Company Registration No. 06797457 (England and Wales)
HML Recycling Limited
Unaudited accounts
for the year ended 31 March 2024
HML Recycling Limited
Unaudited accounts
Contents
HML Recycling Limited
Company Information
for the year ended 31 March 2024
Directors
Dr Lisa Amanda Rogan
Stuart David Rogan
Company Number
06797457 (England and Wales)
Registered Office
3E Bolton Avenue
Huncoat
Accrington
Lancashire
BB5 6NJ
HML Recycling Limited
Statement of financial position
as at 31 March 2024
Tangible assets
825,430
912,771
Inventories
267,996
718,730
Debtors
1,540,810
1,128,842
Cash at bank and in hand
142,090
121,465
Creditors: amounts falling due within one year
(896,358)
(1,017,257)
Net current assets
1,054,538
951,780
Total assets less current liabilities
1,879,968
1,864,551
Creditors: amounts falling due after more than one year
-
(23,397)
Provisions for liabilities
Net assets
1,879,968
1,736,712
Called up share capital
250
250
Fair value reserve
300,000
300,000
Profit and loss account
1,579,718
1,436,462
Shareholders' funds
1,879,968
1,736,712
For the year 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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 2 August 2024 and were signed on its behalf by
Stuart David Rogan
Director
Company Registration No. 06797457
HML Recycling Limited
Notes to the Accounts
for the year ended 31 March 2024
HML Recycling Limited is a private company, limited by shares, registered in England and Wales, registration number 06797457. The registered office is 3E Bolton Avenue, Huncoat, Accrington, Lancashire, BB5 6NJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% on cost
Plant & machinery
15% reduced balance method
Motor vehicles
25% reduced balance method
Fixtures & fittings
20% reduced balance method
Computer equipment
25% reduced balance method
Intangible fixed assets are included at cost less accumulated amortisation.
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, was written off in the year of acquisition.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell, after making allowance for obsolete and slow moving items.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
HML Recycling Limited
Notes to the Accounts
for the year ended 31 March 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 April 2023
49,293
1,120,584
109,241
91,662
38,583
1,409,363
Additions
-
47,780
3,654
2,935
7,414
61,783
At 31 March 2024
49,293
1,168,364
112,895
94,597
45,997
1,471,146
At 1 April 2023
15,811
333,893
80,323
38,189
28,376
496,592
Charge for the year
4,929
122,098
8,144
10,856
3,097
149,124
At 31 March 2024
20,740
455,991
88,467
49,045
31,473
645,716
At 31 March 2024
28,553
712,373
24,428
45,552
14,524
825,430
At 31 March 2023
33,482
786,691
28,918
53,473
10,207
912,771
In the opinion of the director, following investigation of the replacement costs of assets at second hand value, the asset base was revalued by £300,000 as there is a high retained value of the plant and machinery.
Amounts falling due within one year
Trade debtors
225,402
365,904
Amounts due from group undertakings etc.
1,262,137
720,011
Accrued income and prepayments
53,271
42,927
HML Recycling Limited
Notes to the Accounts
for the year ended 31 March 2024
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
20,827
43,935
Trade creditors
458,410
426,312
Taxes and social security
135,253
271,026
Other creditors
1,615
2,282
8
Creditors: amounts falling due after more than one year
2024
2023
9
Deferred taxation
2024
2023
Accelerated capital allowances
-
104,442
Provision at start of year
104,442
83,394
(Credited)/charged to the profit and loss account
(104,442)
21,048
Provision at end of year
-
104,442
The Directors' have no intention of disposing of the assets, therefore no deferred taxation has been provided. Should there be a provision for deferred taxation arising from accelerated capital allowances, the provision would be £196,481 (2023 - £104,442).
10
Transactions with related parties
At the year end, the company was owed £1,047,358 (2023 - £617,232) from the parent company, HML Investment Holdings Ltd.
During the year, the parent company invoiced £435,840 (2023 - £374,230) in rental of equipment and management charges.
At the year end, the company was owed £214,779 (2023 - £102,779) by HML Commercial Property Ltd, a company under the common control of the directors.
The ultimate holding company is Sika Metallo Limited, a company registered in England and Wales.
12
Average number of employees
During the year the average number of employees was 13 (2023: 13).