REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 March 2022 |
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M. & M. SKIP HIRE LIMITED |
REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 March 2022 |
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for |
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M. & M. SKIP HIRE LIMITED |
M. & M. SKIP HIRE LIMITED (REGISTERED NUMBER: 02693780) |
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Contents of the Financial Statements |
for the year ended 31 March 2022 |
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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 | 4 |
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Income Statement | 6 |
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Other Comprehensive Income | 7 |
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Balance Sheet | 8 |
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Statement of Changes in Equity | 9 |
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Cash Flow Statement | 10 |
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Notes to the Cash Flow Statement | 11 |
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Notes to the Financial Statements | 12 |
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M. & M. SKIP HIRE LIMITED |
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Company Information |
for the year ended 31 March 2022 |
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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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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Statutory Auditor |
Chartered Accountants |
9 Worton Park |
Cassington |
Witney |
Oxfordshire |
OX29 4SX |
M. & M. SKIP HIRE LIMITED (REGISTERED NUMBER: 02693780) |
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Strategic Report |
for the year ended 31 March 2022 |
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The directors present their strategic report for the year ended 31 March 2022. |
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REVIEW OF BUSINESS |
The profit for the year, after adjustments for taxation, amounted to £454,553 (2021 - profit of £497,266). The company's key performance indicators during the year were as follows: |
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2022 | 2021 |
Turnover | £11,106k | £8,342k |
Operating profit | £637k | £671k |
Profit for the financial year | £455k | £497k |
Shareholders' funds | £3,421k | £2,966k |
Average number of employees | 80 | 69 |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The following risks face the business, all of which arise in the normal course of the company's operations: |
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Liquidity risk - This risk is managed by focusing on working capital flows. |
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Credit risk - The company monitors the exposure to credit risk on an ongoing basis and credit evaluations are performed on customers requiring credit. |
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Regulatory compliance risk - The company operates in a highly regulated sector; failure to comply with regulations can have significant consequences ranging from fines to suspension of activities. The regulations cover areas including health & safety, environment and planning. The company operates to ISO 9001, ISO 14001 and ISO 45001 with an integrated management system. Compliance with regulation is monitored through regular internal and external audits. |
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Competitor risk - The company is the largest independently owned waste management company in the area and so will always attract competition. The company monitors competitors' prices and ensures delivering excellent service to stay ahead of these competitors. |
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Recyclable material price risk - The company continues to strive for higher recovery of recyclable materials and thus, reducing landfill tonnages. The company is exposed to price movements in these recyclable material prices and actively researches the market for the best prices. |
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DEVELOPMENT AND PERFORMANCE |
The company purchased the assets of Buckinghamshire based SCB (Skip Hire) Ltd in March 2021. This has increased the company's geographical footprint and provides an additional waste transfer station to operate from. The directors believe that this, similar acquisitions and continued capital investment are key to the company's growth. |
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ON BEHALF OF THE BOARD: |
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M. & M. SKIP HIRE LIMITED (REGISTERED NUMBER: 02693780) |
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Report of the Directors |
for the year ended 31 March 2022 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2022. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the hire of domestic and commercial skips and the operation of two waste transfer stations. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2022. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2021 to the date of this report. |
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COVID-19 |
The company has continued to trade during the COVID-19 pandemic by adhering to all government legislation and implementing all necessary and appropriate protocols to ensure the health and safety of all employees, customers and suppliers. The company has utilised any Government support schemes, such as the Coronavirus Job Retention Scheme, where appropriate to its circumstances. |
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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; |
- | 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. |
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AUDITORS |
The auditors, Camerons Accountancy Consultants 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 |
M. & M. Skip Hire Limited |
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Opinion |
We have audited the financial statements of M. & M. Skip Hire Limited (the 'company') for the year ended 31 March 2022 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: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2022 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 |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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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 this gives rise to a material misstatement in the financial statements themselves. 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: |
- | 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. |
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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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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: |
- | 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. |
Report of the Independent Auditors to the Members of |
M. & M. Skip Hire Limited |
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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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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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During our fraud discussions for the audit of the year to March 2022, the audit team identified no significant areas that were susceptible to misstatement |
The nature of the skip hire industry is not considered high risk as the business is not cash based |
We consider the entity's risk assessment procedures adequate for this type of business, and the client has adequate monitoring of controls. |
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We have made enquiries of management to identify significant laws and regulations that must be adhered to by M&M Skip Hire Limited. Failure to comply with these regulations can have significant consequences including fines & suspension of activities. |
Laws and regulations identified were as follows: |
- Environment & planning laws |
- Health and safety laws |
- Employment law |
There have been no instances of non-compliance |
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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. |
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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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Statutory Auditor |
Chartered Accountants |
9 Worton Park |
Cassington |
Witney |
Oxfordshire |
OX29 4SX |
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M. & M. SKIP HIRE LIMITED (REGISTERED NUMBER: 02693780) |
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Income Statement |
for the year ended 31 March 2022 |
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2022 | 2021 |
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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573,625 | 520,514 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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637,783 | 671,884 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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M. & M. SKIP HIRE LIMITED (REGISTERED NUMBER: 02693780) |
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Other Comprehensive Income |
for the year ended 31 March 2022 |
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2022 | 2021 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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M. & M. SKIP HIRE LIMITED (REGISTERED NUMBER: 02693780) |
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Balance Sheet |
31 March 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
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Tangible assets | 8 |
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Investments | 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 ASSETS |
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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 | 15 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 16 |
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Share premium | 17 |
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Retained earnings | 17 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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M. & M. SKIP HIRE LIMITED (REGISTERED NUMBER: 02693780) |
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Statement of Changes in Equity |
for the year ended 31 March 2022 |
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Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
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Balance at 1 April 2020 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 March 2021 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 March 2022 |
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M. & M. SKIP HIRE LIMITED (REGISTERED NUMBER: 02693780) |
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Cash Flow Statement |
for the year ended 31 March 2022 |
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2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Interest element of hire purchase payments
paid |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of intangible fixed assets |
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Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Group loan repayments | ( |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
New HP in the year | 357,600 | 315,000 |
Capital repayments in year | ( |
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Government grants |
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Net cash from financing activities | ( |
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Increase/(decrease) in cash and cash equivalents |
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( |
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Cash and cash equivalents at beginning
of year |
2 |
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991,179 |
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Cash and cash equivalents at end of year | 2 | 1,501,203 | 971,397 |
M. & M. SKIP HIRE LIMITED (REGISTERED NUMBER: 02693780) |
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Notes to the Cash Flow Statement |
for the year ended 31 March 2022 |
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1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Profit on disposal of fixed assets | ( |
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Government grants | ( |
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Finance costs | 103,183 | 117,786 |
Finance income | (348 | ) | (1,159 | ) |
2,075,200 | 1,809,758 |
(Increase)/decrease in stocks | ( |
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Decrease/(increase) in trade and other debtors |
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(Decrease)/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 March 2022 |
31/3/22 | 1/4/21 |
£ | £ |
Cash and cash equivalents | 1,501,203 | 971,397 |
Year ended 31 March 2021 |
31/3/21 | 1/4/20 |
£ | £ |
Cash and cash equivalents | 971,397 | 991,179 |
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3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
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At 1/4/21 | Cash flow | At 31/3/22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 971,397 | 529,806 | 1,501,203 |
971,397 |
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1,501,203 |
Debt |
Finance leases | (895,010 | ) | 77,257 | (817,753 | ) |
(895,010 | ) | 77,257 | (817,753 | ) |
Total | 76,387 | 607,063 | 683,450 |
M. & M. SKIP HIRE LIMITED (REGISTERED NUMBER: 02693780) |
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Notes to the Financial Statements |
for the year ended 31 March 2022 |
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1. | STATUTORY INFORMATION |
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M. & M. Skip Hire Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. Income from the hire of skips is recognised when the skip is delivered. |
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Goodwill |
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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 |
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Weighbridge | - |
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Improvements to leasehold | - |
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Plant and machinery | - |
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Recycling plant | - |
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Motor vehicles | - |
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Stocks |
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 |
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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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. |
M. & M. SKIP HIRE LIMITED (REGISTERED NUMBER: 02693780) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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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 |
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The total wages and salaries cost for the year was £2,768,316 (£2,026,899 in 2021). |
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The total social security cost for the year was £276,210 (£206,490 in 2021). |
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The total pension cost for the year was £74,809 (£57,543 in 2021). |
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The average number of employees in the year was 80 (69 in 2021) |
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2022 | 2021 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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2022 | 2021 |
£ | £ |
Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Profit on disposal of fixed assets | ( |
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Goodwill amortisation |
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Auditors' remuneration |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£ | £ |
Loan |
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Hire purchase |
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M. & M. SKIP HIRE LIMITED (REGISTERED NUMBER: 02693780) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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Tax on profit |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
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2022 | 2021 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2021 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Capital allowances in excess of depreciation | ( |
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Utilisation of tax losses | ( |
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Deferred taxation | 62,896 | 56,832 |
future periods |
Total tax charge | 80,047 | 56,832 |
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7. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 |
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AMORTISATION |
At 1 April 2021 |
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Amortisation for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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Goodwill is the amount paid in connection with the acquisition of the assets of SCB (Skip Hire) Limited on 17th March 2021. This is being amortised over the estimated useful life to March 2027. |
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The consideration transferred in respect of this purchase totalled £621,948 which was recognised in the 2021 accounts as follows, in accordance with the business sale agreement: |
Goodwill £103,778 |
Plant & Machinery £300,623 |
Motor Vehicles £217,547 |
M. & M. SKIP HIRE LIMITED (REGISTERED NUMBER: 02693780) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
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8. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and |
Weighbridge | leasehold | machinery |
£ | £ | £ |
COST |
At 1 April 2021 |
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Additions |
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Disposals |
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( |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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|
|
At 31 March 2021 |
|
|
|
|
Recycling | Motor |
plant | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2021 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) |
|
( |
) |
At 31 March 2022 |
|
|
|
DEPRECIATION |
At 1 April 2021 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) |
|
( |
) |
At 31 March 2022 |
|
|
|
NET BOOK VALUE |
At 31 March 2022 |
|
|
|
At 31 March 2021 |
|
|
|
M. & M. SKIP HIRE LIMITED (REGISTERED NUMBER: 02693780) |
|
Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
|
8. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Recycling | Motor |
plant | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2021 |
|
|
|
Additions |
|
|
|
Transfer to ownership | - | (153,364 | ) | (153,364 | ) |
At 31 March 2022 |
|
|
|
DEPRECIATION |
At 1 April 2021 |
|
|
|
Charge for year |
|
|
|
Transfer to ownership | - | (153,364 | ) | (153,364 | ) |
At 31 March 2022 |
|
|
|
NET BOOK VALUE |
At 31 March 2022 |
|
|
|
At 31 March 2021 |
|
|
|
|
9. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 |
|
NET BOOK VALUE |
At 31 March 2022 |
|
At 31 March 2021 |
|
|
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
|
|
Registered office: 9 Worton Park, Cassington, Witney, Oxon, OX29 4SX |
Nature of business:
|
% |
Class of shares: | holding |
|
|
|
|
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
|
|
Registered office: 9 Worton Park, Cassington, Witney, Oxon, OX29 4SX |
Nature of business:
|
% |
Class of shares: | holding |
|
|
|
|
£ | £ |
Aggregate capital and reserves |
|
|
|
Application to strike off and dissolve the company submitted in November 2022. |
M. & M. SKIP HIRE LIMITED (REGISTERED NUMBER: 02693780) |
|
Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
|
10. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
|
|
|
11. | DEBTORS |
2022 | 2021 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
Amounts falling due after more than one year: |
Other debtors |
|
|
|
Aggregate amounts |
|
|
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Hire purchase contracts (see note 14) |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Tax |
|
|
Social security and other taxes |
|
|
VAT | 235,854 | 419,195 |
Other creditors |
|
|
Net wages | 663 | 21,586 |
Accrued expenses |
|
|
|
|
|
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Hire purchase contracts (see note 14) |
|
|
Amounts owed to group undertakings |
|
|
|
|
|
14. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
M. & M. SKIP HIRE LIMITED (REGISTERED NUMBER: 02693780) |
|
Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
|
14. | LEASING AGREEMENTS - continued |
|
Non-cancellable operating | leases |
2022 | 2021 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
|
15. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 324,890 | 261,994 |
|
Deferred |
tax |
£ |
Balance at 1 April 2021 |
|
Accelerated capital allowances | 62,896 |
Balance at 31 March 2022 |
|
|
16. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
|
Ordinary | 1 | 160 | 160 |
|
17. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
|
At 1 April 2021 |
|
|
2,966,442 |
Profit for the year |
|
|
At 31 March 2022 |
|
|
3,420,995 |
|
18. | PENSION COMMITMENTS |
|
The company operates a defined contribution pension scheme. Pension costs in the current year amounted to £74,809 (2021 £57,543), of which £13,755 (2021 £6,200) remained outstanding at the balance sheet date. |
|
19. | ULTIMATE PARENT COMPANY |
|
Thrift Developments Limited is regarded by the directors as being the company's ultimate parent company. |