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REGISTERED NUMBER: 04021981 (England and Wales)












Unaudited Financial Statements

for the Year Ended 30 November 2023

for

Ik-eco Limited

Ik-eco Limited (Registered number: 04021981)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Ik-eco Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: Mrs J Gaydon-Lownds
Mrs J McDonald
Mr I McDonald
Mr A McDonald





SECRETARY: Mrs J Gaydon-Lownds





REGISTERED OFFICE: Aim To Recycle
Abbotsford Road
Felling
Gateshead
Tyne and Wear
NE10 0EX





REGISTERED NUMBER: 04021981 (England and Wales)





ACCOUNTANTS: Evelyn Partners
17 Queens Lane
Newcastle upon Tyne
Tyne and Wear
NE1 1RN

Ik-eco Limited (Registered number: 04021981)

Balance Sheet
30 November 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 146,749 150,124

CURRENT ASSETS
Stocks 37,220 33,075
Debtors 6 637,752 956,726
Cash at bank and in hand 98,045 220,363
773,017 1,210,164
CREDITORS
Amounts falling due within one year 7 (233,416 ) (343,337 )
NET CURRENT ASSETS 539,601 866,827
TOTAL ASSETS LESS CURRENT
LIABILITIES

686,350

1,016,951

PROVISIONS FOR LIABILITIES (25,374 ) (25,855 )
NET ASSETS 660,976 991,096

CAPITAL AND RESERVES
Called up share capital 200 200
Profit and loss account 660,776 990,896
SHAREHOLDERS' FUNDS 660,976 991,096

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





Mr A McDonald - Director


Ik-eco Limited (Registered number: 04021981)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Ik-eco Limited 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 and represents amounts receivable for providing closed loop recycling services, stated net of discounts and of value added tax.

The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the company.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc- 20% - 25% on cost and 10% - 20% on reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is calculated on a first in, first out basis.

Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities and 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.

Current and deferred tax assets and liabilities are not discounted.

Ik-eco Limited (Registered number: 04021981)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments on non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Employee benefits
Short term employee benefits, including contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 19 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 December 2022 469,835 15,374 - 485,209
Additions 399 - 11,995 12,394
At 30 November 2023 470,234 15,374 11,995 497,603
DEPRECIATION
At 1 December 2022 320,901 14,184 - 335,085
Charge for year 14,973 596 200 15,769
At 30 November 2023 335,874 14,780 200 350,854
NET BOOK VALUE
At 30 November 2023 134,360 594 11,795 146,749
At 30 November 2022 148,934 1,190 - 150,124


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 294,577 369,799
Amounts owed by group undertakings 330,918 557,492
Other debtors 12,257 29,435
637,752 956,726

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 117,658 174,353
Taxation and social security 46,407 105,287
Other creditors 69,351 63,697
233,416 343,337

8. ULTIMATE CONTROLLING PARTY

The company's ultimate controlling party is Aim to Recycle Limited, a company incorporated in England and Wales, and owner of the entire issued share capital of the company.