Welland Waste Management Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 05685884 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Welland Waste Management Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R J Clarke

Mr J I Clarke

SECRETARY:

Mrs N Clarke

REGISTERED OFFICE:

Pebble Hall

Theddingworth

Lutterworth

Leicestershire

LE17 6NJ

REGISTERED NUMBER:

05685884 (England and Wales)

ACCOUNTANTS:

Richard Clarke & Co (At Your Service) Ltd

Unit 3, Mobbs Miller House

Christchurch Road

Northampton

Northamptonshire

NN1 5LL

FIXED ASSETS

Tangible assets

4

5,068,334

5,154,989

CURRENT ASSETS

Debtors

5

981,746

640,793

Investments

6

165

165

Cash at bank

401,130

161,770

1,383,041

802,728

CREDITORS

Amounts falling due within one year

7

1,757,460

1,611,933

NET CURRENT LIABILITIES

(374,419

)

(809,205

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,693,915

4,345,784

CREDITORS

Amounts falling due after more than one year

8

(1,429,520

)

(1,476,274

)

PROVISIONS FOR LIABILITIES

(338,804

)

(276,011

)

NET ASSETS

2,925,591

2,593,499

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,925,491

2,593,399

2,925,591

2,593,499

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2022 and were signed on its behalf by:

Mr J I Clarke - Director

Mr R J Clarke - Director

1.	STATUTORY INFORMATION

Welland Waste Management Limited 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Land and buildings

-

10% on cost and 4% on cost

Plant and machinery etc

-

25% on reducing balance, 15% on reducing balance, 10% on cost and 5% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2021 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Short

leasehold

property

Plant and

Compost

improvements

machinery

clamps

£

£

£

Cost

At 1 April 2021

3,372,204

4,243,625

271,343

Additions

4,000

915,915

-

Disposals

-

(439,739

)

-

At 31 March 2022

3,376,204

4,719,801

271,343

Depreciation

At 1 April 2021

680,688

2,031,665

179,393

Charge for year

158,976

489,960

13,567

Eliminated on disposal

-

(190,287

)

-

At 31 March 2022

839,664

2,331,338

192,960

Net book value

At 31 March 2022

2,536,540

2,388,463

78,383

At 31 March 2021

2,691,516

2,211,960

91,950

Motor

Office

vehicles

equipment

Totals

£

£

£

Cost

At 1 April 2021

222,800

20,107

8,130,079

Additions

24,000

2,421

946,336

Disposals

(146,500

)

(526

)

(586,765

)

At 31 March 2022

100,300

22,002

8,489,650

Depreciation

At 1 April 2021

74,646

8,698

2,975,090

Charge for year

18,470

3,870

684,843

Eliminated on disposal

(48,225

)

(105

)

(238,617

)

At 31 March 2022

44,891

12,463

3,421,316

Net book value

At 31 March 2022

55,409

9,539

5,068,334

At 31 March 2021

148,154

11,409

5,154,989

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 2021

2,991,128

142,000

3,133,128

Additions

856,990

-

856,990

Disposals

(310,345

)

(142,000

)

(452,345

)

At 31 March 2022

3,537,773

-

3,537,773

Depreciation

At 1 April 2021

1,134,102

47,100

1,181,202

Charge for year

411,958

-

411,958

Eliminated on disposal

(153,744

)

(47,100

)

(200,844

)

At 31 March 2022

1,392,316

-

1,392,316

Net book value

At 31 March 2022

2,145,457

-

2,145,457

At 31 March 2021

1,857,026

94,900

1,951,926

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

644,805

298,004

Other debtors

336,941

342,789

981,746

640,793

6.	CURRENT ASSET INVESTMENTS

2022

2021

£

£

Unlisted investments

165

165

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

214,911

17,600

Hire purchase contracts

442,538

293,960

Trade creditors

247,494

167,890

Taxation and social security

112,834

40,741

Other creditors

739,683

1,091,742

1,757,460

1,611,933

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

573,096

894,400

Hire purchase contracts

856,424

581,874

1,429,520

1,476,274

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

788,007

912,000

Hire purchase contracts

1,298,962

875,834

2,086,969

1,787,834

Bank borrowings are secured by a fixed and floating charge over the assets of the company, and by way of personal security given by the company's directors. Hire purchase liabilities are secured against the assets to which they relate.

10.	CONTINGENT LIABILITIES

FEEDSTOCK SUPPLY AGREEMENT

Taking effect from February 2017, the company committed under the terms of a feedstock supply agreement entered into with Welland Bio Power Limited to supply 72,000 metric tonnes per annum of waste timber into a waste-to-energy production plant for a period of 5 years. Hence the feedstock supply agreement was set to end in February 2022. However, at the date of the directors approving these financial statements, the feedstock supply agreement had (by mutual agreement between the parties) been extended beyond February 2022 and is expected to subsist until the terms of an updated feedstock supply agreement can be agreed. As a result of this extension, the company continues to guarantee its commitment by providing Welland Bio Power Limited with an on-demand bond in the amount of £1,000,000. At the date of approving these financial statements the directors have no reason to believe that they will not be able to continue to honour this feedstock supply agreement.