Neales Waste Management Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—7

1. General Information

Neales Waste Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02646317 . The registered office is C/O Everwaste Solutions Ltd, 5 Mitchell Court, Castle Mound Way, Rugby, CV23 0UY.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

2.2. Going Concern Disclosure

The directors note the general risk factors and uncertainties of the current economic environment, but notwithstanding those factors neither the company nor the group are considered to face a threat to their ability to continue in operational existence for the period of at least 12 months from the date of signing this report. Accordingly, the financial statements have been prepared on a going concern basis.

2.3. Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets acquired seperately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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	20 years
Plant & Machinery	5 years
Motor Vehicles	5 years
Fixtures & Fittings	4 years
Computer Equipment	4 years

The gain or loss rising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is created or charged to profit or loss.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that these assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Page 2

Page 3

Neales Waste Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. 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 company. 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.

2.7. Financial Instruments

The company has elected to apply the provisions of section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include 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 constitues 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement 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, are initially recognised at transaction price unless the arrangement consitutes 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 the 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.

2.8. 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 company'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.

Page 3

Page 4

Neales Waste Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.9. Employee Benefits

A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

2.10. Pensions

The company 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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 10 (2023: 10)

4. Intangible Assets

	Other
	£
Cost
As at 1 January 2024	199,094

As at 31 December 2024	199,094

Amortisation
As at 1 January 2024	199,094

As at 31 December 2024	199,094

Net Book Value
As at 31 December 2024	-

As at 1 January 2024	-

Page 4

Page 5

Neales Waste Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 January 2024	43,161	226,627	-	383,964	653,752
Additions	-	602,509	35,000	47,615	685,124

As at 31 December 2024	43,161	829,136	35,000	431,579	1,338,876

Depreciation
As at 1 January 2024	43,161	214,664	-	338,416	596,241
Provided during the period	-	44,166	7,000	32,512	83,678

As at 31 December 2024	43,161	258,830	7,000	370,928	679,919

Net Book Value
As at 31 December 2024	-	570,306	28,000	60,651	658,957

As at 1 January 2024	-	11,963	-	45,548	57,511

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	220,592	393,284
Amounts owed by group undertakings	4,120,697	4,016,166
Other debtors	147,607	143,842

	4,488,896	4,553,292
Due after more than one year
Amounts owed by participating interests	61,879	-

	4,550,775	4,553,292

Amounts owed by group undertakings are interest-free and repayable on demand.

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	74,829	-
Trade creditors	496,456	209,750
Amounts owed to group undertakings	360,456	-
Other creditors	161,130	222,438
Taxation and social security	116,923	75,775

	1,209,794	507,963

Amounts owed to group undertakings are interest-free and repayable on demand.

Page 5

Page 6

Neales Waste Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

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

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	405,321	-

9. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	74,829	-
Later than one year and not later than five years	405,321	-

	480,150	-

	480,150	-

10. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	100,000	100,000

11. Post Balance Sheet Events

On the 12 February 2025 the entire share capital of Fenix Bridge Investments Limited, the parent company, was purchased by Fenix Bridge Holdings Limited. The ulitmate controlling party remains I Fenny.

12. Related Party Disclosures

The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

Davidson Property and Development Limited

Under common control

During the year the company bought good and services of £61,879. This was outanding at the year end.

13. Controlling Parties

The company's immediate parent undertaking is NWM Holdings Ltd .

The ultimate parent undertaking is Fenix Bridge Holdings Limited (incorporated in England & Wales). Its registered office is Henge Barn, Pury Hill Business Park, Alderton Road, Towcester, Northants NN12 7LS .

Copies of the group accounts may be obtained from the company's registered office.

The company's controlling party is I Fenny by virtue of their interest in the share capital of the company.

14. FRC's Ethical Standard - Provision Available for Small Entities

In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

15. Financial commitments, guarantees and contingent liabilities

The company has provided bonds, guarantees and indemnities in favour of Lancashire County Council for £10,000.

Page 6

Page 7

Neales Waste Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

16. Audit Information

The auditor's report on the accounts of Neales Waste Management Limited for the year ended 31 December 2024 was unqualified.

The auditor's report was signed by K R Witchell (Senior Statutory Auditor) for and on behalf of KRW Accountants Ltd , Statutory Auditor.

KRW Accountants Ltd

Henge Barn Pury Hill Business Park

Alderton Road

Towcester

Northamptonshire

NN12 7LS

Page 7

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		658,957		57,511

			658,957		57,511
CURRENT ASSETS
Debtors	6	4,550,775		4,553,292
Cash at bank and in hand		27,002		141,113

		4,577,777		4,694,405
Creditors: Amounts Falling Due Within One Year	7	(1,209,794 )		(507,963 )

NET CURRENT ASSETS (LIABILITIES)			3,367,983		4,186,442

TOTAL ASSETS LESS CURRENT LIABILITIES			4,026,940		4,243,953

Creditors: Amounts Falling Due After More Than One Year	8		(405,321 )		-

NET ASSETS			3,621,619		4,243,953

CAPITAL AND RESERVES
Called up share capital	10		100,000		100,000
Other reserves			2,091,579		2,091,579
Profit and Loss Account			1,430,040		2,052,374

SHAREHOLDERS' FUNDS			3,621,619		4,243,953