Bristol Scrap Metal Ltd 07429906 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is scrap metal dealers Digita Accounts Production Advanced 6.30.9574.0 true 07429906 2023-01-01 2023-12-31 07429906 2023-12-31 07429906 core:RetainedEarningsAccumulatedLosses 2023-12-31 07429906 core:ShareCapital 2023-12-31 07429906 core:CurrentFinancialInstruments 2023-12-31 07429906 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07429906 core:Goodwill 2023-12-31 07429906 core:FurnitureFittingsToolsEquipment 2023-12-31 07429906 core:MotorVehicles 2023-12-31 07429906 bus:SmallEntities 2023-01-01 2023-12-31 07429906 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07429906 bus:FullAccounts 2023-01-01 2023-12-31 07429906 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07429906 bus:RegisteredOffice 2023-01-01 2023-12-31 07429906 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 07429906 bus:Director1 2023-01-01 2023-12-31 07429906 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07429906 core:Goodwill 2023-01-01 2023-12-31 07429906 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 07429906 core:MotorVehicles 2023-01-01 2023-12-31 07429906 core:OfficeEquipment 2023-01-01 2023-12-31 07429906 core:PlantMachinery 2023-01-01 2023-12-31 07429906 countries:EnglandWales 2023-01-01 2023-12-31 07429906 2022-12-31 07429906 core:Goodwill 2022-12-31 07429906 core:FurnitureFittingsToolsEquipment 2022-12-31 07429906 core:MotorVehicles 2022-12-31 07429906 2022-01-01 2022-12-31 07429906 2022-12-31 07429906 core:RetainedEarningsAccumulatedLosses 2022-12-31 07429906 core:ShareCapital 2022-12-31 07429906 core:CurrentFinancialInstruments 2022-12-31 07429906 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 07429906 core:FurnitureFittingsToolsEquipment 2022-12-31 07429906 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 07429906

Bristol Scrap Metal Ltd

Annual Report and

Unaudited Financial Statements


for the Year Ended 31 December 2023

 

Bristol Scrap Metal Ltd

Contents




 

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Bristol Scrap Metal Ltd

Company Information




 

Directors


 

Mr P A Elvins

Mrs J Elvins

Company secretary
 

Mrs J Elvins

Registered office



 

99 Broadfield Road
Knowle Park
BRISTOL
BS4 2UX

Accountants

Everett King
Chartered Certified Accountants
4 Kings Court
Little King Street
BRISTOL
BS1 4HW

 

Bristol Scrap Metal Ltd

(Registration number: 07429906)
Balance Sheet as at 31 December 2023

Note

2023
 

2022
 

   

£

£

£

£

FIXED ASSETS

   

 

Tangible assets

5

 

79,366

 

96,228

CURRENT ASSETS

   

 

Stocks

6

76,292

 

72,466

 

Debtors

7

13,628

 

14,527

 

Cash at bank and in hand

 

254,308

 

268,057

 

 

344,228

 

355,050

 

CREDITORS: Amounts falling due within one year

8

(124,688)

 

(139,978)

 

NET CURRENT ASSETS

   

219,540

 

215,072

TOTAL ASSETS LESS CURRENT LIABILITIES

   

298,906

 

311,300

PROVISIONS FOR LIABILITIES

 

(13,473)

 

(14,936)

NET ASSETS

   

285,433

 

296,364

CAPITAL AND RESERVES

   

 

Called up share capital

10

 

10

 

Profit and loss account

285,423

 

296,354

 

TOTAL EQUITY

   

285,433

 

296,364

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Bristol Scrap Metal Ltd

(Registration number: 07429906)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
Mr P A Elvins
Director

 

Bristol Scrap Metal Ltd

Notes to the Unaudited Financial Statements

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
99 Broadfield Road
Knowle Park
BRISTOL
BS4 2UX
United Kingdom

These financial statements were authorised for issue by the Board on 30 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

The current income 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 taxable income.

 

Bristol Scrap Metal Ltd

Notes to the Unaudited Financial Statements

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Bristol Scrap Metal Ltd

Notes to the Unaudited Financial Statements

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Bristol Scrap Metal Ltd

Notes to the Unaudited Financial Statements

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

 

Bristol Scrap Metal Ltd

Notes to the Unaudited Financial Statements

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

175,000

175,000

At 31 December 2023

175,000

175,000

Amortisation

At 1 January 2023

175,000

175,000

At 31 December 2023

175,000

175,000

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

152,442

56,797

209,239

Additions

136

-

136

At 31 December 2023

152,578

56,797

209,375

Depreciation

At 1 January 2023

80,086

32,925

113,011

Charge for the year

11,030

5,968

16,998

At 31 December 2023

91,116

38,893

130,009

Carrying amount

At 31 December 2023

61,462

17,904

79,366

At 31 December 2022

72,356

23,872

96,228

 

Bristol Scrap Metal Ltd

Notes to the Unaudited Financial Statements

6

Stocks

2023
£

2022
£

Other inventories

76,292

72,466

7

Debtors

2023
£

2022
£

Trade debtors

-

2,888

Prepayments

12,785

11,637

Other debtors

843

2

13,628

14,527

 

Bristol Scrap Metal Ltd

Notes to the Unaudited Financial Statements

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

-

12,882

Trade creditors

 

3,374

3,965

Taxation and social security

 

118,761

122,657

Accruals and deferred income

 

2,429

310

Other creditors

 

124

164

 

124,688

139,978

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

-

12,882

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £79,875 (2022 - £115,375).