Registered number
07997375
Archer Recycling Limited
Filleted Accounts
31 March 2023
Archer Recycling Limited
Company Information
Director
M Castle
Accountants
Anderson Griffin
Rotunda Buildings
Montpellier Exchange
Cheltenham
Glos
Registered office
Unit 4
Severnside Trading Estate
Hempsted
Gloucester
Registered number
07997375
Archer Recycling Limited
Registered number: 07997375
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 280,015 280,515
Current assets
Stocks 30,000 25,000
Debtors 4 74,830 81,051
Cash at bank and in hand 14,882 7,767
119,712 113,818
Creditors: amounts falling due within one year 5 (148,333) (119,581)
Net current liabilities (28,621) (5,763)
Total assets less current liabilities 251,394 274,752
Creditors: amounts falling due after more than one year 6 (116,176) (161,083)
Net assets 135,218 113,669
Capital and reserves
Called up share capital 1 1
Profit and loss account 135,217 113,668
Shareholder's funds 135,218 113,669
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
M Castle
Director
Approved by the board on 31 August 2023
Archer Recycling Limited
Notes to the Accounts
for the year ended 31 March 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.
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:
Plant and machinery 5% straight line
Office equipment 25% straight line
Motor vehicles 10% 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 5 5
3 Tangible fixed assets
Plant and machinery Office equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 352,409 9,159 22,825 384,393
Additions 22,500 - - 22,500
At 31 March 2023 374,909 9,159 22,825 406,893
Depreciation
At 1 April 2022 86,194 6,109 11,575 103,878
Charge for the year 18,745 1,970 2,285 23,000
At 31 March 2023 104,939 8,079 13,860 126,878
Net book value
At 31 March 2023 269,970 1,080 8,965 280,015
At 31 March 2022 266,215 3,050 11,250 280,515
4 Debtors 2023 2022
£ £
Trade debtors 44,371 49,733
Other debtors 30,459 31,318
74,830 81,051
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 15,062 14,321
Trade creditors 22,053 45,388
Taxation and social security costs 111,218 59,872
148,333 119,581
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 40,639 45,774
Obligations under finance lease and hire purchase contracts 75,537 115,309
116,176 161,083
7 Contingent liabilities
No provision is made for deferred tax of £31,633 arising from accelerated capital allowances less tax losses brought forward because it is not anticipated that it will become payable in the forseeable future.
8 Controlling party
The company is controlled by the director.
9 Other information
Archer Recycling Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4
Severnside Trading Estate
Hempsted
Gloucester
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