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DE RECOVERIES LIMITED

Registered Number
SC493141
(Scotland)

Unaudited Financial Statements for the Year ended
31 December 2023

DE RECOVERIES LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

Mrs E Beattie

Registered Address

Unit 14 Fountain Business Centre
Ellis Street
Coatbridge
ML5 3AA

Registered Number

SC493141 (Scotland)
DE RECOVERIES LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets318,2684,112
18,2684,112
Current assets
Debtors433,74532,127
Cash at bank and on hand1,5711,278
35,31633,405
Creditors amounts falling due within one year5(31,473)(23,978)
Net current assets (liabilities)3,8439,427
Total assets less current liabilities22,11113,539
Creditors amounts falling due after one year6(21,433)(13,327)
Net assets678212
Capital and reserves
Called up share capital100100
Profit and loss account578112
Shareholders' funds678212
The financial statements were approved and authorised for issue by the Board of Directors on 20 September 2024, and are signed on its behalf by:
Mrs E Beattie
Director
Registered Company No. SC493141
DE RECOVERIES LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered office address is Unit 14, Fountain Business Centre, Ellis Street, Coatbridge, Scotland, ML5 3AA.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is attributable to the one principal activity of the company being that of vehicle recovery and is recognised when a service is delivered to the customer.
Current taxation
Current tax is recognised in profit or loss and represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
Tangible assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Computers - 33% straight line Motor vehicles - 20% on reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately within current liabilities.
Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
2.Average number of employees

20232022
Average number of employees during the year66
3.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 January 2310,0381,35511,393
Additions20,298-20,298
Disposals(10,038)-(10,038)
At 31 December 2320,2981,35521,653
Depreciation and impairment
At 01 January 235,9261,3557,281
Charge for year2,030-2,030
On disposals(5,926)-(5,926)
At 31 December 232,0301,3553,385
Net book value
At 31 December 2318,268-18,268
At 31 December 224,112-4,112
Included in the above are fixed assets which are held under hire purchase contracts. Fixed assets under hire purchase contracts were acquired this year with a cost of £20,298 (2022 £10,038) and depreciation has been charged to date of £2,030 (2022 - £5,926). The total net book value at the year end is £18,268 (2022 - £4,112).
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables5,901432
Other debtors27,84431,695
Total33,74532,127
5.Creditors: amounts due within one year

2023

2022

££
Bank borrowings and overdrafts7,0633,600
Taxation and social security15,40415,740
Finance lease and HP contracts3,6611,988
Accrued liabilities and deferred income5,3452,650
Total31,47323,978
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts8,31412,665
Other creditors13,119662
Total21,43313,327
7.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts13,119663
8.Related party transactions
During the current year, there were amounts repaid of £3,318 by the directors. The balance due from the directors at the year end was £20,067 (2022: £23,385).