REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2023 |
FOR |
PORTABLE BATTERY RECYCLING LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2023 |
FOR |
PORTABLE BATTERY RECYCLING LIMITED |
PORTABLE BATTERY RECYCLING LIMITED (REGISTERED NUMBER: 11919890) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st July 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PORTABLE BATTERY RECYCLING LIMITED |
COMPANY INFORMATION |
for the Year Ended 31st July 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
100 Barbirolli Square |
Manchester |
M2 3BD |
PORTABLE BATTERY RECYCLING LIMITED (REGISTERED NUMBER: 11919890) |
BALANCE SHEET |
31st July 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Investments | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
PORTABLE BATTERY RECYCLING LIMITED (REGISTERED NUMBER: 11919890) |
BALANCE SHEET - continued |
31st July 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
PORTABLE BATTERY RECYCLING LIMITED (REGISTERED NUMBER: 11919890) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st July 2023 |
1. | STATUTORY INFORMATION |
Portable Battery Recycling Limited is a private company limited by share capital, incorporated in England and Wales, registration number 11919890. The address of the registered office is 100 Barbirolli Square, Manchester, M2 3BD and the principal place of business is Unit H2 Enterprise Park, Ennis Close, Roundthorn Industrial Estate, Manchester, M23 9LE. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of the sale of portable batteries and evidence, which are recognised at the point of which the goods or services are provided. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Depreciation on fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods: |
Plant and machinery | - | 20% straight line |
Fixtures and fittings | - | 20% -33% straight line |
Motor vehicles | - | 20%straight line |
Computer equipment | - | 33% straight line |
At each balance sheet date, the Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
PORTABLE BATTERY RECYCLING LIMITED (REGISTERED NUMBER: 11919890) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st July 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Costs are based on the method most appropriate to the type of inventory class, usually on a first-in-first-out basis. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. |
When stocks are sold, the carrying amount of these stocks are recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down in stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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. |
Leasing commitments |
Operating lease payments are recognised as an expense on straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred. |
In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. |
PORTABLE BATTERY RECYCLING LIMITED (REGISTERED NUMBER: 11919890) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st July 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The obligations for contributions to defined contribution scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the Company in an independent administered fund. |
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
Additions |
At 31st July 2023 |
NET BOOK VALUE |
At 31st July 2023 |
PORTABLE BATTERY RECYCLING LIMITED (REGISTERED NUMBER: 11919890) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st July 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st August 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31st July 2023 |
DEPRECIATION |
At 1st August 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31st July 2023 |
NET BOOK VALUE |
At 31st July 2023 |
At 31st July 2022 |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CURRENT ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Unlisted investments | 124,834 | 6,929 |
PORTABLE BATTERY RECYCLING LIMITED (REGISTERED NUMBER: 11919890) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st July 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
Barclays bank holds fixed and floating charges dated 21/02 and 02/12 over the assets of the company. These charges contain negative pledges as there's several charges |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal value: | 2023 | 2022 |
£ | £ |
51 | Ordinary A | £1.00 | 51 | 51 |
9 | Ordinary B | £1.00 | 9 | 9 |
3 | Ordinary C | £1.00 | 3 | 3 |
48 | Ordinary D | £1.00 | 48 | 48 |
3 | Ordinary E | £1.00 | 3 | 3 |
3 | Ordinary F | £1.00 | 3 | 3 |
3 | Ordinary G | £1.00 | 3 | 3 |
120 | 120 |
12. | OTHER FINANCIAL COMMITMENTS |
At the year end the company was committed to purchasing €4,860 (£4,166) and $93,238 (£72,485) by way of metal contract commitments. |
13. | RELATED PARTY DISCLOSURES |
During the year the company sold motor vehicles to the Directors for £141,866 (2022: £23,000). |