Registered number
08549830
Law Green Recycling Limited
Filleted Accounts
31 May 2023
Law Green Recycling Limited
Registered number: 08549830
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 942 1,256
Current assets
Debtors 4 21,970 20,707
Cash at bank and in hand 11,500 909
33,470 21,616
Creditors: amounts falling due within one year 5 (40,440) (21,679)
Net current liabilities (6,970) (63)
Total assets less current liabilities (6,028) 1,193
Creditors: amounts falling due after more than one year 6 (8,000) (12,000)
Net liabilities (14,028) (10,807)
Capital and reserves
Called up share capital 3 3
Profit and loss account (14,031) (10,810)
Shareholders' funds (14,028) (10,807)
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 members have 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.
Mr Lewis Wright
Director
Approved by the board on 19 December 2023
Law Green Recycling Limited
Notes to the Accounts
for the year ended 31 May 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Going concern
The company’s balance sheet shows a net liability position. However, the director considers the company can continue to rely upon his own support to ensure that its liabilities can be settled when they fall due. Accordingly, these financial statements have been prepared on a going concern basis and do not include any provision for adjustments that may become necessary if the support referred to above were withdrawn.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2022 1,591 7,740 9,331
At 31 May 2023 1,591 7,740 9,331
Depreciation
At 1 June 2022 1,015 7,060 8,075
Charge for the year 144 170 314
At 31 May 2023 1,159 7,230 8,389
Net book value
At 31 May 2023 432 510 942
At 31 May 2022 576 680 1,256
4 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 18,226 18,226
Other debtors 3,744 2,481
21,970 20,707
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,000 4,000
Trade creditors 1,500 2,062
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,652 445
Taxation and social security costs 5,907 5,599
Other creditors 26,381 9,573
40,440 21,679
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 8,000 12,000
7 Related party transactions
Transactions with associated business Law Waste Services Limited
Law Waste Services Limited is a Limited Company in which Mr N J Wright and H C Wright are directors and and Mr N J Wright is the shareholder.
As at 30 September 2022, Law Waste Services Limited owed the company £18,226 (2022: £18,226).
Transactions with associated business Law Greedy Bags Limited
Law Greedy Bags Limited is a Limited Company in which Mr L A Wright, Mr N J Wright and H C Wright are directors and shareholders.
As at 30 September 2022, the Law Green Recycling Limited owed Law Greedy Bags Limited £2,652 (2022: £445)
8 Other information
Law Green Recycling Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Mill
Kingsteignton Road
Newton Abbot
Devon
TQ12 2QA
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