Registered number: 07210738
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Recycool (Plasterboard) Limited
Annual report - filing copy
30 June 2023
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Recycool (Plasterboard) Limited
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Balance sheet
At 30 June 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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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.
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Director
Company registered number: 07210738
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The notes on pages 2 to 6 form part of these financial statements.
1
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Recycool (Plasterboard) Limited
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Notes to the financial statements
Year ended 30 June 2023
Recycool (Plasterboard) 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.
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.
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Basis of preparation of financial statements
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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.
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.
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
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Recycool (Plasterboard) Limited
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Notes to the financial statements
Year ended 30 June 2023
3.Accounting policies (continued)
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.
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Tangible fixed assets and depreciation
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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:
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.
Assets held under finance leases and hire purchase contracts, which confer rights and obligations on the company similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future lease obligations are recorded as liabilities, and the interest elements are charge to the profit and loss account over the period of the leases to produce a constant periodic rate of charge on the remaining balance of the liability.
3
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Recycool (Plasterboard) Limited
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Notes to the financial statements
Year ended 30 June 2023
3.Accounting policies (continued)
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, cash and bank balances, bank loans and loans to or from related parties, including fellow group companies.
All such instruments are due within one year and are measured, initially and subsequently, at the transaction price.
At the end of each reporting period, financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the profit and loss account.
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The average monthly number of employees, including directors, during the year was 1 (2022 - 1).
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At 1 July 2022 (unaudited)
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At 1 July 2022 (unaudited)
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At 30 June 2022 (unaudited)
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4
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Recycool (Plasterboard) Limited
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Notes to the financial statements
Year ended 30 June 2023
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Amounts owed by group undertakings
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Creditors: amounts falling due after more than one year
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Obligations under finance leases and hire purchase contracts
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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.
5
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Recycool (Plasterboard) Limited
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Notes to the financial statements
Year ended 30 June 2023
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.
6
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