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Registration number: 02651758

Rubber and Plastic Collection Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Rubber and Plastic Collection Services Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Rubber and Plastic Collection Services Limited

(Registration number: 02651758)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

454,198

524,439

Current assets

 

Stocks

5

294,619

112,924

Debtors

6

392,568

388,073

Cash at bank and in hand

 

303,515

681,425

 

990,702

1,182,422

Creditors: Amounts falling due within one year

7

(234,917)

(281,898)

Net current assets

 

755,785

900,524

Total assets less current liabilities

 

1,209,983

1,424,963

Provisions for liabilities

(113,550)

(131,110)

Net assets

 

1,096,433

1,293,853

Capital and reserves

 

Called up share capital

510

510

Capital redemption reserve

490

490

Retained earnings

1,095,433

1,292,853

Shareholders' funds

 

1,096,433

1,293,853

 

Rubber and Plastic Collection Services Limited

(Registration number: 02651758)
Balance Sheet as at 31 December 2023

For the financial 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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 September 2024
 

.........................................

C G Roads

Director

 

Rubber and Plastic Collection Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Unit 1
Curridge Farm & Business Park
Long lane
Newbury
Berkshire
RG18 9AA

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

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.

 

Rubber and Plastic Collection Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Plant and equipment

10% straight line basis

Office equipment

25% reducing balance basis

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.

Debtors

Trade debtors are amounts due from customers for goods sold in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Rubber and Plastic Collection Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 15 (2022 - 17).

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

1,620,036

19,966

1,640,002

Additions

31,632

-

31,632

At 31 December 2023

1,651,668

19,966

1,671,634

Depreciation

At 1 January 2023

1,102,497

13,066

1,115,563

Charge for the year

100,148

1,725

101,873

At 31 December 2023

1,202,645

14,791

1,217,436

Carrying amount

At 31 December 2023

449,023

5,175

454,198

At 31 December 2022

517,539

6,900

524,439

5

Stocks

2023
£

2022
£

Other inventories

294,619

112,924

6

Debtors

Current

2023
£

2022
£

Trade debtors

184,696

341,575

Prepayments

107,822

43,438

Other debtors

100,050

3,060

 

392,568

388,073

 

Rubber and Plastic Collection Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

201,211

115,139

Taxation and social security

19,458

149,402

Other creditors

14,248

17,357

234,917

281,898

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £100,000 (2022 - £120,000).

9

Related party transactions

Transactions with the director

2023

At 1 January 2023
£

Advances to director
£

At 31 December 2023
£

C G Roads

Director loan account

(2,329)

89,633

87,304

       
     

 

Other transactions with the director

C G Roads (director) had a loan account with the company on which interest has been charged at the HMRC official rate. At the balance sheet date the amount due (from)/to C G Roads was (£87,304) (2022: £2,329). This amount was repaid within 9 months of the year end.