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Tawmix Recycling Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Freestone & Co
Chartered Accountants
1 The Centre
High Street
Gillingham
Dorset
SP8 4AB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 08722780
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 871,756 914,082
871,756 914,082
CURRENT ASSETS
Stocks 5 200,461 61,703
Debtors 6 785,547 561,535
Cash at bank and in hand 70,651 144,518
1,056,659 767,756
Creditors: Amounts Falling Due Within One Year 7 (502,295 ) (289,155 )
NET CURRENT ASSETS (LIABILITIES) 554,364 478,601
TOTAL ASSETS LESS CURRENT LIABILITIES 1,426,120 1,392,683
Creditors: Amounts Falling Due After More Than One Year 8 (351,414 ) (305,940 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (194,161 ) (142,980 )
NET ASSETS 880,545 943,763
CAPITAL AND RESERVES
Called up share capital 10 140,100 140,100
Profit and Loss Account 740,445 803,663
SHAREHOLDERS' FUNDS 880,545 943,763
Page 1
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For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
J Tolley
Director
26 October 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Tawmix Recycling Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08722780 . The registered office is One The Centre, High Street, Gillingham, Dorset, SP8 4AB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Over expected life of lease - 1o years
Plant & Machinery 25% reducing balance
Computer Equipment 33% straight line
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2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2022: 14)
15 14
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4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Computer Equipment Total
£ £ £ £
Cost
As at 1 November 2022 236,278 1,625,416 17,786 1,879,480
Additions 5,380 413,307 1,251 419,938
Disposals - (307,465 ) - (307,465 )
As at 31 October 2023 241,658 1,731,258 19,037 1,991,953
Depreciation
As at 1 November 2022 116,181 834,523 14,694 965,398
Provided during the period 30,373 258,187 2,255 290,815
Disposals - (136,016 ) - (136,016 )
As at 31 October 2023 146,554 956,694 16,949 1,120,197
Net Book Value
As at 31 October 2023 95,104 774,564 2,088 871,756
As at 1 November 2022 120,097 790,893 3,092 914,082
5. Stocks
2023 2022
£ £
Stock 25,200 61,703
Work in progress 175,261 -
200,461 61,703
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 548,703 410,311
Other debtors 236,844 151,224
785,547 561,535
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 263,597 145,029
Bank loans and overdrafts 40,475 33,969
Other creditors 156,820 94,839
Taxation and social security 41,403 15,318
502,295 289,155
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 351,414 305,940
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 167,363 177,941
Later than five years 184,051 127,999
351,414 305,940
351,414 305,940
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 140,100 140,100
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2022 Amounts advanced Amounts repaid Amounts written off As at 31 October 2023
£ £ £ £ £
Mr J Tolley 21,692 - (52,052 ) - (30,360 )
The above loan is unsecured, interest free and repayable on demand. The loan was repaid in full within 9 months of the year end.
During the year the company rented premises from Mr J Tolley for £35,000 (2022 - £25,000).
...CONTINUED
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11. Directors Advances, Credits and Guarantees - continued
During the year the company purchased plant and machinery for £7,120 + VAT (2022 - £21,020) from, and purchased labour services for £41,259 + VAT (2022 - £57,780) from Tawheat Limited, a coompany in which Mr J Tolley is a director. 
At the year end Tawheat Limited owed the company £30,144 (2022 - £27,441).
During the year the company purchased repairs and renewals for £49,019 + VAT (2022 - £7,430) from, hired plant and machinery for £60,000 + VAT (2022 - £70,000 - VAT) and purchased plant and machinery for £Nil (2022 - £29,537 + VAT) from WHT Lettings, an unincorporated business controlled by Mr J Tolley.
All of the above transactions were at arms length and on normal commercial terms. 
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