Company registration number 07364675 (England and Wales)
GREEN PLANET ENVIRONMENTAL RECYCLING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GREEN PLANET ENVIRONMENTAL RECYCLING LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
GREEN PLANET ENVIRONMENTAL RECYCLING LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
284,019
297,071
Current assets
Debtors
4
314,473
325,116
Cash at bank and in hand
64,645
64,529
379,118
389,645
Creditors: amounts falling due within one year
5
(139,804)
(170,339)
Net current assets
239,314
219,306
Total assets less current liabilities
523,333
516,377
Creditors: amounts falling due after more than one year
6
(99,603)
(150,966)
Provisions for liabilities
(12,488)
(8,576)
Net assets
411,242
356,835
Capital and reserves
Called up share capital
172,002
172,002
Profit and loss reserves
239,240
184,833
Total equity
411,242
356,835
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GREEN PLANET ENVIRONMENTAL RECYCLING LTD
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 1 March 2024
Mr KA Nixon
Director
Company registration number 07364675 (England and Wales)
GREEN PLANET ENVIRONMENTAL RECYCLING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
Green Planet Environmental Recycling Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Woodside Lodge, Shorthorn Road, Norwich, Norfolk, England, NR10 5NU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
- 2% straight line
Plant and equipment
- 25% reducing balance
Fixtures and fittings
- 25% reducing balance
Computers
- 25% straight line
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GREEN PLANET ENVIRONMENTAL RECYCLING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
9
8
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2022
155,834
687,810
843,644
Additions
3,840
33,253
37,093
At 30 September 2023
159,674
721,063
880,737
Depreciation and impairment
At 1 October 2022
13,318
533,255
546,573
Depreciation charged in the year
3,193
46,952
50,145
At 30 September 2023
16,511
580,207
596,718
Carrying amount
At 30 September 2023
143,163
140,856
284,019
At 30 September 2022
142,515
154,556
297,071
GREEN PLANET ENVIRONMENTAL RECYCLING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
36,343
17,138
Corporation tax recoverable
19,892
Other debtors
278,130
288,086
314,473
325,116
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
119,058
73,028
Corporation tax
36
Other taxation and social security
6,903
4,891
Other creditors
3,807
82,420
139,804
170,339
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
17,500
27,659
Other creditors
82,103
123,307
99,603
150,966