Recycled Packaging Ltd SC304939 false 2022-08-01 2023-03-31 2023-03-31 The principal activity of the company is has been recycling of waste materials Digita Accounts Production Advanced 6.30.9574.0 true SC304939 2022-08-01 2023-03-31 SC304939 2023-03-31 SC304939 bus:OrdinaryShareClass1 2023-03-31 SC304939 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 SC304939 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 SC304939 core:CurrentFinancialInstruments 2023-03-31 SC304939 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC304939 core:Non-currentFinancialInstruments 2023-03-31 SC304939 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 SC304939 core:FurnitureFittingsToolsEquipment 2023-03-31 SC304939 core:MotorVehicles 2023-03-31 SC304939 bus:SmallEntities 2022-08-01 2023-03-31 SC304939 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-03-31 SC304939 bus:FullAccounts 2022-08-01 2023-03-31 SC304939 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-03-31 SC304939 bus:RegisteredOffice 2022-08-01 2023-03-31 SC304939 bus:CompanySecretaryDirector1 2022-08-01 2023-03-31 SC304939 bus:Director3 2022-08-01 2023-03-31 SC304939 bus:OrdinaryShareClass1 2022-08-01 2023-03-31 SC304939 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-03-31 SC304939 bus:Agent1 2022-08-01 2023-03-31 SC304939 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-03-31 SC304939 core:MotorVehicles 2022-08-01 2023-03-31 SC304939 core:OtherVehicles 2022-08-01 2023-03-31 SC304939 countries:Scotland 2022-08-01 2023-03-31 SC304939 2022-07-31 SC304939 core:FurnitureFittingsToolsEquipment 2022-07-31 SC304939 core:MotorVehicles 2022-07-31 SC304939 2021-08-01 2022-07-31 SC304939 2022-07-31 SC304939 bus:OrdinaryShareClass1 2022-07-31 SC304939 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-07-31 SC304939 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-07-31 SC304939 core:CurrentFinancialInstruments 2022-07-31 SC304939 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 SC304939 core:Non-currentFinancialInstruments 2022-07-31 SC304939 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 SC304939 core:FurnitureFittingsToolsEquipment 2022-07-31 SC304939 core:MotorVehicles 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC304939

image-name

Recycled Packaging Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 August 2022 to 31 March 2023

 

Recycled Packaging Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 8

 

Recycled Packaging Ltd

Company Information

Directors

Neill Jeffrey Frazher

Paul Stephen Frazher

Registered office

18 Garrell Road
Kilsyth
Glasgow
G65 9JX

Bankers

Royal Bank of Scotland
29 Cross Arthurlie Street
Barrhead
Glasgow
G78 1QY

Accountants

Roderick Gunkel & Associates Ltd
Chartered Accountants
Orchardlea
Callander
FK17 8BG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Recycled Packaging Ltd
for the Period Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Recycled Packaging Ltd for the period ended 31 March 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
 

This report is made solely to the Board of Directors of Recycled Packaging Ltd , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Recycled Packaging Ltd and state those matters that we have agreed to state to the Board of Directors of Recycled Packaging Ltd, as a body, in this report.

This is in accordance with the requirements of such bodies as the ACCA, the ICAS and the ICAEW and, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Recycled Packaging Ltd and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Recycled Packaging Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Recycled Packaging Ltd. You consider that Recycled Packaging Ltd is exempt from the statutory audit requirement for the period.
 

We have not been instructed to carry out an audit or a review of the accounts of Recycled Packaging Ltd. 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 accounts.

image-name

....................................................................

Roderick Gunkel & Associates Ltd
Chartered Accountants
Orchardlea
Callander
FK17 8BG


 

11 September 2023

 

Recycled Packaging Ltd

(Registration number: SC304939)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

931,491

441,773

Current assets

 

Stocks

5

70,000

68,000

Debtors

6

992,404

801,721

Cash at bank and in hand

 

65,024

67,249

 

1,127,428

936,970

Creditors: Amounts falling due within one year

7

(708,232)

(498,206)

Net current assets

 

419,196

438,764

Total assets less current liabilities

 

1,350,687

880,537

Creditors: Amounts falling due after more than one year

7

(201,492)

(28,054)

Provisions for liabilities

(99,048)

(61,501)

Net assets

 

1,050,147

790,982

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,050,047

790,882

Shareholders' funds

 

1,050,147

790,982

For the financial period ending 31 March 2023 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 September 2023 and signed on its behalf by:
 

.........................................
Neill Jeffrey Frazher
Company secretary and director

 

Recycled Packaging Ltd

Notes to the Financial Statements for the Period from 1 August 2022 to 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
18 Garrell Road
Kilsyth
Glasgow
G65 9JX

These financial statements were authorised for issue by the Board on 11 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Recycled Packaging Ltd

Notes to the Financial Statements for the Period from 1 August 2022 to 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings, equipment

none considered appropriate this year

Trucks and vans

none considered appropriate this year

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Recycled Packaging Ltd

Notes to the Financial Statements for the Period from 1 August 2022 to 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 27 (2022 - 27).

 

Recycled Packaging Ltd

Notes to the Financial Statements for the Period from 1 August 2022 to 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

528,312

138,049

666,361

Additions

418,068

83,650

501,718

Disposals

-

(12,000)

(12,000)

At 31 March 2023

946,380

209,699

1,156,079

Depreciation

At 1 August 2022

216,389

8,199

224,588

At 31 March 2023

216,389

8,199

224,588

Carrying amount

At 31 March 2023

729,991

201,500

931,491

At 31 July 2022

311,923

129,850

441,773

5

Stocks

2023
£

2022
£

Stock for sale and business use

70,000

68,000

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

511,108

437,470

Inter-company loans

447,149

365,051

Prepayments

 

-

(800)

Other debtors

 

34,147

-

   

992,404

801,721

 

Recycled Packaging Ltd

Notes to the Financial Statements for the Period from 1 August 2022 to 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

83,651

32,342

Trade creditors

 

509,015

339,157

Taxation and social security

 

103,123

89,469

Accruals and deferred income

 

14,547

36,902

Other creditors

 

(2,104)

336

 

708,232

498,206

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

21,378

28,054

Hire purchase contracts

180,114

-

201,492

28,054

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

69,770

4,560

Director current account

3,881

17,782

83,651

32,342