DMR Recycled Autoparts Limited 01201681 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Recycling Digita Accounts Production Advanced 6.30.9574.0 true true true 01201681 2023-04-01 2024-03-31 01201681 2024-03-31 01201681 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-03-31 01201681 core:RetainedEarningsAccumulatedLosses 2024-03-31 01201681 core:RevaluationReserve 2024-03-31 01201681 core:ShareCapital 2024-03-31 01201681 core:CurrentFinancialInstruments 2024-03-31 01201681 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01201681 core:FurnitureFittingsToolsEquipment 2024-03-31 01201681 core:LandBuildings 2024-03-31 01201681 core:PlantMachinery 2024-03-31 01201681 bus:SmallEntities 2023-04-01 2024-03-31 01201681 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01201681 bus:FilletedAccounts 2023-04-01 2024-03-31 01201681 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01201681 bus:RegisteredOffice 2023-04-01 2024-03-31 01201681 bus:Director1 2023-04-01 2024-03-31 01201681 bus:Director2 2023-04-01 2024-03-31 01201681 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-04-01 2024-03-31 01201681 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01201681 core:Buildings 2023-04-01 2024-03-31 01201681 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 01201681 core:LandBuildings 2023-04-01 2024-03-31 01201681 core:PlantMachinery 2023-04-01 2024-03-31 01201681 countries:AllCountries 2023-04-01 2024-03-31 01201681 2023-03-31 01201681 core:FurnitureFittingsToolsEquipment 2023-03-31 01201681 core:LandBuildings 2023-03-31 01201681 2022-04-01 2023-03-31 01201681 2023-03-31 01201681 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-03-31 01201681 core:RetainedEarningsAccumulatedLosses 2023-03-31 01201681 core:RevaluationReserve 2023-03-31 01201681 core:ShareCapital 2023-03-31 01201681 core:CurrentFinancialInstruments 2023-03-31 01201681 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01201681 core:FurnitureFittingsToolsEquipment 2023-03-31 01201681 core:LandBuildings 2023-03-31 01201681 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01201681

DMR Recycled Autoparts Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

DMR Recycled Autoparts Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

DMR Recycled Autoparts Limited

Company Information

Directors

Mr R A Northcote

Mr M J Northcote

Registered office

Vehicle Recycling Centre
Station Road
Wilburton
Ely
Cambs
CB6 3PZ

Accountants

Websters Cambridge Limited
A tax, legal and accountancy firm
10 Wellington Street
Cambridge
CB1 1HW

 

DMR Recycled Autoparts Limited

(Registration number: 01201681)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

837,591

837,852

Current assets

 

Stocks

5

5,825

5,825

Debtors

6

12,799

2,696

Cash at bank and in hand

 

165,496

150,954

 

184,120

159,475

Creditors: Amounts falling due within one year

7

(22,226)

(16,457)

Net current assets

 

161,894

143,018

Total assets less current liabilities

 

999,485

980,870

Provisions for liabilities

(128,131)

(128,087)

Net assets

 

871,354

852,783

Capital and reserves

 

Called up share capital

8

2,700

2,700

Revaluation reserve

645,456

645,456

Retained earnings

223,198

204,627

Shareholders' funds

 

871,354

852,783

For the financial year ending 31 March 2024 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

 

DMR Recycled Autoparts Limited

(Registration number: 01201681)
Balance Sheet as at 31 March 2024

.........................................
Mr R A Northcote
Director

 

DMR Recycled Autoparts Limited

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

1

General information

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

The address of its registered office is:
Vehicle Recycling Centre
Station Road
Wilburton
Ely
Cambs
CB6 3PZ

These financial statements were authorised for issue by the Board on 28 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

DMR Recycled Autoparts Limited

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

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 initially recorded at cost, and subsequently stated 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.

Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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

Buildings

5% straight line

Plant and machinery

10% 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.

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 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.

 

DMR Recycled Autoparts Limited

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

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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 5 (2023 - 5).

 

DMR Recycled Autoparts Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

755,597

350,033

1,105,630

At 31 March 2024

755,597

350,033

1,105,630

Depreciation

At 1 April 2023

35,765

232,013

267,778

Charge for the year

42

219

261

At 31 March 2024

35,807

232,232

268,039

Carrying amount

At 31 March 2024

719,790

117,801

837,591

At 31 March 2023

719,832

118,020

837,852

Revaluation

The fair value of the company's Freehold property was revalued on 19 November 2018 by an independent valuer.
It was revalued on an Existing Use Value. The name and qualification of the independent valuer are Andrew Brooker MSc(Eng), MRICS, a RICS Registered Valuer.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £62,685 (2023 - £62,727).

The fair value of the company's Plant and machinery was revalued on 31 March 2019. An independent valuer was not involved.
It was revalued on a current value basis determined by the directors.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,151 (2023 - £1,370).

5

Stocks

2024
£

2023
£

Raw materials and consumables

5,825

5,825

6

Debtors

Current

2024
£

2023
£

Trade debtors

5,263

-

Prepayments

7,536

2,696

 

12,799

2,696

 

DMR Recycled Autoparts Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

2,859

1,088

Taxation and social security

17,706

13,746

Accruals and deferred income

1,250

1,250

Other creditors

411

373

22,226

16,457

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2,700

2,700

2,700

2,700