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REGISTERED NUMBER:
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TAURUS WASTE RECYCLING LIMITED |
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2018 |
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REGISTERED NUMBER:
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TAURUS WASTE RECYCLING LIMITED |
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2018 |
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TAURUS WASTE RECYCLING LIMITED (REGISTERED NUMBER: 01506942) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 October 2018 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Income Statement | 8 |
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Other Comprehensive Income | 9 |
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Balance Sheet | 10 |
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Statement of Changes in Equity | 11 |
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Cash Flow Statement | 12 |
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Notes to the Cash Flow Statement | 13 |
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Notes to the Financial Statements | 14 |
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TAURUS WASTE RECYCLING LIMITED |
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COMPANY INFORMATION |
for the year ended 31 October 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
and Statutory Auditors |
Station House |
Connaught Road |
Brookwood |
Woking |
Surrey |
GU24 0ER |
TAURUS WASTE RECYCLING LIMITED (REGISTERED NUMBER: 01506942) |
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STRATEGIC REPORT |
for the year ended 31 October 2018 |
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The directors present their strategic report for the year ended 31 October 2018. |
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REVIEW OF BUSINESS |
The financial year ended 31 October 2018 was considered a satisfactory period by the board, the business performance |
improved in relation to the previous year and significant progress was made in laying the operational foundations for |
continued sustainable growth in the future. |
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During the year operating profit increased by 188% to £317k (2017: £110k) with a 2.7% uplift in turnover to £7.9m (2017: |
£7.7m). The business continued in its efforts to improve its cash position with £199k generated in the year. |
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In 2019 the board will continue to focus on improving revenues and controlling costs. The renewal and upgrade of the main |
recycling plant at the Aldershot depot is planned to take place which will not only improve operational capacity, but also |
increase the variety of materials that are removed from the waste stream and further improve the company's recycling rate. |
An update to the company's primary software and website is also planned in order to further develop the potential for |
administrative efficiencies within the business and continue the growth of sales through the ecommerce platform. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
There are a number of potential risks and uncertainties going forward which may impact on the ability of the company to |
maximise its strategic potential. The primary concern is the continued uncertainty surrounding the UK's exit from the |
European Union. During the year the business sent a large proportion of its refuse derived fuel to European waste to energy |
plants and will be looking to renew contracts on improved terms in the coming year. However, the board are mindful of the |
uncertainty that Brexit has caused in relation to the continued availability of the European outlets and as such are actively |
seeking similar options in the UK. Indeed, some UK based opportunities for disposal have already been acquired for 2019. |
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The directors have reviewed the financial position of the company and form the view that it has sufficient liquidity and credit |
resources for its operational requirements. |
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ON BEHALF OF THE BOARD: |
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TAURUS WASTE RECYCLING LIMITED (REGISTERED NUMBER: 01506942) |
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REPORT OF THE DIRECTORS |
for the year ended 31 October 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 October 2018. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 October 2018. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2017 to the date of this report. |
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Other changes in directors holding office are as follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in |
accordance with applicable law and regulations. |
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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 of |
the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
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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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a |
director in order to make himself aware of any relevant audit information and to establish that the company's auditors are |
aware of that information. |
TAURUS WASTE RECYCLING LIMITED (REGISTERED NUMBER: 01506942) |
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REPORT OF THE DIRECTORS |
for the year ended 31 October 2018 |
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AUDITORS |
The auditors, HPCA Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TAURUS WASTE RECYCLING LIMITED |
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Opinion |
We have audited the financial statements of Taurus Waste Recycling Limited (the 'company') for the year ended |
31 October 2018 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of |
Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including |
a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is |
applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial |
Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting |
Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 October 2018 and of its profit for the year then
ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our |
responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial |
statements section of our report. We are independent of the company in accordance with the ethical requirements that are |
relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our |
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is |
sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you |
where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate;
or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant
doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly |
stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, |
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in |
the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material |
misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material |
misstatement of the other information. If, based on the work we have performed, we conclude that there is a material |
misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial
statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TAURUS WASTE RECYCLING LIMITED |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we |
have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we |
have not identified material misstatements in the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, |
in our opinion: |
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- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches |
not visited by us; or |
- the financial statements are not in agreement with the accounting records and returns; or |
- certain disclosures of directors' remuneration specified by law are not made; or |
- we have not received all the information and explanations we require for our audit; or |
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take |
advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report |
of the Directors. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for |
the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal |
control as the directors determine necessary to enable the preparation of financial statements that are free from material |
misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going |
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless |
the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material |
misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable |
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will |
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material |
if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on |
the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TAURUS WASTE RECYCLING LIMITED |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies |
Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are |
required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do |
not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit |
work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Chartered Accountants |
and Statutory Auditors |
Station House |
Connaught Road |
Brookwood |
Woking |
Surrey |
GU24 0ER |
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TAURUS WASTE RECYCLING LIMITED (REGISTERED NUMBER: 01506942) |
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INCOME STATEMENT |
for the year ended 31 October 2018 |
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2018 | 2017 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT | 4 |
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Exceptional item | 5 |
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187,750 | 110,199 |
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Interest payable and similar expenses | 6 |
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PROFIT/(LOSS) BEFORE TAXATION |
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( |
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Tax on profit/(loss) | 7 |
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( |
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PROFIT/(LOSS) FOR THE FINANCIAL
YEAR |
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( |
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TAURUS WASTE RECYCLING LIMITED (REGISTERED NUMBER: 01506942) |
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OTHER COMPREHENSIVE INCOME |
for the year ended 31 October 2018 |
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2018 | 2017 |
Notes | £ | £ |
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PROFIT/(LOSS) FOR THE YEAR |
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( |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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( |
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TAURUS WASTE RECYCLING LIMITED (REGISTERED NUMBER: 01506942) |
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BALANCE SHEET |
31 October 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
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Tangible assets | 9 |
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CURRENT ASSETS |
Stocks | 10 |
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Debtors | 11 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 13 | ( |
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PROVISIONS FOR LIABILITIES | 17 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 18 |
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Retained earnings | 19 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
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TAURUS WASTE RECYCLING LIMITED (REGISTERED NUMBER: 01506942) |
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STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 October 2018 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 November 2016 |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 31 October 2017 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 October 2018 |
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TAURUS WASTE RECYCLING LIMITED (REGISTERED NUMBER: 01506942) |
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CASH FLOW STATEMENT |
for the year ended 31 October 2018 |
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2018 | 2017 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
) | ( |
) |
Interest element of hire purchase and finance
lease rental payments paid |
( |
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( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
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Sale of tangible fixed assets |
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Net cash from investing activities | ( |
) | ( |
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Cash flows from financing activities |
Loan repayments in year | ( |
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) |
New HP loans in the year | 235,265 | 273,083 |
New FL loans in the year | 619,598 | 773,480 |
Capital repayments in year | ( |
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Net cash from financing activities |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of
year |
2 |
(22,034 |
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(297,285 |
) |
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Cash and cash equivalents at end of year | 2 | 177,236 | ( |
) |
TAURUS WASTE RECYCLING LIMITED (REGISTERED NUMBER: 01506942) |
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NOTES TO THE CASH FLOW STATEMENT |
for the year ended 31 October 2018 |
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1. |
RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
2018 | 2017 |
£ | £ |
Profit/(loss) before taxation |
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( |
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Depreciation charges |
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Loss on disposal of fixed assets |
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Amortisation of goodwill | 148,885 | 148,885 |
Finance costs | 133,367 | 131,941 |
967,454 | 815,055 |
(Increase)/decrease in stocks | ( |
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Increase in trade and other debtors | ( |
) | ( |
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Increase in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these |
Balance Sheet amounts: |
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Year ended 31 October 2018 |
31.10.18 | 1.11.17 |
£ | £ |
Cash and cash equivalents | 177,236 | 85,864 |
Bank overdrafts |
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( |
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177,236 | (22,034 | ) |
Year ended 31 October 2017 |
31.10.17 | 1.11.16 |
£ | £ |
Cash and cash equivalents | 85,864 | 120,382 |
Bank overdrafts | ( |
) | ( |
) |
(22,034 | ) | (297,285 | ) |
TAURUS WASTE RECYCLING LIMITED (REGISTERED NUMBER: 01506942) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 October 2018 |
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1. | STATUTORY INFORMATION |
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Taurus Waste Recycling Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Intangible fixed assets - goodwill |
Goodwill represents the excess of the purchase price over the fair value of the net assets acquired and is capitalised |
and written off evenly over its useful life. The directors review the carrying value of goodwill when they consider |
there have been events or changes in circumstances affecting the current recoverable amount. In these circumstances |
the value of goodwill is adjusted to its current value and written off over its useful life. An adjustment was made to |
the value of goodwill in 2011 following which the remaining balance is being amortised over seven years. |
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Other intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less |
any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property - 2% on cost |
Short leasehold - at varying rates on cost |
Plant and machinery - at varying rates on cost and at variable rates on reducing balance |
Motor vehicles - at varying rates on cost and at variable rates on reducing balance |
Computer equipment - 20% on cost and 20% on reducing balance |
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Stocks |
Stocks represent the value of fuel and unsorted waste held on sites and is valued at cost. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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TAURUS WASTE RECYCLING LIMITED (REGISTERED NUMBER: 01506942) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2018 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Leased assets and obligations |
Where assets are financed by leasing agreements that give rights approximating to ownership ('finance leases'), the |
assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum |
lease payments payable during the term of the lease. The corresponding leasing commitments are shown as |
obligations to the lessor. |
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Lease payments are treated as consisting of capital and interest elements, and the interest is charged to the profit and |
loss account as it is incurred. |
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All other leases are 'operating leases' and the annual rentals are charged to the profit and loss account on a straight |
line basis over the term of the lease. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
2018 | 2017 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2018 | 2017 |
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Administrative | 13 | 12 |
Maintenance | 2 | 2 |
Drivers | 26 | 27 |
Recycling operatives | 14 | 15 |
Directors | 5 | 5 |
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TAURUS WASTE RECYCLING LIMITED (REGISTERED NUMBER: 01506942) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2018 |
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3. | EMPLOYEES AND DIRECTORS - continued |
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Directors' retirement benefits during the year totalled £3,800 (2017: £2,400). |
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The number of directors to whom retirement benefits were accruing was 4 (2017: 4). |
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2018 | 2017 |
£ | £ |
Directors' remuneration | 318,512 | 303,625 |
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Information regarding the highest paid director is as follows: |
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2018 | 2017 |
£ | £ |
Emoluments etc | 75,777 | 70,935 |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
|
2018 | 2017 |
£ | £ |
Lease of plant and machinery |
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Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts and finance leases |
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Loss on disposal of fixed assets |
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Goodwill amortisation |
|
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Auditors' remuneration |
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5. | EXCEPTIONAL ITEM |
2018 | 2017 |
£ | £ |
Exceptional item | ( |
) |
|
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An exceptional item has been recognised in the year in relation to the impairment of an electricity generating item of |
plant, from which a key component was removed by the supplier for maintenance and never replaced. Despite legal |
attempts to recover the component and obtain compensation, it has now been accepted that the asset is impaired and |
will need significant investment to restore it to its intended use. |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2018 | 2017 |
£ | £ |
Bank interest |
|
|
Loan |
|
|
Hire purchase |
|
|
Finance lease interest |
|
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TAURUS WASTE RECYCLING LIMITED (REGISTERED NUMBER: 01506942) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2018 |
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7. | TAXATION |
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Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2018 | 2017 |
£ | £ |
Deferred tax |
|
( |
) |
Tax on profit/(loss) |
|
( |
) |
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Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
|
2018 | 2017 |
£ | £ |
Profit/(loss) before tax |
|
( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
|
|
( |
) |
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Effects of: |
Expenses not deductible for tax purposes |
|
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Depreciation in excess of capital allowances |
|
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Allowable goodwill amortisation | (28,288 | ) | (28,288 | ) |
Loss on sale of assets | 3,821 | 15,476 |
Balancing charges | 2,032 | 1,238 |
Allowable depreciation on finance lease assets | (35,604 | ) | (20,569 | ) |
Exceptional item | 24,633 | - |
Tax losses brought forward | (42,570 | ) | (18,974 | ) |
Deferred tax movement in accelerated capital allowances | (25,195 | ) | (20,810 | ) |
Deferred tax movement in tax losses | 42,570 | 18,974 |
Total tax charge/(credit) | 17,376 | (1,836 | ) |
TAURUS WASTE RECYCLING LIMITED (REGISTERED NUMBER: 01506942) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2018 |
|
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 November 2017 |
and 31 October 2018 |
|
AMORTISATION |
At 1 November 2017 |
|
Amortisation for year |
|
At 31 October 2018 |
|
NET BOOK VALUE |
At 31 October 2018 |
|
At 31 October 2017 |
|
|
9. | TANGIBLE FIXED ASSETS |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 November 2017 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) | ( |
) | ( |
) |
Impairments | - | - | (129,645 | ) |
At 31 October 2018 |
|
|
|
DEPRECIATION |
At 1 November 2017 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 October 2018 |
|
|
|
NET BOOK VALUE |
At 31 October 2018 |
|
|
|
At 31 October 2017 |
|
|
|
TAURUS WASTE RECYCLING LIMITED (REGISTERED NUMBER: 01506942) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2018 |
|
9. | TANGIBLE FIXED ASSETS - continued |
|
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 November 2017 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) | ( |
) | ( |
) |
Impairments | - | - | (129,645 | ) |
At 31 October 2018 |
|
|
|
DEPRECIATION |
At 1 November 2017 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 October 2018 |
|
|
|
NET BOOK VALUE |
At 31 October 2018 |
|
|
|
At 31 October 2017 |
|
|
|
|
Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 November 2017 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) | ( |
) |
Transfer to ownership | (109,950 | ) | - | (109,950 | ) |
At 31 October 2018 |
|
|
|
DEPRECIATION |
At 1 November 2017 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
Transfer to ownership | (69,635 | ) | - | (69,635 | ) |
At 31 October 2018 |
|
|
|
NET BOOK VALUE |
At 31 October 2018 |
|
|
|
At 31 October 2017 |
|
|
|
TAURUS WASTE RECYCLING LIMITED (REGISTERED NUMBER: 01506942) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2018 |
|
10. | STOCKS |
2018 | 2017 |
£ | £ |
Recycled materials |
|
|
Fuel | 25,534 | 14,452 |
|
|
|
11. | DEBTORS |
2018 | 2017 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
|
Amounts falling due after more than one year: |
Other debtors |
|
|
|
Aggregate amounts |
|
|
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts (see note 14) |
|
|
Other loans (see note 14) |
|
|
Hire purchase contracts and finance leases
(see note 15) |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
CT 61 | 560 | 18,791 |
Social security and other taxes |
|
|
VAT | 149,819 | 127,114 |
Other creditors |
|
|
Accrued expenses |
|
|
|
|
TAURUS WASTE RECYCLING LIMITED (REGISTERED NUMBER: 01506942) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2018 |
|
13. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Bank loans (see note 14) |
|
|
Other loans (see note 14) |
|
|
Hire purchase contracts and finance leases
(see note 15) |
|
|
|
|
|
14. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2018 | 2017 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
Bank loans |
|
|
Other loans |
|
|
|
|
|
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
|
|
Directors' loan accounts | 232,000 | 244,500 |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
TAURUS WASTE RECYCLING LIMITED (REGISTERED NUMBER: 01506942) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2018 |
|
15. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts | Finance leases |
2018 | 2017 | 2018 | 2017 |
£ | £ | £ | £ |
Gross obligations repayable: |
Within one year |
|
|
|
|
Between one and five years |
|
|
|
|
|
|
|
|
|
Finance charges repayable: |
Within one year |
|
|
|
|
Between one and five years |
|
|
|
|
|
|
|
|
|
Net obligations repayable: |
Within one year |
|
|
|
|
Between one and five years |
|
|
|
|
|
|
|
|
|
Non-cancellable operating |
leases |
2018 | 2017 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
|
16. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2018 | 2017 |
£ | £ |
Bank overdraft |
|
|
Bank loans |
|
|
Hire purchase contracts and finance leases | 1,776,356 | 1,546,355 |
|
|
|
The bank loans and overdraft are secured by fixed and floating charges over the group's land and buildings and other |
assets. Obligations under hire purchase contracts are secured on the related asset. |
TAURUS WASTE RECYCLING LIMITED (REGISTERED NUMBER: 01506942) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2018 |
|
17. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
|
|
Tax losses carried forward | ( |
) | ( |
) |
218,426 | 201,050 |
|
Deferred |
tax |
£ |
Balance at 1 November 2017 |
|
Timing differences | (25,194 | ) |
Tax losses | 42,570 |
Balance at 31 October 2018 |
|
|
18. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
|
Ordinary | £1 | 100 | 100 |
|
19. | RESERVES |
Retained |
earnings |
£ |
|
At 1 November 2017 |
|
Profit for the year |
|
At 31 October 2018 |
|
|
20. | ULTIMATE PARENT COMPANY |
|
The company considers its ultimate parent company to be Taurus Waste Recycling (Holdings) Limited, incorporated |
in England. |
|
21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
A director has loaned the company £132,000 (2017: £132,000). A director had loaned the company £12,500 which |
was fully repaid during the year. The loans are shown in the accounts under creditors falling due after one year. |
|
A director has loaned the company £100,000 (2017: £100,000). Interest is payable on the loan at a commercial rate. |
The loan is shown in the accounts under creditors falling due after one year. |