S.W.S. Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 00907260

S.W.S. Limited

Filleted Financial Statements

31 March 2019

S.W.S. Limited

Balance Sheet

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		–	90,088

Current assets

Debtors	6	344,264	342,496
Cash at bank and in hand		1,286	–
		---------	---------
		345,550	342,496

Creditors: amounts falling due within one year	7	( 357,433)		( 337,004)
		---------		---------
Net current (liabilities)/assets			( 11,883)	5,492
			--------	--------
Total assets less current liabilities			( 11,883)	95,580

Provisions

Other provisions	8	( 131,428)	( 131,730)
		---------	---------
Net liabilities		( 143,311)	( 36,150)
		---------	---------

Capital and reserves

Called up share capital	9	2,000	2,000
Profit and loss account	10	( 145,311)	( 38,150)
		---------	--------
Shareholders deficit		( 143,311)	( 36,150)
		---------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 19 December 2019 , and are signed on behalf of the board by:

M E Betts Director

Company registration number: 00907260

S.W.S. Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Former BSC Power Station, Thomlinson Road, Hartlepool, TS25 1NS.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company has the support of its immediate parent company which will allow it to meet its obligations for the foreseeable future.

Landfill remediation costs

The company has a liability to make good, monitor and maintain its landfill site for a period of approximately 60 years. Provision is made for the estimated costs of capping and making good the landfill site and for the future post-closure costs of maintaining the site.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Niramax Holdings Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: No cash flow statement has been presented for the company.

Provisions

Provisions are uncertain in timing or amount, and are recognised when there is a present obligation as a result of a past event and the outflow of economic benefit is probable and can be estimated reliably. Judgement is involved in determining whether an obligation exists, and in estimating the probability, timing and amount of any outflows.

Provisions for legal proceedings and regulatory matters typically require a higher degree of judgement than other types of provisions. When matters of dispute are at an early stage, accounting judgements can be difficult because of the high degree of uncertainty associated with determining whether a present obligation exists as a result of a past event, estimating the probability of outflows and making estimates of the amount of any outflows that may arise. Management evaluate on an ongoing basis whether provisions should be recognised as well as their estimated amounts as matters progress through many stages of development, revising previous judgements and estimates as appropriate.

At more advanced stages, it is typically possible to make judgements and estimates around a better-defined set of possible outcomes, however, such judgements can be very difficult and the amount of any provision can be very sensitive to the assumptions used. There could be a wide range of possible outcomes for any pending legal proceedings, investigations or enquiries. As a result, it is often not practicable to quantify a range of possible outcomes for individual matters. Quantifying ranges of potential outcomes for these types of provisions is also not practicable because of the diverse nature and circumstances of such matters and the wide range of uncertainties involved.

Tangible assets

All fixed assets are recorded at cost less depreciation. Depreciation is not charged on freehold land.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Taxation on ordinary activities

Reconciliation of tax income

The tax assessed on the loss on ordinary activities for the year is higher than (2018: higher than) the standard rate of corporation tax in the UK of 19 % (2018: 19 %).

	2019	2018
	£	£
Loss on ordinary activities before taxation	( 107,161)	( 9,817)
	---------	-------
Loss on ordinary activities by rate of tax	( 20,361)	( 1,865)
Effect of expenses not deductible for tax purposes	17,117	–
Utilisation of tax losses	3,244	1,865
	---------	-------
Tax on loss	–	–
	---------	-------

5. Tangible assets

	Land and buildings
	£
Cost
At 1 April 2018 and 31 March 2019	90,088
	--------
Depreciation
At 1 April 2018	–
Impairment losses	90,088
	--------
At 31 March 2019	90,088
	--------
Carrying amount
At 31 March 2019	–
	--------
At 31 March 2018	90,088
	--------

The directors are of the opinion that the fair value of the land held by the company is nil due to its former use as a landfill site and the inability to sell the tangible fixed asset. Therefore the land has been fully impaired in these financial statements.

6. Debtors

	2019	2018
	£	£
Other debtors	344,264	342,496
	---------	---------

Other debtors are inclusive of an Environment Agency bond of £344,264 which exists to partially cover the landfill restoration expenditure for the closed landfill site in Hartlepool.

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	–	584
Amounts owed to group undertakings and undertakings in which the company has a participating interest	355,433	334,420
Other creditors	2,000	2,000
	---------	---------
	357,433	337,004
	---------	---------

8. Provisions

	Landfill remediation
	£
At 1 April 2018	131,730
Charge against provision	( 302)
	---------
At 31 March 2019	131,428
	---------

9. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	2,000	2,000	2,000	2,000
	-------	-------	-------	-------

10. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

11. Contingent liabilities

In the financial year, the directors have used an independent environmental consultant to value the remaining post-closure remediation obligations of the site. The independent valuation was £304,263 at March 2019. This valuation has not been agreed with the external regulator which has indicated a remediation obligation in excess of the company's provision. Following the independent valuation, the directors are of the opinion that the bond held along with the provision made to 31 March 2019 is sufficient to meet any future remediation obligations.

12. Summary audit opinion

The auditor's report for the year dated 19 December 2019 was unqualified.

The senior statutory auditor was Graeme Boagey BA FCA CTA , for and on behalf of Chipchase Manners .

13. Related party transactions

The company is party to a cross-guarantee and debenture between S.W.S. Limited , Niramax Group Limited, and Niramax Holdings Limited.

14. Controlling party

The ultimate parent undertaking is Niramax Holdings Limited, a company registered in England and Wales. There is no ultimate controlling party. Copies of the group financial statements, which include this company, can be obtained from Companies House.