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REGISTERED NUMBER: 04979907 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

CORNBROOK METAL RECYCLING LIMITED

CORNBROOK METAL RECYCLING LIMITED (REGISTERED NUMBER: 04979907)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


CORNBROOK METAL RECYCLING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTOR: Mr I J Kayes





SECRETARY: Mrs W S Kayes





REGISTERED OFFICE: Capital House
272 Manchester Road
Droylsden
Manchester
Greater Manchester
M43 6PW





REGISTERED NUMBER: 04979907 (England and Wales)





AUDITORS: Wyatt Morris Golland Ltd
Statutory Auditors
Park House
200 Drake Street
Rochdale
Lancashire
OL16 1PJ

CORNBROOK METAL RECYCLING LIMITED (REGISTERED NUMBER: 04979907)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The director presents his strategic report for the year ended 31st December 2022.

REVIEW OF BUSINESS
The director considers the overall financial performance of the company to be in line with expectations given the tough general economic climate,Sales revenue continued to increase during the year as scrap metal prices have increased. Despite the economic uncertainty the director is confident that the company will continue to grow during the coming years.

PRINCIPAL RISKS AND UNCERTAINTIES
The director has identified that market, credit, and financial risks are to be managed in the future.

Market Risk
Constant monitoring of competitors and market prices to minimise exposure.

Credit Risk
The credit risk is minimal as the the companys assets are mainly cash and debtors. therefore the main risk would come from debtors, however only a few customers are given credit and they are monitored on a regular basis and the debtors are kept up to date.

Financial Risk
The company funds its operation through a mixture of retained profits, and cash at bank.

ON BEHALF OF THE BOARD:





Mr I J Kayes - Director


7 March 2024

CORNBROOK METAL RECYCLING LIMITED (REGISTERED NUMBER: 04979907)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2022

The director presents his report with the financial statements of the company for the year ended 31 December 2022.

DIVIDENDS
No interim dividends were paid during the year ended 31 December 2022.

The director recommends final dividends per share as follows:

Ordinary A £1 shares £40,000
Ordinary B £1 shares NIL

The total distribution of dividends for the year ended 31 December 2022 will be £ 2,000,000 .

FUTURE DEVELOPMENTS
The director wishes to maintain appropriate investment levels in the company to maintain and secure the company's position in the market. The director closely monitors the market place to ensure that the company delivers the best product at competitive prices.

DIRECTOR
Mr I J Kayes held office during the whole of the period from 1 January 2022 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is 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.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr I J Kayes - Director


7 March 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CORNBROOK METAL RECYCLING LIMITED

Opinion
We have audited the financial statements of Cornbrook Metal Recycling Limited (the 'company') for the year ended 31 December 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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, except for the possible effects of the matters described in the basis for qualified opinion section of our report, the financial statements:
- give a true and fair view of the state of the company’s affairs as at 31 December 2022 and of its profit for the year 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 qualified opinion
We were not appointed as auditor of the company until after 31 December 2022 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2022, which are included in the Balance Sheet at £351,705, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

Furthermore, the accounts for the year ended 31 December 2021 were not audited and we are therefore unable to provide assurance that the comparatives and the opening reserves position are free from material misstatements.

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 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 qualified opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Key audit matters
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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.

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 Director 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 Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CORNBROOK METAL RECYCLING LIMITED


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 Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CORNBROOK METAL RECYCLING LIMITED


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.




Christian Morris (Senior Statutory Auditor)
for and on behalf of Wyatt Morris Golland Ltd
Statutory Auditors
Park House
200 Drake Street
Rochdale
Lancashire
OL16 1PJ

7 March 2024

CORNBROOK METAL RECYCLING LIMITED (REGISTERED NUMBER: 04979907)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   

TURNOVER 12,880,746 12,088,912

Cost of sales 10,004,820 9,892,135
GROSS PROFIT 2,875,926 2,196,777

Administrative expenses 669,113 863,632
2,206,813 1,333,145

Other operating income - 40,000
OPERATING PROFIT 4 2,206,813 1,373,145

Interest receivable and similar income 433 158
2,207,246 1,373,303

Interest payable and similar expenses 5 13,717 9,312
PROFIT BEFORE TAXATION 2,193,529 1,363,991

Tax on profit 6 763,468 236,133
PROFIT FOR THE FINANCIAL YEAR 1,430,061 1,127,858

CORNBROOK METAL RECYCLING LIMITED (REGISTERED NUMBER: 04979907)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   

PROFIT FOR THE YEAR 1,430,061 1,127,858


OTHER COMPREHENSIVE INCOME
Purchase of own shares - (657,598 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

(657,598

)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,430,061

470,260

CORNBROOK METAL RECYCLING LIMITED (REGISTERED NUMBER: 04979907)

BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 3,148,143 2,754,765

CURRENT ASSETS
Stocks 9 351,705 382,952
Debtors 10 317,493 742,082
Prepayments and accrued income 67,128 81,298
Cash at bank and in hand 1,120,692 2,102,478
1,857,018 3,308,810
CREDITORS
Amounts falling due within one year 11 1,111,798 1,594,285
NET CURRENT ASSETS 745,220 1,714,525
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,893,363

4,469,290

CREDITORS
Amounts falling due after more than one year 12 - (503,522 )

PROVISIONS FOR LIABILITIES 15 (497,534 ) -
NET ASSETS 3,395,829 3,965,768

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings 17 3,395,729 3,965,668
SHAREHOLDERS' FUNDS 3,395,829 3,965,768

The financial statements were approved by the director and authorised for issue on 7 March 2024 and were signed by:





Mr I J Kayes - Director


CORNBROOK METAL RECYCLING LIMITED (REGISTERED NUMBER: 04979907)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2021 2 3,595,408 3,595,410

Changes in equity
Issue of share capital 98 - 98
Dividends - (100,000 ) (100,000 )
Total comprehensive income - 470,260 470,260
Balance at 31 December 2021 100 3,965,668 3,965,768

Changes in equity
Dividends - (2,000,000 ) (2,000,000 )
Total comprehensive income - 1,430,061 1,430,061
Balance at 31 December 2022 100 3,395,729 3,395,829

CORNBROOK METAL RECYCLING LIMITED (REGISTERED NUMBER: 04979907)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,691,202 1,514,367
Interest paid (13,717 ) (9,312 )
Tax paid (236,133 ) (159,241 )
Net cash from operating activities 2,441,352 1,345,814

Cash flows from investing activities
Purchase of tangible fixed assets (904,715 ) (352,205 )
Sale of tangible fixed assets 338,430 4,200
Sale of investment property - 657,598
Interest received 433 158
Net cash from investing activities (565,852 ) 309,751

Cash flows from financing activities
Loan repayments in year (585,726 ) (297,483 )
Amounts owed by/to group undertakings (271,560 ) -
Share issue - 98
Share buyback - (657,598 )
Equity dividends paid (2,000,000 ) (100,000 )
Net cash from financing activities (2,857,286 ) (1,054,983 )

(Decrease)/increase in cash and cash equivalents (981,786 ) 600,582
Cash and cash equivalents at beginning of year 2 2,102,478 1,501,896

Cash and cash equivalents at end of year 2 1,120,692 2,102,478

CORNBROOK METAL RECYCLING LIMITED (REGISTERED NUMBER: 04979907)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2022 2021
£    £   
Profit before taxation 2,193,529 1,363,991
Depreciation charges 331,037 321,871
(Profit)/loss on disposal of fixed assets (158,130 ) 17,418
Finance costs 13,717 9,312
Finance income (433 ) (158 )
2,379,720 1,712,434
Decrease in stocks 31,247 42,917
Decrease/(increase) in trade and other debtors 710,319 (736,667 )
(Decrease)/increase in trade and other creditors (430,084 ) 495,683
Cash generated from operations 2,691,202 1,514,367

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,120,692 2,102,478
Year ended 31 December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 2,102,478 1,501,896


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.22 Cash flow At 31.12.22
£    £    £   
Net cash
Cash at bank and in hand 2,102,478 (981,786 ) 1,120,692
2,102,478 (981,786 ) 1,120,692
Debt
Debts falling due within 1 year (82,204 ) 82,204 -
Debts falling due after 1 year (503,522 ) 503,522 -
(585,726 ) 585,726 -
Total 1,516,752 (396,060 ) 1,120,692

CORNBROOK METAL RECYCLING LIMITED (REGISTERED NUMBER: 04979907)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1. STATUTORY INFORMATION

Cornbrook Metal Recycling Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold Improvements - 2% on cost
Long leasehold - 2% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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
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.

3. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 488,033 446,206
Other pension costs 8,651 7,443
496,684 453,649

CORNBROOK METAL RECYCLING LIMITED (REGISTERED NUMBER: 04979907)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2022 2021

Director 1 1
Administration 6 6
Other 10 11
17 18

2022 2021
£    £   
Director's remuneration 11,082 16,130

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2022 2021
£    £   
Hire of plant and machinery 8,200 9,576
Depreciation - owned assets 331,037 321,873
(Profit)/loss on disposal of fixed assets (158,130 ) 17,418
Auditors' remuneration 11,000 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Bank loan interest 13,717 9,312

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax 265,934 236,133

Deferred tax 497,534 -
Tax on profit 763,468 236,133

UK corporation tax has been charged at 19% .

CORNBROOK METAL RECYCLING LIMITED (REGISTERED NUMBER: 04979907)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2022 2021
£    £   
Profit before tax 2,193,529 1,363,991
Profit multiplied by the standard rate of corporation tax in the UK of 19% (2021 -
19%)

416,771

259,158

Effects of:
Capital allowances in excess of depreciation - (23,025 )
Depreciation in excess of capital allowances 346,697 -
Total tax charge 763,468 236,133

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 December 2022.

2021
Gross Tax Net
£    £    £   
Purchase of own shares (657,598 ) - (657,598 )

7. DIVIDENDS
2022 2021
£    £   
Ordinary A shares of £1 each
Final 2,000,000 50,000
Ordinary B shares of £1 each
Final - 50,000
2,000,000 100,000

8. TANGIBLE FIXED ASSETS
Leasehold Long Plant and
Improvements leasehold machinery
£    £    £   
COST
At 1 January 2022 945,724 517,000 2,368,191
Additions - - 705,000
Disposals - - (526,000 )
At 31 December 2022 945,724 517,000 2,547,191
DEPRECIATION
At 1 January 2022 186,536 119,772 1,240,218
Charge for year 18,914 10,340 172,014
Eliminated on disposal - - (397,750 )
At 31 December 2022 205,450 130,112 1,014,482
NET BOOK VALUE
At 31 December 2022 740,274 386,888 1,532,709
At 31 December 2021 759,188 397,228 1,127,973

CORNBROOK METAL RECYCLING LIMITED (REGISTERED NUMBER: 04979907)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

8. TANGIBLE FIXED ASSETS - continued

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 January 2022 744,105 97,531 4,672,551
Additions 199,715 - 904,715
Disposals (151,700 ) - (677,700 )
At 31 December 2022 792,120 97,531 4,899,566
DEPRECIATION
At 1 January 2022 279,336 91,924 1,917,786
Charge for year 128,367 1,402 331,037
Eliminated on disposal (99,650 ) - (497,400 )
At 31 December 2022 308,053 93,326 1,751,423
NET BOOK VALUE
At 31 December 2022 484,067 4,205 3,148,143
At 31 December 2021 464,769 5,607 2,754,765

9. STOCKS
2022 2021
£    £   
Stocks 351,705 382,952

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 40,156 19,272
Amounts owed by group undertakings 271,560 -
Other debtors 5,777 722,810
317,493 742,082

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts (see note 13) - 67,980
Other loans (see note 13) - 14,224
Trade creditors 49,266 123,859
Tax 265,934 236,133
Social security and other taxes 281,074 393,682
Other creditors 2,121 1,446
Director Loan Account - 4,859
Accrued expenses 513,403 752,102
1,111,798 1,594,285

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans (see note 13) - 503,522

CORNBROOK METAL RECYCLING LIMITED (REGISTERED NUMBER: 04979907)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

13. LOANS

An analysis of the maturity of loans is given below:

2022 2021
£    £   
Amounts falling due within one year or on demand:
Bank loans - 67,980
Other loans in 1 year - 14,224
- 82,204

Amounts falling due between one and two years:
Bank loans - 1-2 years - 67,980

Amounts falling due between two and five years:
Bank loans - 2-5 years - 203,940

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by
instalments - 231,602
- 231,602

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£    £   
Within one year 1,966 -
Between one and five years 5,934 16,087
7,900 16,087

15. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax
Accelerated capital allowances 497,534 -

Deferred
tax
£   
Movement to 31/12/12 497,534
Balance at 31 December 2022 497,534

CORNBROOK METAL RECYCLING LIMITED (REGISTERED NUMBER: 04979907)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
50 Ordinary A £1 50 50
50 Ordinary B £1 50 50
100 100

17. RESERVES
Retained
earnings
£   

At 1 January 2022 3,965,668
Profit for the year 1,430,061
Dividends (2,000,000 )
At 31 December 2022 3,395,729

18. ULTIMATE PARENT COMPANY

Cornbrook Metal Recycling Holding Limited is regarded by the director as being the company's ultimate parent company.

19. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr I J Kayes.