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REGISTERED NUMBER: 08962217 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 March 2024

for

McGuinness Metals and Waste Recycling
Limited

McGuinness Metals and Waste Recycling
Limited (Registered number: 08962217)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


McGuinness Metals and Waste Recycling
Limited (Registered number: 08962217)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 306,022 224,399

CURRENT ASSETS
Stocks 19,500 12,000
Debtors 5 392,819 398,454
Cash at bank 54,791 253,743
467,110 664,197
CREDITORS
Amounts falling due within one year 6 91,240 160,185
NET CURRENT ASSETS 375,870 504,012
TOTAL ASSETS LESS CURRENT LIABILITIES 681,892 728,411

CREDITORS
Amounts falling due after more than one year 7 (89,778 ) (57,406 )

PROVISIONS FOR LIABILITIES (65,606 ) (43,453 )
NET ASSETS 526,508 627,552

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 526,408 627,452
SHAREHOLDERS' FUNDS 526,508 627,552

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

McGuinness Metals and Waste Recycling
Limited (Registered number: 08962217)

Balance Sheet - continued
31 March 2024


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 6 August 2024 and were signed on its behalf by:




Mr C J McGuinness - Director



Mr D McGuinness - Director


McGuinness Metals and Waste Recycling
Limited (Registered number: 08962217)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

McGuinness Metals and Waste Recycling Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08962217

Registered office: Ebenezer House
Ryecroft
Newcastle
Staffordshire
ST5 2BE

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. 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, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised as the company becomes entitled to consideration for the goods and services supplied. Therefore, turnover also includes the element of work completed but not yet invoiced on services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Straight line over 10 years
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 or other future taxable profits.

McGuinness Metals and Waste Recycling
Limited (Registered number: 08962217)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 26,392 177,071 -
Additions 17,134 48,485 6,481
Disposals - - -
At 31 March 2024 43,526 225,556 6,481
DEPRECIATION
At 1 April 2023 6,286 59,187 -
Charge for year 4,353 24,955 1,620
Eliminated on disposal - - -
At 31 March 2024 10,639 84,142 1,620
NET BOOK VALUE
At 31 March 2024 32,887 141,414 4,861
At 31 March 2023 20,106 117,884 -

McGuinness Metals and Waste Recycling
Limited (Registered number: 08962217)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 167,491 4,362 375,316
Additions 110,547 2,049 184,696
Disposals (60,293 ) - (60,293 )
At 31 March 2024 217,745 6,411 499,719
DEPRECIATION
At 1 April 2023 83,511 1,933 150,917
Charge for year 41,287 1,477 73,692
Eliminated on disposal (30,912 ) - (30,912 )
At 31 March 2024 93,886 3,410 193,697
NET BOOK VALUE
At 31 March 2024 123,859 3,001 306,022
At 31 March 2023 83,980 2,429 224,399

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 158,006
Additions 110,547
Disposals (60,293 )
Transfer to ownership (31,042 )
At 31 March 2024 177,218
DEPRECIATION
At 1 April 2023 78,027
Charge for year 40,286
Eliminated on disposal (30,912 )
Transfer to ownership (21,220 )
At 31 March 2024 66,181
NET BOOK VALUE
At 31 March 2024 111,037
At 31 March 2023 79,979

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,350 3,806
Amounts owed by group undertakings 368,958 124,927
Other debtors 18,511 269,721
392,819 398,454

McGuinness Metals and Waste Recycling
Limited (Registered number: 08962217)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 26,589 23,820
Trade creditors 31,833 8,183
Taxation and social security 17,755 114,783
Other creditors 5,063 3,399
91,240 160,185

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 11,006 20,893
Hire purchase contracts 78,772 36,513
89,778 57,406

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 105,361 60,333

The hire purchase contract is secured against the assets to which it relates.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr C J McGuinness
Balance outstanding at start of year 266,706 15,448
Amounts advanced 28,728 335,820
Amounts repaid (289,324 ) (84,562 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,110 266,706

Mr D McGuinness
Balance outstanding at start of year - -
Amounts advanced 17,485 -
Amounts repaid (11,375 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,110 -

McGuinness Metals and Waste Recycling
Limited (Registered number: 08962217)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr T D McGuinness
Balance outstanding at start of year - -
Amounts advanced 9,025 -
Amounts repaid (2,915 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,110 -

10. ULTIMATE CONTROLLING PARTY

The controlling party is DTCL Holdings Limited.