Niramax Group Limited Company accounts

NIRAMAX GROUP LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04216946

Niramax Group Limited

Financial Statements

31 March 2019

Niramax Group Limited

Financial Statements

Year ended 31 March 2019

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	4

Independent auditor's report to the members	6

Profit and loss account	9

Balance sheet	10

Statement of changes in equity	11

Notes to the financial statements	12

Niramax Group Limited

Officers and Professional Advisers

The board of directors	Mr N Elliott
	Mr M E Betts
	Mr N M Elliott

Registered office	John Shadforth House
	Thomlinson Road
	Longhill Industrial Estate
	Hartlepool
	TS25 1NS

Auditor	Chipchase Manners
	Chartered Accountants & statutory auditor
	384 Linthorpe Road
	Middlesbrough
	TS5 6HA

Bankers	ICICI Bank
	One Thomas More Square
	London
	E1W 1YN

Niramax Group Limited

Strategic Report

Year ended 31 March 2019

Business review

The company's principal activities are waste recycling and diversion processing. During the year ended 31 March 2019 sales reflected a year of stability for the business. The loss of key plant and machinery as a result of a fire in December 2015 at the recycling plant of Niramax Group Limited has caused significant disruption to the company's day-to-day activities ever since with sales never returning to their previous levels. This plant has not been replaced. There are significant insurance claims ongoing in relation to this. Also, in the prior year the company disposed of a a significant waste transfer site in Washington to a third party at the end of 2017, reducing the total workload significantly. Turnover increased by 3.01% compared with turnover in the year ended 31 March 2018. The company maintains its long term commitment to 'recycling and diversion'. A dividend of £35,000 (2018: £175,000) was paid to Niramax Holdings Limited (Parent Company) in the year.

Principal risks and uncertainties

In a difficult economic environment, the company continues to work towards improving its operating margins and safeguard against the continued risk of bad debts. Further environmental pressure on the UK market will support the company's long term drive towards 'zero to landfill'.

Financial key performance indicators

	2019	2018	2017	2016	2015
	£	£	£	£	£
Sales (£000)	18,107	17,578	20,650	30,317	36,427
Gross profit %	19	18	16	22	27
Net Profit/(loss) (£000)	717	4,785	(3,724)	1,862	4,352

Environmental matters

The company continues to minimise any adverse impacts on the environment from its activities and uphold, maintain and seek continuous improvement through its Integrated Management System incorporating ISO9001, ISO14001 and OHSAS 18001.

Future developments

The director considers the business to be in a satisfactory financial position. The plan for the future is to continue with the company's commitment to reducing waste going to landfill by maximising recycling.

This report was approved by the board of directors on 19 December 2019 and signed on behalf of the board by:

Mr M E Betts

Director

Registered office:

John Shadforth House

Thomlinson Road

Longhill Industrial Estate

Hartlepool

TS25 1NS

Niramax Group Limited

Directors' Report

Year ended 31 March 2019

The directors present their report and the financial statements of the company for the year ended 31 March 2019 .

Directors

The directors who served the company during the year was as follows:

Mr N Elliott

Dividends

Particulars of recommended dividends are detailed in note 11 to the financial statements.

Disclosure of information in the strategic report

The strategic report can be seen in full on page 2.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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. 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 19 December 2019 and signed on behalf of the board by:

Mr M E Betts

Director

Registered office:

John Shadforth House

Thomlinson Road

Longhill Industrial Estate

Hartlepool

TS25 1NS

Niramax Group Limited

Independent Auditor's Report to the Members of Niramax Group Limited

Year ended 31 March 2019

Opinion

We have audited the financial statements of Niramax Group Limited (the 'company') for the year ended 31 March 2019 which comprise the profit and loss account, balance sheet, statement of changes in equity and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2019 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

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 auditor's 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.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 directors' report. We have nothing to report in respect of the following matters in relation to which 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.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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.

Auditor's 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 an auditor’s report 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 an auditor's report 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.

Graeme Boagey BA FCA CTA

(Senior Statutory Auditor)

For and on behalf of

Chipchase Manners

Chartered Accountants & statutory auditor

384 Linthorpe Road

Middlesbrough

TS5 6HA

19 December 2019

Niramax Group Limited

Profit and Loss Account

Year ended 31 March 2019

		2019	2018
Note		£	£
Turnover	4	18,107,360	17,577,971

Cost of sales	( 14,697,931)	( 14,398,531)
	-------------	-------------
Gross profit	3,409,429	3,179,440

Distribution costs		( 38,896)	( 73,957)
Administrative expenses		( 2,657,450)	1,999,668
		------------	------------
Operating profit	5	713,083	5,105,151

Other interest receivable and similar income	8	39,599	8,223
Interest payable and similar expenses	9	( 8,090)	( 11,512)
		------------	------------
Profit before taxation		744,592	5,101,862

Tax on profit	10	( 28,071)	( 316,706)
		---------	------------
Profit for the financial year and total comprehensive income		716,521	4,785,156
		---------	------------

All the activities of the company are from continuing operations.

Niramax Group Limited

Balance Sheet

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	12		5,101,099	4,002,777

Current assets

Stocks	13	4,523	3,138
Debtors	14	5,348,651	5,474,518
Cash at bank and in hand		7,725,640	7,257,611
		-------------	-------------
		13,078,814	12,735,267

Creditors: amounts falling due within one year	15	( 3,318,282)		( 3,350,096)
		-------------		-------------
Net current assets			9,760,532	9,385,171
			-------------	-------------
Total assets less current liabilities			14,861,631	13,387,948

Creditors: amounts falling due after more than one year	16		( 812,232)	( 10,345)

Provisions

Taxation including deferred tax	18	( 67,770)	( 77,495)
		-------------	-------------
Net assets		13,981,629	13,300,108
		-------------	-------------

Capital and reserves

Called up share capital	21	100	100
Revaluation reserve	22	392,394	407,870
Profit and loss account	22	13,589,135	12,892,138
		-------------	-------------
Shareholders funds		13,981,629	13,300,108
		-------------	-------------

These financial statements were approved by the board of directors and authorised for issue on 19 December 2019 , and are signed on behalf of the board by:

Mr M E Betts

Director

Company registration number: 04216946

Niramax Group Limited

Statement of Changes in Equity

Year ended 31 March 2019

			Called up share capital	Revaluation reserve	Profit and loss account	Total
			£	£	£	£
At 1 April 2017			100	495,727	8,194,125	8,689,952

Profit for the year					4,785,156	4,785,156
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account		–	( 87,857)	87,857	–
			----	---------	------------	------------
Total comprehensive income for the year			–	( 87,857)	4,873,013	4,785,156

Dividends paid and payable		11	–	–	( 175,000)	( 175,000)
			----	---------	------------	------------
Total investments by and distributions to owners			–	–	( 175,000)	( 175,000)

At 31 March 2018			100	407,870	12,892,138	13,300,108

Profit for the year					716,521	716,521
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account		–	( 15,476)	15,476	–
			----	---------	-------------	-------------
Total comprehensive income for the year			–	( 15,476)	731,997	716,521

Dividends paid and payable		11	–	–	( 35,000)	( 35,000)
			----	----	--------	--------
Total investments by and distributions to owners			–	–	( 35,000)	( 35,000)

			----	---------	-------------	-------------
At 31 March 2019			100	392,394	13,589,135	13,981,629
			----	---------	-------------	-------------

Niramax Group Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is John Shadforth House, Thomlinson Road, Longhill Industrial Estate, Hartlepool, TS25 1NS.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revaluation of tangible fixed assets

At the current year end the Director's are of the opinion that the valuation of the freehold property in the financial statements remains true and fair.

Revaluation gains and losses are recognised in the statement of total recognised gains and losses unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the losses are recognised in the profit and loss account.

Invoice financing

Secured funding obtained in respect of trade debtors are treated as received under a financing agreement with the gross amount of the trade debtors being included in debtors and any advances received against these debts being included in other creditors. Interest and charges in respect of these arrangements are charges to the profit and loss account on an accruals basis.

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Niramax Holdings Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: No cash flow statement has been presented for the company on the grounds that the company is wholly owned and its parent publishes a consolidated cash flow statement.

Investments

Investments held as fixed assets are shown at costs less provision for impairment.

Provisions

Provisions are uncertain in timing or amount, and are recognised when there is a present obligation as a result of a past event and the outflow of economic benefit is probable and can be estimated reliably. Judgement is involved in determining whether an obligation exists, and in estimating the probability, timing and amount of any outflows.

Provisions for legal proceedings and regulatory matters typically require a higher degree of judgement than other types of provisions. When matters of dispute are at an early stage, accounting judgements can be difficult because of the high degree of uncertainty associated with determining whether a present obligation exists as a result of a past event, estimating the probability of outflows and making estimates of the amount of any outflows that may arise. Management evaluate on an ongoing basis whether provisions should be recognised as well as their estimated amounts as matters progress through many stages of development, revising previous judgements and estimates as appropriate.

At more advanced stages, it is typically possible to make judgements and estimates around a better-defined set of possible outcomes, however, such judgements can be very difficult and the amount of any provision can be very sensitive to the assumptions used. There could be a wide range of possible outcomes for any pending legal proceedings, investigations or enquiries. As a result, it is often not practicable to quantify a range of possible outcomes for individual matters. Quantifying ranges of potential outcomes for these types of provisions is also not practicable because of the diverse nature and circumstances of such matters and the wide range of uncertainties involved.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for the receipt of waste. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. Revenue is recognised once the materials have passed over the weighbridge and the vehicle has been weighed on arrival and departure to obtain the net weight disposed. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property & land	-	5% straight line
Leasehold improvements	-	5% straight line
Plant & machinery	-	15% straight line
Fixtures & equipment	-	25% straight line

	Motor Vehicles	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2019	2018
	£	£
Rendering of services	18,107,360	17,577,971
	-------------	-------------

The whole of the turnover is derived from the United Kingdom. An analysis of turnover by business operation is given below:

	2019	2018
	£	£
Waste management	18,100,030	17,562,849
Equipment hire and waste collections	7,330	15,122
	-------------	-------------
	18,107,360	17,577,971
	-------------	-------------

5. Operating profit

Operating profit or loss is stated after charging/crediting:

	2019	2018
	£	£
Depreciation of tangible assets	880,804	902,728
Gains on disposal of tangible assets	( 33,447)	( 4,311,762)
Impairment of trade debtors	85,409	–
Foreign exchange differences	10,338	15,132
Fees payable for the audit of the financial statements	14,500	14,900
	---------	------------

6. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2019	2018
	No.	No.
Production staff	21	31
Administrative staff	3	3
Management staff	6	6
Number of sales staff	2	3
	----	----
	32	43
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2019	2018
	£	£
Wages and salaries	782,904	1,017,742
Social security costs	73,483	88,478
Other pension costs	10,157	7,033
	---------	------------
	866,544	1,113,253
	---------	------------

7. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2019	2018
	£	£
Remuneration	72,807	72,947
	--------	--------

8. Other interest receivable and similar income

	2019	2018
	£	£
Interest on cash and cash equivalents	39,599	8,223
	--------	-------

9. Interest payable and similar expenses

	2019	2018
	£	£
Interest on banks loans and overdrafts	–	143
Interest on obligations under finance leases and hire purchase contracts	8,090	11,369
	-------	--------
	8,090	11,512
	-------	--------

10. Tax on profit

Major components of tax expense

	2019	2018
	£	£

Current tax:

UK current tax expense	37,796	338,356

Deferred tax:

Origination and reversal of timing differences	( 9,725)	( 21,650)
	--------	---------
Tax on profit	28,071	316,706
	--------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2018: lower than) the standard rate of corporation tax in the UK of 19 % (2018: 19 %).

	2019	2018
	£	£
Profit on ordinary activities before taxation	744,592	5,101,862
	---------	------------
Profit on ordinary activities by rate of tax	141,472	969,354
Effect of expenses not deductible for tax purposes	( 6,354)	( 817,741)
Effect of capital allowances and depreciation	( 93,209)	189,412
Utilisation of tax losses	( 4,113)	( 2,669)
Movement in deferred taxation	( 9,725)	( 21,650)
	---------	------------
Tax on profit	28,071	316,706
	---------	------------

11. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2019	2018
	£	£
Dividends on equity shares	35,000	175,000
	--------	---------

12. Tangible assets

	Freehold property	Long leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2018	2,503,879	65,789	11,622,647	56,886	245,933	14,495,134
Additions	31,288	–	1,941,880	6,149	–	1,979,317
Disposals	–	–	( 2,234,499)	( 3,917)	( 4,750)	( 2,243,166)
	------------	--------	-------------	--------	---------	-------------
At 31 Mar 2019	2,535,167	65,789	11,330,028	59,118	241,183	14,231,285
	------------	--------	-------------	--------	---------	-------------
Depreciation
At 1 Apr 2018	495,200	25,802	9,716,558	50,554	204,243	10,492,357
Charge for the year	125,847	3,289	735,055	6,191	10,422	880,804
Disposals	–	–	( 2,234,499)	( 3,726)	( 4,750)	( 2,242,975)
	------------	--------	-------------	--------	---------	-------------
At 31 Mar 2019	621,047	29,091	8,217,114	53,019	209,915	9,130,186
	------------	--------	-------------	--------	---------	-------------
Carrying amount
At 31 Mar 2019	1,914,120	36,698	3,112,914	6,099	31,268	5,101,099
	------------	--------	-------------	--------	---------	-------------
At 31 Mar 2018	2,008,679	39,987	1,906,089	6,332	41,690	4,002,777
	------------	--------	-------------	--------	---------	-------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Motor vehicles	Total
	£	£	£
At 31 March 2019	1,483,525	31,268	1,514,793
	------------	--------	------------
At 31 March 2018	270,190	–	270,190
	------------	--------	------------

13. Stocks

	2019	2018
	£	£
Stock of fuel	4,523	3,138
	-------	-------

14. Debtors

	2019	2018
	£	£
Trade debtors	2,720,998	1,989,005
Amounts owed by group undertakings	1,446,770	1,652,027
Prepayments and accrued income	477,189	367,070
Other debtors	703,694	1,466,416
	------------	------------
	5,348,651	5,474,518
	------------	------------

15. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	2,511,490	2,480,503
Accruals and deferred income	382,444	168,631
Corporation tax	37,796	338,356
Social security and other taxes	136,032	259,106
Obligations under finance leases and hire purchase contracts	250,056	69,095
Other creditors	464	34,405
	------------	------------
	3,318,282	3,350,096
	------------	------------

The net obligations under finance leases and hire purchase contracts are secured upon the assets to which they relate.

16. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Obligations under finance leases and hire purchase contracts	812,232	10,345
	---------	--------

17. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2019	2018
	£	£
Not later than 1 year	250,056	69,095
Later than 1 year and not later than 5 years	812,232	10,345
	------------	--------
	1,062,288	79,440
	------------	--------

18. Provisions

	Deferred tax (note 19)
	£
At 1 April 2018	77,495
Charge against provision	( 9,725)
	--------
At 31 March 2019	67,770
	--------

19. Deferred tax

The deferred tax included in the balance sheet is as follows:

	2019	2018
	£	£
Included in provisions (note 18)	67,770	77,495
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2019	2018
	£	£
Revaluation of tangible assets	67,770	77,495
	--------	--------

20. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 10,157 (2018: £ 7,033 ).

21. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

22. Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.

23. Contingent asset

On 3 December 2015, the recycling plant at the premises of Niramax Group Limited suffered a fire which damaged and destroyed various items of property, plant and machinery recognised within tangible fixed assets. In accordance with United Kingdom Generally Accepted Accounting Practice (including FRS 102), the destroyed assets have been reviewed for impairment and have been fully impaired.

The company made an insurance claim in relation to the destroyed assets. The claim has not yet been settled. The Director is of the opinion that an inflow of economic benefits is probable from the claim, but its is impracticable to measure its financial effect. No asset has been recognised in relation to this claim.

24. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	11,631	14,196
Later than 1 year and not later than 5 years	20,400	2,031
	--------	--------
	32,031	16,227
	--------	--------

25. Related party transactions

The company has taken advantage of the available exemption from disclosing transactions that are part of the Niramax Holdings Limited group. All other related party transactions are undertaken under normal commercial terms on an arms-length basis.

26. Controlling party

The ultimate parent undertaking is Niramax Holdings Limited, a company registered in England and Wales. There is no overall controlling party. Copies of the group financial statements, which include this company, can be obtained from Companies House.