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REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 APRIL 2017 |
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FOR
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RESOURCES MANAGEMENT U.K. LIMITED |
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REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 APRIL 2017 |
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FOR
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RESOURCES MANAGEMENT U.K. LIMITED |
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RESOURCES MANAGEMENT U.K. LIMITED (REGISTERED NUMBER: 02046398)
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CONTENTS OF THE FINANCIAL STATEMENTS
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for the Year Ended 30 April 2017
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Page
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Company Information
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1
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Report of the Directors
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2
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Report of the Independent Auditors
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4
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Income Statement
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6
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Other Comprehensive Income
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7
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Balance Sheet
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8
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Statement of Changes in Equity
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9
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Notes to the Financial Statements
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10
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RESOURCES MANAGEMENT U.K. LIMITED
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COMPANY INFORMATION
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for the Year Ended 30 April 2017
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DIRECTORS:
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REGISTERED OFFICE:
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REGISTERED NUMBER:
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AUDITORS:
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Chartered Accountants
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Statutory Auditors
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The Coach House
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25 Rhosddu Road
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Wrexham
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LL11 1EB
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RESOURCES MANAGEMENT U.K. LIMITED (REGISTERED NUMBER: 02046398)
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REPORT OF THE DIRECTORS
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for the Year Ended 30 April 2017
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The directors present their report with the financial statements of the company for the year ended 30 April 2017.
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PRINCIPAL ACTIVITY
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The principal activity of the company in the year under review was that of the provision of waste |
management and disposal including the operation of a landfill site. |
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DIRECTORS
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The directors shown below have held office during the whole of the period from 1 May 2016 to the
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date of this report.
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STATEMENT OF DIRECTORS' RESPONSIBILITIES
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The directors are responsible for preparing 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
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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 or she ought to have taken as a director in order to make himself or |
herself aware of any relevant audit information and to establish that the company's auditors are |
aware of that information. |
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AUDITORS
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The auditors, McLintocks Partnership Limited, will be proposed for re-appointment at the
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forthcoming Annual General Meeting.
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RESOURCES MANAGEMENT U.K. LIMITED (REGISTERED NUMBER: 02046398)
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REPORT OF THE DIRECTORS
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for the Year Ended 30 April 2017
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act
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2006 relating to small companies.
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ON BEHALF OF THE BOARD:
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
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RESOURCES MANAGEMENT U.K. LIMITED
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We have audited the financial statements of Resources Management U.K. Limited for the year
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ended 30 April 2017 on pages six to seventeen. The financial reporting framework that has been
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applied in their preparation is applicable law and United Kingdom Accounting Standards (United
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Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102
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'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of
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Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to
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the company's members those matters we are required to state to them in a Report of the Auditors
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and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
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responsibility to anyone other than the company and the company's members as a body, for our
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audit work, for this report, or for the opinions we have formed.
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Respective responsibilities of directors and auditors
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Scope of the audit of the financial statements
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An audit involves obtaining evidence about the amounts and disclosures in the financial statements |
sufficient to give reasonable assurance that the financial statements are free from material |
misstatement, whether caused by fraud or error. This includes an assessment of: whether the |
accounting policies are appropriate to the company's circumstances and have been consistently |
applied and adequately disclosed; the reasonableness of significant accounting estimates made by |
the directors; and the overall presentation of the financial statements. In addition, we read all the |
financial and non-financial information in the Report of the Directors to identify material |
inconsistencies with the audited financial statements and to identify any information that is |
apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by |
us in the course of performing the audit. If we become aware of any apparent material |
misstatements or inconsistencies we consider the implications for our report. |
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Opinion on financial statements
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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 30 April 2017 and of its profit
for the year then ended; |
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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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Opinion on other matter prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of our audit, the information given in
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the Report of the Directors for the financial year for which the financial statements are prepared is
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consistent with the financial statements, and has been prepared in accordance with applicable
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legal requirements. In the light of the knowledge and understanding of the company and its
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environment, we have not identified any material misstatements in the Report of the Directors.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
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RESOURCES MANAGEMENT U.K. LIMITED
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Matters on which we are required to report by exception
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We have nothing to report in respect of the following matters where the Companies Act 2006
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requires us to report to you if, in our opinion:
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-
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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
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-
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the financial statements are not in agreement with the accounting records and returns; or
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-
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certain disclosures of directors' remuneration specified by law are not made; or
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-
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we have not received all the information and explanations we require for our audit; or
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-
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the directors were not entitled to 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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for and on behalf of
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Chartered Accountants
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Statutory Auditors
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The Coach House
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25 Rhosddu Road
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Wrexham
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LL11 1EB
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RESOURCES MANAGEMENT U.K. LIMITED (REGISTERED NUMBER: 02046398)
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INCOME STATEMENT
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for the Year Ended 30 April 2017
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2017
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2016
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Notes
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£
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£
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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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1,601,542
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706,797
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Other operating income
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OPERATING PROFIT
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4
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Interest payable and similar
expenses
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5
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PROFIT BEFORE TAXATION
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Tax on profit
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6
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PROFIT FOR THE FINANCIAL YEAR
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RESOURCES MANAGEMENT U.K. LIMITED (REGISTERED NUMBER: 02046398)
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OTHER COMPREHENSIVE INCOME
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for the Year Ended 30 April 2017
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2017
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2016
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Notes
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£
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£
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PROFIT FOR THE YEAR
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OTHER COMPREHENSIVE INCOME
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-
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-
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TOTAL COMPREHENSIVE INCOME
FOR THE YEAR
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RESOURCES MANAGEMENT U.K. LIMITED (REGISTERED NUMBER: 02046398)
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BALANCE SHEET
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30 April 2017
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2017
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2016
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Notes
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£
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£
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£
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£
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FIXED ASSETS
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Tangible assets
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7
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CURRENT ASSETS
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Stocks
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8
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Debtors
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9
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Cash at bank and in hand
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CREDITORS
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Amounts falling due within one year
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10
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NET CURRENT ASSETS
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TOTAL ASSETS LESS CURRENT
LIABILITIES
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CREDITORS
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Amounts falling due after more than
one year
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11
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(
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)
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(
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)
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PROVISIONS FOR LIABILITIES
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13
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(
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)
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(
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)
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NET ASSETS
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CAPITAL AND RESERVES
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Called up share capital
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14
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Retained earnings
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15
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SHAREHOLDERS' FUNDS
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The financial statements were approved by the Board of Directors on
signed on its behalf by:
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RESOURCES MANAGEMENT U.K. LIMITED (REGISTERED NUMBER: 02046398)
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STATEMENT OF CHANGES IN EQUITY
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for the Year Ended 30 April 2017
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Called up
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share
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Retained
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Total
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capital
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earnings
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equity
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£
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£
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£
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Balance at 1 May 2015
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Changes in equity
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Total comprehensive income
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-
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Balance at 30 April 2016
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Changes in equity
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Total comprehensive income
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-
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Balance at 30 April 2017
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RESOURCES MANAGEMENT U.K. LIMITED (REGISTERED NUMBER: 02046398)
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NOTES TO THE FINANCIAL STATEMENTS
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for the Year Ended 30 April 2017
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1.
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STATUTORY INFORMATION
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Resources Management U.K. Limited is a
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England and Wales. The company's registered number and registered office address can be
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found on the Company Information page.
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2.
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ACCOUNTING POLICIES
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Basis of preparing the financial statements
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The company has taken advantage of the following disclosure exemption in preparing these
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financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable
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in the UK and Republic of Ireland":
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•
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the requirements of Section 7 Statement of Cash Flows.
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Turnover
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Turnover is measured at the fair value of the consideration received or receivable, excluding
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discounts, rebates, value added tax and other sales taxes, but including landfill tax.
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Tangible fixed assets
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Land & Buildings - 15 years straight line allowing for residual value |
Landfill site - On the basis of voidspace used |
Plant & Machinery - 4-15 years straight line |
Fixtures & Fittings - 4-5 years straight line |
Motor Vehicles - 4-5 years straight line |
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Stocks
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Stocks are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
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Taxation
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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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RESOURCES MANAGEMENT U.K. LIMITED (REGISTERED NUMBER: 02046398)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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for the Year Ended 30 April 2017
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2.
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ACCOUNTING POLICIES - continued
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Deferred tax
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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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Research and development
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Expenditure on research and development is written off in the year in which it is incurred. |
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Equity and financial instruments
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Equity instruments issued by the company are recorded at the fair value of proceeds |
received, net of direct issue costs. Dividends payable on the equity instruments are |
recognised as liabilities once they are no longer at the discretion of the company. |
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The company has elected to apply for provisions of Section 'Basic Financial Instruments' and |
Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised when the company becomes party to the contractual |
provisions of the instrument. Financial assets and liabilities are offset, with the net amounts |
presented in the financial statements, when there is a legally enforceable right to set off the |
recognised amounts and there is an intention to settle on a net basis or to realise the asset |
and settle the liability simultaneously. |
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Hire purchase and leasing commitments
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Leases are classified as finance leases whenever the terms of the lease transfer
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substantially all the risks and rewards of ownership to the lessees. All other leases are
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classified as operating leases.
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Assets held under finance leases are recognised as assets at the lower of the assets fair
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value at the date of inception and the present value of the minimum lease payments. The
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related liability is included in the statement of financial position as a finance lease obligation.
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Lease payments are treated as consisting of capital and interest elements. The interest is
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charged to the income statement so as to produce a constant periodic rate of interest on the
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remaining balance of the liability.
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Rentals payable under operating leases, including any lease incentives received, are
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charged to income on a straight line basis over the term of the relevant lease except where
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another more systematic basis is more representative of the time pattern in which economic
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benefits from the lease asset are consumed.
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RESOURCES MANAGEMENT U.K. LIMITED (REGISTERED NUMBER: 02046398)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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for the Year Ended 30 April 2017
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2.
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ACCOUNTING POLICIES - continued
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Employee benefits, pension costs and other post-retirement benefits
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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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Basic financial assets
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Basic financial assets, which include trade and other debtors and cash and bank balances,
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are initially measured at transaction price including transaction costs and are subsequently
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carried at amortised cost using the effective interest method unless the arrangement
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constitutes a financing transaction, where the financial asset is measured at the present
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value of the future receipts discounted at a market rate of interest.
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Basic financial liabilities and classification
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Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow
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group companies and preference shares that are classified as debt, are initially recognised
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at transaction price unless the arrangement constitutes a financing transaction where the
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debt instrument is measured at the present value of the future payments discounted at a
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market rate of interest. Debt instruments are subsequently carried at amortised cost, using
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the effective interest rate method.
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Financial liabilities and equity instruments are classified according to the substance of the
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contractual arrangements entered into. An equity instrument is any contract that evidences a
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residual interest in the assets of the company after deducting all of its liabilities.
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Provisions
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Provisions are in place for environmental and landfill costs.
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Provisions for environmental and landfill costs include provisions associated with the closure
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and post closure of the landfill site. The company estimates its total future requirements for
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closure costs and for post closure monitoring and maintenance of the site after the
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anticipated closure.
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Provision is made for final capping, inspection and monitoring and the operating and
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maintenance costs to be incurred during the period after which the site closes.
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Post closure provisions have been shown at net present value. The current cost estimate
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has been inflated at 2.5% (2016: 2.5%) and discounted by 5.1% (2016: 5.1%). The
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unwinding of the discount element is shown in the financial statements as a financial item.
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The company provides for closure costs as the voidspace is used. In accordance with FRS
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102 Section 21 full provision has been made for the company's minimum unavoidable costs.
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3.
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EMPLOYEES AND DIRECTORS
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The average monthly number of persons (including directors) employed by the company
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during the year was 23 (2016: 18).
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RESOURCES MANAGEMENT U.K. LIMITED (REGISTERED NUMBER: 02046398)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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for the Year Ended 30 April 2017
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4.
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OPERATING PROFIT
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The operating profit is stated after charging:
|
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2017
|
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2016
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£ £
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Hire of plant and machinery
|
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75,425
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99,672
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Depreciation - owned assets
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303,328
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142,726
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Depreciation - assets under finance
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71,571
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34,176
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5.
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INTEREST PAYABLE AND SIMILAR EXPENSES
|
|
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2017
|
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2016
|
£
|
£
|
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|
Unwinding discount on other
|
|
provisions
|
|
|
|
|
|
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Interest on corporation tax
|
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|
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Hire purchase
|
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6.
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TAXATION
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|
|
Analysis of the tax charge
|
|
The tax charge on the profit for the year was as follows:
|
|
2017
|
|
2016
|
£
|
£
|
|
|
Current tax:
|
|
UK corporation tax
|
|
|
|
|
|
|
Corporation tax adjustment
|
|
for prior periods
|
3,252
|
|
3,095
|
|
|
|
Total current tax
|
|
|
|
|
|
|
|
Deferred tax
|
|
|
|
|
|
|
Tax on profit
|
|
|
|
|
|
RESOURCES MANAGEMENT U.K. LIMITED (REGISTERED NUMBER: 02046398)
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued
|
for the Year Ended 30 April 2017
|
|
|
7.
|
TANGIBLE FIXED ASSETS
|
|
Fixtures
|
|
|
Freehold
|
|
Plant and
|
|
and
|
|
Motor
|
|
|
property
|
|
machinery
|
|
fittings
|
|
vehicles
|
|
Totals
|
£
|
£
|
£
|
£
|
£
|
|
|
COST
|
|
At 1 May 2016
|
|
|
|
|
|
|
|
|
|
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|
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Additions
|
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|
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At 30 April 2017
|
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|
|
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DEPRECIATION
|
|
At 1 May 2016
|
|
|
|
|
|
|
|
|
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Charge for year
|
|
|
|
|
|
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At 30 April 2017
|
|
|
|
|
|
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NET BOOK VALUE
|
|
At 30 April 2017
|
|
|
|
|
|
|
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At 30 April 2016
|
|
|
|
|
|
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|
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The total net book value of assets under finance is £184,799. |
|
8.
|
STOCKS
|
2017
|
2016
|
|
£
|
£
|
|
|
Stocks
|
|
|
|
|
|
|
9.
|
DEBTORS
|
2017
|
2016
|
|
£
|
£
|
|
|
Amounts falling due within one year:
|
|
Trade debtors
|
|
|
|
|
|
|
Amounts due from group
|
|
undertakings
|
-
|
|
137,056
|
|
|
|
Other debtors
|
|
|
|
|
|
|
Directors' current accounts
|
101,527
|
|
-
|
|
|
|
Deferred tax asset
|
|
|
|
|
|
|
Prepayments
|
|
|
|
|
|
|
|
|
|
|
RESOURCES MANAGEMENT U.K. LIMITED (REGISTERED NUMBER: 02046398)
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued
|
for the Year Ended 30 April 2017
|
|
|
9.
|
DEBTORS - continued
|
2017
|
2016
|
|
£
|
£
|
|
|
Amounts falling due after more than one year:
|
|
Other debtors
|
|
|
|
|
|
|
|
Aggregate amounts
|
|
|
|
|
|
|
|
Deferred tax asset
|
2017
|
2016
|
|
£
|
£
|
|
|
Accelerated capital allowances
|
(
|
)
|
(
|
)
|
|
|
Other timing differences
|
107,698
|
|
112,171
|
|
|
|
|
|
|
|
|
10.
|
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
2017
|
2016
|
|
£
|
£
|
|
|
Hire purchase contracts (see note
12)
|
|
|
|
|
|
|
Trade creditors
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
Tax
|
|
|
|
|
|
|
Social security and other taxes
|
|
|
|
|
|
|
VAT
|
169,059
|
|
253,621
|
|
|
|
Other creditors
|
|
|
|
|
|
|
Accrued expenses
|
|
|
|
|
|
|
|
|
|
|
|
Hire purchase agreements are secured against the assets to which they relate. |
|
Resources Management U.K. Limited, Potter's Waste Management Limited and Sundorne |
Products (Llanidloes) Limited have provided joint bank guarantees over group bank loans. |
|
11.
|
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
|
|
2017
|
2016
|
|
£
|
£
|
|
|
Hire purchase contracts (see note
12)
|
|
|
|
|
|
RESOURCES MANAGEMENT U.K. LIMITED (REGISTERED NUMBER: 02046398)
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued
|
for the Year Ended 30 April 2017
|
|
|
11.
|
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
|
|
Hire purchase agreements are secured against the assets to which they relate. |
|
Bank loans are secured by way of first legal mortgage over freehold properties, debentures |
comprising fixed and floating charges over the company assets and cross company |
guarantees. |
|
12.
|
LEASING AGREEMENTS
|
|
|
Minimum lease payments under hire purchase fall due as follows:
|
|
2017
|
2016
|
|
£
|
£
|
|
|
Net obligations repayable:
|
|
Within one year
|
|
|
|
|
|
|
Between one and five years
|
|
|
|
|
|
|
|
|
|
|
|
13.
|
PROVISIONS FOR LIABILITIES
|
2017
|
2016
|
|
£
|
£
|
|
|
Other provisions
|
1,569,467
|
|
1,660,243
|
|
|
|
|
Deferred
|
|
Other
|
|
|
tax
|
|
provisions
|
|
£
|
£
|
|
|
Balance at 1 May 2016
|
(
|
)
|
|
|
|
|
Provided during year
|
|
|
(
|
)
|
|
|
Charge to Income Statement during year
|
|
|
|
|
|
|
Effect of change in tax rate
|
(5,698
|
)
|
-
|
|
|
|
Balance at 30 April 2017
|
(
|
)
|
|
|
|
|
Provision has been made for the closure and post closure costs in relation to the landfill site |
restoration and maintenance in accordance with the accounting policy set out in note 2. The |
company expects these costs to be incurred overt the next 65 years. |
|
14.
|
CALLED UP SHARE CAPITAL
|
|
|
Allotted, issued and fully paid:
|
|
Number:
|
Class:
|
Nominal
|
2017
|
2016
|
|
|
value:
|
£
|
£
|
|
|
|
Ordinary
|
£1
|
660
|
|
660
|
|
|
RESOURCES MANAGEMENT U.K. LIMITED (REGISTERED NUMBER: 02046398)
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued
|
for the Year Ended 30 April 2017
|
|
|
15.
|
RESERVES
|
|
Retained
|
|
earnings
|
£
|
|
|
|
At 1 May 2016
|
|
|
|
|
Profit for the year
|
|
|
|
|
At 30 April 2017
|
|
|
|
|
16.
|
PARENT COMPANY
|
|
The company is a 100% subsidiary of Potter's Waste Management Limited, a company |
registered in England and Wales which is wholly owned by Mr J Potter. The registered office |
is Potter House, Henfaes Lane, Welshpool, Powys, Wales SY21 7BE. The smallest and |
largest group of which Resources Management U.K. Limited is a member is headed by |
Potters Waste Management Limited. |
|
The ultimate controlling party is considered to be Mr J Potter, the shareholder of Potter's |
Waste Management Limited, as a result of controlling 100% of the issued share capital of |
Resources Management U.K. Limited. |
|
17.
|
RELATED PARTY DISCLOSURES
|
|
|
During the year, a total of key management personnel compensation of £42,205 was paid.
|
|
|
The company advanced an interest-free loan to Potter's Waste Management Limited, the
|
|
parent company, of £302,485 (2016: £94,305) in the year. The amount outstanding at the
|
|
year end was £439,542 (2016: £137,056).
|
|
|
During the period there were cost recharges of £120,000 (2016: £48,398) made from
|
|
Sundorne Products (Llanidloes) Limited, a 100% owned company by Potter's Waste
|
|
Management Limited. At the year end there was a balance outstanding of £201,916 owed to
|
|
Sundorne Products (Llanidloes) Limited (2016: £633,332).
|
|
|
Gwynt Cymru Limited is a 100% subsidiary of Potters GCL Limited, of which Mr J Potter and
|
|
Miss D Potter are directors and Mr J Potter is a controlling shareholder. The balance
|
|
outstanding at the year end was £930,341 (2016: £1,020,676).
|
|
|
During the year the amount of £101,527 was advanced to Mr J Potter in respect of the
|
|
director's loan account.
|