West London Composting Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04014874 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

WEST LONDON COMPOSTING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M L Grundon

Mrs J S Grundon

SECRETARY:

Mrs J S Grundon

REGISTERED OFFICE:

39 The Metro Centre

Tolpits Lane

Watford

Hertfordshire

WD18 9SB

REGISTERED NUMBER:

04014874 (England and Wales)

ACCOUNTANTS:

Meades & Company Limited

39 The Metro Centre

Tolpits Lane

Watford

Hertfordshire

WD18 9SB

SOLICITORS:

Tubervilles

122 High Street

Uxbridge

Middlesex

UB34AL

FIXED ASSETS

Tangible assets

4

4,809,910

4,736,517

CURRENT ASSETS

Stocks

5

4,320

4,840

Debtors

6

531,587

583,973

Cash at bank

141,979

327,469

677,886

916,282

CREDITORS

Amounts falling due within one year

7

427,771

375,924

NET CURRENT ASSETS

250,115

540,358

TOTAL ASSETS LESS CURRENT LIABILITIES

5,060,025

5,276,875

CREDITORS

Amounts falling due after more than one year

8

(2,646,600

)

(2,765,940

)

PROVISIONS FOR LIABILITIES

12

(823,400

)

(485,863

)

ACCRUALS AND DEFERRED INCOME

13

(267,347

)

(296,291

)

NET ASSETS

1,322,678

1,728,781

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings non

distributable

14

1,757,398

2,143,168

Retained earnings

14

(434,722

)

(414,389

)

SHAREHOLDERS' FUNDS

1,322,678

1,728,781

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 25 September 2018 and were signed on its behalf by:

Mr M L Grundon - Director

1.	STATUTORY INFORMATION

West London Composting 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for the

sale of compost and greenwaste services, excluding discounts, rebates, value added tax

and other sales taxes.

Revenue from a contract to provide services is recognised in the period in which the

services are provided in accordance with the stage of completion of the contract.

Revenue for the sale of goods is recognised upon delivery.

Interest income is recognised using the effective interest method.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% on cost and 5% on cost

Fixtures and fittings

-

33.3% on cost

Motor vehicles

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

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

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.

Development grants

The development grants towards capital expenditure are released to the profit and loss

account over the expected useful life of the relevant fixed assets. The company did not

receive any additional development grants during the year ended 31 December 2017.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2016 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 January 2017

3,100,000

4,469,497

17,273

220,182

7,806,952

Additions

-

293,618

-

-

293,618

Disposals

-

(164,000

)

(2,998

)

-

(166,998

)

At 31 December 2017

3,100,000

4,599,115

14,275

220,182

7,933,572

DEPRECIATION

At 1 January 2017

-

2,839,924

10,329

220,182

3,070,435

Charge for year

-

215,518

3,034

-

218,552

Eliminated on disposal

-

(164,000

)

(1,325

)

-

(165,325

)

At 31 December 2017

-

2,891,442

12,038

220,182

3,123,662

NET BOOK VALUE

At 31 December 2017

3,100,000

1,707,673

2,237

-

4,809,910

At 31 December 2016

3,100,000

1,629,573

6,944

-

4,736,517

Cost or valuation at 31 December 2017 is represented by:

Fixtures

Short

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

Valuation in 2012

920,351

-

-

-

920,351

Cost

2,179,649

4,599,115

14,275

220,182

7,013,221

3,100,000

4,599,115

14,275

220,182

7,933,572

If land and buildings had not been revalued they would have been included at the

following historical cost:

2017

2016

£

£

Cost

2,179,649

2,179,649

Aggregate depreciation

2,027,806

1,910,574

Land and buildings were valued on an open market basis on 31 December 2017 by the company director

.

5.

STOCKS

2017

2016

£

£

Finished goods

4,320

4,840

6.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

136,371

182,499

LBH rates

107,009

110,119

Amounts owed by related company

83,867

89,854

Other debtors

122,890

122,890

Directors' current accounts

36,372

-

Corporation tax

-

36,139

Prepayments

14,445

9,172

500,954

550,673

Amounts falling due after more than one year:

G Grundon

19,633

22,300

KJ Grundon

11,000

11,000

30,633

33,300

Aggregate amounts

531,587

583,973

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts (see note 9)

233,460

233,340

Hire purchase contracts (see note 10)

28,530

-

Trade creditors

129,061

113,672

Social security and other taxes

7,733

7,411

VAT

6,632

10,248

Credit card

4,252

1,998

Directors' current accounts

-

9,255

Accrued expenses

18,103

-

427,771

375,924

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans (see note 9)

2,532,480

2,765,940

Hire purchase contracts (see note 10)

114,120

-

2,646,600

2,765,940

9.

LOANS

An analysis of the maturity of loans is given below:

2017

2016

£

£

Amounts falling due within one year or on demand:

Bank loans

233,460

233,340

Amounts falling due between one and two years:

Bank Loan

2,532,480

2,765,940

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2017

2016

£

£

Net obligations repayable:

Within one year

28,530

-

Between one and five years

114,120

-

142,650

-

Non-cancellable

operating leases

2017

2016

£

£

Within one year

79,571

47,736

Between one and five years

129,932

-

209,503

47,736

11.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

2,765,940

2,999,280

Hire purchase contracts

142,650

-

2,908,590

2,999,280

The bank loan is secured by a first legal charge over the land owned personally by the

director, Mr M L Grundon, and by way of a debenture that creates a fixed and floating

charge over the assets of the company.

12.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

823,400

485,863

Deferred

tax

£

Balance at 1 January 2017

485,863

Accelerated capital allowances

337,537

Balance at 31 December 2017

823,400

13.	ACCRUALS AND DEFERRED INCOME

The company has received financial assistance with buildings, plant and machinery. The

grant will be credited to the profit and loss account over the estimated useful life of the

relevant fixed assets.

The amount credited and recognised as income for the year amounted to £28,944 (2016:

£28,944).

14.

RESERVES

Retained

earnings

Retained

non

earnings

distributable

Totals

£

£

£

At 1 January 2017

(414,389

)

2,143,168

1,728,779

Deficit for the year

(20,333

)

(20,333

)

Deferred Tax Provision

-

(385,770

)

(385,770

)

At 31 December 2017

(434,722

)

1,757,398

1,322,676

15.	RELATED PARTY DISCLOSURES

The directors' current account balance included within debtors of £36,372 (2016: £9,255

included within creditors) has no fixed date for repayment, is repayable upon demand

and is non-interest bearing.