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COMPANY REGISTRATION NUMBER: 04397028
Midlands Reclamation and Waste Limited
Filleted Unaudited Financial Statements
31 May 2024
Midlands Reclamation and Waste Limited
Financial Statements
Year ended 31 May 2024
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Midlands Reclamation and Waste Limited
Balance Sheet
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,623,859
1,499,069
Current assets
Debtors
6
536,457
667,858
Cash at bank and in hand
462,937
243,157
---------
---------
999,394
911,015
Creditors: amounts falling due within one year
7
( 504,977)
( 438,717)
---------
---------
Net current assets
494,417
472,298
------------
------------
Total assets less current liabilities
2,118,276
1,971,367
Creditors: amounts falling due after more than one year
8
( 305,268)
( 333,695)
Provisions
Taxation including deferred tax
( 250,683)
( 237,855)
------------
------------
Net assets
1,562,325
1,399,817
------------
------------
Midlands Reclamation and Waste Limited
Balance Sheet (continued)
31 May 2024
2024
2023
Note
£
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,562,225
1,399,717
------------
------------
Shareholders funds
1,562,325
1,399,817
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 October 2024 , and are signed on behalf of the board by:
Mr M R Williamson
Director
Company registration number: 04397028
Midlands Reclamation and Waste Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Corunna Court, Corunna Road, Warwick, CV34 5HQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
Straight line over 10 years
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor vehicle
-
25% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Research and development
Research expenditure is written off in the period in which it is incurred.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 27 (2023: 27 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
373,841
3,212,542
28,877
78,011
3,693,271
Additions
103,251
287,940
248
29,150
420,589
---------
------------
--------
---------
------------
At 31 May 2024
477,092
3,500,482
29,125
107,161
4,113,860
---------
------------
--------
---------
------------
Depreciation
At 1 June 2023
92,615
2,018,636
26,080
56,871
2,194,202
Charge for the year
5,621
282,577
749
6,852
295,799
---------
------------
--------
---------
------------
At 31 May 2024
98,236
2,301,213
26,829
63,723
2,490,001
---------
------------
--------
---------
------------
Carrying amount
At 31 May 2024
378,856
1,199,269
2,296
43,438
1,623,859
---------
------------
--------
---------
------------
At 31 May 2023
281,226
1,193,906
2,797
21,140
1,499,069
---------
------------
--------
---------
------------
6. Debtors
2024
2023
£
£
Trade debtors
391,099
382,996
Amounts owed by group undertakings and undertakings in which the company has a participating interest
74,983
74,983
Other debtors
70,375
209,879
---------
---------
536,457
667,858
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
131,926
92,864
Corporation tax
44,959
Social security and other taxes
50,166
74,219
Other creditors
277,926
271,634
---------
---------
504,977
438,717
---------
---------
Included in other creditors above is £207,607 (2023: £206,875) of hire purchase and finance lease liabilities. These debts are secured on the assets to which they relate.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
305,268
333,695
---------
---------
Included in other creditors above is £305,268 (2023: £333,695) of hire purchase and finance lease liabilities. These debts are secured on the assets to which they relate.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
12,500
Later than 1 year and not later than 5 years
177,307
297,312
---------
---------
189,807
297,312
---------
---------