accounted for under historical cost accounting rules, the amounts would be:

	2025	2024
	£	£
Cost	891,725	891,725

Company

	2025
	£
Fair Value
As at 1 April 2024 and 31 March 2025	1,213,000

If investment property had been accounted for under historical cost accounting rules, the amounts would be:

	2025	2024
	£	£
Cost	891,725	891,725

16. Investments

Company

	Subsidiaries
	£
Cost
As at 1 April 2024	-
Additions	100

As at 31 March 2025	100

Provision
As at 1 April 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	100

As at 1 April 2024	-

Subsidiaries

Details of the group's subsidiaries as at 31 March 2025 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
W&S Mills Limited	Ling Road, Poole, Dorset, BH12 4NZ	Ordinary	100.00%	-

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

Page 27

Page 28

W & S Waste Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

	Capital and Reserves	Profit/(loss)
	£	£
W&S Mills Limited	2,035	(3,033 )

Under section 479C of the Companies Act 2006, W & S Waste Management Limited , registration number 03864068 , being the parent undertaking has guaranteed the liabilities of the following subsidiaries in order that they qualify for the exemption from audit under section 479A of the Companies Act 2006 in respect of the year ended 31 March 2025:

Name of undertaking	Registered Number
W&S Mills Limited	15335899

17. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Stock	5,000	5,000	5,000	5,000
Work in progress	4,000,000	3,700,000	-	-

	4,005,000	3,705,000	5,000	5,000

18. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	2,423,242	2,557,336	2,423,242	2,557,336
Prepayments and accrued income	33,327	32,492	33,327	32,492
Other debtors	10,925,904	9,121,562	10,925,904	9,121,562
Amounts owed by group undertakings	-	-	4,468,000	4,249,072

	13,382,473	11,711,390	17,850,473	15,960,462

19. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	769,775	272,289	769,775	272,289
Trade creditors	1,129,822	1,201,384	1,129,822	1,201,384
Bank loans and overdrafts	211,840	505,032	211,840	505,032
Other creditors	1,090,390	295,022	1,090,390	295,022
Corporation tax liability	-	587,300	-	587,300
Taxation and social security	703,788	216,413	703,787	727,553
Accruals and deferred income	83,184	89,148	83,184	89,148

	3,988,799	3,166,588	3,988,798	3,677,728

Page 28

Page 29

W & S Waste Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

20. Creditors: Amounts Falling Due After More Than One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	1,246,563	18,278	1,246,563	18,278
Bank loans	8,031,521	7,937,275	8,031,521	7,937,275

	9,278,084	7,955,553	9,278,084	7,955,553

21. Loans

An analysis of the maturity of loans is given below:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Amounts falling due within one year or on demand:
Bank loans	211,840	505,032	211,840	505,032

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Amounts falling due between one and five years:
Bank loans	8,031,521	7,937,275	8,031,521	7,937,275

22. Obligations Under Finance Leases and Hire Purchase

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
The future minimum finance lease payments are as follows:
Not later than one year	769,775	272,289	769,775	272,289
Later than one year and not later than five years	1,246,563	18,278	1,246,563	18,278

	2,016,338	290,567	2,016,338	290,567

	2,016,338	290,567	2,016,338	290,567

23. Deferred Taxation

The provision for deferred tax is made up as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Revaluation of property, plant and equipment	946,504	-	946,504	-
Other timing differences	834,638	491,466	834,638	491,466

	1,781,142	491,466	1,781,142	491,466

Page 29

Page 30

W & S Waste Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

24. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 April 2024	491,466	491,466
Additions	1,289,676	1,289,676

Balance at 31 March 2025	1,781,142	1,781,142

Company
	Deferred Tax	Total
	£	£
As at 1 April 2024	491,466	491,466
Additions	1,289,676	1,289,676

Balance at 31 March 2025	1,781,142	1,781,142

25. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100

26. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Later than one year and not later than five years	143,160	134,040	143,160	134,040

	143,160	134,040	143,160	134,040

In the current year, the total of expenses relating to operating leases entered into the profit and loss account was £134,617.

27. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £118,603 (2024: £110,405).

At the balance sheet date contributions of £3,649 (2024: £13,107) were due to the fund and are included in creditors.

Page 30

Page 31

W & S Waste Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

28. Reserves

Group

	Revaluation Reserve
	£
As at 1 April 2024	421,275
Surplus on revaluation	2,839,513

As at 31 March 2025	3,260,788

The Directors have revalued the Trading Premises at Ling Road, Mannings Heath, Poole, Dorset BH12 4PY, incorporating the property Cottees Auction House. The revaluation is based on the report produced by Knight Frank (RICS) on 16 January 2024.

The Directors have included the site at a valaution of £14,585,000. The historic cost of the site is £10,798.983

Deferred tax at 25% of £946,504 has been provided on the revaluation surplus.

Company

	Revaluation Reserve
	£
As at 1 April 2024	421,275
Surplus on revaluation	2,839,513

As at 31 March 2025	3,260,788

The Directors have included the site at a valaution of £14,585,000. The historic cost of the site is £10,798.983

Deferred tax at 25% of £946,504 has been provided on the revaluation surplus.

29. Post Balance Sheet Events

Subsequent to the year end, one of the sites forming part of the Ling Road, Mannings Heath property was sold in November 2025 for £3.3 million. The sale price provides additional evidence supporting the fair value determined at the reporting date. This is a non-adjusting post balance sheet event under FRS 102 Section 32, and no adjustment has been made to the financial statements.

30. Related Party Disclosures

Related Party Disclosures

Mr & Mrs Thompson

(Directors and shareholders)

During the year, a total of £4,632 (2024: £26,332) was repaid to and a total of £nil (2024: £nil) was credited by Mr & Mrs Thompson in respect of their director's current account. No interest was charged on this balance.

During the year, dividends of £nil (2024 : £nil) were paid to Mr and Mrs Thompson.

At the balance sheet date the amount due to Mr and Mrs Thompson £290,390 (2024 : £295,022).

Cottees Auctions Limited

(Shareholder of company in common)

During the year, a total of £67,865 (2024 : £176,045) was invoiced to Cottees Auctions Limited.

At the balance sheet date the amount due from Cottees Auctions Limited was £84,200 (2024 : £152,069).

Thompson F I T Limited

(Shareholder of company and director in common)

During the year, a total of £1,834,717 (2024: £188,993) was advanced to and a total of £nil (2024: £nil) was credited to an intercompany account with Thompson F I T Limited.

...CONTINUED

Page 31

Page 32

W & S Waste Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

30. Related Party Disclosures - continued

At the balance sheet date the amount due from Thompson F I T Limited was £10,245,006 (2024 : £8,410,288).

W&S Recycling

(A business operated by Mr Thompason, a Director and Shareholder)

During the year W&S Recycling repaid £50,375 (2024 £0) and were loaned £53,754 (2024 £61,591).

At the balance sheet date the amount due from W&S Recycling was £689,655 (2024 - £686,276)

W&S Mills Limited

(Shareholder of company and director in common)

During the year, a total of £218,926 (2024: £4,249,072) was advanced to and a total of £nil (2024: £nil) was credited to an intercompany account with W&S Mills Limited.

At the balance sheet date the amount due from W&S Mills Limited was £4,467,998 (2024 : £4,249,072).

The Crown Poole Limited

(Director in common)

During the year, a total of £nil (2024: £nil) was advanced to and a total of £nil (2024: £nil) was credited to an intercompany account with The Crown Poole Limited.

At the balance sheet date the amount due from The Crown Poole Limited was £10,000 (2024 : £10,000).

31. Secured Liabilities

The total secured liabilities at the year end was £10,259,704 (2024 - £8,372,874)

The Company has a bank loan with National Westminster Bank PLC.

The balance on this loan at 31 March 2025 was £8,243,361 (2024 £8,442,037) Interest is charged at 2.35% above the Bank of England base rate.The final installment is due 15 February 2044.

National Westminster Bank PLC have security in the form of a fixed charge and a floating charge on the Company.

Amounts due under hire purchase faciliates at the year end was £2,016,340 (2024 - £290,567).

Page 32