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Registration number: 12676638

Commercial Scrap Solutions Ltd (formerly Commercial Waste Solutions Ltd)

Unaudited Financial Statements

for the Year Ended 30 November 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Commercial Scrap Solutions Ltd (formerly Commercial Waste Solutions Ltd)

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Commercial Scrap Solutions Ltd (formerly Commercial Waste Solutions Ltd)

Company Information

Directors

J Wright

G Smith

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Commercial Scrap Solutions Ltd (formerly Commercial Waste Solutions Ltd)

Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,356

5,889

Current assets

 

Debtors

5

2,674

4,327

Cash at bank and in hand

 

-

5

 

2,674

4,332

Creditors: Amounts falling due within one year

6

(14,802)

(12,947)

Net current liabilities

 

(12,128)

(8,615)

Total assets less current liabilities

 

(9,772)

(2,726)

Creditors: Amounts falling due after more than one year

6

(1,547)

(3,677)

Net liabilities

 

(11,319)

(6,403)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(11,419)

(6,503)

Shareholders' deficit

 

(11,319)

(6,403)

For the financial year ending 30 November 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Commercial Scrap Solutions Ltd (formerly Commercial Waste Solutions Ltd)

Statement of Financial Position as at 30 November 2023

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 16 October 2024 and signed on its behalf by:
 

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

J Wright

Director

Company registration number: 12676638

 

Commercial Scrap Solutions Ltd (formerly Commercial Waste Solutions Ltd)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The company was formerly known as Commercial Waste Solutions Ltd.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is being collection of non-hazardous waste.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

Despite the company making a small loss in the year, working capital has been managed with the backing of the Director who continues to support the company, and by keeping tight control over administrative costs. With the Director's ongoing support he remains confident that the day to day working capital requirements of the company will be met for the foreseeable future.

As such the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

Commercial Scrap Solutions Ltd (formerly Commercial Waste Solutions Ltd)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tax

The tax expenses for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is recognised directly in other comprehensive income.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Motor vehicles

33.33% straight line

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Commercial Scrap Solutions Ltd (formerly Commercial Waste Solutions Ltd)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Finance leases and hire purchase

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.

The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

 

Commercial Scrap Solutions Ltd (formerly Commercial Waste Solutions Ltd)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

10,600

10,600

At 30 November 2023

10,600

10,600

Depreciation

At 1 December 2022

4,711

4,711

Charge for the year

3,533

3,533

At 30 November 2023

8,244

8,244

Carrying amount

At 30 November 2023

2,356

2,356

At 30 November 2022

5,889

5,889

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

-

4,080

Amounts owed by group undertakings and undertakings in which the company has a participating interest

1,750

-

Other debtors

 

924

247

 

2,674

4,327

 

Commercial Scrap Solutions Ltd (formerly Commercial Waste Solutions Ltd)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Bank overdrafts

11

-

Director loan account

3,317

2,707

Other creditors

9,345

8,318

Hire purchase contracts

2,129

1,922

14,802

12,947

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Hire purchase contracts

7

1,547

3,677

Net obligations in respect of hire purchase contracts are secured against the assets concerned.

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

11

-

Hire purchase contracts

2,129

1,922

2,140

1,922

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

1,547

3,677

Net obligations in respect of hire purchase contracts are secured against the assets concerned.