Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29No description of principal activity142023-03-01false14truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07938792 2023-03-01 2024-02-29 07938792 2022-03-01 2023-02-28 07938792 2024-02-29 07938792 2023-02-28 07938792 c:Director1 2023-03-01 2024-02-29 07938792 d:Buildings 2023-03-01 2024-02-29 07938792 d:Buildings 2024-02-29 07938792 d:Buildings 2023-02-28 07938792 d:Buildings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 07938792 d:PlantMachinery 2023-03-01 2024-02-29 07938792 d:PlantMachinery 2024-02-29 07938792 d:PlantMachinery 2023-02-28 07938792 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 07938792 d:MotorVehicles 2023-03-01 2024-02-29 07938792 d:MotorVehicles 2024-02-29 07938792 d:MotorVehicles 2023-02-28 07938792 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 07938792 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 07938792 d:Goodwill 2024-02-29 07938792 d:Goodwill 2023-02-28 07938792 d:CurrentFinancialInstruments 2024-02-29 07938792 d:CurrentFinancialInstruments 2023-02-28 07938792 d:Non-currentFinancialInstruments 2024-02-29 07938792 d:Non-currentFinancialInstruments 2023-02-28 07938792 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 07938792 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 07938792 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 07938792 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 07938792 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-02-29 07938792 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 07938792 d:ShareCapital 2024-02-29 07938792 d:ShareCapital 2023-02-28 07938792 d:RetainedEarningsAccumulatedLosses 2024-02-29 07938792 d:RetainedEarningsAccumulatedLosses 2023-02-28 07938792 c:FRS102 2023-03-01 2024-02-29 07938792 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 07938792 c:FullAccounts 2023-03-01 2024-02-29 07938792 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 07938792 d:HirePurchaseContracts d:WithinOneYear 2024-02-29 07938792 d:HirePurchaseContracts d:WithinOneYear 2023-02-28 07938792 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-02-29 07938792 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-02-28 07938792 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 07938792









GURTEEN RECYCLING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
GURTEEN RECYCLING LIMITED
REGISTERED NUMBER: 07938792

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
327,500
567,308

  
327,500
567,308

Current assets
  

Debtors: amounts falling due within one year
 7 
220,708
191,071

Cash at bank and in hand
 8 
437
1,722

  
221,145
192,793

Creditors: amounts falling due within one year
 9 
(381,961)
(471,910)

Net current liabilities
  
 
 
(160,816)
 
 
(279,117)

Total assets less current liabilities
  
166,684
288,191

Creditors: amounts falling due after more than one year
 10 
(15,417)
(251,144)

Provisions for liabilities
  

Deferred tax
  
(39,928)
(22,672)

  
 
 
(39,928)
 
 
(22,672)

Net assets
  
111,339
14,375


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
111,329
14,365

  
111,339
14,375


Page 1

 
GURTEEN RECYCLING LIMITED
REGISTERED NUMBER: 07938792
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 August 2024.




Mr P Gurteen
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
GURTEEN RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Gurteen Recycling Limited is a private company limited by shares and incorporated in England and Wales. The registered office is Unit 21, Mylord Crescent, Camperdown Industrial Estate, Killingworth, Newcastle upon Tyne, NE12 5UJ. The company number is 07938792.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

  
2.2

Going concern

At the year end the company had net current liabilities of £160,816 and is supported by loans from a  director and existing bank facilities to meet its day to day working capital requirements. Current forecasts take account of the anticipated effects of the COVID-19 pandemic and indicate that the company expects to be able to operate within these facilities for the whole of the foreseeable future. These facilities are renewed annually and consequently are not guaranteed for the foreseeable future. However, the directors are not aware of any circumstances that may adversely effect the renewal of these facilities. Accordingly, the directors believe it is appropriate to prepare the financial statements on the going concern basis.

  
2.3

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.



 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
GURTEEN RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
25%
Land Nil%; Landworks 25%
Plant and machinery
-
25%
Motor vehicles
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.6

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

  
2.8

Equity instruments

Equity instruments issued by the company are recorded at 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.

Page 4

 
GURTEEN RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

  
2.9

Taxation

The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

  
2.10

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.
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.

  
2.11

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Page 5

 
GURTEEN RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

  
2.12

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.


3.


Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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 the revision and future periods where the revision affects both current and future periods.

 
3.1

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


4.


Employees

The average monthly number of employees, including directors, during the year was 14 (2023 - 14).

Page 6

 
GURTEEN RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Intangible assets






Goodwill

£



Cost


At 1 March 2023
175,248



At 29 February 2024

175,248



Amortisation


At 1 March 2023
175,248



At 29 February 2024

175,248



Net book value



At 29 February 2024
-



At 28 February 2023
-



Page 7

 
GURTEEN RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Tangible fixed assets







Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 March 2023
364,286
73,930
709,342
1,147,558


Additions
86,500
-
13,350
99,850


Disposals
(265,995)
(27,964)
(186,584)
(480,543)



At 29 February 2024

184,791
45,966
536,108
766,865



Depreciation


At 1 March 2023
108,349
57,925
413,976
580,250


Charge for the year on owned assets
40,055
3,137
65,980
109,172


Disposals
(83,776)
(24,508)
(141,773)
(250,057)



At 29 February 2024

64,628
36,554
338,183
439,365



Net book value



At 29 February 2024
120,163
9,412
197,925
327,500



At 28 February 2023
255,937
16,005
295,366
567,308


7.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
207,200
179,222

Prepayments and accrued income
13,508
11,849

220,708
191,071


Page 8

 
GURTEEN RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
437
1,722

Less: bank overdrafts
(26,308)
(34,073)

(25,871)
(32,351)



9.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank overdrafts
26,308
34,073

Other loans
10,000
10,000

Trade creditors
193,116
123,510

Other taxation and social security
39,652
18,061

Obligations under finance lease and hire purchase contracts
65,727
119,181

Other creditors
27,639
152,484

Accruals and deferred income
19,519
14,601

381,961
471,910


The bank loan and overdraft are secured by a fixed and floating charge over all the property or undertaking of the company.


10.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Other loans
12,500
22,500

Net obligations under finance leases and hire purchase contracts
2,917
68,644

Other creditors
-
160,000

15,417
251,144


The bank loan is secured by a fixed and floating charge over all the property or undertaking of the company.

Page 9

 
GURTEEN RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

11.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Other loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Other loans
12,500
22,500


12,500
22,500



22,500
32,500



12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

29 February
28 February
2024
2023
£
£


Within one year
65,727
119,181

Between 1 and 5 years
2,917
68,644

68,644
187,825

 
Page 10