Oakbank Waste Management Limited 31/03/2022 iXBRL

Oakbank Waste Management Limited 31/03/2022 iXBRL

OAKBANK WASTE MANAGEMENT LIMITED - Company Information

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47 31/03/2022 2022-03-31 true false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2020-11-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC460842 2020-11-01 2022-03-31 SC460842 2022-03-31 SC460842 2020-10-31 SC460842 2019-11-01 2020-10-31 SC460842 2020-10-31 SC460842 core:NetGoodwill 2020-11-01 2022-03-31 SC460842 core:PlantMachinery 2020-11-01 2022-03-31 SC460842 core:FurnitureFittingsToolsEquipment 2020-11-01 2022-03-31 SC460842 core:MotorVehicles 2020-11-01 2022-03-31 SC460842 core:OnerousContractsExcludingVacantProperties 2020-11-01 2022-03-31 SC460842 bus:RegisteredOffice 2020-11-01 2022-03-31 SC460842 bus:OrdinaryShareClass1 2020-11-01 2022-03-31 SC460842 bus:LeadAgentIfApplicable 2020-11-01 2022-03-31 SC460842 bus:Director1 2020-11-01 2022-03-31 SC460842 bus:Director2 2020-11-01 2022-03-31 SC460842 bus:Director3 2020-11-01 2022-03-31 SC460842 bus:Director4 2020-11-01 2022-03-31 SC460842 core:NetGoodwill 2020-10-31 SC460842 core:NetGoodwill 2022-03-31 SC460842 core:LandBuildings core:OwnedOrFreeholdAssets 2020-10-31 SC460842 core:PlantMachinery 2020-10-31 SC460842 core:FurnitureFittingsToolsEquipment 2020-10-31 SC460842 core:MotorVehicles 2020-10-31 SC460842 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 SC460842 core:PlantMachinery 2022-03-31 SC460842 core:FurnitureFittingsToolsEquipment 2022-03-31 SC460842 core:MotorVehicles 2022-03-31 SC460842 core:WithinOneYear 2022-03-31 SC460842 core:WithinOneYear 2020-10-31 SC460842 core:AfterOneYear 2022-03-31 SC460842 core:AfterOneYear 2020-10-31 SC460842 core:LandBuildings core:OwnedOrFreeholdAssets 2020-11-01 2022-03-31 SC460842 core:ShareCapital 2022-03-31 SC460842 core:ShareCapital 2020-10-31 SC460842 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC460842 core:RetainedEarningsAccumulatedLosses 2020-10-31 SC460842 bus:OrdinaryShareClass1 core:ShareCapital 2022-03-31 SC460842 bus:OrdinaryShareClass1 core:ShareCapital 2020-10-31 SC460842 core:NetGoodwill 2020-10-31 SC460842 core:LandBuildings core:OwnedOrFreeholdAssets 2020-10-31 SC460842 core:PlantMachinery 2020-10-31 SC460842 core:FurnitureFittingsToolsEquipment 2020-10-31 SC460842 core:MotorVehicles 2020-10-31 SC460842 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2022-03-31 SC460842 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2022-03-31 SC460842 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2020-10-31 SC460842 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2020-10-31 SC460842 bus:SmallEntities 2020-11-01 2022-03-31 SC460842 bus:AuditExemptWithAccountantsReport 2020-11-01 2022-03-31 SC460842 bus:FullAccounts 2020-11-01 2022-03-31 SC460842 bus:SmallCompaniesRegimeForAccounts 2020-11-01 2022-03-31 SC460842 bus:PrivateLimitedCompanyLtd 2020-11-01 2022-03-31 SC460842 core:ComputerEquipment 2020-11-01 2022-03-31 SC460842 core:ComputerEquipment 2020-10-31 SC460842 core:ComputerEquipment 2022-03-31 SC460842 core:OtherRelatedParties 2020-11-01 2022-03-31 SC460842 1 2020-11-01 2022-03-31
Company registration number: SC460842
Oakbank Waste Management Limited
Unaudited filleted financial statements
31 March 2022
Contents
Directors and other information
Accountants report
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
Accountants Carson & Trotter
123 Irish Street
Dumfries
DG1 2PE
Oakbank Waste Management Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Oakbank Waste Management Limited
Period ended 31st March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Oakbank Waste Management Limited for the period ended 31st March 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Oakbank Waste Management Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Oakbank Waste Management Limited and state those matters that we have agreed to state to the board of directors of Oakbank Waste Management Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Oakbank Waste Management Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Oakbank Waste Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Oakbank Waste Management Limited. You consider that Oakbank Waste Management Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Oakbank Waste Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carson & Trotter
Chartered Accountants
123 Irish Street
Dumfries
DG1 2PE
23rd December 2022
Oakbank Waste Management Limited
Statement of financial position
31st March 2022
31/03/22 31/10/20
Note £ £ £ £
Fixed assets
Intangible assets 5 45,800 56,000
Tangible assets 6 3,223,405 3,252,202
_______ _______
3,269,205 3,308,202
Current assets
Stocks 80,541 12,641
Debtors 7 1,635,425 1,516,342
Cash at bank and in hand 245,915 334,874
_______ _______
1,961,881 1,863,857
Creditors: amounts falling due
within one year 8 ( 1,715,631) ( 2,211,644)
_______ _______
Net current assets/(liabilities) 246,250 ( 347,787)
_______ _______
Total assets less current liabilities 3,515,455 2,960,415
Creditors: amounts falling due
after more than one year 9 ( 436,528) ( 407,387)
Provisions for liabilities ( 487,920) ( 353,140)
_______ _______
Net assets 2,591,007 2,199,888
_______ _______
Capital and reserves
Called up share capital 10 1 1
Profit and loss account 2,591,006 2,199,887
_______ _______
Shareholders funds 2,591,007 2,199,888
_______ _______
For the period ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of 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 23 December 2022 , 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
Period ended 31st March 2022
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.
Going concern
The directors have, at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the forseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
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:
Goodwill - 10 % straight line
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. 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property - no depreciation charged
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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 period amounted to 47 (2020: 44 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1st November 2020 and 31st March 2022 80,000 80,000
_______ _______
Amortisation
At 1st November 2020 24,000 24,000
Charge for the period 10,200 10,200
_______ _______
At 31st March 2022 34,200 34,200
_______ _______
Carrying amount
At 31st March 2022 45,800 45,800
_______ _______
At 31st October 2020 56,000 56,000
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Computers and software Total
£ £ £ £ £ £
Cost
At 1st November 2020 350,000 3,426,279 51,500 964,468 64,610 4,856,857
Additions 397,597 738,507 - - - 1,136,104
Disposals - ( 519,340) - - - ( 519,340)
_______ _______ _______ _______ _______ _______
At 31st March 2022 747,597 3,645,446 51,500 964,468 64,610 5,473,621
_______ _______ _______ _______ _______ _______
Depreciation
At 1st November 2020 - 1,117,383 28,326 421,490 37,457 1,604,656
Charge for the year - 632,836 6,180 144,794 7,241 791,051
Disposals - ( 145,491) - - - ( 145,491)
_______ _______ _______ _______ _______ _______
At 31st March 2022 - 1,604,728 34,506 566,284 44,698 2,250,216
_______ _______ _______ _______ _______ _______
Carrying amount
At 31st March 2022 747,597 2,040,718 16,994 398,184 19,912 3,223,405
_______ _______ _______ _______ _______ _______
At 31st October 2020 350,000 2,308,896 23,174 542,978 27,153 3,252,201
_______ _______ _______ _______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery Motor vehicles
£ £
At 31st March 2022 949,347 119,919
_______ _______
At 31st October 2020 1,763,043 260,132
_______ _______
7. Debtors
31/03/22 31/10/20
£ £
Trade debtors 1,282,167 1,044,112
Other debtors 353,258 472,230
_______ _______
1,635,425 1,516,342
_______ _______
8. Creditors: amounts falling due within one year
31/03/22 31/10/20
£ £
Bank loans and overdrafts 51,343 39,996
Trade creditors 1,010,276 1,289,245
Corporation tax 12,341 -
Social security and other taxes 99,241 284,631
Other creditors 542,430 597,772
_______ _______
1,715,631 2,211,644
_______ _______
9. Creditors: amounts falling due after more than one year
31/03/22 31/10/20
£ £
Other creditors 436,528 407,387
_______ _______
10. Called up share capital
Issued, called up and fully paid
31/03/22 31/10/20
No £ No £
Ordinary shares of £ 0.01 each 100 1 100 1
_______ _______ _______ _______
11. Related party transactions
During the period, the company made sales of £838,163 (2020 - £1,141,872) to connected businesses and purchases from the same of £775,963 (2020 - £571,008), with a total balance remaining due to the companies at the period end of £503,873 (2020 - £217,971).The directors had amounts owing to the company at the period end of £302,637 (2020 - £262,542).There were no dividends paid during the period.
12. Controlling party
The company is under the control of the directors .