Castle Timber Recycling Limited NI632141 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is recycling timber and mixed waste Digita Accounts Production Advanced 6.30.9574.0 true true NI632141 2022-07-01 2023-06-30 NI632141 2023-06-30 NI632141 bus:OrdinaryShareClass1 2023-06-30 NI632141 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-06-30 NI632141 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-06-30 NI632141 core:CurrentFinancialInstruments 2023-06-30 NI632141 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 NI632141 core:Non-currentFinancialInstruments 2023-06-30 NI632141 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 NI632141 core:FurnitureFittingsToolsEquipment 2023-06-30 NI632141 core:LandBuildings 2023-06-30 NI632141 core:MotorVehicles 2023-06-30 NI632141 core:OtherPropertyPlantEquipment 2023-06-30 NI632141 bus:SmallEntities 2022-07-01 2023-06-30 NI632141 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 NI632141 bus:FullAccounts 2022-07-01 2023-06-30 NI632141 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 NI632141 bus:RegisteredOffice 2022-07-01 2023-06-30 NI632141 bus:Director2 2022-07-01 2023-06-30 NI632141 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 NI632141 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 NI632141 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 NI632141 core:LandBuildings 2022-07-01 2023-06-30 NI632141 core:MotorVehicles 2022-07-01 2023-06-30 NI632141 core:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 NI632141 core:PlantMachinery 2022-07-01 2023-06-30 NI632141 countries:NorthernIreland 2022-07-01 2023-06-30 NI632141 2022-06-30 NI632141 core:FurnitureFittingsToolsEquipment 2022-06-30 NI632141 core:LandBuildings 2022-06-30 NI632141 core:MotorVehicles 2022-06-30 NI632141 core:OtherPropertyPlantEquipment 2022-06-30 NI632141 2021-07-01 2022-06-30 NI632141 2022-06-30 NI632141 bus:OrdinaryShareClass1 2022-06-30 NI632141 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-06-30 NI632141 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-06-30 NI632141 core:CurrentFinancialInstruments 2022-06-30 NI632141 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 NI632141 core:Non-currentFinancialInstruments 2022-06-30 NI632141 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 NI632141 core:FurnitureFittingsToolsEquipment 2022-06-30 NI632141 core:LandBuildings 2022-06-30 NI632141 core:MotorVehicles 2022-06-30 NI632141 core:OtherPropertyPlantEquipment 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI632141

Castle Timber Recycling Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Castle Timber Recycling Limited

(Registration number: NI632141)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

374,761

462,999

Current assets

 

Stocks

5

4,846

7,955

Debtors

6

148,791

116,483

Cash at bank and in hand

 

27,090

13,374

 

180,727

137,812

Creditors: Amounts falling due within one year

7

(152,670)

(158,588)

Net current assets/(liabilities)

 

28,057

(20,776)

Total assets less current liabilities

 

402,818

442,223

Creditors: Amounts falling due after more than one year

7

(219,374)

(293,750)

Provisions for liabilities

(85,386)

(67,024)

Net assets

 

98,058

81,449

Capital and reserves

 

Called up share capital

8

10

10

Retained earnings

98,048

81,439

Shareholders' funds

 

98,058

81,449

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Castle Timber Recycling Limited

(Registration number: NI632141)
Balance Sheet as at 30 June 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 October 2023
 

.........................................
Mr James W. Currie
Director

 

Castle Timber Recycling Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 16 Craigstown Road, Moorfields, Ballymena, BT42 3DF.

These financial statements were authorised for issue by the director on 30 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Revenue grants are accounted for under the performance model. Revenue grants that do not impose specified future performance - related conditions are recognised when grant proceeds are received or receivable.

 

Castle Timber Recycling Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Nil

Plant and machinery

15% straight line

Fixtures, fittings and equipment

10% straight line

Motor vehicles

20% reducing balance

 

Castle Timber Recycling Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Hire purchase

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

 

Castle Timber Recycling Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 5).

 

Castle Timber Recycling Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Land and buildings
£

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2022

33,217

3,550

4,250

706,505

747,522

Additions

-

233

-

2,510

2,743

At 30 June 2023

33,217

3,783

4,250

709,015

750,265

Depreciation

At 1 July 2022

-

1,135

974

282,414

284,523

Charge for the year

-

360

819

89,802

90,981

At 30 June 2023

-

1,495

1,793

372,216

375,504

Carrying amount

At 30 June 2023

33,217

2,288

2,457

336,799

374,761

At 30 June 2022

33,217

2,415

3,276

424,091

462,999

Included within the net book value of land and buildings above is £33,217 (2022 - £33,217) in respect of freehold land and buildings.
 

 

Castle Timber Recycling Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Stocks

2023
£

2022
£

Stock of timber and fuel

4,846

7,955

6

Debtors

2023
£

2022
£

Trade debtors

143,209

102,491

Other debtors and prepayments

5,582

13,992

 

148,791

116,483

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

78,496

92,710

Trade creditors

 

33,173

58,083

Director's current account

10

830

830

Social security and other taxes

 

13,647

-

Other creditors and accruals

 

24,139

4,580

Deferred income

 

2,385

2,385

 

152,670

158,588

Due after one year

 

Loans and borrowings

9

114,015

193,332

Director's current account

 

101,781

94,455

Deferred income

 

3,578

5,963

 

219,374

293,750

 

Castle Timber Recycling Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,958

34,844

Hire purchase contracts

89,057

158,488

114,015

193,332

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,886

9,642

Hire purchase contracts

68,610

83,068

78,496

92,710


Bank borrowings are secured by the UK Government under the Bounce Back Loan Scheme.

 

Castle Timber Recycling Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

10

Related party transactions

2023
£

2022
 £

Director's current account

(102,611)

(95,285)

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

-

8,930


The company operates rent free from premises owned by the director.