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REGISTERED NUMBER: 04751015 (England and Wales)















Unaudited Financial Statements For The Year Ended 31st May 2024

for

Lucy & Martin (Recycling) Limited

Lucy & Martin (Recycling) Limited (Registered number: 04751015)






Contents of the Financial Statements
For The Year Ended 31st May 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Lucy & Martin (Recycling) Limited

Company Information
For The Year Ended 31st May 2024







DIRECTORS: G Martin
G T Martin
S C Martin
P Martin





REGISTERED OFFICE: 106 Charter Avenue
Ilford
Essex
IG2 7AD





REGISTERED NUMBER: 04751015 (England and Wales)





ACCOUNTANTS: Fredericks Limited
Chartered Accountants
106 Charter Avenue
Ilford
Essex
IG2 7AD

Lucy & Martin (Recycling) Limited (Registered number: 04751015)

Statement of Financial Position
31st May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 194,981 231,075
Investments 5 100 100
195,081 231,175

CURRENT ASSETS
Debtors 6 215,049 183,594
Cash at bank and in hand 105,245 148,797
320,294 332,391
CREDITORS
Amounts falling due within one year 7 162,567 190,366
NET CURRENT ASSETS 157,727 142,025
TOTAL ASSETS LESS CURRENT
LIABILITIES

352,808

373,200

CREDITORS
Amounts falling due after more than one
year

8

(8,615

)

(400

)

PROVISIONS FOR LIABILITIES (37,047 ) (45,158 )
NET ASSETS 307,146 327,642

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 307,046 327,542
SHAREHOLDERS' FUNDS 307,146 327,642

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

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

Lucy & Martin (Recycling) Limited (Registered number: 04751015)

Statement of Financial Position - continued
31st May 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20th August 2024 and were signed on its behalf by:




G Martin - Director



S C Martin - Director


Lucy & Martin (Recycling) Limited (Registered number: 04751015)

Notes to the Financial Statements
For The Year Ended 31st May 2024

1. STATUTORY INFORMATION

Lucy & Martin (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. 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.

Preparation of consolidated financial statements
The financial statements contain information about Lucy & Martin (Recycling) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.
Plant and machinery - 15% on reducing balance
Motor vehicles - 20% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Lucy & Martin (Recycling) Limited (Registered number: 04751015)

Notes to the Financial Statements - continued
For The Year Ended 31st May 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.

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 11 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st June 2023 206,832 518,274 725,106
Additions 320 67,750 68,070
Disposals (72,097 ) (126,051 ) (198,148 )
At 31st May 2024 135,055 459,973 595,028
DEPRECIATION
At 1st June 2023 163,018 331,013 494,031
Charge for year 4,049 46,755 50,804
Eliminated on disposal (55,143 ) (89,645 ) (144,788 )
At 31st May 2024 111,924 288,123 400,047
NET BOOK VALUE
At 31st May 2024 23,131 171,850 194,981
At 31st May 2023 43,814 187,261 231,075

Lucy & Martin (Recycling) Limited (Registered number: 04751015)

Notes to the Financial Statements - continued
For The Year Ended 31st May 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st June 2023 192,450
Additions 49,000
Transfer to ownership (192,450 )
At 31st May 2024 49,000
DEPRECIATION
At 1st June 2023 110,747
Charge for year 9,800
Transfer to ownership (110,747 )
At 31st May 2024 9,800
NET BOOK VALUE
At 31st May 2024 39,200
At 31st May 2023 81,703

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st June 2023
and 31st May 2024 100
NET BOOK VALUE
At 31st May 2024 100
At 31st May 2023 100

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 173,544 154,744
Other debtors - 90
Prepayments 41,505 28,760
215,049 183,594

Lucy & Martin (Recycling) Limited (Registered number: 04751015)

Notes to the Financial Statements - continued
For The Year Ended 31st May 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts 16,430 6,874
Trade creditors 49,770 37,491
Amounts owed to group undertakings 100 100
Tax 16,910 24,766
Social security and other taxes 46,927 61,920
Other creditors 496 2,801
Directors' loan accounts 18,956 44,956
Accrued expenses 12,978 11,458
162,567 190,366

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Preference shares 400 400
Hire purchase contracts 8,215 -
8,615 400

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Preference shares 400 400

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
100 Ordinary £1.00 100 100

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, total dividends of £29,600 (2023 - £15,925) were paid to the directors .

Throughout the year the company and its subsidiary was under the control of the company's directors.