Registered number
06454467
Recycled In Orsett Limited
Filleted Accounts
31 December 2023
Recycled In Orsett Limited
Registered number: 06454467
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 6 592,479 674,517
Current assets
Debtors 7 3,088,059 3,115,914
Cash at bank and in hand 100 399
3,088,159 3,116,313
Creditors: amounts falling due within one year 8 (1,163,661) (1,254,262)
Net current assets 1,924,498 1,862,051
Total assets less current liabilities 2,516,977 2,536,568
Creditors: amounts falling due after more than one year 9 (105,296) (179,188)
Provisions for liabilities 10 (109,278) (128,158)
Net assets 2,302,403 2,229,222
Capital and reserves
Called up share capital 2 2
Profit and loss account 2,302,401 2,229,220
Shareholders' funds 2,302,403 2,229,222
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P A Alexander
Director
Approved by the board on 6 May 2024
Recycled In Orsett Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
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).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery 20% reducing balance
Motor vehicles 25% reducing balance
Office equipment 10% reducing balance
2 Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as the result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 10
4 Profit before taxation 2023 2022
£ £
Profit before taxation is stated after charging/(crediting):
Depreciation of tangible assets 161,037 168,362
5 Tax on profit
Major components of tax expense
2023 2022
Current tax: £ £
UK current tax expense 41,807 44,554
Deferred tax expense (18,880) (31,989)
22,927 12,565
6 Tangible fixed assets
Plant and machinery Motor vehicles Office equipment Total
£ £ £ £
Cost
At 1 January 2023 1,688,485 6,000 11,168 1,705,653
Additions 89,000 - 89,000
Disposals (78,850) - - (78,850)
At 31 December 2023 1,698,635 6,000 11,168 1,715,803
Depreciation
At 1 January 2023 1,016,797 5,371 8,968 1,031,136
Charge for the year 142,893 150 200 143,243
On disposals (51,055) - - (51,055)
At 31 December 2023 1,108,635 5,521 9,168 1,123,324
Net book value
At 31 December 2023 590,000 479 2,000 592,479
At 31 December 2022 671,688 629 2,200 674,517
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets
held under finance leases or hire purchase agreements:
Plant and
machinery
£
At 31 December 2023 252,551
At 31 December 2022 386,682
7 Debtors 2023 2022
£ £
Trade debtors 243,864 184,463
Amount due from related company 2,589,629 2,702,129
Prepayments - 1,067
Other debtors 254,566 228,255
3,088,059 3,115,914
8 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 281,089 276,930
Obligations under finance lease and hire purchase contracts 147,255 207,674
Trade creditors and other creditors 602,157 609,276
Taxation and social security costs 118,331 128,095
Accruals 14,829 32,287
1,163,661 1,254,262
Security has been provided in respect of £428344 (2022 - £484684) of creditors falling due
within one year.
9 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 105,296 179,188
Security has been provided in respect of £105296 (2022 - £179188) of creditors falling due after
more than one year.
10 Provisions
Deferred tax Total
(Note 11)
£ £
At 1 January 2023 128,158 160,147
Additions / (Reduction) (18,880) (31,989)
At 31 December 2023 109,278 128,158
11 Deferred tax 2023 2022
£ £
The deferred tax included in the statement of financial position is
as follows:
Included in provisions (Note 10) 109,278 128,158
109,278 128,158
The deferred tax account consists of the tax effect of timing differences in respect
of:
2023 2022
£ £
Accelerated capital allowances 109,278 128,158
12 Controlling party
No one individual has control of the company
13 Other information
Recycled In Orsett Limited is a private company limited by shares and incorporated in England. Its registered office is:
C/o Street Fuel Ltd
Berth 6, Basin 3, Chatham Dockyards
Gillingham
Kent
ME4 4SR
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