Registration number:
GES Recycling Ltd
for the Year Ended 31 December 2023
GES Recycling Ltd
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Statement of Director's Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
GES Recycling Ltd
Company Information
Director |
Mr I Velasco |
Registered office |
|
Auditors |
|
GES Recycling Ltd
Strategic Report for the Year Ended 31 December 2023
The director presents his strategic report for the year ended 31 December 2023.
Principal activity
The principal activity of the company is the purchase and sale of scrap metal waste from the automotive industry.
Fair review of the business
The performance of GES Recycling during the year 2023 has been the best ever, in terms of profitability, even considering that scrap volumes decreased drastically in our sources.
During the second semester and after changes in the organization of the company, the development of the company has been above the business plan due to the new sales strategy. The company has focused on reducing the sales to mergers and trying to reach up to the end user. We increased the sales into the main foundries, and we achieved a long-term contract agreements with others.
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2023 |
2022 |
Turnover |
£ |
27,141,379 |
22,691,752 |
Gross profit |
£ |
3,271,176 |
3,397,306 |
Gross profit |
% |
12 |
15 |
Net (loss) / profit after tax |
£ |
1,029,564 |
1,380,903 |
Principal risks and uncertainties
The principal risk and uncertainties surround scrap metal price variations that depend on the global and local marketplace. The business is also vulnerable to a reduction in local demand due to the slowdown of the automotive sector.
Approved and authorised by the
......................................... |
GES Recycling Ltd
Director's Report for the Year Ended 31 December 2023
The director presents his report and the financial statements for the year ended 31 December 2023.
Director of the company
The director who held office during the year was as follows:
Objectives and policies
The company aims to minimize financial risk by closely monitoring forecasts of working capital and cash flow requirements. Working capital is funded by bank balances, trade creditors and a loan from, immediate parent company Gescrap Desarrollo S.L.U.
Price risk, credit risk, liquidity risk and cash flow risk
The company is vulnerable to changes in the scrap metal index. Therefore there is a monthly review on the market trend and prices with all the new and old customers. Customers are vetted and their accounts monitored to minimize risk of bad debts. Credit terms are agreed with suppliers and cash flows monitored closely to minimize liquidity and cash flow risk. With the split of new sales and customers the bad debt risk is minimized.
Future developments
After the good results of 2023, the company aims to reinforce its position in the local market with the current customers and increasing the customer’s portfolio for 2024, mainly with foundries and long agreements with main steel makers.
We want to invest in new assets with the objectives of reducing the repair and maintenance costs.
Obviously, we cannot forget that the current market worldwide conditions, such us Ukraine war, high energy cost, the inflation and interest rates, make the business more challenging.
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Fruition Accountancy LLP as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
......................................... |
GES Recycling Ltd
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
GES Recycling Ltd
Independent Auditor's Report to the Members of GES Recycling Ltd
Opinion
We have audited the financial statements of GES Recycling Ltd (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
GES Recycling Ltd
Independent Auditor's Report to the Members of GES Recycling Ltd
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
GES Recycling Ltd
Independent Auditor's Report to the Members of GES Recycling Ltd
We identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and then design and perform audit procedures responsive to those risks, including
obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud
and non-compliance with laws and regulations, we considered the following:
- the nature of the industry and sector, control environment and business performance including the
design of the Company remuneration policies, key drivers for directors’ remuneration, bonus levels
and performance targets;
- results of our enquiries of management about their own identification and assessment of the risks of
irregularities;
- any matters we identified having obtained and reviewed the Company documentation of their
policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual,
suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and
regulations;
- the matters discussed among the audit engagement team and involving relevant internal specialists,
including tax specialists, regarding how and where fraud might occur in the financial statements and
any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within
the organisation for fraud and identified the greatest potential for fraud in relation to stock
obsolescence. In common with all audits under ISAs (UK), we are also required to perform specific
procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Company
operates in, focusing on provisions of those laws and regulations that had a direct effect on the
determination of material amounts and disclosures in the financial statements. The key laws and
regulations we considered in this context included the UK Companies Act and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on
the financial statements but compliance with which may be fundamental to the Company ability to
operate or to avoid a material penalty. These included compliance with GDPR regulation.
Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with provisions of relevant laws and regulations described as having a direct effect on the
financial statements;
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
GES Recycling Ltd
Independent Auditor's Report to the Members of GES Recycling Ltd
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
29 Wood Street
Warwickshire
CV37 6JG
GES Recycling Ltd
Profit and Loss Account for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Distribution costs |
( |
( |
|
Administrative expenses |
( |
( |
|
Operating profit |
1,357,265 |
1,795,233 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(7,072) |
(84,938) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
GES Recycling Ltd
Statement of Comprehensive Income for the Year Ended 31 December 2023
2023 |
2022 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
GES Recycling Ltd
(Registration number: 08227132)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1,000 |
1,000 |
|
Retained earnings |
4,453,907 |
3,424,343 |
|
Shareholders' funds |
4,454,907 |
3,425,343 |
Approved and authorised by the
......................................... |
GES Recycling Ltd
Statement of Changes in Equity for the Year Ended 31 December 2023
Share capital |
Retained earnings |
Total |
|
At 1 January 2023 |
|
|
|
Profit for the year |
- |
|
|
At 31 December 2023 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 January 2022 |
|
|
|
Profit for the year |
- |
|
|
At 31 December 2022 |
|
|
|
GES Recycling Ltd
Statement of Cash Flows for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss/(profit) on disposal of tangible assets |
|
( |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease/(increase) in stocks |
|
( |
|
Decrease/(increase) in trade debtors |
|
( |
|
Increase in trade creditors |
|
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Repayment of other borrowing |
- |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
Cash and cash equivalents at 31 December |
6,305,176 |
2,697,462 |
GES Recycling Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
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 years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company and
rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis on the grounds that immediate parent, Gescrap Desarrollo S.L.U, provides continued support in the form of a long term loan.
GES Recycling Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgements in applying accounting policies surround estimates of useful lives of tangible fixed assets for depreciation policies and the consideration of potential stock provisions and adjustments.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Sales of goods
Sales of goods are recognised when the company has delivered scrap metal to the customer and no significant obligation remains unfulfilled that may affect the customer's acceptance of the goods.
Rendering of services
The company sells scrap handling services. When the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion, the company recognises revenue on the sales of services in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. When the outcome of a service cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised.
Government grants
Grant income is recognised when there is enntitlement to the grant, virtual certainty that it will be received and sufficent measurability of the amount.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
GES Recycling Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Other property plant and equipment |
10% and 20% straight line |
Motor vehicles |
20% and 33% straight line |
Furniture, fittings and equipment |
33% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors with no stated rate of interest rate receivable are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
GES Recycling Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and non-current liabilities are subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
|
Rendering of services |
|
|
|
|
GES Recycling Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
The analysis of the company's turnover for the year by market is as follows:
2023 |
2022 |
|
UK |
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2023 |
2022 |
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2023 |
2022 |
|
(Loss)/gain on disposal of tangible assets |
( |
|
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Operating lease expense - property |
|
|
Operating lease expense - plant and machinery |
|
|
Loss/(profit) on disposal of property, plant and equipment |
|
( |
Other interest receivable and similar income |
2023 |
2022 |
|
Interest income on bank deposits |
|
|
Interest payable and similar expenses |
2023 |
2022 |
|
Interest expense on other finance liabilities |
|
|
Foreign exchange losses |
( |
( |
|
|
GES Recycling Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2023 |
2022 |
|
Administration and support |
|
|
Sales, marketing and distribution |
|
|
|
|
Remuneration of key management personnel |
There are no key management personnel other than directors and managers who are remunerated through other group undertakings.
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Other fees to auditors |
||
All other assurance services |
|
|
All other non-audit services |
|
|
|
|
GES Recycling Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
( |
( |
UK deferred tax expense relating to changes in tax rates or laws |
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
2023 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
- |
|
2022 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
- |
|
GES Recycling Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Furniture fittings and equipment |
Other property plant and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 January 2023 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
- |
( |
( |
( |
At 31 December 2023 |
|
|
|
|
Depreciation |
||||
At 1 January 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
At 31 December 2023 |
|
|
|
|
Carrying amount |
||||
At 31 December 2023 |
|
|
|
|
At 31 December 2022 |
|
|
|
|
Stocks |
2023 |
2022 |
|
Other inventories |
|
|
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Other debtors |
|
- |
Prepayments |
|
|
Accrued income |
( |
- |
|
|
GES Recycling Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Cash and cash equivalents |
2023 |
2022 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Accruals |
- |
|
|
Income tax liability |
121,387 |
317,104 |
|
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 January 2023 |
|
|
Increase (decrease) in existing provisions |
|
|
At 31 December 2023 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
GES Recycling Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,000 |
|
1,000 |
Loans and borrowings |
Other borrowings
Amounts owed to group undertakings is denominated in £ with a nominal interest rate of 6%, and the final instalment is due on 13 November 2023. The carrying amount at year end is £1,388,365 (2022 - £1,397,352).
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £
Contingent liabilities |
During the year there was an incident of a fraudulent payment involving a supplier related to the group. A payment of £1.82 million was made to the supplier based on a fraudulent email, purportedly, received from the supplier’s finance team. It is uncertain to quantify the value of any financial loss that will be attributable to GES Recycling Ltd, since the incident is being investigated by the authorities and dealt with by the parent companies with coordination with local offices in the UK.
GES Recycling Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Related party transactions |
Summary of transactions with parent
Summary of transactions with entities with joint control or significant interest
Trade balances due from group and other undertakings £768 (2022: £1,056)
Sales to group and other undertakings £640 (2022: £880)
Commercial services paid to group and other undertakings £171,174 (2022: £77,225)
Loans from related parties
2023 |
Parent |
Total |
At start of period |
|
|
Repaid |
( |
( |
Interest transactions |
|
|
At end of period |
|
|
|
2022 |
Parent |
Total |
At start of period |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
Terms of loans from related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is