Registered number
10626234
ToRecycle Limited
Unaudited Filleted Accounts
28 February 2023
ToRecycle Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Accountants' report 3
Profit and loss account 4
Balance sheet 5
Statement of changes in equity 6
Notes to the accounts 7
ToRecycle Limited
Company Information
Directors
Mr S Evans
Mr C Field
Accountants
Keith Graham
Chartered Accountants
Suite 2, Wesley Chambers
Queens Road
Aldershot
Hampshire
GU11 3JD
Bankers
Lloyds Bank
25 Gresham Street
London
EC2V 7HN
Registered office
Unit 1-4 Lhs Lyne Mushroom Farm Longcross Road
Longcross, Chertsey
Surrey
KT16 0DH
Registered number
10626234
ToRecycle Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of ToRecycle Limited for the year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of ToRecycle Limited for the year ended 28 February 2023 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes 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 www.icaew.com/ en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of ToRecycle Limited, as a body, in accordance with the terms of our engagement letter dated 14 March 2023. Our work has been undertaken solely to prepare for your approval the accounts of ToRecycle Limited and state those matters that we have agreed to state to the Board of Directors of ToRecycle Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ToRecycle Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that ToRecycle Limited 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 ToRecycle Limited. You consider that ToRecycle 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 accounts of ToRecycle 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 accounts.
Keith Graham
Chartered Accountants
Suite 2, Wesley Chambers
Queens Road
Aldershot
Hampshire
GU11 3JD
18 October 2023
ToRecycle Limited
Registered number: 10626234
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 31,064 40,958
Current assets
Stocks 17,020 8,986
Debtors 4 2,602 3,717
Cash at bank and in hand 226,536 114,191
246,158 126,894
Creditors: amounts falling due within one year 5 (65,142) (49,936)
Net current assets 181,016 76,958
Total assets less current liabilities 212,080 117,916
Creditors: amounts falling due after more than one year 6 (6,467) (11,840)
Provisions for liabilities (6,108) (6,330)
Net assets 199,505 99,746
Capital and reserves
Called up share capital 100 100
Profit and loss account 199,405 99,646
Shareholders' funds 199,505 99,746
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C Field
Director
Approved by the board on 1 August 2023
ToRecycle Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Grants
Grant income is recognised when the company is entitled to the receipt. Grants receivable are shown in profit or loss account as part of Other Operating Income and any associated costs are shown in the profit and loss account according to their nature.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements 20% straight line
Plant and equipment etc. 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2022 13,269 9,051 51,456 73,776
Additions 1,612 6,244 - 7,856
Disposals - (667) - (667)
At 28 February 2023 14,881 14,628 51,456 80,965
Depreciation
At 1 March 2022 5,627 3,149 24,042 32,818
Charge for the year 2,622 3,514 11,186 17,322
On disposals - (239) - (239)
At 28 February 2023 8,249 6,424 35,228 49,901
Net book value
At 28 February 2023 6,632 8,204 16,228 31,064
At 28 February 2022 7,642 5,902 27,414 40,958
4 Debtors 2023 2022
£ £
Trade debtors 54 1,709
Other debtors 2,548 2,008
2,602 3,717
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 2,000 2,000
Obligations under finance lease and hire purchase contracts 3,373 3,373
Trade creditors - 24
Taxation and social security costs 42,332 26,056
Other creditors 17,437 18,483
65,142 49,936
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 4,500 6,500
Obligations under finance lease and hire purchase contracts 1,967 5,340
6,467 11,840
7 Loans 2023 2022
£ £
Creditors include (bank loans):
Secured bank loans 6,500 8,500
The loan is a Bounce Back Loan from Lloyds Bank plc and is guaranteed by the UK Government. The loan has a fixed rate of interest at 2.5% and the interest due in the first 12 months will be covered by a Business Interruption Payment.
8 Other information
ToRecycle Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1-4 Lhs Lyne Mushroom Farm Longcross Road
Longcross, Chertsey
Surrey
KT16 0DH
The functional currency for these accounts is Sterling.
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