Company registration number 08424176 (England and Wales)
SHIRLEY'S RECYCLING (HOLDINGS) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SHIRLEY'S RECYCLING (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
SHIRLEY'S RECYCLING (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,191,530
1,387,813
Investments
5
512,942
512,190
1,704,472
1,900,003
Current assets
Debtors
8
1,318,320
966,982
Cash at bank and in hand
256,617
502,430
1,574,937
1,469,412
Creditors: amounts falling due within one year
9
(17,908)
(4,044)
Net current assets
1,557,029
1,465,368
Total assets less current liabilities
3,261,501
3,365,371
Provisions for liabilities
10
(227,607)
(277,764)
Net assets
3,033,894
3,087,607
Capital and reserves
Called up share capital
11
1,200
1,200
Profit and loss reserves
3,032,694
3,086,407
Total equity
3,033,894
3,087,607
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 August 2024 and are signed on its behalf by:
Mr M J Ibbotson
Director
Company registration number 08424176 (England and Wales)
SHIRLEY'S RECYCLING (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Shirley's Recycling (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Commercial Road, Blackburn Interchange, Junction 4, M65, Darwen.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investments in funds at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided to the company's subsidiary in the normal course of business.
Revenue is recognised when a service is performed and the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Plant and machinery
15% reducing balance
Fixtures, fittings and equipment
25% reducing balance and 33% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
SHIRLEY'S RECYCLING (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
SHIRLEY'S RECYCLING (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
SHIRLEY'S RECYCLING (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
2,023,906
47,116
526,766
2,597,788
Additions
32,490
77,437
109,927
Disposals
(61,957)
(29,999)
(91,956)
At 31 March 2024
1,994,439
47,116
574,204
2,615,759
Depreciation and impairment
At 1 April 2023
898,126
42,493
269,356
1,209,975
Depreciation charged in the year
171,135
1,155
75,574
247,864
Eliminated in respect of disposals
(27,360)
(6,250)
(33,610)
At 31 March 2024
1,041,901
43,648
338,680
1,424,229
Carrying amount
At 31 March 2024
952,538
3,468
235,524
1,191,530
At 31 March 2023
1,125,780
4,623
257,410
1,387,813
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,200
1,200
Investment portfolio
511,742
510,990
512,942
512,190
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
1,200
510,990
512,190
Additions
-
1,270
1,270
Valuation changes
-
8,043
8,043
Disposals
-
(8,561)
(8,561)
At 31 March 2024
1,200
511,742
512,942
Carrying amount
At 31 March 2024
1,200
511,742
512,942
At 31 March 2023
1,200
510,990
512,190
SHIRLEY'S RECYCLING (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Shirley's Recycling Limited
Unit 3 Commercial Road, Blackburn Interchange, Junction 4, M65, Darwen, Lancashire.
Dealers and processors of waste materials
Ordinary A, B and C
100.00
7
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
511,742
510,990
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,318,320
935,163
Other debtors
31,819
1,318,320
966,982
9
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
17,908
4,044
10
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
227,607
277,764
SHIRLEY'S RECYCLING (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
11
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,100 A Ordinary of £1 each
1,100
1,100
50 B Ordinary of £1 each
50
50
50 C Ordinary of £1 each
50
50
1,200
1,200
The holders of the C Ordinary shares have the right to receive notice of all General Meetings of the company but have no right to attend and vote at such meetings. The A and B Ordinary shareholders have the right to attend and vote at such meetings.
On a return of capital on liquidation or otherwise the assets of the company after the payment of its liabilities are to be applied first in paying the holders of the A Ordinary shares, the B Ordinary shares and the C Ordinary shares, the sum of one pound per share. The balance of the remaining assets is to be distributed among the holders of the A Ordinary shares.
In all other respects the classes of shares rank pari passu.
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Christopher Harland
Statutory Auditor:
Barlow Andrews LLP
Date of audit report:
8 August 2024
13
Related party transactions
At the year end there was an amount due from the subsidiary of £1,318,320 (2023: £935,163). There is no interest accruing on this balance which is repayable on demand.
14
Ultimate controlling party
The company is under the control of Mr M J Ibbotson.