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REGISTERED NUMBER: NI602672 (Northern Ireland)












Avenue Metal Recycling Ltd

Unaudited Financial Statements for the Year Ended 31st March 2023






Avenue Metal Recycling Ltd (Registered number: NI602672)






Contents of the Financial Statements
for the year ended 31st March 2023




Page

Balance sheet 1

Notes to the financial statements 3


Avenue Metal Recycling Ltd (Registered number: NI602672)

Balance Sheet
31st March 2023

2023 2022
Notes £    £   
Fixed assets
Tangible assets 4 7,063 9,313

Current assets
Stocks 5 55,278 -
Debtors 6 80,000 8,111
Cash at bank 334,283 438,221
469,561 446,332
Creditors
Amounts falling due within one year 7 (135,470 ) (131,901 )
Net current assets 334,091 314,431
Total assets less current liabilities 341,154 323,744

Creditors
Amounts falling due after more than one
year

8

(22,558

)

(32,205

)
Net assets 318,596 291,539

Capital and reserves
Called up share capital 10 64,002 64,002
Retained earnings 254,594 227,537
Shareholders' funds 318,596 291,539

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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.

Avenue Metal Recycling Ltd (Registered number: NI602672)

Balance Sheet - continued
31st March 2023


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 17th November 2023 and were signed on its behalf by:





Mr M Lavery - Director


Avenue Metal Recycling Ltd (Registered number: NI602672)

Notes to the Financial Statements
for the year ended 31st March 2023

1. Statutory information

Avenue Metal Recycling Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address are as below:

Registered number: NI602672

Registered office: 208 Tates Avenue
Belfast
Antrim
BT12 6ND

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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 - straight line over 3 years and 20% Straight line
Fixtures and fittings - 33% Straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Avenue Metal Recycling Ltd (Registered number: NI602672)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legal enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Avenue Metal Recycling Ltd (Registered number: NI602672)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

2. Accounting policies - continued

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.

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.


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.

3. Employees and directors

The average number of employees during the year was 1 (2022 - 1 ) .

Avenue Metal Recycling Ltd (Registered number: NI602672)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

4. Tangible fixed assets
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
Cost
At 1st April 2022
and 31st March 2023 51,667 9,675 61,342
Depreciation
At 1st April 2022 42,354 9,675 52,029
Charge for year 2,250 - 2,250
At 31st March 2023 44,604 9,675 54,279
Net book value
At 31st March 2023 7,063 - 7,063
At 31st March 2022 9,313 - 9,313

5. Stocks
2023 2022
£    £   
Stocks 55,278 -

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Other debtors 80,000 -
Directors' current accounts - 8,111
80,000 8,111

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 10,648 10,648
Trade creditors (3,150 ) (3,150 )
Corporation tax 51,103 28,713
Social security and other taxes 313 2
VAT 72,153 79,920
Other creditors 809 602
Avenue Recycling Limited - 11,517
Directors' current accounts 50 -
Accruals and deferred income 3,544 3,649
135,470 131,901

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans (see note 9) 22,558 32,205

Avenue Metal Recycling Ltd (Registered number: NI602672)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

9. Loans

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,648 10,648

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,648 10,648

Amounts falling due between two and five years:
Bank loans - 2-5 years 11,910 21,557

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
64,002 Ordinary £1 64,002 64,002

11. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31st March 2023 and 31st March 2022:

2023 2022
£    £   
Mr M Lavery
Balance outstanding at start of year 8,110 9,164
Amounts advanced 63,598 22,052
Amounts repaid (71,758 ) (23,106 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (50 ) 8,110