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Registration number: 07917282

Anglo Recycling Company Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 January 2024

 

Anglo Recycling Company Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 12

 

Anglo Recycling Company Limited

Company Information

Directors

Mr Robert Pretorius

Mr Anthony Al-Ghabban

Registered office

Unit 114
Image Court
328 Molesey Road
Hersham
Surrey
KT12 3PD

Accountants

Franklin, Chartered Accountants
320 Garratt Lane
London
SW18 4EJ

 

Anglo Recycling Company Limited

(Registration number: 07917282)
Abridged Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

439,175

375,475

Debtors

6

30,015

30,015

 

469,190

405,490

Current assets

 

Stocks

5

20,818

27,456

Debtors

6

235,212

109,125

Cash at bank and in hand

 

599,964

650,486

 

855,994

787,067

Prepayments and accrued income

 

22,543

14,653

Creditors: Amounts falling due within one year

(376,720)

(305,757)

Net current assets

 

501,817

495,963

Total assets less current liabilities

 

971,007

901,453

Creditors: Amounts falling due after more than one year

(240,374)

(257,468)

Provisions for liabilities

(105,534)

-

Net assets

 

625,099

643,985

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

625,097

643,983

Shareholders' funds

 

625,099

643,985

For the financial year ending 31 January 2024 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.

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Anglo Recycling Company Limited

(Registration number: 07917282)
Abridged Balance Sheet as at 31 January 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

.........................................
Mr Robert Pretorius
Director

.........................................
Mr Anthony Al-Ghabban
Director

 

Anglo Recycling Company Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
Unit 114
Image Court
328 Molesey Road
Hersham
Surrey
KT12 3PD
England

These financial statements were authorised for issue by the Board on 31 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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 sale of goods and 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.

 

Anglo Recycling Company Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant & Machinery

33.33% Straight Line

Plant & Machinery

06.67% Straight Line

Motor Vehicles

25.00% Straight Line

Office Equipment

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.

 

Anglo Recycling Company Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

 

Anglo Recycling Company Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

Leases

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 balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Anglo Recycling Company Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

Financial instruments

Classification
The Company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.

 Recognition and measurement
Financial instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

 Impairment
Financial instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 75 (2023 - 66).

 

Anglo Recycling Company Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

14,813

669,179

394,302

1,078,294

Additions

8,300

188,455

30,580

227,335

Disposals

-

(21,995)

-

(21,995)

At 31 January 2024

23,113

835,639

424,882

1,283,634

Depreciation

At 1 February 2023

3,341

400,713

298,765

702,819

Charge for the year

6,346

126,272

27,017

159,635

Eliminated on disposal

-

(17,995)

-

(17,995)

At 31 January 2024

9,687

508,990

325,782

844,459

Carrying amount

At 31 January 2024

13,426

326,649

99,100

439,175

At 31 January 2023

11,472

268,466

95,537

375,475

5

Stocks

2024
£

2023
£

Other inventories

20,818

27,456

6

Debtors

Debtors includes £30,015 (2023 - £30,015) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

       
 

Anglo Recycling Company Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

8

Dividends

2024

2023

£

£

Interim dividend of £2,000.00 (2023 - £Nil) per ordinary share

4,000

-

 

 

9

Related party transactions

 

Anglo Recycling Company Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

At 31 January 2024
£

Mr Robert Pretorius

Directors Loan

(520)

392

(128)

Mr Anthony Al-Ghabban

Directors Loan

(58)

-

(58)

2023

At 1 February 2022
£

Repayments by director
£

At 31 January 2023
£

Mr Robert Pretorius

Directors Loan

-

(520)

(520)

Mr Anthony Al-Ghabban

Directors Loan

-

(58)

(58)

 

Anglo Recycling Company Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

113,921

164,668

Dividends paid to directors

2024
£

2023
£

Mr Robert Pretorius

Dividend

2,000

-

 

 

Mr Anthony Al-Ghabban

Dividends

2,000

-

 

 

Summary of transactions with other related parties

EZMAGS Limited

 Loan
 No Guarantees

 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

30,015

30,015

At end of period

30,015

30,015

2023

Other related parties
£

Total
£

At start of period

30,015

30,015

At end of period

30,015

30,015