REGISTERED NUMBER: 07194017 (England and Wales)

GRIFFITHS WASTE MANAGEMENT LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G T J Griffiths

A H Davies

REGISTERED OFFICE:

Beechwood House Bryntywod

Llangyfelach

Swansea

SA5 7LP

REGISTERED NUMBER:

07194017 (England and Wales)

AUDITORS:

Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,541,457

2,053,945

2,541,457

2,053,945

CURRENT ASSETS

Debtors

6

1,243,642

1,057,538

Cash at bank

77,595

47,455

1,321,237

1,104,993

CREDITORS

Amounts falling due within one year

7

2,341,833

1,280,700

NET CURRENT LIABILITIES

(1,020,596

)

(175,707

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,520,861

1,878,238

CREDITORS

Amounts falling due after more than one year

8

(715,292

)

(1,151,708

)

PROVISIONS FOR LIABILITIES

(128,024

)

(116,279

)

NET ASSETS

677,545

610,251

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

677,445

610,151

677,545

610,251

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 December 2025 and were signed on its behalf by:

G T J Griffiths - Director

1.	STATUTORY INFORMATION

Griffiths Waste Management Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

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

Critical accounting judgements and key sources of estimation uncertainty

In preparing the financial statements, the Directors have made a significant judgement regarding the application of the going concern basis of preparation. At the reporting date, the Company had net current liabilities of £1,020,596. This position gives rise to uncertainty and therefore requires careful consideration of the Company’s ability to meet its liabilities as they fall due.

In forming their judgement, the Directors have considered the Company’s financial forecasts, including sensitivities reflecting reasonably possible changes in trading and cash flows. A key judgement is the extent to which support from other group entities will continue to be available. The Directors have obtained written confirmations of financial support from group entities, which are expected to remain in place for at least 12 months from the date of approval of these financial statements.

Taking these factors into account, the Directors concluded that it remains appropriate to prepare the financial statements on a going concern basis.

Turnover

Turnover is derived from the provision of services and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value-added tax, and other sales tax.

Turnover is recognised in the period in which the services relate and future income is recognised as deferred Income.

Waste collection revenue

The waste division collects wast from customer sites. Revenue is recognised at a point in time when the waste is delivered to transfer stations. The transaction price is based on pre-agreed prices for collecting and processing the waste. Due to the short time between start and completion of the performance obligations (usually the same day), the revenue recognition and the allocation of the transaction price over performance obligations is usually straightforward and dependent on the daily collection and processing of waste.

Deferred Income

In certain cases, payments are received from customers prior to satisfaction of performance obligations and recognised as deferred income. These balances are considered contract liabilities and are typically related to prepayments for third party expenses that are incurred shortly after billing.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of three years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and Machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on cost

If there is an indication that there has been a significant change in the depreciation rate or residual value of an asset, the depreciation of that asset is revised prospectively to reflect the new expectations.

All property, plant and equipment use the cost model and are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Cost comprises the purchase price of the asset and expenditure directly attributable to the acquisition of the item.

A fixed asset is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement.

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

Impairment of fixed assets

The group performs impairment testing where there are any indicators of impairment. Impairment is calculated as the difference between the carrying value and the recoverable value of the asset. Recoverable value is the higher of net realisable value and estimated value in use at the date the impairment loss is recognised. Value in use represents the present value of expected future discounted cash flows. If incurred, impairment is recognised immediately in the income statement.

Where an impairment loss subsequently reverses, the carrying value of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying value does not exceed the carrying value that would have been determined if no impairment loss had been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately as a credit to the income statement.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' 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 settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial instruments

Basic financial liabilities, including trade and other payables, bank loans 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 receipts discounted at a market rate of interest.

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

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharge or cancelled.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and cash in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation (legal and constructive) resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Functional and presentational currency

These financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Company operates (its functional currency).

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised s liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2024 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

20,480

AMORTISATION

At 1 April 2024

and 31 March 2025

20,480

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

Machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2024

2,852,659

15,000

132,007

69,123

3,068,789

Additions

751,365

-

18,320

-

769,685

Disposals

(168,775

)

-

(24,000

)

-

(192,775

)

At 31 March 2025

3,435,249

15,000

126,327

69,123

3,645,699

DEPRECIATION

At 1 April 2024

926,679

9,250

40,114

38,801

1,014,844

Charge for year

202,348

3,000

31,517

16,944

253,809

Eliminated on disposal

(140,411

)

-

(24,000

)

-

(164,411

)

At 31 March 2025

988,616

12,250

47,631

55,745

1,104,242

NET BOOK VALUE

At 31 March 2025

2,446,633

2,750

78,696

13,378

2,541,457

At 31 March 2024

1,925,980

5,750

91,893

30,322

2,053,945

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

Machinery

vehicles

Totals

£

£

£

COST

At 1 April 2024

897,554

91,007

988,561

Additions

710,065

18,320

728,385

Disposals

(168,775

)

-

(168,775

)

At 31 March 2025

1,438,844

109,327

1,548,171

DEPRECIATION

At 1 April 2024

297,150

3,647

300,797

Charge for year

238,532

-

238,532

Eliminated on disposal

(140,411

)

-

(140,411

)

At 31 March 2025

395,271

3,647

398,918

NET BOOK VALUE

At 31 March 2025

1,043,573

105,680

1,149,253

At 31 March 2024

600,404

87,360

687,764

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Trade debtors

1,094,935

847,735

Amounts owed by group undertakings

33,076

-

Amounts owed by associates

2,742

138,045

Other debtors

112,889

71,758

1,243,642

1,057,538

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Bank loans and overdrafts (see note 9)

202,000

-

Hire purchase contracts (see note 10)

472,283

338,165

Trade creditors

1,007,553

642,349

Amounts owed to group undertakings

349,311

-

Amounts owed to associates

162,172

163,845

Taxation and social security

96,112

92,724

Other creditors

52,402

43,617

2,341,833

1,280,700

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

as restated

£

£

Bank loans (see note 9)

-

202,000

Hire purchase contracts (see note 10)

715,292

872,908

Amounts owed to associates

-

76,800

715,292

1,151,708

9.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

as restated

£

£

Amounts falling due within one year or on demand:

Bank loans

202,000

-

Amounts falling due between one and two years:

Bank loans - 1-2 years

-

202,000

The loan facility is subject to an interest rate of 2.07% (margin) over the Bank of England Base rate.

Repayments are to be made in full 12 months after the date on which any amount of the loan is first drawn. The full amount of the loan remains undrawn at the year end.

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

as restated

£

£

Net obligations repayable:

Within one year

472,283

338,165

Between one and five years

715,292

872,908

1,187,575

1,211,073

Non-cancellable

operating leases

2025

2024

as restated

£

£

Within one year

19,000

-

Between one and five years

66,000

-

85,000

-

11.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

as restated

£

£

Bank loans

202,000

202,000

Hire purchase contracts

1,187,575

1,211,073

1,389,575

1,413,073

The company's bankers hold security by way of a fixed and floating charge over the undertaking of the company.

Hire purchase liabilities are secured by the assets to which the agreement relates, and are included within tangible fixed assets.

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Jones FCCA (Senior Statutory Auditor)

for and on behalf of Bevan Buckland LLP

13.	RELATED PARTY DISCLOSURES

Directors' Interests

During the year, the Company entered into transactions with entities in which a director has control, significant influence, or joint venture interest by virtue of their shareholding.

Transactions with Related Parties

The following transactions were carried out with related parties:

Description

2025 £

2024 £

Sales to related party

4,209

41,768

Purchases from related party

1,483,163

579,990

Year-End Balances

Amounts outstanding at the year-end arising from these transactions were:

Description

2025 £

2024 £

Amounts due from related party

306

-

Amounts owed to related party

(162,972

)

(130,668

)

All transactions were made on an arm's length basis and under normal commercial terms. No guarantees have been given or received in respect of these balances. The amounts are unsecured and will be settled in cash.

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G T J Griffiths.