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REGISTERED NUMBER: 07493232 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Racycle Ltd

Racycle Ltd (Registered number: 07493232)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Racycle Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: R C Allsop





REGISTERED OFFICE: Chris Allsop Industrial Park
Private Road No. 2
Colwick
Nottingham
Nottinghamshire
NG4 2JR





REGISTERED NUMBER: 07493232 (England and Wales)





ACCOUNTANTS: Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

Racycle Ltd (Registered number: 07493232)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 80,659 23,298

CURRENT ASSETS
Stocks 1,355,000 1,100,000
Debtors 5 131,893 185,549
1,486,893 1,285,549
CREDITORS
Amounts falling due within one year 6 (1,139,394 ) (861,626 )
NET CURRENT ASSETS 347,499 423,923
TOTAL ASSETS LESS CURRENT
LIABILITIES

428,158

447,221

CREDITORS
Amounts falling due after more than one
year

7

(54,833

)

(78,833

)
NET ASSETS 373,325 368,388

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 373,323 368,386
SHAREHOLDERS' FUNDS 373,325 368,388

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Racycle Ltd (Registered number: 07493232)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 July 2024 and were signed by:





R C Allsop - Director


Racycle Ltd (Registered number: 07493232)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Racycle Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 33% on cost, 25% on cost, 20% on cost and 10% on cost
Fixtures and fittings - 50% on cost, 33% on cost and 25% on cost
Motor vehicles - 33% on cost and 25% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Racycle Ltd (Registered number: 07493232)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 530,020 2,206 30,550 562,776
Additions 74,798 - - 74,798
At 31 March 2024 604,818 2,206 30,550 637,574
DEPRECIATION
At 1 April 2023 512,126 2,206 25,146 539,478
Charge for year 13,695 - 3,742 17,437
At 31 March 2024 525,821 2,206 28,888 556,915
NET BOOK VALUE
At 31 March 2024 78,997 - 1,662 80,659
At 31 March 2023 17,894 - 5,404 23,298

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 April 2023
and 31 March 2024 132,608
DEPRECIATION
At 1 April 2023 126,210
Charge for year 4,580
At 31 March 2024 130,790
NET BOOK VALUE
At 31 March 2024 1,818
At 31 March 2023 6,398

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 63,548 58,959
Amounts owed by participating interests - 89,331
Other debtors 68,345 37,259
131,893 185,549

Racycle Ltd (Registered number: 07493232)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 36,727 43,222
Hire purchase contracts (see note 8) 14,000 14,000
Trade creditors 292,352 45,376
Amounts owed to participating interests 770,249 732,025
Taxation and social security - 11,123
Other creditors 26,066 15,880
1,139,394 861,626

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 17,500 27,500
Hire purchase contracts (see note 8) 37,333 51,333
54,833 78,833

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 14,000 14,000
Between one and five years 37,333 51,333
51,333 65,333

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 26,727 33,222
Bank loans 27,500 37,500
Hire purchase contracts 51,333 65,333
105,560 136,055

Debenture including fixed and floating charge over all undertakings assets and property of the company dated 11 June 2013.

Bank loans are secured against specific assets owned by the company.

Racycle Ltd (Registered number: 07493232)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Racycle Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Racycle Ltd for the year ended 31 March 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Racycle Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Racycle Ltd and state those matters that we have agreed to state to the director of Racycle Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Racycle Ltd and its director for our work or for this report.

It is your duty to ensure that Racycle Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Racycle Ltd. You consider that Racycle Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Racycle 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 statutory financial statements.






Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD


30 July 2024