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REGISTERED NUMBER: 08737258 (England and Wales)















Derwen Recycling Limited

Unaudited Financial Statements

for the Year Ended 31 October 2023






Derwen Recycling Limited (Registered number: 08737258)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Derwen Recycling Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: M M Davies
S I Hanford
D A Keogh





REGISTERED OFFICE: Neath Abbey Wharf
Neath Abbey
Neath
SA10 6BL





REGISTERED NUMBER: 08737258 (England and Wales)





ACCOUNTANTS: O'Brien and Partners
Accountants & Business Advisors
Highdale House
7 Centre Court
Treforest Industrial Estate
Pontypridd
Rhondda Cynon Taff
CF37 5YR

Derwen Recycling Limited (Registered number: 08737258)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,354,176 1,504,729

CURRENT ASSETS
Debtors 5 2,443,195 2,221,577
Cash at bank and in hand 835,803 1,206,384
3,278,998 3,427,961
CREDITORS
Amounts falling due within one year 6 3,300,382 3,234,516
NET CURRENT (LIABILITIES)/ASSETS (21,384 ) 193,445
TOTAL ASSETS LESS CURRENT LIABILITIES 2,332,792 1,698,174

CREDITORS
Amounts falling due after more than one year 7 (752,468 ) (435,711 )

PROVISIONS FOR LIABILITIES (447,294 ) (285,899 )
NET ASSETS 1,133,030 976,564

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,132,930 976,464
1,133,030 976,564

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Derwen Recycling Limited (Registered number: 08737258)

Balance Sheet - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





S I Hanford - Director


Derwen Recycling Limited (Registered number: 08737258)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Derwen Recycling Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Directors believe that although the company has net current liabilities that it should be treated as a going concern. They consider that here are sufficient funds and support available to meet the requirements of the company.

Turnover
Turnover represents amounts received for the provision of recycling and waste management services. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 10% straight line
Plant and machinery - 25% straight line
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Derwen Recycling Limited (Registered number: 08737258)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Debtors, creditors and provisions
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Employee benefit
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 of 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 29 ) .

Derwen Recycling Limited (Registered number: 08737258)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 195,388 1,948,091 6,267 1,196,253 3,345,999
Additions - 831,986 - 741,784 1,573,770
Disposals - - - (375,247 ) (375,247 )
At 31 October 2023 195,388 2,780,077 6,267 1,562,790 4,544,522
DEPRECIATION
At 1 November 2022 44,716 1,139,239 6,267 651,048 1,841,270
Charge for year 19,539 457,308 - 203,527 680,374
Eliminated on disposal - - - (331,298 ) (331,298 )
At 31 October 2023 64,255 1,596,547 6,267 523,277 2,190,346
NET BOOK VALUE
At 31 October 2023 131,133 1,183,530 - 1,039,513 2,354,176
At 31 October 2022 150,672 808,852 - 545,205 1,504,729

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 November 2022 571,913 574,184 1,146,097
Additions 666,600 588,710 1,255,310
Transfer to ownership (28,000 ) (85,474 ) (113,474 )
At 31 October 2023 1,210,513 1,077,420 2,287,933
DEPRECIATION
At 1 November 2022 348,931 172,593 521,524
Charge for year 203,882 146,027 349,909
Transfer to ownership (28,000 ) (44,406 ) (72,406 )
At 31 October 2023 524,813 274,214 799,027
NET BOOK VALUE
At 31 October 2023 685,700 803,206 1,488,906
At 31 October 2022 222,982 401,591 624,573

Derwen Recycling Limited (Registered number: 08737258)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 2,228,755 2,213,054
Other debtors 214,440 8,523
2,443,195 2,221,577

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 50,000 50,000
Hire purchase contracts 604,797 214,995
Trade creditors 1,655,859 1,857,432
Taxation and social security 328,077 345,631
Other creditors 661,649 766,458
3,300,382 3,234,516

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans 83,460 133,395
Hire purchase contracts 669,008 302,316
752,468 435,711

8. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Bank loans 133,460 183,395
Hire purchase contracts 1,273,805 517,311
1,407,265 700,706

9. RELATED PARTY DISCLOSURES

Entities with control, joint control, or significant influence over the company

2023 2022
£    £   
Management Charges 782,537 797,140
Amount due to related parties 331,978 300,813
Amount due from related parties 107,500 0

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M M Davies.

Derwen Recycling Limited (Registered number: 08737258)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

11. PENSION LIABILITIES

At the year end the company owed £5,756 (2022: £5,921) in relation to its staff pension costs.