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COMPANY REGISTRATION NUMBER: 04611731
D & M Recycling and Waste Management Ltd
Filleted Unaudited Financial Statements
30 November 2023
D & M Recycling and Waste Management Ltd
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
260,130
348,068
Current assets
Stocks
3,191
4,661
Debtors
6
74,036
57,782
Cash at bank and in hand
67,524
30,999
---------
--------
144,751
93,442
Creditors: amounts falling due within one year
7
221,512
153,183
---------
---------
Net current liabilities
76,761
59,741
---------
---------
Total assets less current liabilities
183,369
288,327
Creditors: amounts falling due after more than one year
8
46,683
137,720
Provisions
Taxation including deferred tax
47,291
65,419
---------
---------
Net assets
89,395
85,188
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
88,395
84,188
--------
--------
Shareholders funds
89,395
85,188
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
D & M Recycling and Waste Management Ltd
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 15 March 2024 , and are signed on behalf of the board by:
Mr M Enright
Mr D Enright
Director
Director
Company registration number: 04611731
D & M Recycling and Waste Management Ltd
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Minton Place, Victoria Road, Bicester, Oxon, OX26 6QB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Deferred tax is measured on a discounted/an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
10% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 9 ).
5. Tangible assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
40,796
630,072
56,523
374,872
1,102,263
Additions
1,686
1,501
3,187
Disposals
( 9,500)
( 4,500)
( 14,000)
--------
---------
--------
---------
------------
At 30 November 2023
40,796
622,258
58,024
370,372
1,091,450
--------
---------
--------
---------
------------
Depreciation
At 1 December 2022
27,771
407,410
44,200
274,814
754,195
Charge for the year
( 1,531)
58,761
2,744
25,442
85,416
Disposals
( 3,933)
( 4,358)
( 8,291)
--------
---------
--------
---------
------------
At 30 November 2023
26,240
462,238
46,944
295,898
831,320
--------
---------
--------
---------
------------
Carrying amount
At 30 November 2023
14,556
160,020
11,080
74,474
260,130
--------
---------
--------
---------
------------
At 30 November 2022
13,025
222,662
12,323
100,058
348,068
--------
---------
--------
---------
------------
6. Debtors
2023
2022
£
£
Trade debtors
57,252
45,276
Other debtors
16,784
12,506
--------
--------
74,036
57,782
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
39,854
36,323
Trade creditors
82,477
17,946
Corporation tax
9,413
Social security and other taxes
33,603
25,696
Other creditors
56,165
73,218
---------
---------
221,512
153,183
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
35,908
75,762
Other creditors
10,775
61,958
--------
---------
46,683
137,720
--------
---------