REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
CLYDE RECYCLING LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
CLYDE RECYCLING LIMITED |
CLYDE RECYCLING LIMITED (REGISTERED NUMBER: SC096881) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CLYDE RECYCLING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2022 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANT: |
Chartered Accountants |
Castle Chambers |
67 Main Street |
Bothwell |
Lanarkshire |
G71 8ER |
CLYDE RECYCLING LIMITED (REGISTERED NUMBER: SC096881) |
BALANCE SHEET |
31 MARCH 2022 |
31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CLYDE RECYCLING LIMITED (REGISTERED NUMBER: SC096881) |
BALANCE SHEET - continued |
31 MARCH 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
CLYDE RECYCLING LIMITED (REGISTERED NUMBER: SC096881) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
1. | STATUTORY INFORMATION |
Clyde Recycling Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Rents receivable under operating leases are included in other operating income on an accruals basis. |
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. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Land & buildings - 2% on cost of buildings |
Plant and machinery etc. - 20% on cost and 15% on cost |
CLYDE RECYCLING LIMITED (REGISTERED NUMBER: SC096881) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Land and buildings includes land at a cost of £303,808 (2021 = £303,808) which has not been depreciated. |
5. | INVESTMENT PROPERTY |
Investment property formerly let to third parties has now been reclassified as land and buildings. |
6. | STOCKS |
31.3.22 | 31.3.21 |
£ | £ |
Stock |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Advance payments |
Trade creditors |
Corporation tax |
Payroll taxation |
Other creditors |
Directors' current accounts | 3,806 | 3,806 |
Accrued charges |
9. | PROVISIONS FOR LIABILITIES |
31.3.22 | 31.3.21 |
£ | £ |
Deferred tax | 13,839 | 18,288 |
Deferred |
tax |
£ |
Balance at 1 April 2021 |
Provided during year | ( |
) |
Balance at 31 March 2022 |
CLYDE RECYCLING LIMITED (REGISTERED NUMBER: SC096881) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is T. K. Ritchie. |