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Registered Number: 06364500
England and Wales

 

 

 


Abridged Accounts

for the year ended 31 December 2022

for

WASTEPARTS UK LTD

 
 
Notes
 
2022
£
  2021
£
Fixed assets      
Tangible fixed assets 4 257,611    288,142 
257,611    288,142 
Current assets      
Stocks 784,707    512,143 
Debtors: amounts falling due within one year 1,432,736    1,274,864 
Cash at bank and in hand 931,782    862,451 
3,149,225    2,649,458 
Creditors: amount falling due within one year (966,094)   (1,027,271)
Net current assets 2,183,131    1,622,187 
 
Total assets less current liabilities 2,440,742    1,910,329 
Creditors: amount falling due after more than one year (187,463)   (270,515)
Net assets 2,253,279    1,639,814 
 

Capital and reserves
     
Called up share capital 5 3,000    3,000 
Profit and loss account 2,250,279    1,636,814 
Shareholder's funds 2,253,279    1,639,814 
 


For the year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 30 September 2023 and were signed on its behalf by:


-------------------------------
Richard Schwedhelm
Director
-------------------------------
Timothy Biddle
Director
1
General Information
Wasteparts UK Ltd is a private company, limited by shares, registered in England and Wales, registration number 06364500, registration address Pi House , 40a London Road , Gloucester, Gloucestershire, GL1 3NU .

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 5 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 2% Straight Line
Plant and Machinery 20% Straight Line
Motor Vehicles 25% Straight Line
Fixtures and Fittings 20% Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.

Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 11 (2021 : 11).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 January 2022 75,000    75,000 
Additions  
Disposals  
At 31 December 2022 75,000    75,000 
Amortisation
At 01 January 2022 75,000    75,000 
Charge for year  
On disposals  
At 31 December 2022 75,000    75,000 
Net book values
At 31 December 2022  
At 31 December 2021  


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £   £
At 01 January 2022 249,999    236,919    38,032    29,284    2,074    556,308 
Additions       2,266    1,218    3,484 
Disposals          
At 31 December 2022 249,999    236,919    38,032    31,550    3,292    559,792 
Depreciation
At 01 January 2022   199,596    38,032    28,463    2,075    268,166 
Charge for year   32,034      1,576    405    34,015 
On disposals          
At 31 December 2022   231,630    38,032    30,039    2,480    302,181 
Net book values
Closing balance as at 31 December 2022 249,999    5,289      1,511    812    257,611 
Opening balance as at 01 January 2022 249,999    37,323      821    (1)   288,142 


5.

Share Capital

Allotted, called up and fully paid
2022
£
  2021
£
2,050 Ordinary shares of £1.00 each 2,050    2,050 
475 Class A shares of £1.00 each 475    475 
475 Class B shares of £1.00 each 475    475 
3,000    3,000 

2