Company Registration No. 13756794 (England and Wales)
WPT Recovered Fibres Limited
Financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
WPT Recovered Fibres Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
WPT Recovered Fibres Limited
Statement of financial position
As at 31 December 2023
31 December 2023
1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
68,950
65,788
Cash at bank and in hand
6,488
2,961
75,438
68,749
Creditors: amounts falling due within one year
4
(39,259)
(48,631)
Net current assets
36,179
20,118
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
35,179
19,118
Total equity
36,179
20,118
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 April 2024 and are signed on its behalf by:
Jan Oldenburger
Director
Company Registration No. 13756794
WPT Recovered Fibres Limited
Notes to the financial statements
For the year ended 31 December 2023
2
1
Accounting policies
Company information
WPT Recovered Fibres Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor Waverley House, 7-12 Noel Street, London, W1F 8GQ.
1.1
Reporting period
The comparative financial statements have been prepared from the date of incorporation 22 November 2021 to 31 December 2022.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised in respect of services provided to the immediate parent company which is based on a transfer pricing agreement between WPT Recovered Fibres Limited and Waste Paper Trade C.V. an intermediate parent company and calculated as attributable costs plus 8%.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
WPT Recovered Fibres Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
3
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
WPT Recovered Fibres Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
4
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
4
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
64,830
64,458
Other debtors
4,120
1,330
68,950
65,788
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
(3,500)
Corporation tax
5,374
4,737
Other taxation and social security
1,838
Other creditors
33,885
45,556
39,259
48,631
5
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Sheryl Davis
Statutory Auditors:
Saffery LLP
6
Parent company
The immediate parent company is WPT International B.V, a company incorporated in the Netherlands. The results of this company are included in the consolidated accounts of the ultimate parent company, Shanying International Holdings Co., Ltd., based at No 645 Anpu Road, Yangpu district, Shanghai, China.