IRIS Accounts Production v24.2.0.383 NI049526 Board of Directors 1.2.23 31.1.24 31.1.24 false true false false false true false Ordinary Share 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI0495262023-01-31NI0495262024-01-31NI0495262023-02-012024-01-31NI0495262022-01-31NI0495262022-02-012023-01-31NI0495262023-01-31NI049526ns15:NorthernIreland2023-02-012024-01-31NI049526ns14:PoundSterling2023-02-012024-01-31NI049526ns10:Director12023-02-012024-01-31NI049526ns10:PrivateLimitedCompanyLtd2023-02-012024-01-31NI049526ns10:SmallEntities2023-02-012024-01-31NI049526ns10:AuditExempt-NoAccountantsReport2023-02-012024-01-31NI049526ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-31NI049526ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-31NI049526ns10:FullAccounts2023-02-012024-01-31NI04952612023-02-012024-01-31NI049526ns10:OrdinaryShareClass12023-02-012024-01-31NI049526ns10:Director22023-02-012024-01-31NI049526ns10:RegisteredOffice2023-02-012024-01-31NI049526ns5:CurrentFinancialInstruments2024-01-31NI049526ns5:CurrentFinancialInstruments2023-01-31NI049526ns5:Non-currentFinancialInstruments2024-01-31NI049526ns5:Non-currentFinancialInstruments2023-01-31NI049526ns5:ShareCapital2024-01-31NI049526ns5:ShareCapital2023-01-31NI049526ns5:RetainedEarningsAccumulatedLosses2024-01-31NI049526ns5:RetainedEarningsAccumulatedLosses2023-01-31NI049526ns5:NetGoodwill2023-02-012024-01-31NI049526ns5:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-31NI049526ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-02-012024-01-31NI049526ns5:PlantMachinery2023-02-012024-01-31NI049526ns5:FurnitureFittings2023-02-012024-01-31NI049526ns5:MotorVehicles2023-02-012024-01-31NI049526ns5:NetGoodwill2023-01-31NI049526ns5:NetGoodwill2024-01-31NI049526ns5:NetGoodwill2023-01-31NI049526ns5:LandBuildings2023-01-31NI049526ns5:PlantMachinery2023-01-31NI049526ns5:FurnitureFittings2023-01-31NI049526ns5:MotorVehicles2023-01-31NI049526ns5:LandBuildings2023-02-012024-01-31NI049526ns5:LandBuildings2024-01-31NI049526ns5:PlantMachinery2024-01-31NI049526ns5:FurnitureFittings2024-01-31NI049526ns5:MotorVehicles2024-01-31NI049526ns5:LandBuildings2023-01-31NI049526ns5:PlantMachinery2023-01-31NI049526ns5:FurnitureFittings2023-01-31NI049526ns5:MotorVehicles2023-01-31NI049526ns5:WithinOneYearns5:CurrentFinancialInstruments2024-01-31NI049526ns5:WithinOneYearns5:CurrentFinancialInstruments2023-01-31NI049526ns10:OrdinaryShareClass12024-01-31
REGISTERED NUMBER: NI049526 (Northern Ireland)















RECYCO LIMITED

Unaudited Financial Statements for the Year Ended 31 January 2024






RECYCO LIMITED (REGISTERED NUMBER: NI049526)






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


RECYCO 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: NI049526 (Northern Ireland)





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

RECYCO LIMITED (REGISTERED NUMBER: NI049526)

Statement of Financial Position
31 JANUARY 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 5 - -
Property, plant and equipment 6 1,148,810 1,160,043
1,148,810 1,160,043

CURRENT ASSETS
Inventories 7 5,096 6,150
Receivables: amounts falling due within
one year

8

1,392,393

1,438,990
Cash at bank and in hand 283,693 1,699,543
1,681,182 3,144,683
PAYABLES
Amounts falling due within one year 9 (1,467,373 ) (3,028,560 )
NET CURRENT ASSETS 213,809 116,123
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,362,619

1,276,166

PAYABLES
Amounts falling due after more than
one year

10

(44,531

)

(8,891

)

PROVISIONS FOR LIABILITIES (85,166 ) (77,913 )
NET ASSETS 1,232,922 1,189,362

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 1,232,920 1,189,360
SHAREHOLDERS' FUNDS 1,232,922 1,189,362

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.

RECYCO LIMITED (REGISTERED NUMBER: NI049526)

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


RECYCO LIMITED (REGISTERED NUMBER: NI049526)

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

1. STATUTORY INFORMATION

Recyco 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 15% straight line
Fixtures and fittings - 25% reducing balance
Motor vehicles - 20% reducing balance

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.


RECYCO LIMITED (REGISTERED NUMBER: NI049526)

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

3. ACCOUNTING POLICIES - continued
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.

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 14 (2023 - 24 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 February 2023
and 31 January 2024 155,000
AMORTISATION
At 1 February 2023
and 31 January 2024 155,000
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

RECYCO LIMITED (REGISTERED NUMBER: NI049526)

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

6. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 February 2023 858,497 2,280,297 163,012 604,202 3,906,008
Additions - 164,880 3,306 - 168,186
Disposals - (40,000 ) - - (40,000 )
At 31 January 2024 858,497 2,405,177 166,318 604,202 4,034,194
DEPRECIATION
At 1 February 2023 160,669 1,919,571 118,232 547,493 2,745,965
Charge for year 17,170 143,859 7,049 11,341 179,419
Eliminated on disposal - (40,000 ) - - (40,000 )
At 31 January 2024 177,839 2,023,430 125,281 558,834 2,885,384
NET BOOK VALUE
At 31 January 2024 680,658 381,747 41,037 45,368 1,148,810
At 31 January 2023 697,828 360,726 44,780 56,709 1,160,043

7. INVENTORIES
2024 2023
£ £
Inventories 5,096 6,150

8. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade receivables 1,235,901 1,252,417
Other receivables 93,099 152,591
Directors' current accounts 48,779 21,675
Prepayments and accrued income 14,614 12,307
1,392,393 1,438,990

9. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Hire purchase contracts 30,804 57,684
Trade payables 1,003,767 980,220
Amounts owed to group undertakings 246,771 1,784,988
Taxation and social security 178,200 196,951
Other payables 7,831 8,717
1,467,373 3,028,560

10. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2024 2023
£ £
Hire purchase contracts 44,531 8,891

RECYCO LIMITED (REGISTERED NUMBER: NI049526)

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

11. CALLED UP SHARE CAPITAL

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

12. RELATED PARTY DISCLOSURES

During the year Recyco Limited made payments on behalf of Shergrim Recycling Limited. Shergrim Recycling Limited also made payments on Recyco Limited's behalf. At the year end Recyco Limited owed Shergrim Recycling Limited £410,407 (2023:£1,715,436). Shergrim Recycling Limited is a company controlled by Patrick Cunningham and Michael Cunningham.

At 31 January 2024 £171,974 is due from Strathroy Dairy Limited (2023: £87,642) . Patrick Cunningham is director and shareholder in both companies and Michael Cunningham is a shareholder in both companies.