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Registered number: 14944864
Ando Recycling Ltd
Unaudited Financial Statements
For the Period 19 June 2023 to 31 March 2024
SGW & Co
39 Main Street
Bunny
Nottingham
NG11 6QU
Contents
Page
Accountants' Report 1
Balance Sheet 2
Notes to the Financial Statements 3—7
Page 1
Accountants' Report
Chartered Accountants' report to the director on the preparation of the unaudited statutory accounts of Ando Recycling Ltd for the period 19 June 2023 to 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ando Recycling Ltd for the period 19 June 2023 to 31 March 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of Ando Recycling Ltd , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Ando Recycling Ltd and state those matters that we have agreed to state to the director of Ando Recycling Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ando Recycling Ltd and its director, as a body, for our work or for this report.
It is your duty to ensure that Ando Recycling Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Ando Recycling Ltd . You consider that Ando Recycling Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit of the accounts of Ando Recycling Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
Stephen G Whitaker MEng FCA CTA
13/08/2024
SGW & Co
39 Main Street
Bunny
Nottingham
NG11 6QU
Page 1
Page 2
Balance Sheet
Registered number: 14944864
31 March 2024
Notes £ £
FIXED ASSETS
Tangible Assets 4 166
166
CURRENT ASSETS
Debtors 5 109
109
Creditors: Amounts Falling Due Within One Year 6 (14,850 )
NET CURRENT ASSETS (LIABILITIES) (14,741 )
TOTAL ASSETS LESS CURRENT LIABILITIES (14,575 )
NET LIABILITIES (14,575 )
CAPITAL AND RESERVES
Called up share capital 7 75
Profit and Loss Account (14,650 )
SHAREHOLDERS' FUNDS (14,575)
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Hugues Raulet
Director
13/08/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ando Recycling Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14944864 . The registered office is 62 Main Street, Nottingham, Nottinghamshire, NG14 5EH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The company had net liabilities at the balance sheet date. 
Notwithstanding the deficit of shareholders' funds, subsequent to the balance sheet date, the company successfully raised £225,000 of new equity. Consequently, the director has not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Significant judgements and estimations
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
2.4. Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Sale of goods
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Provision of services
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.  The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hours of staff rates and materials, as a proportion of total costs. When the outcome can not be estimated reliably, revenue is recognised only to the extent of the expense recognised that it is probable will be recovered. 
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery Between 5 to 10 years
Motor Vehicles 3 years
Fixtures & Fittings 3 years
Computer Equipment Between 2 to 3 years
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2.6. Leasing and Hire Purchase Contracts
Finance leases and hire purchase contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that are incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete or sell is recognised as an impairment loss in profit or loss.  Reversals of impairment losses are also recognised in profit or loss.
2.8. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receiveable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidence a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments that are issued by the company are recorded as the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Derivatives
...CONTINUED
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2.8. Financial Instruments - continued
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured at fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedge instrument. In which event, the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.11. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.12. Employee benefits
The cost 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 or 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.
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2.13. Cash and cash equivalents
Cash and cash equivalents are basic finacial assets and include cash in hand, deposits held at call with banks, other short-term liquid instruments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.14. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the period was: NIL
-
4. Tangible Assets
Computer Equipment
£
Cost
As at 19 June 2023 -
Additions 166
As at 31 March 2024 166
Net Book Value
As at 31 March 2024 166
As at 19 June 2023 -
5. Debtors
31 March 2024
£
Due within one year
VAT 108
Called up share capital not paid 1
109
6. Creditors: Amounts Falling Due Within One Year
31 March 2024
£
Trade creditors 6,957
Accruals and deferred income 1,165
Director's loan account 6,728
14,850
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7. Share Capital
31 March 2024
£
Called Up Share Capital not Paid 1
Called Up Share Capital has been paid up 74
Amount of Allotted, Called Up Share Capital 75
Share Capital Reorganisation
On 22 January 2024, the company undertook a reorganisation of its share capital. The company had a single ordinary share with a nominal value of £1.00 ("Ordinary Share") in issue, since incorporation. This single share had full rights to capital, income, and voting.
In preparation for an upcoming equity fundraise, the company's issued share capital of 1 Ordinary Share was increased to 75 Ordinary Shares. This increase was effected through a partial capitalisation of the director loan account ("DLA") involving a debt-for-equity swap. Specifically, £74.00 of the DLA was capitalised in exchange for the issuance of 74 additional Ordinary Shares to the company's sole shareholder.
Subsequently, and all taking place on the same date, the 75 Ordinary Shares held by the company's sole shareholder were subdivided into 75,000 ordinary shares of nominal value £0.001 each.
8. Post Balance Sheet Events
Issuance of New Equity
Subsequent to the balance sheet date of 31 March 2024, the company successfully raised £225,000 through the issuance of 22,500 ordinary shares of £0.001 each at a premium of £9.999 to their nominal value. This equity was raised between April 2024 and August 2024 from seven angel investors. The company has obtained advance clearance from HMRC confirming that the shares should qualify for the Seed Enterprise Investment Scheme.
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