777_ENVIRONMENTAL_LIMITED

777 ENVIRONMENTAL LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 APRIL 2015

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The directors present their report and financial statements for the year ended 30 April 2015.

Principal activities

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

Directors

The following directors have held office since 1 May 2014:

Mr M Pearce

(Appointed 29 October 2014)

Mr T Walker

(Resigned 29 October 2014)

Mr J Hall

(Appointed 17 March 2015)

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

Mr M Pearce

Director

18 November 2015

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 2015

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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 2015 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/regulations.

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 its 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

20 November 2015

Chartered Accountants

Kings Parade

Lower Coombe Street

Croydon

CR0 1AA

777 ENVIRONMENTAL LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 30 APRIL 2015

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2015

2014

Notes

Turnover

3,219,814

3,046,387

Cost of sales

(2,520,821)

(2,475,982)

Gross profit

698,993

570,405

Administrative expenses

(380,345)

(269,372)

Operating profit

318,648

301,033

Interest payable and similar charges

(65)

Profit on ordinary activities before taxation

318,648

300,968

Tax on profit on ordinary activities

(66,619)

(43,492)

Profit for the year

252,029

257,476

777 ENVIRONMENTAL LIMITED

BALANCE SHEET

AS AT

30 APRIL 2015

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2015

2014

Notes

Fixed assets

Tangible assets

1,335

1,780

Current assets

Debtors: amounts falling due within one year

131,175

335,181

Debtors: amounts falling due after more than one year

687,976

770,892

Cash at bank and in hand

500

819,651

1,106,573

Creditors: amounts falling due within one year

(454,879)

(934,275)

Net current assets

364,772

172,298

Total assets less current liabilities

366,107

174,078

Capital and reserves

Called up share capital

100

Profit and loss account

366,007

173,978

Shareholders' funds

366,107

174,078

For the financial year ended 30 April 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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 18 November 2015

Mr M Pearce

Director

Company Registration No. 05445906

777 ENVIRONMENTAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2015

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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

2015

2014

Operating profit is stated after charging:

Depreciation of tangible assets

445

593

Directors' remuneration

43,141

70,000

Taxation

2015

2014

Domestic current year tax

U.K. corporation tax

66,619

43,492

Total current tax

66,619

43,492

Dividends

2015

2014

Ordinary interim paid

60,000

150,000

777 ENVIRONMENTAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2015

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Tangible fixed assets

Plant and machinery etc

Cost

At 1 May 2014 & at 30 April 2015

10,000

Depreciation

At 1 May 2014

8,220

Charge for the year

445

At 30 April 2015

8,665

Net book value

At 30 April 2015

1,335

At 30 April 2014

1,780

Debtors

2015

2014

Trade debtors

73,283

324,641

Amounts recoverable on long term contracts

56,808

10,540

Other debtors

689,060

770,892

819,151

1,106,073

Debtors include an amount of £687,976 (2014 - £770,892) which is due after more than one year.

Creditors: amounts falling due within one year

2015

2014

Bank loans and overdrafts

10,112

222,542

Trade creditors

79,672

358,820

Taxation and social security

144,403

112,124

Other creditors

220,692

240,789

454,879

934,275

777 ENVIRONMENTAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2015

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Share capital

2015

2014

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

Statement of movements on profit and loss account

Profit
and loss
account

Balance at 1 May 2014

173,978

Profit for the year

252,029

Dividends paid

(60,000)

Balance at 30 April 2015

366,007

Control

The ultimate controlling party is the director, Mr M Pearce.

Related party relationships and transactions

Dividends Paid

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

2015

2014

Mr M Pearce

60,000

150,000

60,000

150,000

During the year the company made sales of £1,790,312 (2014: £1,288,221) to 777 Demolition & Haulage Company Limited, a company owned by M Pearce, the controlling party. The company also purchased goods and services amounting to £1,517,273 (2014: £486,597) and recharged expenses of £177,038 (2014: £100,968). These goods and services were purchased and sold at an arms length basis. At the year end, included in other debtors is an amount of £687,976 (2014: £770,892) 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 £3,635 (2014: £15) to 777 Recycling Centre Limited, a company owned by M Pearce, the controlling party. The company also purchased goods and services amounting to £51,059 (2014: £22,195) from the company. These goods and services were purchased and sold at an arms length basis. At the year end, included in other creditors is an amount of £6,523 (2014: £42,615 ) owed to 777 Recycling Centre Limited. This loan was advanced in the normal course of business and bears no interest or fixed repayment date.