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REGISTERED NUMBER: 08740555 (England and Wales)












Unaudited Financial Statements

for the Year Ended 28 November 2023

for

Northern (NE) Recycling Limited

Northern (NE) Recycling Limited (Registered number: 08740555)






Contents of the Financial Statements
for the Year Ended 28 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Northern (NE) Recycling Limited

Company Information
for the Year Ended 28 November 2023







DIRECTOR: Mr C Hayden





REGISTERED OFFICE: 72 Meadowfield
Burnhope
Durham
DH7 0EL





REGISTERED NUMBER: 08740555 (England and Wales)





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

Northern (NE) Recycling Limited (Registered number: 08740555)

Balance Sheet
28 November 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 27,796 3,792

CURRENT ASSETS
Stocks 74,839 34,250
Debtors 6 59,172 119,825
Cash at bank 83,408 163,085
217,419 317,160
CREDITORS
Amounts falling due within one year 7 (24,621 ) (105,874 )
NET CURRENT ASSETS 192,798 211,286
TOTAL ASSETS LESS CURRENT
LIABILITIES

220,594

215,078

PROVISIONS FOR LIABILITIES (5,587 ) (720 )
NET ASSETS 215,007 214,358

CAPITAL AND RESERVES
Called up share capital 100 100
Profit and loss account 214,907 214,258
215,007 214,358

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 November 2023 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.

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 29 August 2024 and were signed by:





Mr C Hayden - Director


Northern (NE) Recycling Limited (Registered number: 08740555)

Notes to the Financial Statements
for the Year Ended 28 November 2023

1. STATUTORY INFORMATION

Northern (NE) Recycling 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 from recycling metal, stated net of discounts and of value added tax.

The company recognises revenue when the amount of revenue can be measured reliably, 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 - 33% on cost, 25% on cost and 25% on reducing balance

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

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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 stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.


Northern (NE) Recycling Limited (Registered number: 08740555)

Notes to the Financial Statements - continued
for the Year Ended 28 November 2023

3. ACCOUNTING POLICIES - continued
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.

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 1 (2022 - 1 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 29 November 2022 130,554
Additions 31,000
Disposals (40,000 )
At 28 November 2023 121,554
DEPRECIATION
At 29 November 2022 126,762
Charge for year 6,996
Eliminated on disposal (40,000 )
At 28 November 2023 93,758
NET BOOK VALUE
At 28 November 2023 27,796
At 28 November 2022 3,792

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 59,172 119,825

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 21,721 102,973
Other creditors 2,900 2,901
24,621 105,874

Northern (NE) Recycling Limited (Registered number: 08740555)

Notes to the Financial Statements - continued
for the Year Ended 28 November 2023

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 November 2023 and 28 November 2022:

2023 2022
£    £   
Mr C Hayden
Balance outstanding at start of year 107,604 -
Amounts advanced 10,933 212,431
Amounts repaid (71,586 ) (104,827 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 46,951 107,604