Holywell Recycling Limited |
Notes to the Accounts |
for the year ended 31 October 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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The directors are satisfied that the company is entitled to exemption under Section 383 of the |
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Companies Act 2006 from the requirement to prepare group accounts. These financial statements |
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present information about the company as an individual undertaking and not about the group of |
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which it is a parent. |
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Turnover |
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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 |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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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: |
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Plant and machinery |
16.66% straight line |
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Investments |
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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. |
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Stocks |
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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. |
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Taxation |
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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. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
- |
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- |
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3 |
Intangible fixed assets |
£ |
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Goodwill: |
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Cost |
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At 1 November 2022 |
180,010 |
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At 31 October 2023 |
180,010 |
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Amortisation |
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At 1 November 2022 |
180,010 |
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At 31 October 2023 |
180,010 |
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Net book value |
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At 31 October 2023 |
- |
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Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. |
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4 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
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Cost |
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At 1 November 2022 |
100 |
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At 31 October 2023 |
100 |
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Historical cost |
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At 1 November 2022 |
100 |
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At 31 October 2023 |
100 |
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The company holds 20% or more of the share capital of the following companies: |
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Capital and |
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Profit (loss) |
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Company |
Shares held |
reserves |
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for the year |
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Class |
% |
£ |
£ |
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Metro Cairns Skip Hire Limited |
Ordinary |
100 |
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100 |
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- |
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Other investments |
2023 |
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2022 |
£ |
£ |
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Unlisted investments |
100 |
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100 |
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5 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
545,657 |
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481,936 |
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Amounts owed by related party companies |
460,354 |
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908,550 |
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1,006,011 |
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1,390,486 |
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Amounts due after more than one year included above |
220,354 |
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641,069 |
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6 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Trade creditors |
21,205 |
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35,686 |
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Other taxes and social security costs |
31,404 |
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12,054 |
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Other creditors |
13,852 |
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21,958 |
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66,461 |
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69,698 |
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7 |
Share capital |
Nominal |
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2023 |
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2023 |
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2022 |
value |
Number |
£ |
£ |
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Allotted, called up and fully paid: |
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Ordinary shares |
£1 each |
200 |
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200 |
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200 |
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8 |
Guarantees made by the company on behalf of directors and related parties |
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Main terms |
Maximum |
Amount paid |
liability |
and incurred |
£ |
£ |
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Farren Hydraulics Limited |
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Natwest Bank plc |
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3,061,000 |
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- |
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3,061,000 |
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- |
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2023 |
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2022 |
9 |
Related party transactions |
£ |
£ |
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Cairns Waste Management Ltd. |
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Company controlled by the director |
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Labour costs |
952,995 |
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984,860 |
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Amount due (to) the related party |
(17,399) |
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(16,439) |
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Farren Hydraulics Ltd. |
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Company controlled by the director |
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Plant hire costs |
153,660 |
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308,880 |
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Rental costs |
167,500 |
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167,500 |
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Amount due from the related party |
158,252 |
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144,143 |
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Holywell Haulage Ltd. |
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Amount due from related party |
302,102 |
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736,926 |
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10 |
Controlling party |
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The company is controlled by the director, Mr. E. Cullen, |
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11 |
Other information |
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Holywell Recycling Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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First Floor, 1 Park Court, |
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Pyrford Road, |
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West Byfleet, |
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Surrey, |
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KT14 6SD. |
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Its place of business is: |
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82 Maxted Close, |
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Hemel Hempstead, |
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Herts, |
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HP2 7DX. |