777_ENVIRONMENTAL_LIMITED

777 ENVIRONMENTAL LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 30 APRIL 2014

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The director presents his report and financial statements for the year ended 30 April 2014.

Principal activities

The principal activity of the company continued to be that of asbestos removal.

Director

The following director has held office since 1 May 2013:

T P E W Walker

(Resigned 29 October 2014)

M Pearce

(Appointed 29 October 2014)

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

On behalf of the board

M Pearce

Director

16 December 2014

777 ENVIRONMENTAL LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF 777 ENVIRONMENTAL LIMITED FOR THE YEAR ENDED 30 APRIL 2014

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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 777 Environmental Limited for the year ended 30 April 2014 set out on pages 3 to 7 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of 777 Environmental Limited, as a body, in accordance with the terms of our engagement letter dated 7 June 2013. Our work has been undertaken solely to prepare for your approval the financial statements of 777 Environmental Limited and state those matters that we have agreed to state to the Board of Directors of 777 Environmental Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 777 Environmental Limited and it's Board of Directors as a body, for our work or for this report.

It is your duty to ensure that 777 Environmental 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 profit of 777 Environmental Limited. You consider that 777 Environmental Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of 777 Environmental 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.

Bryden Johnson

19 December 2014

Chartered Accountants

Kings Parade

Lower Coombe Street

Croydon

CR0 1AA

777 ENVIRONMENTAL LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 30 APRIL 2014

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2014

2013

Notes

Turnover

3,046,387

2,409,518

Cost of sales

(2,475,982)

(1,879,805)

Gross profit

570,405

529,713

Administrative expenses

(269,372)

(357,088)

Operating profit

301,033

172,625

Other interest receivable and similar income

Interest payable and similar charges

(65)

(60)

Profit on ordinary activities before taxation

300,968

172,573

Tax on profit on ordinary activities

(43,492)

Profit for the year

257,476

172,573

777 ENVIRONMENTAL LIMITED

BALANCE SHEET

AS AT

30 APRIL 2014

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2014

2013

Notes

Fixed assets

Tangible assets

1,780

2,373

Current assets

Debtors

1,106,073

388,387

Cash at bank and in hand

500

1,106,573

388,887

Creditors: amounts falling due within one year

(934,275)

(324,658)

Net current assets

172,298

64,229

Total assets less current liabilities

174,078

66,602

Capital and reserves

Called up share capital

100

Profit and loss account

173,978

66,502

Shareholders' funds

174,078

66,602

For the financial year ended 30 April 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved by the Board for issue on 16 December 2014

M Pearce

Director

Company Registration No. 05445906

777 ENVIRONMENTAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2014

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Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

25% Reducing balance

Operating profit

2014

2013

Operating profit is stated after charging:

Depreciation of tangible assets

593

791

Director's remuneration

70,000

52,297

Investment income

2014

2013

Other interest

Taxation

2014

2013

Domestic current year tax

U.K. corporation tax

43,492

Total current tax

43,492

The company has estimated losses of £ nil (2013 - £ 105,549) available for carry forward against future trading profits.

Dividends

2014

2013

Ordinary interim paid

150,000

777 ENVIRONMENTAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2014

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Tangible fixed assets

Plant and machinery etc

Cost

At 1 May 2013 & at 30 April 2014

10,000

Depreciation

At 1 May 2013

7,627

Charge for the year

593

At 30 April 2014

8,220

Net book value

At 30 April 2014

1,780

At 30 April 2013

2,373

Debtors

2014

2013

Trade debtors

324,641

150,296

Amounts recoverable on long term contracts

10,540

58,995

Other debtors

770,892

179,096

1,106,073

388,387

Debtors include an amount of £770,892 (2013 - £157,587) which is due after more than one year.

Creditors: amounts falling due within one year

2014

2013

Bank loans and overdrafts

222,542

32,074

Trade creditors

358,820

180,220

Taxation and social security

112,124

79,033

Other creditors

240,789

33,331

934,275

324,658

777 ENVIRONMENTAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2014

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Share capital

2014

2013

Allotted, called up and fully paid

100 Ordinary of £1 each

100

Statement of movements on profit and loss account

Profit
and loss
account

Balance at 1 May 2013

66,502

Profit for the year

257,476

Dividends paid

(150,000)

Balance at 30 April 2014

173,978

Control

The ultimate controlling party is M Pearce a majority shareholder.

Related party relationships and transactions

Dividends Paid

The following directors were paid dividends during the year as outlined in the table below:

2014

2013

M Pearce

150,000

During the year the company made sales of £1,288,221 (2013: £552,168) to 777 Demolition & Haulage Company Limited, a company owned by M Pearce, the controlling party. The company also purchased goods and services amounting to £486,597 (2013: £406,250) and recharged expenses of £100,968 (2013: £77,473). These goods and services were purchased and sold at an arms length basis. Included in other debtors is an amount of £770,892 (2013: £157,587) owed by 777 Demolition & Haulage Company Limited. This loan was advanced in the normal course of business and bears no interest or fixed repayment date.

During the year the company made sales of £15 (2013: £Nil) to 777 Recycling Centre Limited, a company owned by M Pearce, the controlling party. The company also purchased goods and services amounting to £22,195 (2013: £5,669) from the company. These goods and services were purchased and sold at an arms length basis. Included in other creditors is an amount of £42,615 (2013: £9,824) owed to 777 Recycling Centre Limited. This loan was advanced in the normal course of business and bears no interest or fixed repayment date.