REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 MARCH 2023 TO 31 DECEMBER 2023 |
FOR |
ALLWOOD RECYCLING SOLUTIONS LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 MARCH 2023 TO 31 DECEMBER 2023 |
FOR |
ALLWOOD RECYCLING SOLUTIONS LIMITED |
ALLWOOD RECYCLING SOLUTIONS LIMITED (REGISTERED NUMBER: 07155029) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Statement of Income and Retained Earnings | 9 |
Statement of Financial Position | 10 |
Statement of Cash Flows | 11 |
Notes to the Statement of Cash Flows | 12 |
Notes to the Financial Statements | 14 |
ALLWOOD RECYCLING SOLUTIONS LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Fulford House |
Newbold Terrace |
Leamington Spa |
Warwickshire |
CV32 4EA |
ALLWOOD RECYCLING SOLUTIONS LIMITED (REGISTERED NUMBER: 07155029) |
STRATEGIC REPORT |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
The directors present their strategic report for the period 1 March 2023 to 31 December 2023. |
REVIEW OF BUSINESS |
We help organisations of all sizes and niches to recycle as much as possible by offering bespoke recycling solutions to ensure the most sustainable and cost-effective outcome for all involved. We provide a tailored waste management service to include (but not limited to): |
- On-site assistance - our trained operatives work on site to sort and segregate all waste streams. |
- Swift collections - courtesy of our nationwide network of reliable carriers, we are able to provide speedy collections to all our clients. |
- Stand trailer supply - we supply stand trailers for the transportation of goods. |
- Complete waste management - services that are designed specifically for our clients. |
We have changed our year end and will be reporting January to December going forward. This has resulted in a 10-month year for the period March to December 2023. |
For the 10 months ended December 2023 turnover was £15.4m (full year 2022/23 : £16.2m) increased activity and new clients has contributed to a higher turnover with gross margins remaining largely consistent previous years. |
The outlook for the coming year is very positive, we continue to grow organically and it is the intention of the Directors to continue to win new business and grow turnover. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Credit Risk |
Credit risk relates to operating activities and the risk that customers do not pay, this risk is managed by the external rating of credit limits and the robust monitoring of debtors. The Company is in a strong financial position with sufficient cash reserves available and finances its operations through retained earnings. |
Economic Risk |
Commodities such as scrap metal, cardboard and recycled plastics are subject to world supply and demand which impacts prices. The Company has a wide variety of outlets for the material which allows for alignment of global commodity pricing. |
Regulatory Risk |
Regulation constantly changes that affects the waste and recycling sectors. The Company mitigates the risk by maintaining the highest standards with our certifications to IS9001 Quality Management Systems, ISO14001 Environmental Management Systems, ISO45001 Occupational Health and Safety Systems, ISO27001 Information Security Systems and Safe Contractor status. We are also a CIWM Affiliated member. |
Reputational Risk |
We pride ourselves on providing effective, cost-efficient and responsible waste and recycling services nationwide. Factors adversely affecting our reputation would be detrimental to trade, we mitigate the risk in a number of ways; a) employing the right staff, b) training all our staff by using CIWM waste awareness training courses, c) ensuring the correct resources are deployed, and, d) continuous review and improvement of the services we offer. |
ALLWOOD RECYCLING SOLUTIONS LIMITED (REGISTERED NUMBER: 07155029) |
STRATEGIC REPORT |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
KEY PERFORMANCE INDICATORS |
The Directors and Senior Management Team review financial performance each month, including turnover, costs, profit and client performance. Debtors and creditors are reviewed regularly along with cashflow projections. |
Staff training and performance are actively monitored to ensure our workforce are able to provide the best service possible. |
ON BEHALF OF THE BOARD: |
ALLWOOD RECYCLING SOLUTIONS LIMITED (REGISTERED NUMBER: 07155029) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company for the period 1 March 2023 to 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of waste management and recycling services. |
DIVIDENDS |
No dividends will be distributed for the period ended 31 December 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
FINANCIAL INSTRUMENTS |
The business' principal financial instruments comprise bank balances, insurance debtors, insurance creditors |
and other creditors. The main purpose of these instruments is to finance the business' operations. |
Debtors are managed in respect of credit risk by policies concerning the credit offered to customers and the |
regular monitoring of amounts outstanding for both time and credit limits. |
Creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
STRATEGIC REPORT |
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors Report) |
Regulations 2013, the company has prepared a Strategic Report, which includes information that would have |
previously been included in the Directors' Report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
ALLWOOD RECYCLING SOLUTIONS LIMITED (REGISTERED NUMBER: 07155029) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, TGFP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ALLWOOD RECYCLING SOLUTIONS LIMITED |
Opinion |
We have audited the financial statements of Allwood Recycling Solutions Limited (the 'company') for the period ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ALLWOOD RECYCLING SOLUTIONS LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ALLWOOD RECYCLING SOLUTIONS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We have considered how irregularities, including fraud, can be detected in this business and how they may occur. We are aware there are always opportunities to manipulate the accounts, in particular by increasing or decreasing profits and window dressing by making the balance sheet look stronger than it may in reality be. |
To mitigate these risks we have reviewed all journals made during the year ensuring all are authorised and approved at the appropriate level. We have also reviewed any transactions outside of the business, and we have carried out a detailed analytical review of income and expenses highlighting any variances and obtaining reasons from Senior Management as to the reasons why. Materiality has been set at a level we feel more comfortable to include a greater range of testing to enable us to detect irregularities. |
In respect of non- compliance with laws and regulations we have carried out the following enquiries: |
Review minutes of meetings of those charged with governance. |
Enquiry of management, those charged with governance and the Companies solicitors around actual and potential litigation and claims. |
Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Fulford House |
Newbold Terrace |
Leamington Spa |
Warwickshire |
CV32 4EA |
ALLWOOD RECYCLING SOLUTIONS LIMITED (REGISTERED NUMBER: 07155029) |
STATEMENT OF INCOME AND |
RETAINED EARNINGS |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
Period |
1.3.23 |
to | Year Ended |
31.12.23 | 28.2.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
2,138,697 | 2,042,451 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL PERIOD |
Retained earnings at beginning of period |
Dividends | 7 | ( |
) |
RETAINED EARNINGS AT END OF PERIOD |
ALLWOOD RECYCLING SOLUTIONS LIMITED (REGISTERED NUMBER: 07155029) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
2023 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up and paid share capital | 16 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
ALLWOOD RECYCLING SOLUTIONS LIMITED (REGISTERED NUMBER: 07155029) |
STATEMENT OF CASH FLOWS |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
Period |
1.3.23 |
to | Year Ended |
31.12.23 | 28.2.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Capital repayments in year | ( |
) | ( |
) |
Amount reimbursed to directors | (1,544 | ) | (1,547,881 | ) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of period |
2 |
1,226,280 |
Cash and cash equivalents at end of period |
2 |
1,254,019 |
1,401,596 |
ALLWOOD RECYCLING SOLUTIONS LIMITED (REGISTERED NUMBER: 07155029) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.3.23 |
to | Year Ended |
31.12.23 | 28.2.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 2,052 | 2,462 |
Finance income | (2,239 | ) | (4,585 | ) |
2,256,268 | 2,112,798 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Period ended 31 December 2023 |
31.12.23 | 1.3.23 |
£ | £ |
Cash and cash equivalents | 1,254,019 | 1,401,596 |
Year ended 28 February 2023 |
28.2.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 1,401,596 | 1,226,280 |
ALLWOOD RECYCLING SOLUTIONS LIMITED (REGISTERED NUMBER: 07155029) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.3.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,401,596 | (147,577 | ) | 1,254,019 |
1,401,596 | ( |
) | 1,254,019 |
Debt |
Finance leases | (59,735 | ) | 14,348 | (45,387 | ) |
(59,735 | ) | 14,348 | (45,387 | ) |
Total | 1,341,861 | (133,229 | ) | 1,208,632 |
ALLWOOD RECYCLING SOLUTIONS LIMITED (REGISTERED NUMBER: 07155029) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Allwood Recycling Solutions Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. For the period under review there were no specific areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates had a material bearing on the financial statements. |
Turnover |
Turnover comprises the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns and discounts. |
The company recognises turnover when the amount can be reliably measured and it is probable that future economic benefits will flow to the entity. |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Financial instruments |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
ALLWOOD RECYCLING SOLUTIONS LIMITED (REGISTERED NUMBER: 07155029) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Trade debtors |
Trade debtors are amounts owed from customers for services performed and goods sold in the ordinary course in business. |
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised costs using the effective interest method, less provision for impairment. A provision for 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. |
Trade creditors |
Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
ALLWOOD RECYCLING SOLUTIONS LIMITED (REGISTERED NUMBER: 07155029) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Share capital |
Ordinary shares are classed as equity. Equity instruments are measured at fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. |
3. | EMPLOYEES AND DIRECTORS |
Period |
1.3.23 |
to | Year Ended |
31.12.23 | 28.2.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period |
1.3.23 |
to | Year Ended |
31.12.23 | 28.2.23 |
Directors | 2 | 2 |
Clerical and managerial | 12 | 11 |
Site managers and supervisors | 16 | 20 |
Operatives | 88 | 81 |
Period |
1.3.23 |
to | Year Ended |
31.12.23 | 28.2.23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
ALLWOOD RECYCLING SOLUTIONS LIMITED (REGISTERED NUMBER: 07155029) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1.3.23 |
to | Year Ended |
31.12.23 | 28.2.23 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.3.23 |
to | Year Ended |
31.12.23 | 28.2.23 |
£ | £ |
Hire purchase |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1.3.23 |
to | Year Ended |
31.12.23 | 28.2.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
ALLWOOD RECYCLING SOLUTIONS LIMITED (REGISTERED NUMBER: 07155029) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.3.23 |
to | Year Ended |
31.12.23 | 28.2.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
HMRC CT interest | - | 520 |
Part of the profits are charged at 19 percent | (9,844 | ) | - |
Deferred tax | 147,818 | - |
Total tax charge | 542,818 | 400,271 |
7. | DIVIDENDS |
Period |
1.3.23 |
to | Year Ended |
31.12.23 | 28.2.23 |
£ | £ |
A Ordinary shares of £0.50 each |
Final |
B Ordinary shares of £0.50 each |
Final |
ALLWOOD RECYCLING SOLUTIONS LIMITED (REGISTERED NUMBER: 07155029) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 March 2023 |
Charge for period |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 28 February 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 March 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 28 February 2023 |
ALLWOOD RECYCLING SOLUTIONS LIMITED (REGISTERED NUMBER: 07155029) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2023 |
£ | £ |
Hire purchase contracts (see note 12) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 111,461 | 280,230 |
Other creditors |
Directors' current accounts | 111 | 251,655 |
Accruals and deferred income |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2023 |
£ | £ |
Hire purchase contracts (see note 12) |
12. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2023 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
13. | SECURED DEBTS |
There is security over the borrowings of the company by way of a fixed and floating charge over all assets. |
The above charge is still outstanding. |
ALLWOOD RECYCLING SOLUTIONS LIMITED (REGISTERED NUMBER: 07155029) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
14. | FINANCIAL INSTRUMENTS |
Categorisation of financial instruments: |
Financial assets that are debt instruments measured at amortised cost £4,343,703 (February 2023 - £3,527,519) |
Financial instruments measured at amortised cost £2,298,281 (February 2023 - £2,004,557) |
15. | PROVISIONS FOR LIABILITIES |
2023 | 2023 |
£ | £ |
Deferred tax | 147,818 | - |
Deferred |
tax |
£ |
Provided during period |
Balance at 31 December 2023 |
16. | CALLED UP AND PAID SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2023 |
value: | £ | £ |
A Ordinary | £0.50 | 1 | 1 |
B Ordinary | £0.50 | 1 | 1 |
2 | 2 |
17. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £126,295 (February 2023 - £145,809). |
Contributions totalling £28,907 (February 2023 - £12,250) were payable to the scheme at the end of the period and are included in creditors. |
18. | RELATED PARTY DISCLOSURES |
Key management personnel comprises the directors of the company. The directors received remuneration in the period as disclosed in note 3. |
During the period, the company made sales of £5,832,943 and purchases of £11,872 respectively to and from companies in the group (February 2023: £6,109,635 and £16,981). The related balances receivable and payable at the period end were £71,358 and £nil (February 2023: £343,821 and £528). |
ALLWOOD RECYCLING SOLUTIONS LIMITED (REGISTERED NUMBER: 07155029) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
19. | ULTIMATE CONTROLLING PARTY |
The company is under the control of the directors. |