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Plasterboard Recycling Solutions Limited
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Notes to the financial statements
Year ended 30 June 2023
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.
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.
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.
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.
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