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REGISTERED NUMBER: 02830877 (England and Wales)












RECO SURFACES LTD

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 DECEMBER 2023






RECO SURFACES LTD (REGISTERED NUMBER: 02830877)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023










Page

Company Information 1

Report of the Directors 2

Balance Sheet 4

Notes to the Financial Statements 5


RECO SURFACES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 DECEMBER 2023







DIRECTORS: C R W Fleet
Mrs M R Fleet
C J R Fleet
E J R Lee
C R Kirkland





REGISTERED OFFICE: Unit R1Havenside
Fishtoft Road
Boston
Lincolnshire
PE21 0AH





REGISTERED NUMBER: 02830877 (England and Wales)





AUDITORS: Dexter & Sharpe Audit Services Ltd
(Statutory Auditor)
Rollestone House
Bridge Street
Horncastle
Lincolnshire
LN9 5HZ

RECO SURFACES LTD (REGISTERED NUMBER: 02830877)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 30 December 2023.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of manufacturing of wall and ceiling panels, plastic recycling and research and development.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 31 December 2022 to the date of this report.

C R W Fleet
Mrs M R Fleet
C J R Fleet
E J R Lee
C R Kirkland

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Dexter & Sharpe Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.


RECO SURFACES LTD (REGISTERED NUMBER: 02830877)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 DECEMBER 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





C R W Fleet - Director


19 August 2024

RECO SURFACES LTD (REGISTERED NUMBER: 02830877)

BALANCE SHEET
30 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 58,031 70,198
Tangible assets 4 728,816 250,875
786,847 321,073

CURRENT ASSETS
Stocks 315,110 181,911
Debtors 5 876,626 446,423
Cash at bank and in hand 127,058 255,318
1,318,794 883,652
CREDITORS
Amounts falling due within one year 6 1,217,017 872,385
NET CURRENT ASSETS 101,777 11,267
TOTAL ASSETS LESS CURRENT
LIABILITIES

888,624

332,340

CREDITORS
Amounts falling due after more than one
year

7

338,442

104,529
NET ASSETS 550,182 227,811

CAPITAL AND RESERVES
Called up share capital 10 3,213,290 3,213,290
Share premium 908,579 908,579
Retained earnings (3,571,687 ) (3,894,058 )
SHAREHOLDERS' FUNDS 550,182 227,811

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 19 August 2024 and were signed on its behalf by:





C R W Fleet - Director


RECO SURFACES LTD (REGISTERED NUMBER: 02830877)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023


1. 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% 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 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 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.

In the current year, the directors have opted to show a deferred tax asset. This is because the company has secured a large contract which will take the company into profit in the coming year and generate growing profits over the succeeding years.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


RECO SURFACES LTD (REGISTERED NUMBER: 02830877)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2023


1. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 11 ).

3. INTANGIBLE FIXED ASSETS
Patents
and Computer
licences software Totals
£    £    £   
COST
At 31 December 2022
and 30 December 2023 121,304 5,825 127,129
AMORTISATION
At 31 December 2022 51,261 5,670 56,931
Amortisation for year 12,012 155 12,167
At 30 December 2023 63,273 5,825 69,098
NET BOOK VALUE
At 30 December 2023 58,031 - 58,031
At 30 December 2022 70,043 155 70,198

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 31 December 2022 708,593
Additions 539,207
At 30 December 2023 1,247,800
DEPRECIATION
At 31 December 2022 457,718
Charge for year 61,266
At 30 December 2023 518,984
NET BOOK VALUE
At 30 December 2023 728,816
At 30 December 2022 250,875

RECO SURFACES LTD (REGISTERED NUMBER: 02830877)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 241,196 95,160
Other debtors 635,430 351,263
876,626 446,423

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 166,730 26,367
Trade creditors 349,744 110,547
Taxation and social security 20,073 21,261
Other creditors 680,470 714,210
1,217,017 872,385

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 268,902 30,362
Other creditors 69,540 74,167
338,442 104,529

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 166,730 26,367
Between one and five years 268,902 30,362
435,632 56,729

Non-cancellable operating leases
2023 2022
£    £   
Within one year 17,624 17,574
Between one and five years 13,867 31,359
31,491 48,933

RECO SURFACES LTD (REGISTERED NUMBER: 02830877)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 435,632 56,729

Loans included in 'Other Creditors' totalling £655,273 are secured via a fixed and floating charge over the company's assets.

Hire purchase creditors are secured over the assets financed.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
3,213,290 Ordinary £1 3,213,290 3,213,290

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mrs Nicola Michelle Lenton F.C.C.A. (Senior Statutory Auditor)
for and on behalf of Dexter & Sharpe Audit Services Ltd

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 December 2023 and 30 December 2022:

2023 2022
£    £   
C J R Fleet
Balance outstanding at start of year - -
Amounts advanced 10,604 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,604 -

13. RELATED PARTY DISCLOSURES

Of the £71,372 loan extended by Key Management Personnel, outstanding at 30.12.22, £21,372 was repaid. The remaining £50,000 (2022: £50,000) has had no date set for repayment and no interest is being charged. This amount is presented within creditors: amounts falling due after more than one year.

A loan of £10,604 (2022: £nil) was extended to a member of KMP with no interest charged. This was repaid shortly after the year end.

RECO SURFACES LTD (REGISTERED NUMBER: 02830877)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 DECEMBER 2023


14. POST BALANCE SHEET EVENTS

Early in 2024, the company made preparations for considerable expansion of its operations by signing a lease on larger premises on February 19th, and by placing a £67,000 deposit on new plant and machinery to be delivered later in the year.

15. ULTIMATE CONTROLLING PARTY

The company is controlled by the M R Fleet settlement.