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REGISTERED NUMBER: NI049525 (Northern Ireland)















SHERGRIM RECYCLING LIMITED

Unaudited Financial Statements for the Year Ended 31 January 2024






SHERGRIM RECYCLING LIMITED (REGISTERED NUMBER: NI049525)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SHERGRIM RECYCLING LIMITED

Company Information
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: M Cunningham
P Cunningham





REGISTERED OFFICE: 89 Barony Road
Omagh
Co. Tyrone
BT79 7QG





REGISTERED NUMBER: NI049525 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

SHERGRIM RECYCLING LIMITED (REGISTERED NUMBER: NI049525)

Statement of Financial Position
31 JANUARY 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Property, plant and equipment 5 11,227,598 5,309,467

CURRENT ASSETS
Inventories 6 53,796 56,000
Receivables: amounts falling due within
one year

7

416,507

2,654,946
Cash at bank 588,385 113,101
1,058,688 2,824,047
PAYABLES
Amounts falling due within one year 8 (4,250,933 ) (1,655,711 )
NET CURRENT (LIABILITIES)/ASSETS (3,192,245 ) 1,168,336
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,035,353

6,477,803

PAYABLES
Amounts falling due after more than
one year

9

(153,463

)

(362,780

)

PROVISIONS FOR LIABILITIES (776,266 ) (360,232 )
NET ASSETS 7,105,624 5,754,791

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 7,105,622 5,754,789
SHAREHOLDERS' FUNDS 7,105,624 5,754,791

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

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

The directors acknowledge their 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.

SHERGRIM RECYCLING LIMITED (REGISTERED NUMBER: NI049525)

Statement of Financial Position - continued
31 JANUARY 2024


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 Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





M Cunningham - Director


SHERGRIM RECYCLING LIMITED (REGISTERED NUMBER: NI049525)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

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

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% straight line
Plant and machinery - 10% straight line
Motor vehicles - 20% straight line

Inventories
Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

SHERGRIM RECYCLING LIMITED (REGISTERED NUMBER: NI049525)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand and deposits held at call with banks.

Share capital
Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2023 - 43 ) .

5. PROPERTY, PLANT AND EQUIPMENT
Freehold Plant and Motor
property machinery vehicles Totals
£ £ £ £
COST
At 1 February 2023 1,858,671 7,881,816 45,150 9,785,637
Additions 29,538 7,144,701 - 7,174,239
Disposals - (35,650 ) - (35,650 )
At 31 January 2024 1,888,209 14,990,867 45,150 16,924,226
DEPRECIATION
At 1 February 2023 337,511 4,108,150 30,509 4,476,170
Charge for year 40,019 1,198,534 6,860 1,245,413
Eliminated on disposal - (24,955 ) - (24,955 )
At 31 January 2024 377,530 5,281,729 37,369 5,696,628
NET BOOK VALUE
At 31 January 2024 1,510,679 9,709,138 7,781 11,227,598
At 31 January 2023 1,521,160 3,773,666 14,641 5,309,467

6. INVENTORIES
2024 2023
£ £
Inventories 53,796 56,000

SHERGRIM RECYCLING LIMITED (REGISTERED NUMBER: NI049525)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

7. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade receivables 282,596 283,339
Other receivables 49,580 186,876
Amounts owed by group undertakings - 2,164,225
Directors' current accounts 52,480 18,510
VAT 31,851 -
Prepayments and accrued income - 1,996
416,507 2,654,946

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Hire purchase contracts 209,146 263,381
Trade payables 978,593 343,300
Amounts owed to group undertakings 2,380,252 -
Taxation and social security (64,213 ) 278,003
Other payables 747,155 771,027
4,250,933 1,655,711

9. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2024 2023
£ £
Hire purchase contracts 153,463 362,780

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
2 Ordinary Shares 1 2 2

11. RELATED PARTY DISCLOSURES

During the year Recyco Limited made payments on behalf of the company and Shergrim Recycling Limited made payments on behalf of Recyco Limited. £410,407 is due from Recyco Limited at the year end (2023: £1,715,436) and is included in debtors at 31 January 2024. Recyco Limited is a company controlled by Patrick and Michael Cunningham.

At 31 January 2024 £597,529 is due from Mountjoy East Limited (2023: £488,788) and is included in other debtors. Michael Cunningham is director and shareholder in both companies.

At 31 January 2024 £3,388,190 is due to Strathroy Diary Limited (2023: £282,390 due from Strathroy Diary Limited) and is included in other creditors. Patrick Cunningham is director in both companies.