Midland Waste Treatment Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 08191423

Midland Waste Treatment Limited

Filleted Unaudited Financial Statements

31 August 2019

Midland Waste Treatment Limited

Statement of Financial Position

31 August 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	5	59,592	88,039

Current assets

Debtors	6	176,831	1,037,922
Cash at bank and in hand		46,066	154,051
		---------	------------
		222,897	1,191,973

Creditors: amounts falling due within one year	7	61,817	968,100
		---------	------------
Net current assets		161,080	223,873
		---------	---------
Total assets less current liabilities		220,672	311,912

Provisions	6,973	15,847
	---------	---------
Net assets	213,699	296,065
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	213,599	295,965
	---------	---------
Shareholders funds	213,699	296,065
	---------	---------

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 statement of income and retained earnings has not been delivered.

For the year ending 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Midland Waste Treatment Limited

Statement of Financial Position (continued)

31 August 2019

These financial statements were approved by the board of directors and authorised for issue on 31 March 2020 , and are signed on behalf of the board by:

Mr D J Miller
Director

Company registration number: 08191423

Midland Waste Treatment Limited

Notes to the Financial Statements

Year ended 31 August 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 Colinton House, Leicester Road, Bedworth, Warwickshire, CV12 8AB, England. The principal activity of the company is collection, treatment and disposal of hazardous waste.

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.

Disclosure exemptions

The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no significant areas of judgement or estimate included in these accounts. Accounting estimates include depreciation, prepayments and accruals.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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:

Plant and machinery	-	Straight line - 2 years to 10 years
Fixtures and fittings	-	Straight line - 2 years

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2018: Nil).

Staff are not employed directly through the company. Payroll is run by an external company who is the employer of all staff. Costs going through the P&L in respect of wages are the fees paid for this service.

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 September 2018	147,515	3,217	150,732
Additions	2,000	–	2,000
	---------	-------	---------
At 31 August 2019	149,515	3,217	152,732
	---------	-------	---------
Depreciation
At 1 September 2018	60,063	2,630	62,693
Charge for the year	30,082	365	30,447
	---------	-------	---------
At 31 August 2019	90,145	2,995	93,140
	---------	-------	---------
Carrying amount
At 31 August 2019	59,370	222	59,592
	---------	-------	---------
At 31 August 2018	87,452	587	88,039
	---------	-------	---------

6. Debtors

	2019	2018
	£	£
Trade debtors	37,551	658,678
Other debtors	139,280	379,244
	---------	------------
	176,831	1,037,922
	---------	------------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	48,442	786,939
Corporation tax	11,995	12,151
Other creditors	1,380	169,010
	--------	---------
	61,817	968,100
	--------	---------

8. Related party transactions

During the year the company received office administration and consultancy services of £74,117 (2018: £52,680) from 4K Management Limited, a company owned and controlled by Mrs Carieanne Miller, the wife of Mr Daniel Miller. The outstanding balance due to 4K Management Limited at 31 August 2019 is £nil. Furthermore, a loan of £60,000 was written to AB Recycling Services Limited of which Mr D Miller is also a director.