Registered number
07399771
Holywell Recycling Limited
Filleted Accounts
31 October 2023
Holywell Recycling Limited
Registered number: 07399771
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Investments 4 100 100
Current assets
Debtors 5 1,006,011 1,390,486
Cash at bank and in hand 868,656 437,679
1,874,667 1,828,165
Creditors: amounts falling due within one year 6 (66,461) (69,698)
Net current assets 1,808,206 1,758,467
Net assets 1,808,306 1,758,567
Capital and reserves
Called up share capital 200 200
Profit and loss account 1,808,106 1,758,367
Shareholder's funds 1,808,306 1,758,567
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. E. Cullen
Director
Approved by the board on 22 February 2024
Holywell Recycling Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The directors are satisfied that the company is entitled to exemption under Section 383 of the
Companies Act 2006 from the requirement to prepare group accounts. These financial statements
present information about the company as an individual undertaking and not about the group of
which it is a parent.
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 16.66% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 180,010
At 31 October 2023 180,010
Amortisation
At 1 November 2022 180,010
At 31 October 2023 180,010
Net book value
At 31 October 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 November 2022 100
At 31 October 2023 100
Historical cost
At 1 November 2022 100
At 31 October 2023 100
The company holds 20% or more of the share capital of the following companies:
Capital and Profit (loss)
Company Shares held reserves for the year
Class % £ £
Metro Cairns Skip Hire Limited Ordinary 100 100 -
Other investments 2023 2022
£ £
Unlisted investments 100 100
5 Debtors 2023 2022
£ £
Trade debtors 545,657 481,936
Amounts owed by related party companies 460,354 908,550
1,006,011 1,390,486
Amounts due after more than one year included above 220,354 641,069
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 21,205 35,686
Other taxes and social security costs 31,404 12,054
Other creditors 13,852 21,958
66,461 69,698
7 Share capital Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 200 200 200
8 Guarantees made by the company on behalf of directors and related parties
Main terms Maximum Amount paid
liability and incurred
£ £
Farren Hydraulics Limited
Natwest Bank plc 3,061,000 -
3,061,000 -
2023 2022
9 Related party transactions
£ £
Cairns Waste Management Ltd.
Company controlled by the director
Labour costs 952,995 984,860
Amount due (to) the related party (17,399) (16,439)
Farren Hydraulics Ltd.
Company controlled by the director
Plant hire costs 153,660 308,880
Rental costs 167,500 167,500
Amount due from the related party 158,252 144,143
Holywell Haulage Ltd.
Amount due from related party 302,102 736,926
10 Controlling party
The company is controlled by the director, Mr. E. Cullen,
11 Other information
Holywell Recycling Limited is a private company limited by shares and incorporated in England. Its registered office is:
First Floor, 1 Park Court,
Pyrford Road,
West Byfleet,
Surrey,
KT14 6SD.
Its place of business is:
82 Maxted Close,
Hemel Hempstead,
Herts,
HP2 7DX.
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