Griffiths Waste Solutions (GWS) Limited Company Accounts

GRIFFITHS WASTE SOLUTIONS (GWS) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 9052104

Griffiths Waste Solutions (GWS) Limited

Filleted Unaudited Financial Statements

31 May 2017

Griffiths Waste Solutions (GWS) Limited

Financial Statements

Year ended 31 May 2017

Contents	Pages

Officers and professional advisers	1

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	4 to 7

Griffiths Waste Solutions (GWS) Limited

Officers and Professional Advisers

Director	Mr M N Griffiths

Registered office	Pendell Buildings
	Withybush Industrial Estate
	Withybush
	Haverfordwest
	Pembrokeshire
	SA62 4BW

Accountants	Evens & Co Ltd
	Chartered Accountants
	Hamilton House
	Hamilton Terrace
	Milford Haven
	Pembrokeshire
	SA73 3JP

Griffiths Waste Solutions (GWS) Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Griffiths Waste Solutions (GWS) Limited

Year ended 31 May 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Griffiths Waste Solutions (GWS) Limited for the year ended 31 May 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Griffiths Waste Solutions (GWS) Limited in accordance with the terms of our engagement letter dated 28 February 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Griffiths Waste Solutions (GWS) Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Griffiths Waste Solutions (GWS) Limited and its director for our work or for this report.

It is your duty to ensure that Griffiths Waste Solutions (GWS) 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 loss of Griffiths Waste Solutions (GWS) Limited. You consider that Griffiths Waste Solutions (GWS) Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Griffiths Waste Solutions (GWS) 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.

Evens & Co Ltd Chartered Accountants

Hamilton House Hamilton Terrace Milford Haven Pembrokeshire SA73 3JP

28 February 2018

Griffiths Waste Solutions (GWS) Limited

Statement of Financial Position

31 May 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	6	81,982	109,310

Current assets

Debtors	7	116,869	170,368
Cash at bank and in hand		–	27,123
		---------	---------
		116,869	197,491

Creditors: amounts falling due within one year	8	( 190,002)	( 203,950)
		---------	---------
Net current liabilities		( 73,133)	( 6,459)
		--------	---------
Total assets less current liabilities		8,849	102,851

Creditors: amounts falling due after more than one year	9	( 32,608)	( 51,015)

Provisions

Taxation including deferred tax	10	( 4,146)	( 21,862)
		--------	---------
Net (liabilities)/assets		( 27,905)	29,974
		--------	---------

Capital and reserves

Called up share capital	12	1	1
Profit and loss account		( 27,906)	29,973
		--------	--------
Shareholder (deficit)/funds		( 27,905)	29,974
		--------	--------

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 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has 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 .

These financial statements were approved by the board of directors and authorised for issue on 28 February 2018 , and are signed on behalf of the board by:

Mr M N Griffiths
Director

Company registration number: 9052104

Griffiths Waste Solutions (GWS) Limited

Notes to the Financial Statements

Year ended 31 May 2017

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Pendell Buildings, Withybush Industrial Estate, Withybush, Haverfordwest, Pembrokeshire, SA62 4BW.

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. The company is dependent upon the directors and associated companies for financial support. The board has received appropriate assurance from its directors and associated companies that they will continue to provide financial support to the company for the foreseeable future to enable it to meet its liabilities as they fall due. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 14.

Revenue recognition

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 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 & Machinery	-	25% on a reducing balance basis
Office Equipment	-	25% on a reducing balance basis

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the 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 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. Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. Tax on (loss)/profit

Major components of tax (income)/expense

	2017	2016
	£	£

Current tax:

Adjustments in respect of prior periods	–	( 7,665)

Deferred tax:

Origination and reversal of timing differences	( 17,716)	9,113
	--------	-------
Tax on (loss)/profit	( 17,716)	1,448
	--------	-------

6. Tangible assets

	Plant & Machinery	Office Equipment	Total
	£	£	£
Cost
At 1 June 2016 and 31 May 2017	165,130	1,865	166,995
	---------	-------	---------
Depreciation
At 1 June 2016	56,869	816	57,685
Charge for the year	27,066	262	27,328
	---------	-------	---------
At 31 May 2017	83,935	1,078	85,013
	---------	-------	---------
Carrying amount
At 31 May 2017	81,195	787	81,982
	---------	-------	---------
At 31 May 2016	108,261	1,049	109,310
	---------	-------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant & Machinery
	£
At 31 May 2017	37,688
	--------
At 31 May 2016	87,375
	--------

7. Debtors

	2017	2016
	£	£
Trade debtors	107,250	91,303
Other debtors	9,619	79,065
	---------	---------
	116,869	170,368
	---------	---------

Included in other debtors is an amount of £nil (2016 - £nil) falling due after more than one year.

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts (secured)	15,377	–
Trade creditors	59,191	34,336
Hire purchase creditor (secured)	15,075	37,075
Social security and other taxes	5,514	612
Other creditors	94,845	131,927
	---------	---------
	190,002	203,950
	---------	---------

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

	2017	2016
	£	£
Hire purchase creditor (secured)	22,613	37,688
Other creditors	9,995	13,327
	--------	--------
	32,608	51,015
	--------	--------

10. Provisions

	Deferred tax (note 11)
	£
At 1 June 2016 and 31 May 2017	4,146
	-------

11. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2017	2016
	£	£
Included in provisions (note 10)	4,146	21,862
	-------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2017	2016
	£	£
Accelerated capital allowances	15,576	21,862
Unused tax losses	( 11,430)	–
	--------	--------
	4,146	21,862
	--------	--------

12. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----

13. Related party transactions

The company was under the control of Mr M N Griffiths throughout the current and previous year. Mr M N Griffiths is the managing director and majority shareholder. During the year the company made sales of £nil (2016 - £70,000) to Griffiths Incorporated Ltd, a company in which Mr M N Griffiths is materially interested as director and shareholder. At the year end date the balance owed from Griffiths Incorporated Ltd to the Company was £47,494 (2016 - £548 owed to Griffiths Incorporated).

14. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 June 2015.

No transitional adjustments were required in equity or profit or loss for the year.