Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28142022-03-01falseNo description of principal activity23truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07938792 2022-03-01 2023-02-28 07938792 2021-03-01 2022-02-28 07938792 2023-02-28 07938792 2022-02-28 07938792 c:Director1 2022-03-01 2023-02-28 07938792 d:Buildings 2022-03-01 2023-02-28 07938792 d:Buildings 2023-02-28 07938792 d:Buildings 2022-02-28 07938792 d:Buildings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 07938792 d:PlantMachinery 2022-03-01 2023-02-28 07938792 d:PlantMachinery 2023-02-28 07938792 d:PlantMachinery 2022-02-28 07938792 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 07938792 d:MotorVehicles 2022-03-01 2023-02-28 07938792 d:MotorVehicles 2023-02-28 07938792 d:MotorVehicles 2022-02-28 07938792 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 07938792 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 07938792 d:Goodwill 2022-03-01 2023-02-28 07938792 d:Goodwill 2023-02-28 07938792 d:Goodwill 2022-02-28 07938792 d:CurrentFinancialInstruments 2023-02-28 07938792 d:CurrentFinancialInstruments 2022-02-28 07938792 d:Non-currentFinancialInstruments 2023-02-28 07938792 d:Non-currentFinancialInstruments 2022-02-28 07938792 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 07938792 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 07938792 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 07938792 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 07938792 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 07938792 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-02-28 07938792 d:ShareCapital 2023-02-28 07938792 d:ShareCapital 2022-02-28 07938792 d:RetainedEarningsAccumulatedLosses 2023-02-28 07938792 d:RetainedEarningsAccumulatedLosses 2022-02-28 07938792 c:FRS102 2022-03-01 2023-02-28 07938792 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 07938792 c:FullAccounts 2022-03-01 2023-02-28 07938792 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 07938792 d:HirePurchaseContracts d:WithinOneYear 2023-02-28 07938792 d:HirePurchaseContracts d:WithinOneYear 2022-02-28 07938792 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-02-28 07938792 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-02-28 iso4217:GBP xbrli:pure

Registered number: 07938792









GURTEEN RECYCLING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
GURTEEN RECYCLING LIMITED
REGISTERED NUMBER: 07938792

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
567,308
544,087

  
567,308
544,087

Current assets
  

Debtors: amounts falling due within one year
 7 
191,071
272,273

Cash at bank and in hand
 8 
1,722
20,277

  
192,793
292,550

Creditors: amounts falling due within one year
 9 
(471,910)
(350,708)

Net current liabilities
  
 
 
(279,117)
 
 
(58,158)

Total assets less current liabilities
  
288,191
485,929

Creditors: amounts falling due after more than one year
 10 
(251,144)
(406,144)

Provisions for liabilities
  

Deferred tax
  
(22,672)
(26,560)

  
 
 
(22,672)
 
 
(26,560)

Net assets
  
14,375
53,225


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
14,365
53,215

  
14,375
53,225


Page 1

 
GURTEEN RECYCLING LIMITED
REGISTERED NUMBER: 07938792
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 November 2023.




Mr P Gurteen
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
GURTEEN RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Gurteen Recycling Limited is a private company limited by shares and incorporated in England and Wales. The registered office is Unit 21, Mylord Crescent, Camperdown Industrial Estate, Killingworth, Newcastle upon Tyne, NE12 5UJ. The company number is 07938792.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Going concern

At the year end the company had net current liabilities of £279,117 and is supported by loans from a  director and existing bank facilities to meet its day to day working capital requirements. Current forecasts take account of the anticipated effects of the COVID-19 pandemic and indicate that the company expects to be able to operate within these facilities for the whole of the foreseeable future. These facilities are renewed annually and consequently are not guaranteed for the foreseeable future. However, the directors are not aware of any circumstances that may adversely effect the renewal of these facilities. Accordingly, the directors believe it is appropriate to prepare the financial statements on the going concern basis.

  
2.3

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 
2.4

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 3

 
GURTEEN RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.4
Intangible assets (continued)

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
25%
Land Nil%; Landworks 25%
Plant and machinery
-
25%
Motor vehicles
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.6

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

  
2.8

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Page 4

 
GURTEEN RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

  
2.9

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are
recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

  
2.10

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably
committed to terminate the employment of an employee or to provide termination benefits.

  
2.11

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Page 5

 
GURTEEN RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

  
2.12

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.


3.


Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 
3.1

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


4.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 23).

Page 6

 
GURTEEN RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Intangible assets




Goodwill

£



Cost


At 1 March 2022
175,248



At 28 February 2023

175,248



Amortisation


At 1 March 2022
175,248



At 28 February 2023

175,248



Net book value



At 28 February 2023
-



At 28 February 2022
-



Page 7

 
GURTEEN RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 March 2022
265,995
56,990
794,342
1,117,327


Additions
98,291
16,940
95,145
210,376


Disposals
-
-
(180,145)
(180,145)



At 28 February 2023

364,286
73,930
709,342
1,147,558



Depreciation


At 1 March 2022
76,864
52,588
443,788
573,240


Charge for the year on owned assets
31,485
5,337
98,461
135,283


Disposals
-
-
(128,273)
(128,273)



At 28 February 2023

108,349
57,925
413,976
580,250



Net book value



At 28 February 2023
255,937
16,005
295,366
567,308



At 28 February 2022
189,131
4,402
350,554
544,087


7.


Debtors

2023
2022
£
£


Trade debtors
179,222
217,024

Other debtors
-
13,991

Prepayments and accrued income
11,849
41,258

191,071
272,273


Page 8

 
GURTEEN RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,722
20,277

Less: bank overdrafts
(34,073)
(2,340)

(32,351)
17,937



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
34,073
2,340

Other loans
10,000
10,000

Trade creditors
123,510
123,213

Other taxation and social security
18,061
23,702

Obligations under finance lease and hire purchase contracts
119,181
138,238

Other creditors
146,109
41,142

Accruals and deferred income
20,976
12,073

471,910
350,708



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
22,500
32,500

Net obligations under finance leases and hire purchase contracts
68,644
142,011

Other creditors
160,000
231,633

251,144
406,144


Page 9

 
GURTEEN RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Other loans
22,500
32,500


22,500
32,500



32,500
42,500



12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
119,181
138,238

Between 1-5 years
68,644
142,011

187,825
280,249

 
Page 10