DRT METAL RECYCLING LIMITED

Company Registration Number:
06859235 (England and Wales)

Unaudited statutory accounts for the year ended 31 August 2023

Period of accounts

Start date: 1 September 2022

End date: 31 August 2023

DRT METAL RECYCLING LIMITED

Contents of the Financial Statements

for the Period Ended 31 August 2023

Balance sheet
Additional notes
Balance sheet notes

DRT METAL RECYCLING LIMITED

Balance sheet

As at 31 August 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 1,165,674 1,333,636
Total fixed assets: 1,165,674 1,333,636
Current assets
Debtors: 4 17,714 14,825
Cash at bank and in hand: 26,214 32,757
Total current assets: 43,928 47,582
Creditors: amounts falling due within one year: 5 ( 954,635 ) ( 1,141,924 )
Net current assets (liabilities): (910,707) (1,094,342)
Total assets less current liabilities: 254,967 239,294
Total net assets (liabilities): 254,967 239,294
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 254,966 239,293
Total Shareholders' funds: 254,967 239,294

The notes form part of these financial statements

DRT METAL RECYCLING LIMITED

Balance sheet statements

For the year ending 31 August 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 27 January 2024
and signed on behalf of the board by:

Name: T P Shea
Status: Director

The notes form part of these financial statements

DRT METAL RECYCLING LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at fair value of the consideration received or receivable, net of discounts and value added tax. Turnover includes revenue earned from metal recycling.Turnover is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually when the goods have been delivered to customers such that the risks and rewards of ownership have been transferred to them.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets, other than freehold land, over their expected useful lives. The annual rates and methods of depreciation are as follows:Plant and machinery - 10% straight line basisImpairment of fixed assetsFixed assets are assessed at each reporting date to determine whether there is any indication that the assets are impaired. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared to its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised in the profit and loss account. The reversal of an impairment loss is recognised immediately in the profit and loss account.

    Other accounting policies

    DebtorsShort term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any impairment.Cash and cash equivalentsCash 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.CreditorsShort term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised cost using the effective interest method.Foreign currencyTransactions in foreign currency are translated at the spot rate at the date of the transactions. Assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange at the balance sheet date. All exchange differences are taken to the to the profit and loss account.

DRT METAL RECYCLING LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 1 1

DRT METAL RECYCLING LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 September 2022 1,965,432 1,965,432
Additions 31,757 31,757
Disposals
Revaluations
Transfers
At 31 August 2023 1,997,189 1,997,189
Depreciation
At 1 September 2022 631,796 631,796
Charge for year 199,719 199,719
On disposals
Other adjustments
At 31 August 2023 831,515 831,515
Net book value
At 31 August 2023 1,165,674 1,165,674
At 31 August 2022 1,333,636 1,333,636

DRT METAL RECYCLING LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

4. Debtors

2023 2022
£ £
Prepayments and accrued income 17,616 14,810
Other debtors 98 15
Total 17,714 14,825

DRT METAL RECYCLING LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 90 0
Accruals and deferred income 4,367 6,450
Other creditors 950,178 1,135,474
Total 954,635 1,141,924

Within Other Creditors is amounts owed to group undertakings of £148,179 (2022 - £333,475).