Company Registration No. 03562710 (England and Wales)
RECYCLING UK LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
RECYCLING UK LIMITED
COMPANY INFORMATION
Directors
N R Clarke
A S Marsden
Secretary
A S Marsden
Company number
03562710
Registered office
10 Portal Business Park
Eaton Lane
Tarporley
Cheshire
CW6 9DL
Auditor
Xeinadin Audit Limited
2 Hilliards Court
Chester Business Park
Chester
Cheshire
CH4 9QP
RECYCLING UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
RECYCLING UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

The directors present the strategic report for the year ended 30 June 2023.

Results

Prices continued to fluctuate worldwide and the availability of material to trade remained a concern throughout the year. The group therefore continued with it's established buying strategy, aiming to buy more source material for supply through the Oswestry plant and into processing companies where there was already an existing relationship.

Group turnover decreased by 12.6% over the prior year monetary value, and the profit for the financial year after tax is £738,099 compared to £1,060,782.

Overall, the Directors are pleased with performance in a challenging market place.

 

The group's key financial indicators during the year were turnover, net profit and traded price per tonne of each standardised category of material.

 

 

Financial instruments

The Group's financial instruments comprise cash held in the group and a bank facility. The main purpose of these financial instruments is to manage the Group's funding and liquidity requirements. The Group has other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations. The principal financial risks to which the company is exposed are those of liquidity and credit. Each of these is managed in accordance with Board-approved policies. These policies are set out below.

Liquidity risk

The Group manages liquidity risk by maintaining access to a number of sources of funding, which are sufficient to meet anticipated funding requirements. Specifically, the Group uses its cash resources and the bank's invoice financing account to manage short-term liquidity. The Board continuously reviews the Group's on-going liquidity risks as part of the planning process. The Board considers short-term requirements against available sources of funding taking into account future cash flows.

Foreign currency risk

There is no foreseeable foreign currency risk as the main overseas companies make settlement through Sterling, Euro or pay by LC or CAD in some instances.

Credit risk

The Group is exposed to credit risk on some trade and other receivables but the bulk of the debt was insured through Atradius, and smaller debts risk managed using Creditsafe.

Trade and other receivables

Trade receivable exposures are managed in the operating units where they arise and credit limits set as deemed appropriate for the customer. The Group is exposed to customers who are in the main privately owned and Plc businesses. Where appropriate, the Group endeavours to minimise risks by the use of credit rating checks and credit insurance as at credit risk above. The Group established an allowance for its estimate of incurred losses in respect of specific trade and other receivables where it is deemed that a receivable may not be recoverable. When the debt is deemed irrecoverable, the allowance account is written off against the underlying receivable.

 

Plans for the future

Due to the ongoing challenges the global economy faces, there has been a corresponding drop in demand and price for goods within the industry. However, the group remains in a strong position returning strong profit margins and continues to invest in infrastructure. There is some optimism that the market will improve in the coming months.

RECYCLING UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -

On behalf of the board

A S Marsden
Director
13 November 2023
RECYCLING UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2023.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £20,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

N R Clarke
A S Marsden
Auditor

In accordance with the company's articles, a resolution proposing that Xeinadin Audit Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

RECYCLING UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
On behalf of the board
A S Marsden
Director
13 November 2023
RECYCLING UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RECYCLING UK LIMITED
- 5 -
Opinion

We have audited the financial statements of Recycling UK Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

RECYCLING UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RECYCLING UK LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Enquiries of management and those charged with governance were held in order to identify any laws and regulations that could be expected to have a material impact on the financial statements. Throughout the audit, the team were updated with the outcomes of these enquiries including consideration as to where and how fraud may occur in the company.

 

The audit procedures undertaken to address any potential risk in relation to irregularities (which include fraud and non-compliance with laws and regulations) included: enquiries of management and those charged with governance on how the company complies with relevant laws, regulations and any cases actual or potential litigation or claims; examination of appropriate legal correspondence; review of board minutes; testing of journal entries for appropriateness; and analytical procedures on account balances to identify variances against expectation which may show indications of fraud.

No instances of material non-compliance were identified, although the prospect of detecting irregularities, including fraud, is inherently difficult. This is due to; difficulty in detecting irregularities; limits imposed by the effectiveness of the entity’s controls; and the nature, timing and extent of the audit procedures performed. Irregularities as a result of fraud are inherently more difficult to detect than those that resulting from error. Despite the audit being planned and performed in accordance with ISAs (UK), there is an unavoidable risk that material misstatements may not be detected.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

RECYCLING UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RECYCLING UK LIMITED
- 7 -

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 an auditor's report 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.

Alastair Jeffcott BA FCA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited
13 November 2023
Chartered Accountants
Statutory Auditor
2 Hilliards Court
Chester Business Park
Chester
Cheshire
CH4 9QP
RECYCLING UK LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
33,230,764
37,988,353
Cost of sales
(29,206,639)
(33,877,320)
Gross profit
4,024,125
4,111,033
Administrative expenses
(3,100,469)
(2,815,242)
Other operating income
21,307
28,724
Operating profit
4
944,963
1,324,515
Interest receivable and similar income
8
10,961
77
Interest payable and similar expenses
9
(4,023)
(4,644)
Profit before taxation
951,901
1,319,948
Tax on profit
10
(206,150)
(259,166)
Profit for the financial year
745,751
1,060,782
Profit for the financial year is all attributable to the owners of the parent company.
RECYCLING UK LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
2023
2022
£
£
Profit for the year
745,751
1,060,782
Other comprehensive income
-
-
Total comprehensive income for the year
745,751
1,060,782
Total comprehensive income for the year is all attributable to the owners of the parent company.
RECYCLING UK LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
13
399,611
445,448
Tangible assets
14
954,664
992,017
1,354,275
1,437,465
Current assets
Stocks
17
35,439
101,693
Debtors
18
2,860,155
2,552,807
Cash at bank and in hand
2,826,447
3,357,846
5,722,041
6,012,346
Creditors: amounts falling due within one year
19
(3,361,170)
(2,741,546)
Net current assets
2,360,871
3,270,800
Total assets less current liabilities
3,715,146
4,708,265
Creditors: amounts falling due after more than one year
20
(69,855)
(149,105)
Provisions for liabilities
Deferred tax liability
22
154,406
159,526
(154,406)
(159,526)
Net assets
3,490,885
4,399,634
Capital and reserves
Called up share capital
24
66
80
Capital redemption reserve
34
20
Profit and loss reserves
3,490,785
4,399,534
Total equity
3,490,885
4,399,634

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 13 November 2023 and are signed on its behalf by:
13 November 2023
N R Clarke
A S Marsden
Director
Director
Company registration number 03562710 (England and Wales)
RECYCLING UK LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
14
123,762
174,899
Investments
15
2,274,493
2,274,493
2,398,255
2,449,392
Current assets
Stocks
17
6,884
-
Debtors
18
3,093,840
4,728,222
Cash at bank and in hand
2,696,382
3,267,636
5,797,106
7,995,858
Creditors: amounts falling due within one year
19
(5,609,335)
(6,982,677)
Net current assets
187,771
1,013,181
Total assets less current liabilities
2,586,026
3,462,573
Creditors: amounts falling due after more than one year
20
(12,563)
(29,313)
Provisions for liabilities
Deferred tax liability
22
(613)
7,752
613
(7,752)
Net assets
2,574,076
3,425,508
Capital and reserves
Called up share capital
24
66
80
Capital redemption reserve
34
20
Profit and loss reserves
2,573,976
3,425,408
Total equity
2,574,076
3,425,508

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £803,067 (2022 - £795,222 profit).

The financial statements were approved by the board of directors and authorised for issue on 13 November 2023 and are signed on its behalf by:
13 November 2023
N R Clarke
A S Marsden
Director
Director
Company registration number 03562710 (England and Wales)
RECYCLING UK LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 30 June 2022:
Balance at 1 July 2021
80
20
3,348,752
3,348,852
Year ended 30 June 2022:
Profit and total comprehensive income
-
-
1,060,782
1,060,782
Dividends
11
-
-
(10,000)
(10,000)
Balance at 30 June 2022
80
20
4,399,534
4,399,634
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
745,751
745,751
Dividends
11
-
-
(20,000)
(20,000)
Own shares acquired
-
-
(1,634,500)
(1,634,500)
Redemption of shares
24
(14)
14
-
-
0
Balance at 30 June 2023
66
34
3,490,785
3,490,885
RECYCLING UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 30 June 2022:
Balance at 1 July 2021
80
20
2,640,186
2,640,286
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
-
795,222
795,222
Dividends
11
-
-
(10,000)
(10,000)
Balance at 30 June 2022
80
20
3,425,408
3,425,508
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
803,068
803,068
Dividends
11
-
-
(20,000)
(20,000)
Own shares acquired
-
-
(1,634,500)
(1,634,500)
Redemption of shares
24
(14)
14
-
-
0
Balance at 30 June 2023
66
34
2,573,976
2,574,076
RECYCLING UK LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,666,272
1,580,063
Interest paid
(4,023)
(4,644)
Income taxes paid
(270,256)
(171,582)
Net cash inflow from operating activities
1,391,993
1,403,837
Investing activities
Purchase of tangible fixed assets
(200,603)
(135,439)
Proceeds from disposal of tangible fixed assets
-
3,000
Interest received
10,961
77
Net cash used in investing activities
(189,642)
(132,362)
Financing activities
Purchase of treasury shares
(1,634,500)
-
0
Payment of finance leases obligations
(79,250)
(89,204)
Dividends paid to equity shareholders
(20,000)
(10,000)
Net cash used in financing activities
(1,733,750)
(99,204)
Net (decrease)/increase in cash and cash equivalents
(531,399)
1,172,271
Cash and cash equivalents at beginning of year
3,357,846
2,185,575
Cash and cash equivalents at end of year
2,826,447
3,357,846
RECYCLING UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 15 -
1
Accounting policies
Company information

Recycling UK Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Recycling UK Limited, 10 Portal Business Park, Eaton Lane, Tarporley, Cheshire, CW6 9DL.

 

The group consists of Recycling UK Limited and all of its subsidiaries.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

RECYCLING UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Recycling UK Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 June 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Oswestry Waste Paper Limited has been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of Oswestry Waste Paper Limited for the year. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
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.

RECYCLING UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 17 -

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:

Equipment
straight line over 15 years, 12.5% on cost and 20% on reducing balance
Fixtures and fittings
15% reducing balance
Office equipment
25% on cost
Motor vehicles
25% on reducing balance, 20% on reducing balance and straight line over 15 years
Balers, compactors and skips
straight line over 15 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

RECYCLING UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 18 -
1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

RECYCLING UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

RECYCLING UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

RECYCLING UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 21 -
1.17
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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Determining useful ecominic lives of tangible fixed assets

The company depreciates tangible assets over their estimated useful lives based on historic performance. The actual lives can vary.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
25,681,760
27,744,550
Overseas sales
7,549,004
10,243,803
33,230,764
37,988,353
RECYCLING UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
3
Turnover and other revenue
(Continued)
- 22 -
2023
2022
£
£
Other revenue
Interest income
10,961
77
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
22,022
-
Depreciation of owned tangible fixed assets
237,956
158,196
Depreciation of tangible fixed assets held under finance leases
-
18,667
(Profit)/loss on disposal of tangible fixed assets
-
694
Amortisation of intangible assets
45,837
45,837
Stocks impairment losses recognised or reversed
73,138
(31,103)
Operating lease charges
96,559
104,900
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
8,000
8,000
Audit of the financial statements of the company's subsidiaries
4,200
4,000
12,200
12,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Commercial/sales staff
7
6
7
6
Administrative
14
12
10
9
Workshop
8
7
-
-
Drivers
6
6
-
-
Total
35
31
17
15
RECYCLING UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
6
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,550,173
1,492,975
941,925
888,999
Social security costs
184,095
179,867
116,187
115,291
Pension costs
100,636
34,036
86,973
22,025
1,834,904
1,706,878
1,145,085
1,026,315
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
328,000
331,800
Company pension contributions to defined contribution schemes
73,321
13,051
401,321
344,851

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
192,767
197,520
Company pension contributions to defined contribution schemes
37,321
7,021
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
10,801
-
0
Other interest income
160
77
Total income
10,961
77
9
Interest payable and similar expenses
2023
2022
£
£
Interest on finance leases and hire purchase contracts
4,023
4,644
RECYCLING UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 24 -
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
211,270
270,256
Deferred tax
Origination and reversal of timing differences
(5,120)
(11,090)
Total tax charge
206,150
259,166

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
951,901
1,319,948
Expected tax charge based on the effective rate of corporation tax in the UK of 20.50% (2022: 19.00%)
195,140
250,790
Tax effect of expenses that are not deductible in determining taxable profit
4,762
2,598
Group relief
(7,652)
-
0
Permanent capital allowances in excess of depreciation
1,969
8,158
Amortisation on assets not qualifying for tax allowances
9,397
8,709
Deferred tax adjustments in respect of prior years
2,534
(11,089)
Taxation charge
206,150
259,166
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
20,000
10,000
RECYCLING UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 25 -
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2023
2022
Notes
£
£
In respect of:
Stocks
17
73,138
(31,103)
Recognised in:
Cost of sales
73,138
(31,103)
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
916,742
Amortisation and impairment
At 1 July 2022
471,294
Amortisation charged for the year
45,837
At 30 June 2023
517,131
Carrying amount
At 30 June 2023
399,611
At 30 June 2022
445,448
The company had no intangible fixed assets at 30 June 2023 or 30 June 2022.
RECYCLING UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 26 -
14
Tangible fixed assets
Group
Equipment
Fixtures and fittings
Office equipment
Motor vehicles
Balers, compactors and skips
Total
£
£
£
£
£
£
Cost
At 1 July 2022
429,859
101,816
40,861
645,774
1,193,823
2,412,133
Additions
-
0
-
0
11,941
186,338
2,324
200,603
Disposals
(150)
-
0
(3,824)
-
0
(178,450)
(182,424)
Transfers
450
-
0
-
0
(450)
-
0
-
0
At 30 June 2023
430,159
101,816
48,978
831,662
1,017,697
2,430,312
Depreciation and impairment
At 1 July 2022
350,247
69,079
15,671
236,290
748,829
1,420,116
Depreciation charged in the year
43,536
4,910
8,523
121,393
59,594
237,956
Eliminated in respect of disposals
(150)
-
0
(3,824)
-
0
(178,450)
(182,424)
Transfers
(3,838)
-
0
-
0
3,838
-
0
-
0
At 30 June 2023
389,795
73,989
20,370
361,521
629,973
1,475,648
Carrying amount
At 30 June 2023
40,364
27,827
28,608
470,141
387,724
954,664
At 30 June 2022
79,612
32,737
25,190
409,484
444,994
992,017
Company
Equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2022 and 30 June 2023
4,440
101,816
184,467
290,723
Depreciation and impairment
At 1 July 2022
3,797
69,079
42,948
115,824
Depreciation charged in the year
110
4,910
46,117
51,137
At 30 June 2023
3,907
73,989
89,065
166,961
Carrying amount
At 30 June 2023
533
27,827
95,402
123,762
At 30 June 2022
643
32,737
141,519
174,899
RECYCLING UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
14
Tangible fixed assets
(Continued)
- 27 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Balers, compactors and skips
230,889
268,222
-
-
15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
2,274,493
2,274,493
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2022 and 30 June 2023
2,274,493
Carrying amount
At 30 June 2023
2,274,493
At 30 June 2022
2,274,493
16
Subsidiaries

Details of the company's subsidiaries at 30 June 2023 are as follows:

Name of undertaking
Nature of business
Class of
% Held
shares held
Oswestry Waste Paper Limited
Waste recycling
Ordinary
100
Registered Office address:
The registered office of all the subsidiaries is 10 Portal Business Park, Eaton Lane, Tarporley, Cheshire, CW6 9DL.
RECYCLING UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 28 -
17
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
35,439
101,693
6,884
-
18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,109,561
1,973,146
2,465,395
4,206,891
Other debtors
214,526
228,494
92,377
170,164
Prepayments and accrued income
536,068
351,167
536,068
351,167
2,860,155
2,552,807
3,093,840
4,728,222
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
21
79,249
79,249
16,750
16,750
Trade creditors
1,436,267
776,420
1,725,814
2,831,276
Amounts owed to group undertakings
-
0
-
0
2,189,633
2,572,400
Corporation tax payable
211,270
270,256
211,270
194,253
Other taxation and social security
84,610
104,220
42,656
35,490
Other creditors
681,164
118,893
559,602
(60,000)
Accruals and deferred income
868,610
1,392,508
863,610
1,392,508
3,361,170
2,741,546
5,609,335
6,982,677
20
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
21
69,855
149,105
12,563
29,313
RECYCLING UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 29 -
21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
79,249
79,249
16,750
16,750
In two to five years
69,855
149,105
12,563
29,313
149,104
228,354
29,313
46,063

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3.5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
154,406
159,526
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
(613)
7,752
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 July 2022
159,526
7,752
Credit to profit or loss
(5,120)
(8,365)
Liability/(Asset) at 30 June 2023
154,406
(613)
RECYCLING UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 30 -
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
100,636
34,036

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
66
80
66
80
25
Related party transactions

The group has taken exemption from disclosing related company transactions under FRS 102 section 33.1A.

26
Directors' transactions

Dividends totalling £20,000 (2022 - £10000) were paid in the year in respect of shares held by the company's directors.

 

Due to a build up of surplus cash beyond normal working capital requirements, the company redeemed 7 £1 Ordinary shares for consideration of £817250 from each director. At the year end the directors were owed £277,250 each (2022: overdrawn £30,000 each).

27
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
745,751
1,060,782
Adjustments for:
Taxation charged
206,150
259,166
Finance costs
4,023
4,644
Investment income
(10,961)
(77)
(Gain)/loss on disposal of tangible fixed assets
-
694
Amortisation and impairment of intangible assets
45,837
45,837
Depreciation and impairment of tangible fixed assets
237,956
176,863
Movements in working capital:
Decrease/(increase) in stocks
66,254
(31,103)
(Increase)/decrease in debtors
(307,348)
1,392,578
Increase/(decrease) in creditors
678,610
(1,329,321)
Cash generated from operations
1,666,272
1,580,063
RECYCLING UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 31 -
28
Analysis of changes in net funds - group
1 July 2022
Cash flows
30 June 2023
£
£
£
Cash at bank and in hand
3,357,846
(531,399)
2,826,447
Obligations under finance leases
(228,354)
79,250
(149,104)
3,129,492
(452,149)
2,677,343
2023-06-302022-07-01falseCCH SoftwareCCH Accounts Production 2023.300No description of principal activityN R ClarkeA S MarsdenA S 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