Acorah Software Products - Accounts Production 14.5.601 false true 30 June 2022 1 July 2021 false 1 July 2022 30 June 2023 30 June 2023 09646624 Mr David Clark Mrs Caroline Kelly iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09646624 2022-06-30 09646624 2023-06-30 09646624 2022-07-01 2023-06-30 09646624 frs-core:CurrentFinancialInstruments 2023-06-30 09646624 frs-core:Non-currentFinancialInstruments 2023-06-30 09646624 frs-core:BetweenOneFiveYears 2023-06-30 09646624 frs-core:ComputerEquipment 2023-06-30 09646624 frs-core:ComputerEquipment 2022-07-01 2023-06-30 09646624 frs-core:ComputerEquipment 2022-06-30 09646624 frs-core:FurnitureFittings 2023-06-30 09646624 frs-core:FurnitureFittings 2022-07-01 2023-06-30 09646624 frs-core:FurnitureFittings 2022-06-30 09646624 frs-core:NetGoodwill 2023-06-30 09646624 frs-core:NetGoodwill 2022-07-01 2023-06-30 09646624 frs-core:NetGoodwill 2022-06-30 09646624 frs-core:MotorVehicles 2023-06-30 09646624 frs-core:MotorVehicles 2022-07-01 2023-06-30 09646624 frs-core:MotorVehicles 2022-06-30 09646624 frs-core:PlantMachinery 2023-06-30 09646624 frs-core:PlantMachinery 2022-07-01 2023-06-30 09646624 frs-core:PlantMachinery 2022-06-30 09646624 frs-core:WithinOneYear 2023-06-30 09646624 frs-core:ShareCapital 2023-06-30 09646624 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30 09646624 frs-bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 09646624 frs-bus:FilletedAccounts 2022-07-01 2023-06-30 09646624 frs-bus:SmallEntities 2022-07-01 2023-06-30 09646624 frs-bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 09646624 frs-bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 09646624 frs-bus:Director1 2022-07-01 2023-06-30 09646624 frs-bus:Director2 2022-07-01 2023-06-30 09646624 frs-countries:EnglandWales 2022-07-01 2023-06-30 09646624 2021-06-30 09646624 2022-06-30 09646624 2021-07-01 2022-06-30 09646624 frs-core:CurrentFinancialInstruments 2022-06-30 09646624 frs-core:Non-currentFinancialInstruments 2022-06-30 09646624 frs-core:BetweenOneFiveYears 2022-06-30 09646624 frs-core:WithinOneYear 2022-06-30 09646624 frs-core:ShareCapital 2022-06-30 09646624 frs-core:RetainedEarningsAccumulatedLosses 2022-06-30
Wanted Metal Recycling Limited
Unaudited Financial Statements
For The Year Ended 30 June 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09646624
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 3 2,540 3,048
Tangible Assets 4 469,584 574,860
472,124 577,908
CURRENT ASSETS
Stocks 5 75,000 100,000
Debtors 6 817 817
Cash at bank and in hand 6,588 32,771
82,405 133,588
Creditors: Amounts Falling Due Within One Year 7 (166,910 ) (250,242 )
NET CURRENT ASSETS (LIABILITIES) (84,505 ) (116,654 )
TOTAL ASSETS LESS CURRENT LIABILITIES 387,619 461,254
Creditors: Amounts Falling Due After More Than One Year 8 (76,453 ) (176,550 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (40,153 ) (40,153 )
NET ASSETS 271,013 244,551
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 270,913 244,451
SHAREHOLDERS' FUNDS 271,013 244,551
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Page 2
For the year ending 30 June 2023 the company was entitled to exemption from audit 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 company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Caroline Kelly
Director
10/04/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
1.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Straight Line
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Straight Line
1.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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1.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 6 (2022: 5)
6 5
3. Intangible Assets
Goodwill
£
Cost
As at 1 July 2022 5,080
As at 30 June 2023 5,080
Amortisation
As at 1 July 2022 2,032
Provided during the period 508
As at 30 June 2023 2,540
Net Book Value
As at 30 June 2023 2,540
As at 1 July 2022 3,048
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2022 765,948 107,633 67,356 1,778 942,715
Additions 76,096 - 4,170 - 80,266
Disposals (91,000 ) (29,758 ) - - (120,758 )
As at 30 June 2023 751,044 77,875 71,526 1,778 902,223
Depreciation
As at 1 July 2022 287,391 67,112 12,629 723 367,855
Provided during the period 109,298 5,603 13,411 444 128,756
Disposals (52,325 ) (11,647 ) - - (63,972 )
As at 30 June 2023 344,364 61,068 26,040 1,167 432,639
Net Book Value
As at 30 June 2023 406,680 16,807 45,486 611 469,584
As at 1 July 2022 478,557 40,521 54,727 1,055 574,860
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5. Stocks
2023 2022
£ £
Stock - finished goods 75,000 100,000
6. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 817 817
817 817
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 51,745 63,574
Trade creditors 18,625 76,760
Other taxes and social security 4,308 6,679
VAT 27,006 54,870
Accruals and deferred income 1,000 1,000
Directors' loan accounts 22,048 36,492
Amounts owed to associates 42,178 10,867
166,910 250,242
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 46,766 137,248
Bank loans 29,687 39,302
76,453 176,550
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9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The maturity of these amounts is as follows:
Within one year 56,058 70,505
Between one and five years 54,777 150,903
110,835 221,408
Less: Finance charges allocated to future periods 12,324 20,586
98,511 200,822
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
11. General Information
Wanted Metal Recycling Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09646624 . The registered office is The Recycling Centre Hackworth Industrial Estate, Shildon, County Durham, DL4 1HF.
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