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REGISTERED NUMBER: 09386946 (England and Wales)















Project Red Recycling Limited

Unaudited Financial Statements for the Year Ended 31st January 2024






Project Red Recycling Limited (Registered number: 09386946)






Contents of the Financial Statements
for the Year Ended 31st January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Project Red Recycling Limited

Company Information
for the Year Ended 31st January 2024







Director: T D Prichard





Registered office: Earthmover's House
Llantrisant Business Park
Llantrisant
Pontyclun
CF72 8LF





Registered number: 09386946 (England and Wales)





Accountants: Haines Watts Wales LLP
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

Project Red Recycling Limited (Registered number: 09386946)

Balance Sheet
31st January 2024

2024 2023
Notes £    £   
Fixed assets
Tangible assets 4 23,221 7,836

Current assets
Debtors 5 1,928,504 2,010,077
Cash at bank 222,371 104,787
2,150,875 2,114,864
Creditors
Amounts falling due within one year 6 (1,251,697 ) (1,215,056 )
Net current assets 899,178 899,808
Total assets less current liabilities 922,399 907,644

Capital and reserves
Called up share capital 8 1,000 1,000
Retained earnings 9 921,399 906,644
Shareholders' funds 922,399 907,644

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29th October 2024 and were signed by:





T D Prichard - Director


Project Red Recycling Limited (Registered number: 09386946)

Notes to the Financial Statements
for the Year Ended 31st January 2024

1. Statutory information

Project Red Recycling Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Project Red Recycling Limited (Registered number: 09386946)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2024

2. Accounting policies - continued

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Assets, obtained under hire purchase contracts and 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 creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with bank and other short-term liquid investments with original maturities of three months or less.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year and recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss in other administrative expenses.

Going concern
At the time of approving the financial statements, the director has reasonable expectation that the company has adequate resources to continue trading for the foreseeable future. Therefore the director continues to adopt the going concern basis of accounting in preparing these financial statements.

3. Employees and directors

The average number of employees during the year was 1 (2023 - 1 ) .

Project Red Recycling Limited (Registered number: 09386946)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2024

4. Tangible fixed assets
Plant and
machinery
£   
Cost
At 1st February 2023 29,631
Additions 19,117
At 31st January 2024 48,748
Depreciation
At 1st February 2023 21,795
Charge for year 3,732
At 31st January 2024 25,527
Net book value
At 31st January 2024 23,221
At 31st January 2023 7,836

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 536,906 687,892
Amounts owed by group undertakings 1,244,528 1,217,231
Other debtors 116,672 103,049
Prepayments and accrued income 30,398 1,905
1,928,504 2,010,077

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 618,011 540,006
Amounts owed to group undertakings 513,451 450,050
Social security and other taxes 10 9,500
Accruals and deferred income 120,225 215,500
1,251,697 1,215,056

7. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 36,000 36,000
Between one and five years 144,000 144,000
In more than five years 213,000 249,000
393,000 429,000

Project Red Recycling Limited (Registered number: 09386946)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2024

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

9. Reserves
Retained
earnings
£   

At 1st February 2023 906,644
Profit for the year 14,755
At 31st January 2024 921,399

10. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. Ultimate controlling party

At the balance sheet date Tom Prichard (Holdings) Limited owned 100% of the shares. The ultimate controlling party at the balance sheet date is T D Prichard by virtue of his 100% shareholding in Tom Prichard (Holdings) Limited.

Consolidated financial statements are prepared by Tom Prichard (Holdings) Limited for the year ended 31st January 2024, the company's registered office is:

Earthmover's House,
Unit 16 Llantrisant Business Park,
Llantrisant,
Pontyclun
CF72 8LF