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REGISTERED NUMBER: 06501698 (England and Wales)










Recycling Wales Limited

Unaudited Financial Statements

for the Year Ended 28 February 2023






Recycling Wales Limited (Registered number: 06501698)






Contents of the Financial Statements
for the year ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Recycling Wales Limited

Company Information
for the year ended 28 February 2023







DIRECTORS: Mr J C Hand
Mrs D Hand





REGISTERED OFFICE: Rifkins Yard
Morfa Bach
Rhyl
Denbighshire
LL18 2EW





REGISTERED NUMBER: 06501698 (England and Wales)





ACCOUNTANTS: Salisbury & Company
Chartered Accountants
Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN

Recycling Wales Limited (Registered number: 06501698)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 42,121 18,026
Investments 6 427,569 427,569
469,690 445,595

CURRENT ASSETS
Stocks 36,000 64,000
Debtors 7 53,696 21,323
Cash at bank and in hand 28,172 9,394
117,868 94,717
CREDITORS
Amounts falling due within one year 8 477,568 411,723
NET CURRENT LIABILITIES (359,700 ) (317,006 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

109,990

128,589

PROVISIONS FOR LIABILITIES 3,175 3,335
NET ASSETS 106,815 125,254

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 106,715 125,154
SHAREHOLDERS' FUNDS 106,815 125,254

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 November 2023 and were signed on its behalf by:





Mr J C Hand - Director


Recycling Wales Limited (Registered number: 06501698)

Notes to the Financial Statements
for the year ended 28 February 2023

1. STATUTORY INFORMATION

Recycling Wales Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance and 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

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.

Recycling Wales Limited (Registered number: 06501698)

Notes to the Financial Statements - continued
for the year ended 28 February 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 248,013
AMORTISATION
At 1 March 2022
and 28 February 2023 248,013
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2022 - 104,294 104,294
Additions 26,000 4,168 30,168
Disposals - (35,503 ) (35,503 )
At 28 February 2023 26,000 72,959 98,959
DEPRECIATION
At 1 March 2022 - 86,268 86,268
Charge for year - 5,099 5,099
Eliminated on disposal - (34,529 ) (34,529 )
At 28 February 2023 - 56,838 56,838
NET BOOK VALUE
At 28 February 2023 26,000 16,121 42,121
At 28 February 2022 - 18,026 18,026

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2022
and 28 February 2023 427,569
NET BOOK VALUE
At 28 February 2023 427,569
At 28 February 2022 427,569

Recycling Wales Limited (Registered number: 06501698)

Notes to the Financial Statements - continued
for the year ended 28 February 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 53,000 20,400
Other debtors 696 923
53,696 21,323

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 432 900
Amounts owed to group undertakings 414,812 347,894
Taxation and social security 58,451 57,207
Other creditors 3,873 5,722
477,568 411,723

9. RELATED PARTY DISCLOSURES

During the year the company received dividends of £20,000 (2022 - £20,000) from its subsidiary company, E A Heath (Rag & Woollen) Limited.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr John Hand and Mrs Dawn Hand on the basis that together they own all of the issued share capital in its entirety.