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Registered number: 07217680













Plasterboard Recycling Solutions Limited

Annual report - filing copy

30 June 2023




 
Plasterboard Recycling Solutions Limited


Balance sheet
At 30 June 2023

2023
Unaudited 2022
Note
£
£

Fixed assets
  

Investments
 5 
49
49

Current assets
  

Debtors
 6 
847,790
891,701

Creditors: amounts falling due within one year
 7 
-
(43,911)

Net current assets
  
 
 
847,790
 
 
847,790

Total assets less current liabilities
  
847,839
847,839

  

Net assets
  
847,839
847,839


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
847,739
847,739

  
847,839
847,839


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

As permitted by the provisions applicable to companies subject to the small companies' regime, the directors have opted not to file the statement of comprehensive income.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 July 2024.




I Bainbridge
Director
Company registration number: 07217680

The notes on pages 2 to 5 form part of these financial statements.

1

 
Plasterboard Recycling Solutions Limited
 
 

Notes to the financial statements
Year ended 30 June 2023

1.


General information

Plasterboard Recycling Solutions Limited (‘the company’) is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales. The address of its registered office is given in the company information page of this annual report.

2.


Statement of compliance

The financial statements have been prepared in accordance with United Kingdom Accounting Standards,
including Section 1A of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in
the United Kingdom and the Republic of Ireland’ (‘FRS 102’), and the Companies Act 2006.

3.Accounting policies

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 periods presented, unless otherwise stated.

 
3.1

Basis of preparation of financial statements

These financial statements are prepared on a going concern basis and under the historical cost convention. They are presented in pounds sterling and rounded to the nearest pound.
These financial statements are the company's separate financial statements. The company is exempt by virtue of Section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the basis that it is itself a subsidiary undertaking and is included in the consolidated financial statements of its parent undertaking, Plasterboard Recycling Group Limited, which are publicly available. 

  
3.2

Going concern

The company meets its working capital requirements through its cash balances and operating cash flows.
The director has prepared financial forecasts which, having regard for reasonably possible changes in trading performance as a result of the current economic environment, indicate that the company will maintain sufficient financial headroom to enable it to continue meeting its liabilities as they fall due in the normal course of business for at least the next twelve months following approval of these financial statements.
After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.

 
3.3

Revenue

Turnover comprises revenue recognised in respect of services supplied during the year, net of discounts and excluding Value Added Tax.
Turnover is recognised as services are provided. Where a contract has only been partially completed at the balance sheet date, turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

2

 
Plasterboard Recycling Solutions Limited
 

 
Notes to the financial statements
Year ended 30 June 2023

3.Accounting policies (continued)

 
3.4

Taxation

The taxation expense for the year comprises current and deferred tax and is recognised in the profit and loss account.
Current tax is the amount of income tax payable in respect of the taxable profit for the current or past reporting periods. It is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date. 
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences arise from the inclusion of transactions and events in the financial statements in periods different from those in which they are assessed for tax. 
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 balance sheet date that are expected to apply to the reversal of timing differences. 

 
3.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost, less accumulated depreciation and accumulated impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their estimated useful lives as follows: 

Fixtures and fittings
-
20%
reducing balance
Computer equipment
-
33%
reducing balance

Asset residual values and useful lives are reviewed at the end of each reporting period, and adjusted if appropriate. The effect of any change is accounted for prospectively.

  
3.6

Fixed asset investments

In the company balance sheet, investments in associate undertakings are measured at cost less accumulated impairment losses.

 
3.7

Dividends

Dividends are recognised as a liability in the financial statements in the period in which they are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.


4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 35).

3

 
Plasterboard Recycling Solutions Limited
 
 

Notes to the financial statements
Year ended 30 June 2023

5.


Fixed asset investments





Investments in associates

£



Cost


At 1 July 2022
49



At 30 June 2023
49





6.


Debtors

2023
Unaudited 2022
£
£


Amounts owed by group undertakings
822,667
866,578

Amounts owed by joint ventures and associated undertakings
25,123
25,123

847,790
891,701



7.


Creditors: amounts falling due within one year

2023
2022
£
£

Other taxation and social security
-
43,911

-
43,911



8.


Controlling party

The immediate parent undertaking is Plasterboard Recycling Group Ltd. The ultimate parent undertaking, and the only group to consolidate these financial statements is EVB Holdings Ltd. The address of the registered office of EVB Holdings Ltd is Hill Top Farm, Winston, Darlington, County Durham, DL2 3RR. Copies of EVB Holdings Ltd consolidated financial statements can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
The company considers I Bainbridge to be the ultimate controlling party.

4

 
Plasterboard Recycling Solutions Limited
 
 

Notes to the financial statements
Year ended 30 June 2023

9.


Audit information

The auditor's report on the financial statements for the year ended 30 June 2023 was unqualified.

The audit report was signed on 26 July 2024 by Martin Cross PhD BSc FCA (senior statutory auditor) on behalf of UNW LLP.

5