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Registered number: 02727406
Black Country Reclamation Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Shelvoke, Pickering, Janney LLP
Chartered Certified Accountants
57 - 61 Market Place
Cannock
Staffordshire
WS11 1BP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02727406
2023 2022
Notes £ £ £ £
CURRENT ASSETS
Stocks 4 1,241,664 1,241,664
Debtors 5 311,486 417,000
Cash at bank and in hand 1,153 974
1,554,303 1,659,638
Creditors: Amounts Falling Due Within One Year 6 (887,991 ) (1,052,241 )
NET CURRENT ASSETS (LIABILITIES) 666,312 607,397
TOTAL ASSETS LESS CURRENT LIABILITIES 666,312 607,397
NET ASSETS 666,312 607,397
CAPITAL AND RESERVES
Called up share capital 7 66,000 66,000
Other reserves 33 33
Profit and Loss Account 600,279 541,364
SHAREHOLDERS' FUNDS 666,312 607,397
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs M C Birch
Director
4 September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Black Country Reclamation Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02727406 . The registered office is 57-61 Market Place, Cannock, WS11 1BP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
...CONTINUED
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2.5. Taxation - continued
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: 7)
- 7
4. Stocks
2023 2022
£ £
Stocks 1,241,664 1,241,664
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 4,320 -
Other debtors 307,166 417,000
311,486 417,000
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,451 1,783
Other creditors 885,925 1,046,492
Taxation and social security 615 3,966
887,991 1,052,241
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7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 66,000 66,000
8. Related Party Transactions
Two of the directors made interest free loans to the company.
Mrs J Price £190 (2022: £190). No terms are set down for repayment.
Mr RT Bishop £22000 (2022: £22000). No terms are set down for repayment.
The company made an interest free loan to R T Bishop Limited a company under the control of the directors. The amount owing at 31 December 2023 was £307,000. (2022: £307,000). This was the highest balance and no terms are set down for repayment.
The company owed the following amounts at the 31 December 2023 to Companies under the controll of the Directors:
J And R Plant Hire Limited £277,962 (2022: £277,962)
JPE (Holdings) Limited £585,236 (2022: £743,559)
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