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COMPANY REGISTRATION NUMBER: 05023251
MEC Recycling Limited
Filleted Unaudited Financial Statements
For the year ended
31 January 2024
MEC Recycling Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
737,242
466,693
Current assets
Stocks
18,500
18,250
Debtors
7
199,522
125,498
Cash at bank and in hand
33,379
4,502
----------
----------
251,401
148,250
Creditors: amounts falling due within one year
8
267,814
149,596
----------
----------
Net current liabilities
16,413
1,346
----------
----------
Total assets less current liabilities
720,829
465,347
Creditors: amounts falling due after more than one year
9
204,047
4,282
Provisions
Taxation including deferred tax
94,212
53,889
----------
----------
Net assets
422,570
407,176
----------
----------
MEC Recycling Limited
Statement of Financial Position (continued)
31 January 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
422,470
407,076
----------
----------
Shareholders funds
422,570
407,176
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
A Cotton
Director
Company registration number: 05023251
MEC Recycling Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ansons Farm, Swinderby, Lincoln, LN6 9HS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has net current liabilities at the year end . The future prospects cannot be fully quantified but the directors remain committed to the protection of the business. The situation is being kept under review by the directors. Accordingly the financial statements have been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Depreciation charges The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. These are reviewed periodically by the director to ensure that they reflect both external and internal factors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Building on Rented Land
-
5% straight line
Plant and Equipment
-
20% straight line
Motor vehicles
-
20% straight line
Office Equipment
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
5. Intangible assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
300,000
----------
Amortisation
At 1 February 2023 and 31 January 2024
300,000
----------
Carrying amount
At 31 January 2024
----------
At 31 January 2023
----------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 February 2023
395,445
1,802,334
135,899
5,121
2,338,799
Additions
429,432
17,000
808
447,240
Disposals
( 265,000)
( 5,750)
( 270,750)
----------
-------------
----------
-------
-------------
At 31 January 2024
395,445
1,966,766
147,149
5,929
2,515,289
----------
-------------
----------
-------
-------------
Depreciation
At 1 February 2023
155,179
1,587,897
123,909
5,121
1,872,106
Charge for the year
11,481
157,149
7,899
162
176,691
Disposals
( 265,000)
( 5,750)
( 270,750)
----------
-------------
----------
-------
-------------
At 31 January 2024
166,660
1,480,046
126,058
5,283
1,778,047
----------
-------------
----------
-------
-------------
Carrying amount
At 31 January 2024
228,785
486,720
21,091
646
737,242
----------
-------------
----------
-------
-------------
At 31 January 2023
240,266
214,437
11,990
466,693
----------
-------------
----------
-------
-------------
Finance leases and hire purchase contracts
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 January 2024
386,326
----------
At 31 January 2023
109,656
----------
7. Debtors
2024
2023
£
£
Trade debtors
76,219
32,979
Other debtors
123,303
92,519
----------
----------
199,522
125,498
----------
----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
25,887
8,191
Corporation tax
2,881
Social security and other taxes
23,964
36,471
Other creditors
217,963
102,053
----------
----------
267,814
149,596
----------
----------
The hire purchase liabilities referred to in note 11 are secured on the assets concerned.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
204,047
4,282
----------
-------
The hire purchase liabilities referred to in note 11 are secured on the assets concerned.
10. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
79,231
25,691
Later than 1 year and not later than 5 years
204,047
4,282
----------
---------
283,278
29,973
----------
---------
11. Directors' advances, credits and guarantees
At the year end the company owed A Cotton £6,864 (2023: £3,365 ) and I Cotton £7,620 ( 2023: £3,620).