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REGISTERED NUMBER: 03393275 (England and Wales)















BUCKS RECYCLING LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 DECEMBER 2023






BUCKS RECYCLING LIMITED (REGISTERED NUMBER: 03393275)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


BUCKS RECYCLING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 25 DECEMBER 2023







DIRECTORS: Ms P Murray-Smith
Ms F Murray-Smith



REGISTERED OFFICE: Building 214
Westcott Venture Park
Westcott
Aylesbury
Buckinghamshire
HP18 0XB



REGISTERED NUMBER: 03393275 (England and Wales)



SENIOR STATUTORY AUDITOR: Ashley Painter ACA FCCA MAAT



AUDITORS: Blencowes
Chartered Accountants & Statutory Auditors
15 High Street
Brackley
Northamptonshire
NN13 7DH

BUCKS RECYCLING LIMITED (REGISTERED NUMBER: 03393275)

STRATEGIC REPORT
FOR THE YEAR ENDED 25 DECEMBER 2023

The directors present their strategic report for the year ended 25 December 2023

REVIEW OF BUSINESS

The directors report that the results was in line was expectation.

The business is dependent on customer need for skip hire and associated services. We expect a strong demand in the new year 2023.

The strong customer demand in 2022 is expected to continue at around this level through 2023. The company will continue to focus and be on track to deliver its plan, generating strong cash flow..

Bucks Recycling continues to invest heavily in new equipment to improve the customer journey and experience. We continue to develop our people, products, market innovations.

The directors analyses performance using a variety of financial and non-financial key performance indicators to measure financial performance, efficiency, quality levels and other items.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors are satisfied that financial risks are being correctly managed. The company finances its investment in plant and machinery using long term loans and finance lease arrangements. The repayment terms are agreed with the lenders on a basis designed to provide stability and without creating unnecessary cash flow burden. In addition, the company has banking facilities available to provide working capital as required.

Competitive
The economy continues to be challenging and will face greater and more difficult challenges post Brexit. . Other major impact to day-to-day business was fuel , recycling, utilities and labour costs and shortages.

The directors are confident that the financial strength of the company, backed by an excellent reputation for providing a strong range of services of the highest quality and at competitive prices is sufficient to enable it to face such pressures, support by machinery, platform and brand investment.

The directors acknowledge that the market is competitive, however, our commitment to customer service, high quality and continuous development means that we always aim to have a broader, more robust product offering than our competitors. We are well placed in the market and have a steady flow of new enquiries.

Financial
The company's main financial instruments comprise cash and items such as debtors and creditors. The main purpose of these instruments is to provide finance for operations. There are limited risks arising as a result of these instruments and the directors agree policies for the management of these instruments, which are detailed below.

Credit risk
The Company seeks to minimize any credit risk by dealing with established and financially sound customers. It establishes clear contractual relationships and identifies credit issues in a timely manner. The directors consider the financial situation of the key customers to ensure that this risk is adequately managed. Largely as a result of this level of scrutiny, the company has an excellent record with minimal bad debts.

Liquidity risk
The company seeks to manage and minimize financial risk by ensuring that sufficient liquidity is available at all times to meet working capital requirements and by investing cash assets safely and profitably. The company has a strong balance sheet and the directors see the ability to obtain conventional credit facilities and fund its own operations as a key strength in the current market.

Going concern risk

BUCKS RECYCLING LIMITED (REGISTERED NUMBER: 03393275)

STRATEGIC REPORT
FOR THE YEAR ENDED 25 DECEMBER 2023

It is the duty of the directors to consider the ability of the company to continue to trade for the foreseeable future and in doing this the directors have considered any uncertainties in the market, available funding and any other economic factors which may impact the ability of the company to trade in the future. The directors are confident that the level of business expected for the company over the next financial year, combined with the current level of net cash resources means that the company has more than adequate funding to continue its activities for the foreseeable future. There are no areas of material uncertainty that may have an impact on the company's business and the directors are therefore confident that it is appropriate to prepare the financial statements on a going concern basis.

The directors are satisfied that the results for the year are in line with expectation. The company operates from a sound financial position, they are encouraged by future prospects in view of the order, product pipeline and opportunities in the market.

The directors do not anticipate that there will be any fundamental change in the development of the company's business during the coming year and will continue to focus on improving service, efficiency and quality standards, whilst concentrating on our diversification strategy into new categories.

The company will continue to invest in its business infrastructure, automation and people to ensure that any risks and uncertainties are managed effectively.

During the year the company continued to invest in improvements to its plant and equipment and aim to continue to improve the service and flexibility offered to our customers.

ON BEHALF OF THE BOARD:





Ms P Murray-Smith - Director


16 September 2024

BUCKS RECYCLING LIMITED (REGISTERED NUMBER: 03393275)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 25 DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 25 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of skip hire, recycling and disposal of waste materials.

DIVIDENDS
The total distribution of dividends for the year ended 25 December 2023 will be £2,500

DIRECTORS
The directors during the year under review were:

Ms P Murray-Smith
Ms F Murray-Smith

The beneficial interests of the directors holding office on 25 December 2023 in the issued share capital of the company were as follows:
25.12.23 26.12.22
Ordinary £1 shares

Ms P Murray-Smith 80 80
Ms F Murray-Smith 20 20

The directors have opted to make a full disclosure of their shareholdings in this report.

POLITICAL DONATIONS AND EXPENDITURE
No political donations were made in 2023

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, 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 she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

BUCKS RECYCLING LIMITED (REGISTERED NUMBER: 03393275)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 25 DECEMBER 2023


AUDITORS
The auditors, Blencowes, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Ms P Murray-Smith - Director


16 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF
BUCKS RECYCLING LIMITED

Opinion
We have audited the financial statements of Bucks Recycling Limited (the 'company') for the year ended 25 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 25 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF
BUCKS RECYCLING LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF
BUCKS RECYCLING LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with law and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the Company and its industry, we identified that the principal risks of non-compliance with laws and regulations to the UK tax legislation are, pension legislation, employment regulations, health and safety regulations, anti-bribery, corruption and fraud and money laundering,. We considered the extent to which non-compliance might have a material effect on the financial statements.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

We evaluated the directors and management incentives and opportunities for fraudulent manipulation of the financial statement (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgments and assumptions in significant accounting estimates, in particular the valuation of investments and significant one-off or unusual transactions.

Our audit procedures were designed to respond to these identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures include but were not limited to

- Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations:
- Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit and
- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
- Inspecting correspondence if any with relevant licensing or regulatory authorities

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF
BUCKS RECYCLING LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Ashley Painter ACA FCCA MAAT (Senior Statutory Auditor)
for and on behalf of Blencowes
Chartered Accountants & Statutory Auditors
15 High Street
Brackley
Northamptonshire
NN13 7DH

16 September 2024

BUCKS RECYCLING LIMITED (REGISTERED NUMBER: 03393275)

INCOME STATEMENT
FOR THE YEAR ENDED 25 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 7,439,460 6,895,501

Cost of sales 4,681,770 4,421,304
GROSS PROFIT 2,757,690 2,474,197

Administrative expenses 2,204,149 1,702,374
553,541 771,823

Other operating income 6,383 9,983
OPERATING PROFIT 4 559,924 781,806

Interest receivable and similar income 7 -
559,931 781,806

Interest payable and similar expenses 5 55,887 22,460
PROFIT BEFORE TAXATION 504,044 759,346

Tax on profit 6 134,831 110,695
PROFIT FOR THE FINANCIAL YEAR 369,213 648,651

BUCKS RECYCLING LIMITED (REGISTERED NUMBER: 03393275)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 25 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 369,213 648,651


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

369,213

648,651

BUCKS RECYCLING LIMITED (REGISTERED NUMBER: 03393275)

BALANCE SHEET
25 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 44,625 -
Tangible assets 9 4,287,235 3,652,493
4,331,860 3,652,493

CURRENT ASSETS
Debtors 10 1,476,054 1,339,075
Cash at bank and in hand 1,831,364 1,734,702
3,307,418 3,073,777
CREDITORS
Amounts falling due within one year 11 1,238,758 885,511
NET CURRENT ASSETS 2,068,660 2,188,266
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,400,520

5,840,759

CREDITORS
Amounts falling due after more than one
year

12

(1,277,656

)

(1,276,082

)

PROVISIONS FOR LIABILITIES 14 (942,058 ) (750,584 )
NET ASSETS 4,180,806 3,814,093

CAPITAL AND RESERVES
Called up share capital 15 100 100
Share premium 16 12,000 12,000
Retained earnings 16 4,168,706 3,801,993
SHAREHOLDERS' FUNDS 4,180,806 3,814,093

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





Ms P Murray-Smith - Director


BUCKS RECYCLING LIMITED (REGISTERED NUMBER: 03393275)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 25 DECEMBER 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 26 December 2021 100 3,155,842 12,000 3,167,942

Changes in equity
Dividends - (2,500 ) - (2,500 )
Total comprehensive income - 648,651 - 648,651
Balance at 25 December 2022 100 3,801,993 12,000 3,814,093

Changes in equity
Dividends - (2,500 ) - (2,500 )
Total comprehensive income - 369,213 - 369,213
Balance at 25 December 2023 100 4,168,706 12,000 4,180,806

BUCKS RECYCLING LIMITED (REGISTERED NUMBER: 03393275)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 25 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,435,660 1,223,030
Interest paid (153 ) (74 )
Interest element of hire purchase payments
paid

(55,734

)

(22,386

)
Net cash from operating activities 1,379,773 1,200,570

Cash flows from investing activities
Purchase of intangible fixed assets (45,000 ) -
Purchase of tangible fixed assets (1,562,958 ) (1,821,202 )
Sale of tangible fixed assets 208,490 159,843
Interest received 7 -
Net cash from investing activities (1,399,461 ) (1,661,359 )

Cash flows from financing activities
Capital repayments in year 137,785 877,194
Amount withdrawn by directors (18,935 ) (3,038 )
Equity dividends paid (2,500 ) (2,500 )
Net cash from financing activities 116,350 871,656

Increase in cash and cash equivalents 96,662 410,867
Cash and cash equivalents at beginning of
year

2

1,734,702

1,323,835

Cash and cash equivalents at end of year 2 1,831,364 1,734,702

BUCKS RECYCLING LIMITED (REGISTERED NUMBER: 03393275)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 25 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 504,044 759,346
Depreciation charges 841,907 620,455
Profit on disposal of fixed assets (121,807 ) (83,777 )
Finance costs 55,887 22,460
Finance income (7 ) -
1,280,024 1,318,484
(Increase)/decrease in trade and other debtors (80,337 ) 85,802
Increase/(decrease) in trade and other creditors 235,973 (181,256 )
Cash generated from operations 1,435,660 1,223,030

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 25 December 2023
25/12/23 26/12/22
£    £   
Cash and cash equivalents 1,831,364 1,734,702
Year ended 25 December 2022
25/12/22 26/12/21
£    £   
Cash and cash equivalents 1,734,702 1,323,835


3. ANALYSIS OF CHANGES IN NET DEBT

At 26/12/22 Cash flow At 25/12/23
£    £    £   
Net cash
Cash at bank and in hand 1,734,702 96,662 1,831,364
1,734,702 96,662 1,831,364
Debt
Finance leases (1,736,865 ) (137,785 ) (1,874,650 )
(1,736,865 ) (137,785 ) (1,874,650 )
Total (2,163 ) (41,123 ) (43,286 )

BUCKS RECYCLING LIMITED (REGISTERED NUMBER: 03393275)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 DECEMBER 2023

1. STATUTORY INFORMATION

Bucks 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" 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 net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from services provided is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to service start date and service completion.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Interest receivable

Interest income is recognised using the effective interest method.

Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value
of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit

Intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. Amortisation 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:

Useful Life on ten years

BUCKS RECYCLING LIMITED (REGISTERED NUMBER: 03393275)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 25 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Plant and machinery - 20% on cost and 10% on cost
Motor vehicles - 20% on cost
Computer equipment - Reducing balance over 8 years

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 taxation
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.

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.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses

BUCKS RECYCLING LIMITED (REGISTERED NUMBER: 03393275)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 25 DECEMBER 2023

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,331,163 2,044,555
Social security costs 220,314 206,269
Other pension costs 76,464 59,468
2,627,941 2,310,292

The average number of employees during the year was as follows:
2023 2022

Management 5 6
Office 8 8
Driver/Site/maintenance 53 50
Directors 2 2
68 66

2023 2022
£    £   
Directors' remuneration 116,981 101,200
Directors' pension contributions to money purchase schemes 37,300 25,592

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 15,861 44,231
Other operating leases 159,931 140,785
Depreciation - owned assets 367,307 300,454
Depreciation - assets on hire purchase contracts 474,226 320,002
Profit on disposal of fixed assets (121,807 ) (83,777 )
Goodwill amortisation 375 -
Auditors' remuneration 9,100 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Interest charges 153 74
Hire purchase charges 55,734 22,386
55,887 22,460

BUCKS RECYCLING LIMITED (REGISTERED NUMBER: 03393275)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 25 DECEMBER 2023

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Deferred tax 134,831 110,695
Tax on profit 134,831 110,695

7. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Final 2,500 2,500

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 45,000
At 25 December 2023 45,000
AMORTISATION
Amortisation for year 375
At 25 December 2023 375
NET BOOK VALUE
At 25 December 2023 44,625

9. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 26 December 2022 114,456 5,281,864 2,424,659 70,884 7,891,863
Additions 110,210 830,981 608,252 13,515 1,562,958
Disposals - (489,950 ) (290,011 ) - (779,961 )
At 25 December 2023 224,666 5,622,895 2,742,900 84,399 8,674,860
DEPRECIATION
At 26 December 2022 35,446 2,726,147 1,422,120 55,657 4,239,370
Charge for year 20,340 572,133 243,119 5,941 841,533
Eliminated on disposal - (426,741 ) (266,537 ) - (693,278 )
At 25 December 2023 55,786 2,871,539 1,398,702 61,598 4,387,625
NET BOOK VALUE
At 25 December 2023 168,880 2,751,356 1,344,198 22,801 4,287,235
At 25 December 2022 79,010 2,555,717 1,002,539 15,227 3,652,493

BUCKS RECYCLING LIMITED (REGISTERED NUMBER: 03393275)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 25 DECEMBER 2023

9. TANGIBLE FIXED ASSETS - continued

The net book value of tangible fixed assets includes £ 2,224,060 (2022 - £ 2,007,411 ) in respect of assets held under hire purchase contracts.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 881,427 778,023
Prepayments 158,050 133,453
Other Debtors 65,004 112,669
Defered Tax Asset 371,573 314,930
1,476,054 1,339,075

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 13) 596,994 460,783
Trade creditors 324,586 118,848
Social security and other taxes 55,771 48,741
VAT 147,582 108,089
Other creditors 4,341 5,629
Pensions control 22,071 20,508
Directors' current accounts 6,730 25,665
Accrued expenses 80,683 97,248
1,238,758 885,511

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 13) 1,277,656 1,276,082

13. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 596,994 460,783
Between one and five years 1,277,656 1,276,082
1,874,650 1,736,865

14. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 942,058 750,584

BUCKS RECYCLING LIMITED (REGISTERED NUMBER: 03393275)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 25 DECEMBER 2023

14. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 26 December 2022 750,584
Charge to Income Statement during year 191,474
Accelerated capital allowances
Balance at 25 December 2023 942,058

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

16. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 26 December 2022 3,801,993 12,000 3,813,993
Profit for the year 369,213 369,213
Dividends (2,500 ) (2,500 )
At 25 December 2023 4,168,706 12,000 4,180,706

17. RELATED PARTY TRANSACTIONS

At the balance sheet date, Ms P Murray, the majority shareholder and a director of the company was owed £6,416 (2022 - £25,164).

There are no fixed terms for repayment of this loan which is interest free.

18. ULTIMATE CONTROLLING PARTY

The controlling party is Ms P Murray-Smith.

The company is controlled by Ms P Murray-Smith a director of the company who owns 80% (2023 80%)of the issued share capital.