Company Registration No. 10358614 (England and Wales)
LONDON BOROUGH OF HOUNSLOW BUSINESS WASTE AND RECYCLING LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2017
LONDON BOROUGH OF HOUNSLOW BUSINESS WASTE AND RECYCLING LIMITED
COMPANY INFORMATION
Directors
Mr A M Buchan
(Appointed 28 February 2017)
Ms V Lawson
(Appointed 18 September 2017)
Mr W Hubbard
(Appointed 22 January 2018)
Company number
10358614
Registered office
London Waste and Recycling Board
169 Union Street
London
SE1 0LL
Accountants
Simpkins Edwards LLP
Michael House
Castle Street
Exeter
Devon
EX4 3LQ
LONDON BOROUGH OF HOUNSLOW BUSINESS WASTE AND RECYCLING LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 8
LONDON BOROUGH OF HOUNSLOW BUSINESS WASTE AND RECYCLING LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2017
- 1 -
The directors present their annual report and financial statements for the period ended 31 March 2017.
Principal activities
The company was incorporated on 5 September 2016 and commenced trading on 1 April 2017. The company was operated as a joint venture between London Business Waste and Recycling Limited and Hounslow Borough Council. The principal activity of the company was the provision of waste and recycling services to businesses in the London Borough of Hounslow.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr J U Fulford
(Appointed 5 September 2016 and resigned 14 December 2017)
Mr A M Buchan
(Appointed 28 February 2017)
Mr B J Walsh
(Appointed 11 November 2016 and resigned 31 August 2017)
Ms V Lawson
(Appointed 18 September 2017)
Mr W Hubbard
(Appointed 22 January 2018)
Going Concern
The company has been reliant on funding from it's parent company, London Business Waste and Recycling Limited, which, in turn, was funded by a loan from the ultimate parent, London Waste and Recycling Board. The available facility was fully drawn down by December 2017, before the company and the group was in a position to generate sufficient income from trading activities to sustain its running costs.
A detailed review of the company and group’s activities, financial position and projected results was undertaken and it was decided that further funding would not be extended to the group by London Waste and Recycling Board. In the absence of alternative sources of funding, the board of directors commenced the managed winding up of the company and group in December 2017. The intention is to transfer the waste collection contracts negotiated to this date to the relevant local authority in order to ensure continuity of service for customers as far as possible.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr W Hubbard
Director
29 January 2018
LONDON BOROUGH OF HOUNSLOW BUSINESS WASTE AND RECYCLING LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LONDON BOROUGH OF HOUNSLOW BUSINESS WASTE AND RECYCLING LIMITED FOR THE PERIOD ENDED 31 MARCH 2017
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of London Borough of Hounslow Business Waste and Recycling Limited for the period ended 31 March 2017 which comprise the Profit And Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of London Borough of Hounslow Business Waste and Recycling Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of London Borough of Hounslow Business Waste and Recycling Limited
and state those matters that we have agreed to state to the Board of Directors of London Borough of Hounslow Business Waste and Recycling Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than London Borough of Hounslow Business Waste and Recycling Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that London Borough of Hounslow Business Waste and Recycling Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss of London Borough of Hounslow Business Waste and Recycling Limited. You consider that London Borough of Hounslow Business Waste and Recycling Limited is exempt from the statutory audit
requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of London Borough of Hounslow Business Waste and Recycling Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Going concern
We draw your attention to note 1.2 of the financial statements regarding going concern.
Simpkins Edwards LLP
1 February 2018
Chartered Accountants
Michael House
Castle Street
Exeter
Devon
EX4 3LQ
LONDON BOROUGH OF HOUNSLOW BUSINESS WASTE AND RECYCLING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2017
- 3 -
Period
ended
31 March
2017
£
Administrative expenses
(15,776)
Loss before taxation
(15,776)
Tax on loss
-
Loss for the financial period
(15,776)
LONDON BOROUGH OF HOUNSLOW BUSINESS WASTE AND RECYCLING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 4 -
2017
Notes
£
£
Current assets
Debtors
5
107
Cash at bank and in hand
37
144
Creditors: amounts falling due within one year
6
(15,820)
Net current liabilities
(15,676)
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
(15,776)
Total equity
(15,676)
For the financial period ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 29 January 2018 and are signed on its behalf by:
Mr W Hubbard
Director
Company Registration No. 10358614
LONDON BOROUGH OF HOUNSLOW BUSINESS WASTE AND RECYCLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2017
- 5 -
1
Accounting policies
Company information
London Borough of Hounslow Business Waste and Recycling Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
London Waste and Recycling Board, 169 Union Street, London, SE1 0LL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
In the period since the balance sheet date, the company and its parent company had fully drawn down upon the loan facility extended by London Waste and Recycling Board before the group was in a position to generate sufficient income from trading activities to sustain its running costs.
A detailed review of the company and group’s activities, financial position and projected results was undertaken and it was decided that further funding would not be extended to the group by London Waste and Recycling Board. In the absence of alternative sources of funding, the board of directors commenced the managed winding up of the company and group in December 2017. Therefore, the company is not considered to be a going concern and the financial statements have been prepared on a break-up basis with adjustments made to recognise the impairment of assets.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets
,
less their residual values
,
over their useful lives on the following bases:
Plant and equipment
33.33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
LONDON BOROUGH OF HOUNSLOW BUSINESS WASTE AND RECYCLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 6 -
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2.
3
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2017
Notes
£
In respect of:
Property, plant and equipment
4
13,093
LONDON BOROUGH OF HOUNSLOW BUSINESS WASTE AND RECYCLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2017
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
Additions
13,093
At 31 March 2017
13,093
Depreciation and impairment
Impairment losses
13,093
At 31 March 2017
13,093
Carrying amount
At 31 March 2017
-
5
Debtors
2017
Amounts falling due within one year:
£
Other debtors
107
6
Creditors: amounts falling due within one year
2017
£
Amounts due to group undertakings
13,150
Accruals and deferred income
2,670
15,820
7
Called up share capital
2017
£
Ordinary share capital
Issued and not fully paid
50 Ordinary 'A' shares of £1 each
50
Issued and fully paid
50 Ordinary 'B' shares of £1 each
50
100
LONDON BOROUGH OF HOUNSLOW BUSINESS WASTE AND RECYCLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2017
- 8 -
8
Parent company
The parent company, preparing consolidated group financial statements, is London Business Waste and Recycling Limited, a company registered in England and Wales with registered office address London Waste and Recycling Board, 169 Union Street, London, England, SE1 0LL.
The ultimate parent entity is The London Waste and Recycling Board by virtue of its 100% ownership of London Business Waste and Recycling Limited.
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