1 April 2023 false Taxfiler 2024.5 06797457business:PrivateLimitedCompanyLtd2023-04-012024-03-31 067974572023-03-31 067974572023-04-012024-03-31 06797457business:AuditExempt-NoAccountantsReport2023-04-012024-03-31 06797457business:FilletedAccounts2023-04-012024-03-31 067974572024-03-31 06797457business:Director12023-04-012024-03-31 06797457business:Director22023-04-012024-03-31 06797457business:RegisteredOffice2023-04-012024-03-31 067974572023-03-31 06797457core:WithinOneYear2024-03-31 06797457core:WithinOneYear2023-03-31 06797457core:AfterOneYear2024-03-31 06797457core:AfterOneYear2023-03-31 06797457core:ShareCapitalcore:PreviouslyStatedAmount2024-03-31 06797457core:ShareCapitalcore:PreviouslyStatedAmount2023-03-31 06797457core:InvestmentPropertiesRevaluationReservecore:PreviouslyStatedAmount2024-03-31 06797457core:InvestmentPropertiesRevaluationReservecore:PreviouslyStatedAmount2023-03-31 06797457core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-03-31 06797457core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-03-31 06797457core:PreviouslyStatedAmount2024-03-31 06797457core:PreviouslyStatedAmount2023-03-31 06797457business:SmallEntities2023-04-012024-03-31 06797457countries:EnglandWales2023-04-012024-03-31 06797457core:LandBuildings2023-04-012024-03-31 06797457core:PlantMachinery2023-04-012024-03-31 06797457core:MotorVehicles2023-04-012024-03-31 06797457core:FurnitureFittings2023-04-012024-03-31 06797457core:ComputerEquipment2023-04-012024-03-31 06797457core:Goodwill2023-03-31 06797457core:Goodwill2024-03-31 06797457core:LandBuildings2023-03-31 06797457core:PlantMachinery2023-03-31 06797457core:MotorVehicles2023-03-31 06797457core:FurnitureFittings2023-03-31 06797457core:ComputerEquipment2023-03-31 06797457core:LandBuildings2024-03-31 06797457core:PlantMachinery2024-03-31 06797457core:MotorVehicles2024-03-31 06797457core:FurnitureFittings2024-03-31 06797457core:ComputerEquipment2024-03-31 06797457core:AcceleratedTaxDepreciationDeferredTax2024-03-31 06797457core:AcceleratedTaxDepreciationDeferredTax2023-03-31 067974572022-03-31 067974572022-04-012023-03-31 iso4217:GBP xbrli:pure
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
Page
- 2 -
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
- 3 -
HML Recycling Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
825,430 
912,771 
Current assets
Inventories
267,996 
718,730 
Debtors
1,540,810 
1,128,842 
Cash at bank and in hand
142,090 
121,465 
1,950,896 
1,969,037 
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
Deferred tax
- 
(104,442)
Net assets
1,879,968 
1,736,712 
Capital and reserves
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
- 4 -
HML Recycling Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
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
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
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
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 taxation
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.
- 5 -
HML Recycling Limited Notes to the Accounts for the year ended 31 March 2024
Leased assets
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 
£ 
Cost
At 1 April 2023
2,000 
At 31 March 2024
2,000 
Amortisation
At 1 April 2023
2,000 
At 31 March 2024
2,000 
Net book value
At 31 March 2024
- 
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 
Depreciation
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 
Net book value
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.
6
Debtors
2024 
2023 
£ 
£ 
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 
1,540,810 
1,128,842 
- 6 -
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 
VAT
201,116 
161,059 
Trade creditors
458,410 
426,312 
Taxes and social security
135,253 
271,026 
Other creditors
1,615 
2,282 
Accruals
79,137 
112,643 
896,358 
1,017,257 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
- 
23,397 
9
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
- 
104,442 
2024 
2023 
£ 
£ 
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.
11
Controlling party
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).
- 7 -