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Registered number: SC694976










RECYCLE FIFE LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

 
RECYCLE FIFE LIMITED
 

COMPANY INFORMATION


Directors
Mr R Purvis 
Mr C R Purvis 




Registered number
SC694976



Registered office
New Thistle House
Lochview Industrial Estate

The Avenue

Lochgelly

KY5 9HG




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
RECYCLE FIFE LIMITED
REGISTERED NUMBER: SC694976

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 4 
750,472
616,033

  
750,472
616,033

Current assets
  

Debtors: amounts falling due within one year
 5 
331,316
298,741

Bank and cash balances
  
48,670
92,223

  
379,986
390,964

Creditors: amounts falling due within one year
 6 
(790,664)
(790,533)

Net current liabilities
  
 
 
(410,678)
 
 
(399,569)

Total assets less current liabilities
  
339,794
216,464

Provisions for liabilities
  

Deferred tax
  
(43,344)
(14,712)

  
 
 
(43,344)
 
 
(14,712)

Net assets
  
296,450
201,752


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
296,350
201,652

  
296,450
201,752


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 23 August 2024.




Mr R Purvis
Mr C R Purvis
Director
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
RECYCLE FIFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Recycle Fife Limited is a company limited by shares, incorporated in Scotland. The registered office address is New Thistle House, Lochview Industrial Estate, Lochgelly, KY5 9HG.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.

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

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 2

 
RECYCLE FIFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
straight line
Motor vehicles
-
20%
straight line

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.

Page 3

 
RECYCLE FIFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the period was 22 (2023 - 19).

Page 4

 
RECYCLE FIFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 April 2023
687,385
20,500
707,885


Additions
254,697
111,500
366,197


Disposals
(54,000)
(16,500)
(70,500)



At 31 March 2024

888,082
115,500
1,003,582



Depreciation


At 1 April 2023
89,051
2,801
91,852


Charge for the period on owned assets
159,566
14,104
173,670


Disposals
(8,927)
(3,485)
(12,412)



At 31 March 2024

239,690
13,420
253,110



Net book value



At 31 March 2024
648,392
102,080
750,472



At 31 March 2023
598,334
17,699
616,033


5.


Debtors

2024
2023
£
£


Trade debtors
302,195
281,244

Prepayments and accrued income
29,121
17,497

331,316
298,741


Page 5

 
RECYCLE FIFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
67,129
106,334

Amounts owed to group companies
194,528
104,170

Other taxation and social security
64,934
38,396

Other creditors
398,566
477,145

Accruals and deferred income
65,507
64,488

790,664
790,533



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



8.


Related party transactions

The company has taken advantage of the exemption within FRS 102 1A from disclosing related party transactions with other companies that are wholly owned by the group headed by Robert Purvis Plant Hire Limited.


9.


Controlling party

The Company is a wholly owned subsidiary of Robert Purvis Plant Hire Limited, a company registered in Scotland. The registered office and principal place of business is New Thistle House, Lochgelly, KY5 9HG.

10.


Auditors' information

The auditors' report on the financial statements for the period ended 31 March 2024 was unqualified.

The audit report was signed on 23 August 2024 by Mark Gibson (Senior statutory auditor) on behalf of Sumer Auditco Limited.


Page 6