0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 07843268 2022-12-01 2023-11-30 07843268 2023-11-30 07843268 2022-11-30 07843268 2021-12-01 2022-11-30 07843268 2022-11-30 07843268 2021-11-30 07843268 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 07843268 bus:LeadAgentIfApplicable 2022-12-01 2023-11-30 07843268 bus:Director1 2022-12-01 2023-11-30 07843268 core:LandBuildings 2022-11-30 07843268 core:PlantMachinery 2022-11-30 07843268 core:FurnitureFittings 2022-11-30 07843268 core:LandBuildings 2023-11-30 07843268 core:PlantMachinery 2023-11-30 07843268 core:FurnitureFittings 2023-11-30 07843268 core:PlantMachinery 2022-12-01 2023-11-30 07843268 core:FurnitureFittings 2022-12-01 2023-11-30 07843268 core:WithinOneYear 2023-11-30 07843268 core:WithinOneYear 2022-11-30 07843268 core:ShareCapital 2023-11-30 07843268 core:ShareCapital 2022-11-30 07843268 core:RetainedEarningsAccumulatedLosses 2023-11-30 07843268 core:RetainedEarningsAccumulatedLosses 2022-11-30 07843268 core:LandBuildings 2022-11-30 07843268 core:PlantMachinery 2022-11-30 07843268 core:FurnitureFittings 2022-11-30 07843268 bus:SmallEntities 2022-12-01 2023-11-30 07843268 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 07843268 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 07843268 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 07843268 bus:FullAccounts 2022-12-01 2023-11-30 07843268 bus:OrdinaryShareClass1 2023-11-30 07843268 bus:OrdinaryShareClass1 2022-11-30
COMPANY REGISTRATION NUMBER: 07843268
L & F Recycling Machines Limited
Filleted Unaudited Financial Statements
For the year ended
30 November 2023
L & F Recycling Machines Limited
Financial Statements
Year ended 30 November 2023
Contents
Page
Report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
L & F Recycling Machines Limited
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of L & F Recycling Machines Limited
Year ended 30 November 2023
Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of L & F Recycling Machines Limited You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
CLAY SHAW THOMAS LTD
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
2 August 2024
L & F Recycling Machines Limited
Statement of Financial Position
30 November 2023
2023
2022
(restated)
Note
£
£
£
Fixed assets
Tangible assets
4
1,196,594
1,076,675
Current assets
Debtors
5
264,784
285,175
Cash at bank and in hand
12,631
15,538
---------
---------
277,415
300,713
Creditors: amounts falling due within one year
6
394,791
416,596
---------
---------
Net current liabilities
117,376
115,883
------------
------------
Total assets less current liabilities
1,079,218
960,792
Provisions
Taxation including deferred tax
57,938
56,058
------------
---------
Net assets
1,021,280
904,734
------------
---------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
9
1,021,180
904,634
------------
---------
Shareholders funds
1,021,280
904,734
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
L & F Recycling Machines Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 2 August 2024 , and are signed on behalf of the board by:
Mr K R Francis
Director
Company registration number: 07843268
L & F Recycling Machines Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Shepherds Yard, Australian Terrace, Bridgend, CF31 1LY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable during the year in relation to property and asset rental, exclusive of Value Added Tax. Revenue is recognised on a straight line basis over the lease term.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
10% straight line
Fixtures & fittings
-
10% straight line
Equipment
-
25% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Tangible assets
Investment properties
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 December 2022 (as restated)
970,000
164,215
4,000
5,043
1,143,258
Additions
138,000
138,000
---------
---------
-------
-------
------------
At 30 November 2023
970,000
302,215
4,000
5,043
1,281,258
---------
---------
-------
-------
------------
Depreciation
At 1 December 2022
60,401
2,400
3,782
66,583
Charge for the year
16,421
400
1,260
18,081
---------
---------
-------
-------
------------
At 30 November 2023
76,822
2,800
5,042
84,664
---------
---------
-------
-------
------------
Carrying amount
At 30 November 2023
970,000
225,393
1,200
1
1,196,594
---------
---------
-------
-------
------------
At 30 November 2022
970,000
103,814
1,600
1,261
1,076,675
---------
---------
-------
-------
------------
The director has obtained a professional valuation at the year end resulting in the fair value of investment property increasing by £143,161 with gains reported in the profit and loss.
5. Debtors
2023
2022
(restated)
£
£
Trade debtors
38,400
184,414
Other debtors
226,384
100,761
---------
---------
264,784
285,175
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Amounts owed to related parties
352,500
352,500
Social security and other taxes
40,761
62,701
Other creditors
1,530
1,395
---------
---------
394,791
416,596
---------
---------
7. Restated comparatives
The comparatives have been restated to correct the netting off between other debtors and creditors in connection with amounts owed to related parties, as reported in the notes of these financial statements.
8. Called up share capital
Issued, called up and fully paid
2023
2022
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included within retained earnings are non-distributable reserves of £107,371 in connection with unrealised gains on investment property, less associated deferred tax provisions.
10. Related party transactions
During the year, the company made received rental income on property and the plant and equipment £189,220 (2022: £182,000) from Engineering Services (Bridgend) Limited. During the year, the company also purchased fixed assets to the amount of £138,000 and incurred management charges of £2,500. At the year end £244,800 (2022: £284,414) was due from Engineering Services (Bridgend) Limited. Engineering Services (Bridgend) Limited are a related party due to Mr K R Francis common control and ownership. Leimbach GmbH provided the company with financial support. Included in other creditors is an amount of £352,500 (2022: £352,500) due to Leimbach GmbH. Leimbach GmbH are related due to common ownership.
11. Controlling party
In the opinion of the director there is no ultimate controlling party.