Oakbank Waste Management Limited 31/10/2019 iXBRL

OAKBANK WASTE MANAGEMENT LIMITED - Company Information

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Company registration number: SC460842

Oakbank Waste Management Limited

Trading as Oakbank Waste Management Limited

Filleted financial statements

31 October 2019

Oakbank Waste Management Limited

Contents

Directors and other information

Directors responsibilities statement

Statement of financial position

Notes to the financial statements

Oakbank Waste Management Limited

Directors and other information


	Directors	Mr David C. Bogie
		Mrs Fiona A. Bogie
		Mr John D. Bogie
		Mr Stephen J. Bogie


	Company number	SC460842


	Registered office	Mosspark
		Annan Road
		Dumfries
		DG1 4PH


	Business address	Mosspark
		Annan Road
		Dumfries
		DG1 4PH


	Auditor	Carson & Trotter
		123 Irish Street
		Dumfries
		DG1 2PE

Oakbank Waste Management Limited

Directors responsibilities statement

Year ended 31st October 2019

The directors are responsible for preparing 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 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 profit or loss of the company for that period.

In preparing these 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; and

- 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's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Oakbank Waste Management Limited

Statement of financial position

31st October 2019

		2019		2018
	Note	£	£	£	£

Fixed assets
Intangible assets	5	64,000		72,000
Tangible assets	6	2,593,989		2,171,385
		_______		_______
			2,657,989		2,243,385

Current assets
Stocks		9,625		37,500
Debtors	7	1,449,024		1,321,626
Cash at bank and in hand		318,244		117,388
		_______		_______
		1,776,893		1,476,514
Creditors: amounts falling due
within one year	8	( 1,880,058)		( 1,483,246)
		_______		_______
Net current liabilities			( 103,165)		( 6,732)
			_______		_______
Total assets less current liabilities			2,554,824		2,236,653

Creditors: amounts falling due
after more than one year	9		( 573,473)		( 607,019)

Provisions for liabilities			( 278,946)		( 136,999)

			_______		_______
Net assets			1,702,405		1,492,635
			_______		_______

Capital and reserves
Called up share capital	10		1		1
Profit and loss account			1,702,404		1,492,634
			_______		_______
Shareholders funds			1,702,405		1,492,635
			_______		_______

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.

These financial statements were approved by the board of directors and authorised for issue on 27 October 2020 , and are signed on behalf of the board by:

Mr Stephen J. Bogie

Director

Company registration number: SC460842

Oakbank Waste Management Limited

Notes to the financial statements

Year ended 31st October 2019

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Mosspark, Annan Road, Dumfries, DG1 4PH.

2. Statement of compliance

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

Turnover

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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	-	20 %	reducing balance
Fittings fixtures and equipment	-	20 %	reducing balance
Motor vehicles	-	20 %	reducing balance
Computers & software	-	20 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

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. 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 are 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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

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 in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 42 (2018: 42 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1st November 2018 and 31st October 2019	80,000	80,000
	_______	_______
Amortisation
At 1st November 2018	8,000	8,000
Charge for the year	8,000	8,000
	_______	_______
At 31st October 2019	16,000	16,000
	_______	_______
Carrying amount
At 31st October 2019	64,000	64,000
	_______	_______
At 31st October 2018	72,000	72,000
	_______	_______

6. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Computers and software	Total
	£	£	£	£	£
Cost
At 1st November 2018	2,024,179	51,500	686,053	64,610	2,826,342
Additions	960,724	-	215,165	-	1,175,889
Disposals	( 351,160)	-	-	-	( 351,160)
	_______	_______	_______	_______	_______
At 31st October 2019	2,633,743	51,500	901,218	64,610	3,651,071
	_______	_______	_______	_______	_______
Depreciation
At 1st November 2018	431,138	15,291	186,345	22,183	654,957
Charge for the year	355,984	7,242	110,700	8,486	482,412
Disposals	( 80,287)	-	-	-	( 80,287)
	_______	_______	_______	_______	_______
At 31st October 2019	706,835	22,533	297,045	30,669	1,057,082
	_______	_______	_______	_______	_______
Carrying amount
At 31st October 2019	1,926,908	28,967	604,173	33,941	2,593,989
	_______	_______	_______	_______	_______
At 31st October 2018	1,593,041	36,209	499,708	42,427	2,171,385
	_______	_______	_______	_______	_______

7. Debtors

	2019	2018
	£	£
Trade debtors	1,135,446	833,257
Other debtors	313,578	488,369
	_______	_______
	1,449,024	1,321,626
	_______	_______

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	701,090	702,441
Corporation tax	-	80,639
Social security and other taxes	30,834	149,041
Other creditors	1,148,134	551,125
	_______	_______
	1,880,058	1,483,246
	_______	_______

9. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	573,473	607,019
	_______	_______

10. Called up share capital

Issued, called up and fully paid

	2019		2018
	No	£	No	£
Ordinary shares of £ 0.01 each	100	1	100	1
	_______	_______	_______	_______

11. Summary audit opinion

The auditor's report for the year dated 27 October 2020 was unqualified.

The senior statutory auditor was Linda Brannock BA CA for and on behalf of Carson & Trotter

12. Related party transactions

During the year, the company made sales of £1,600,391 to connected businesses and purchases from the same of £671,631, with a total balance remaining due to the companies at the year end of £51,687.The directors had amounts owing to the company at the year end of £296,060, this was repaid to the company within 9 months of the year end.There were no dividends paid during the year.

13. Controlling party

The company is under the control of the directors.

14. Post Balance Sheet Events

Subsequent to the year end, there has been an outbreak of Coronavirus which has developed into a global pandemic. At this stage the directors have assessed the impact this may have on the company and although there is a high level of uncertainty about the extent and the timeframe of the virus on the global economy, they believe the company is strongly positioned to handle any downturn that may occur in the sector the company operates in.