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REGISTERED NUMBER: NI610342 (Northern Ireland)















RECON WASTE MANAGEMENT LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






RECON WASTE MANAGEMENT LTD (REGISTERED NUMBER: NI610342)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


RECON WASTE MANAGEMENT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: Daniel Connolly





REGISTERED OFFICE: 9 Derrinraw Road
Portadown
Co. Armagh
BT62 1UX





REGISTERED NUMBER: NI610342 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

RECON WASTE MANAGEMENT LTD (REGISTERED NUMBER: NI610342)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £ £
NON-CURRENT ASSETS
Intangible assets 5 - -
Property, plant and equipment 6 2,140,388 1,579,719
2,140,388 1,579,719

CURRENT ASSETS
Receivables 7 651,321 636,325
Cash at bank 657,868 905,197
1,309,189 1,541,522
PAYABLES
Amounts falling due within one year 8 (856,217 ) (343,402 )
NET CURRENT ASSETS 452,972 1,198,120
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,593,360

2,777,839

PAYABLES
Amounts falling due after more than
one year

9

(249,932

)

(509,647

)

PROVISIONS FOR LIABILITIES (419,836 ) (433,226 )

GOVERNMENT GRANTS (63,020 ) (78,775 )
NET ASSETS 1,860,572 1,756,191

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 1,860,472 1,756,091
SHAREHOLDERS' FUNDS 1,860,572 1,756,191

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

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

RECON WASTE MANAGEMENT LTD (REGISTERED NUMBER: NI610342)

STATEMENT OF FINANCIAL POSITION - continued
31 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 director and authorised for issue on 24 October 2023 and were signed by:





Daniel Connolly - Director


RECON WASTE MANAGEMENT LTD (REGISTERED NUMBER: NI610342)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Recon Waste Management Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The Financial Statements are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

The accounting policies detailed below have been applied consistently throughout the year.

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

Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of 5 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Property, plant and equipment
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. 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.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Plant & machinery- 20% reducing balance
Fixtures & fittings- 25% reducing balance
Long leasehold property- 4% straight line

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


RECON WASTE MANAGEMENT LTD (REGISTERED NUMBER: NI610342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.

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.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand and deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within current liabilities.

Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Income Statement annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income Statement when received.

Finance costs
Finance costs are charged to the Income Statement over the term of the debt.

Share capital
Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 22 ) .

RECON WASTE MANAGEMENT LTD (REGISTERED NUMBER: NI610342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 April 2022
and 31 March 2023 500,000
AMORTISATION
At 1 April 2022
and 31 March 2023 500,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

6. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Long Plant and and
leasehold machinery fittings Totals
£ £ £ £
COST
At 1 April 2022 144,182 3,400,930 35,195 3,580,307
Additions 115,068 796,991 6,621 918,680
At 31 March 2023 259,250 4,197,921 41,816 4,498,987
DEPRECIATION
At 1 April 2022 30,537 1,950,936 19,115 2,000,588
Charge for year 7,921 345,175 4,915 358,011
At 31 March 2023 38,458 2,296,111 24,030 2,358,599
NET BOOK VALUE
At 31 March 2023 220,792 1,901,810 17,786 2,140,388
At 31 March 2022 113,645 1,449,994 16,080 1,579,719

7. RECEIVABLES
2023 2022
£ £
Trade receivables 614,976 634,625
Other receivables 36,345 1,700
651,321 636,325

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans & overdrafts 10,663 10,663
Hire purchase contracts 156,666 89,139
Trade payables 369,707 165,263
Taxation & social security 3,376 57,709
Other payables 315,805 20,628
856,217 343,402

The hire purchase and finance lease agreements are secured against the assets to which they relate.

RECON WASTE MANAGEMENT LTD (REGISTERED NUMBER: NI610342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

9. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2023 2022
£ £
Bank loans 22,586 32,286
Hire purchase contracts 227,346 130,972
Other payables - 346,389
249,932 509,647

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary 1 100 100

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

A balance of £296,296 (2022 - £346,389) was owing from the company to the director at the
year end.