Recycle England Ltd 07804804 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is that of the sale of second hand vehicles, spare parts and building maintenance. Digita Accounts Production Advanced 6.30.9574.0 true 07804804 2022-06-01 2023-05-31 07804804 2023-05-31 07804804 bus:OrdinaryShareClass1 2023-05-31 07804804 core:CurrentFinancialInstruments 2023-05-31 07804804 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 07804804 core:FurnitureFittingsToolsEquipment 2023-05-31 07804804 core:MotorVehicles 2023-05-31 07804804 core:OtherPropertyPlantEquipment 2023-05-31 07804804 1 2023-05-31 07804804 bus:SmallEntities 2022-06-01 2023-05-31 07804804 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 07804804 bus:FullAccounts 2022-06-01 2023-05-31 07804804 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 07804804 bus:RegisteredOffice 2022-06-01 2023-05-31 07804804 bus:CompanySecretaryDirector1 2022-06-01 2023-05-31 07804804 bus:Director1 2022-06-01 2023-05-31 07804804 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 07804804 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 07804804 bus:Agent1 2022-06-01 2023-05-31 07804804 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 07804804 core:MotorVehicles 2022-06-01 2023-05-31 07804804 core:OfficeEquipment 2022-06-01 2023-05-31 07804804 core:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 07804804 core:PlantMachinery 2022-06-01 2023-05-31 07804804 countries:EnglandWales 2022-06-01 2023-05-31 07804804 1 2022-06-01 2023-05-31 07804804 2022-05-31 07804804 core:FurnitureFittingsToolsEquipment 2022-05-31 07804804 core:MotorVehicles 2022-05-31 07804804 core:OtherPropertyPlantEquipment 2022-05-31 07804804 1 2022-05-31 07804804 2021-06-01 2022-05-31 07804804 2022-05-31 07804804 bus:OrdinaryShareClass1 2022-05-31 07804804 core:CurrentFinancialInstruments 2022-05-31 07804804 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 07804804 core:FurnitureFittingsToolsEquipment 2022-05-31 07804804 core:MotorVehicles 2022-05-31 07804804 core:OtherPropertyPlantEquipment 2022-05-31 07804804 1 2022-05-31 07804804 1 2021-06-01 2022-05-31 07804804 1 2021-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07804804

Recycle England Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Recycle England Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 10

 

Recycle England Ltd

Company Information

Directors

Mrs Gillian Ann Bridges

Miss Ruth Helen Bridges

Company secretary

Miss Ruth Helen Bridges

Registered office

Rosemary Cottage
Coton Road
Marston
Sutton Coldfield
B76 0DN

Accountants

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

 

Recycle England Ltd

Directors' Report for the Year Ended 31 May 2023

The directors present their report and the financial statements for the year ended 31 May 2023.

Directors of the company

The directors who held office during the year were as follows:

Mrs Gillian Ann Bridges

Miss Ruth Helen Bridges - Company secretary and director

Principal activity

The principal activity of the company is that of the sale of second hand vehicles, spare parts and building maintenance.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 16 February 2024 and signed on its behalf by:

.........................................
Miss Ruth Helen Bridges
Company secretary and director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Recycle England Ltd
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Recycle England Ltd for the year ended 31 May 2023 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Recycle England Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Recycle England Ltd and state those matters that we have agreed to state to the Board of Directors of Recycle England Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Recycle England Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Recycle England Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Recycle England Ltd. You consider that Recycle England Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Recycle England Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

16 February 2024

 

Recycle England Ltd

(Registration number: 07804804)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

143,457

116,901

Investment property

6

660,955

474,590

 

804,412

591,491

Current assets

 

Debtors

7

180,182

95,527

Cash at bank and in hand

 

43,450

13,274

 

223,632

108,801

Creditors: Amounts falling due within one year

8

(216,104)

(181,250)

Net current assets/(liabilities)

 

7,528

(72,449)

Total assets less current liabilities

 

811,940

519,042

Provisions for liabilities

(73,834)

(16,790)

Net assets

 

738,106

502,252

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

738,104

502,250

Shareholders' funds

 

738,106

502,252

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 16 February 2024 and signed on its behalf by:
 

.........................................
Miss Ruth Helen Bridges
Company secretary and director

 

Recycle England Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Rosemary Cottage
Coton Road
Marston
Sutton Coldfield
B76 0DN
England

These financial statements were authorised for issue by the Board on 16 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Recycle England Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Motor vehicles

20% reducing balance

Computer equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Recycle England Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks, other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company during the year, was 12 (2022 - 12).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

19,844

(13,752)

Amortisation expense

81

-

 

Recycle England Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2022

10,589

98,048

122,125

230,762

Additions

-

16,000

38,121

54,121

Disposals

-

(9,000)

(4,211)

(13,211)

At 31 May 2023

10,589

105,048

156,035

271,672

Depreciation

At 1 June 2022

7,520

67,024

39,317

113,861

Charge for the year

955

5,688

13,201

19,844

Eliminated on disposal

-

(5,083)

(407)

(5,490)

At 31 May 2023

8,475

67,629

52,111

128,215

Carrying amount

At 31 May 2023

2,114

37,419

103,924

143,457

At 31 May 2022

3,069

31,024

82,808

116,901

6

Investment properties

2023
£

At 1 June

474,590

Fair value adjustments

186,365

At 31 May

660,955

The investment property has been revalued based on online valuation tools.

 

Recycle England Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

7

Debtors

2023
£

2022
£

Trade debtors

140,432

77,597

Prepayments

7,210

7,830

Other debtors

32,540

10,100

180,182

95,527

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

53,285

60,492

Taxation and social security

 

74,917

62,641

Other creditors

 

87,902

58,117

 

216,104

181,250

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

10

Reserves

Note

2023
 £

2022
 £

Distributable reserves

 

598,330

502,249

Non-distributable reserves

 

139,774

-

 

738,104

502,249

 

Recycle England Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

11

Related party transactions

Transactions with directors

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Loan to director 1

(3,032)

43,380

(40,315)

33

         
       

 

2022

At 1 June 2021
£

Advances to director
£

Repayments by director
£

At 31 May 2022
£

Loan to director 1

(1,812)

18,482

(19,702)

(3,032)

         
       

 

The loan did not incur any interest as at no point did the balance exceed £10,000. The loan is repayable on demand.

12

Government grants

During the period the company received government grants in support of the pandemic Covid-19
The amount of grants recognised in the financial statements was £Nil (2022 - £8,438).