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REGISTERED NUMBER: 05243221 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

B.F.A. RECYCLING LIMITED

B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 18


B.F.A. RECYCLING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: T Haley
D Holder
L Haley
S Haley





SECRETARY: K Haley





REGISTERED OFFICE: 55 Loudoun Road
London
NW8 0DL





REGISTERED NUMBER: 05243221 (England and Wales)





AUDITORS: MGR SD Limited
Chartered Accountants
Statutory Auditors
55 Loudoun Road
London
NW8 0DL

B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
Throughout the year ended 31 March 2024 the company has continued the positive trading pattern as enjoyed in recent years. This however was achieved against the backdrop of a weaker global recycled steel market which resulted in downwards pressure being exerted on prices achieved for the company's core product. As the company sees the continued supply of its key customers as a central objective an element of gross margin was foregone to ensure this aim was achieved.

We have continued to invest in suitable plant to ensure that the operating capability of the company is maintained and have further added to our export trade material handing facility during the year under review. This will ensure we are able to take advantage of upswings in the global metal market which have the potentiality for returning improved margins on the company's core product. We are highly focused on this aspect of our operations and will keep the global commodities market under close scrutiny so that the company remains suitably equipped to take advantage of emerging metals recycling markets worldwide.

We would like to congratulate our new directors who have been appointed to the Board throughout the year and feel that with the enhanced and extended skillset provided thereby feel that our company will continue its strong trading progression. Remuneration policy for senior management has been adjusted in 2023 which has affected the overall profitability of the company, but the Board believe the new policy is more reflective of the roles undertaken.

The company uses a number of key financial performance indicators in assessing and driving performance. The key financial performance indicators used by the company are:

2024 2023
£'000 £'000

Sales 18,048 19,043
Gross margin 22.33% 25.40%
Receivables days 6.5 6.9



B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the company and the execution of the chosen strategy are subject to a number of risks.

Metal price risk
Exposure to fluctuations in global metal prices is limited by the company's policy of holding a low level of stock and ensuring that the stock holding period remains short.

Credit risk
The company seeks to manage the risk of customers defaulting through the use of stringent customer acceptance thresholds and credit limits. In addition a number of approaches are utilised including payment in advance where appropriate.

ON BEHALF OF THE BOARD:





T Haley - Director


19 November 2024

B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of metal recycling.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £ 588,000 .

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1 April 2023 to the date of this report unless otherwise stated.

The beneficial interests of the directors holding office at 31 March 2024 in the shares of the company, according to the register of directors' interests, were as follows:

1.4.23
or date of
appointment
31.3.24 if later
Ordinary-A shares of £1 each
T Haley 76 76
D Holder - -
L Haley - appointed 22.5.2023 - -
S Haley - appointed 22.5.2023 - -

Ordinary-B shares of £1 each
T Haley - -
D Holder 24 24
L Haley - -
S Haley - -

These directors did not hold any non-beneficial interests in any of the shares of the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, MGR SD Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T Haley - Director


19 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
B.F.A. RECYCLING LIMITED


Opinion
We have audited the financial statements of B.F.A. Recycling Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
B.F.A. RECYCLING LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
B.F.A. RECYCLING LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are:
- Financial Reporting Standard 102;
- The Companies Act 2006;
- Scrap Metal Dealers Act 2013;
- UK tax legislation;
- UK General Data Protection Regulation;
- UK employment legislation;
- UK environmental legislation;
- UK health and safety legislation;

We assessed the risks of material misstatement in respect of fraud as follows:
- made enquiries of management and those charged with governance;
- held an audit team planning meeting to discuss areas that may be susceptible to misstatement;
- carried out analytical procedures to identity unusual or unexpected trends;
- reviewed the systems in place and considered the potential for override of controls; and
- considered related party relationships and transactions.

Based on the results of our risk assessment, we designed our audit procedures to identify non-compliance with such laws and regulations identified above. We also considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach and challenged key assumptions and judgments made by management.

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements may not be detected. Absolute assurance is not possible due to practical and legal limitations to obtaining audit evidence as well as time and cost constraints. Misstatements are considered material if they could reasonably be expected to influence the decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
B.F.A. RECYCLING LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Matthew James FCCA (Senior Statutory Auditor)
for and on behalf of MGR SD Limited
Chartered Accountants
Statutory Auditors
55 Loudoun Road
London
NW8 0DL

19 November 2024

B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

REVENUE 18,047,673 19,042,584

Cost of sales (15,434,631 ) (15,590,952 )
GROSS PROFIT 2,613,042 3,451,632

Administrative expenses (2,603,587 ) (1,969,001 )
9,455 1,482,631

Other operating income 78,915 60,482
Gain/loss on revaluation of investment
property

68,059

563,513
OPERATING PROFIT 4 156,429 2,106,626

Interest receivable and similar income 418 -
156,847 2,106,626

Interest payable and similar expenses 5 (16,351 ) (22,646 )
PROFIT BEFORE TAXATION 140,496 2,083,980

Tax on profit 6 102,625 (504,440 )
PROFIT FOR THE FINANCIAL YEAR 243,121 1,579,540

B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 243,121 1,579,540


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

243,121

1,579,540

B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Property, plant and equipment 8 2,340,010 2,256,696
Investment property 9 1,820,000 1,750,000
4,160,010 4,006,696

CURRENT ASSETS
Inventories 10 150,200 184,000
Debtors 11 554,373 1,002,752
Cash at bank and in hand 963,503 1,484,660
1,668,076 2,671,412
CREDITORS
Amounts falling due within one year 12 (947,124 ) (1,278,220 )
NET CURRENT ASSETS 720,952 1,393,192
TOTAL ASSETS LESS CURRENT LIABILITIES 4,880,962 5,399,888

CREDITORS
Amounts falling due after more than one year 13 (191,626 ) (285,946 )

PROVISIONS FOR LIABILITIES 17 (388,685 ) (468,412 )
NET ASSETS 4,300,651 4,645,530

B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

BALANCE SHEET - continued
31 MARCH 2024

31.3.24 31.3.23
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 18 100 100
Fair value reserve 19 477,763 422,635
Retained earnings 19 3,822,788 4,222,795
SHAREHOLDERS' FUNDS 4,300,651 4,645,530


The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2024 and were signed on its behalf by:




T Haley - Director



D Holder - Director


B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 100 4,398,890 - 4,398,990

Changes in equity
Dividends - (1,333,000 ) - (1,333,000 )
Total comprehensive income - 1,156,905 422,635 1,579,540
Balance at 31 March 2023 100 4,222,795 422,635 4,645,530

Changes in equity
Dividends - (588,000 ) - (588,000 )
Total comprehensive income - 187,993 55,128 243,121
Balance at 31 March 2024 100 3,822,788 477,763 4,300,651

B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,123,262 2,014,791
Interest paid (8,241 ) (14,654 )
Interest element of hire purchase payments
paid

(8,110

)

(7,992

)
Tax paid (255,086 ) (266,434 )
Net cash from operating activities 851,825 1,725,711

Cash flows from investing activities
Purchase of tangible fixed assets (659,365 ) (568,964 )
Purchase of investment property (1,941 ) (22,427 )
Sale of tangible fixed assets 17,000 32,800
Interest received 418 -
Net cash from investing activities (643,888 ) (558,591 )

Cash flows from financing activities
Loan repayments in year (20,520 ) (198,324 )
Capital repayments in year (120,378 ) (173,177 )
Amount introduced by directors - 298,416
Amount withdrawn by directors (196 ) -
Equity dividends paid (588,000 ) (1,333,000 )
Net cash from financing activities (729,094 ) (1,406,085 )

Decrease in cash and cash equivalents (521,157 ) (238,965 )
Cash and cash equivalents at beginning of
year

2

1,484,660

1,723,625

Cash and cash equivalents at end of year 2 963,503 1,484,660

B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.24 31.3.23
£    £   
Profit before taxation 140,496 2,083,980
Depreciation charges 570,428 531,034
Profit on disposal of fixed assets (11,378 ) (6,333 )
Gain on revaluation of fixed assets (68,059 ) (563,513 )
Finance costs 16,351 22,646
Finance income (418 ) -
647,420 2,067,814
Decrease in inventories 33,800 505,300
Decrease/(increase) in trade and other debtors 471,278 (403,196 )
Decrease in trade and other creditors (29,236 ) (155,127 )
Cash generated from operations 1,123,262 2,014,791

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 963,503 1,484,660
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,484,660 1,723,625


B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 1,484,660 (521,157 ) 963,503
1,484,660 (521,157 ) 963,503
Debt
Finance leases (255,675 ) 120,378 (135,297 )
Debts falling due within 1 year (20,024 ) - (20,024 )
Debts falling due after 1 year (150,649 ) 20,520 (130,129 )
(426,348 ) 140,898 (285,450 )
Total 1,058,312 (380,259 ) 678,053

B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

B.F.A. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Revenue 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 each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost and in accordance with the property
Plant and machinery - 15% on cost
Fixtures, fittings and equipment - 15% on cost
Motor vehicles - 25% on reducing balance

Land included in freehold property is not depreciated.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for slow moving items.

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.


B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Other investments
Other investments are valued at cost less any provision for impairment.

3. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 1,580,544 1,076,611
Social security costs 181,772 112,894
Other pension costs 20,688 21,216
1,783,004 1,210,721

The average number of employees during the year was as follows:
31.3.24 31.3.23

Production and sales 24 25
Administration 5 5
29 30

B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. EMPLOYEES AND DIRECTORS - continued

31.3.24 31.3.23
£    £   
Directors' remuneration 578,010 13,478
Directors' pension contributions to money purchase schemes 2,287 -

Information regarding the highest paid director for the year ended 31 March 2024 is as follows:
31.3.24
£   
Emoluments etc 225,534

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Other operating leases 7,091 7,420
Depreciation - owned assets 477,786 428,010
Depreciation - assets on hire purchase contracts 92,643 103,023
Profit on disposal of fixed assets (11,378 ) (6,333 )
Auditors' remuneration 23,270 23,965

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Bank loan interest 8,241 13,311
Interest payable - 1,343
Hire purchase 8,110 7,992
16,351 22,646

B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax (22,899 ) 254,386

Deferred tax (79,726 ) 250,054
Tax on profit (102,625 ) 504,440

UK corporation tax was charged at 19%) in 2023.

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.24 31.3.23
£    £   
Profit before tax 140,496 2,083,980
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2023 - 19%)

26,694

395,956

Effects of:
Expenses not deductible for tax purposes 317 1,186
Income not taxable for tax purposes (2,161 ) (1,203 )
Capital allowances in excess of depreciation (34,817 ) (34,486 )
Property revaluation surplus (12,931 ) (107,067 )
Deferred tax adjustment (79,727 ) 250,054
Total tax (credit)/charge (102,625 ) 504,440

7. DIVIDENDS
31.3.24 31.3.23
£    £   
Ordinary-A shares of £1 each
Interim 489,000 1,031,000
Ordinary-B shares of £1 each
Interim 99,000 302,000
588,000 1,333,000

B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. PROPERTY, PLANT AND EQUIPMENT
Fixtures,
fittings
Freehold Plant and and Motor
property machinery equipment vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 415,100 4,798,206 286,793 1,309,863 6,809,962
Additions - 605,370 - 53,995 659,365
Disposals - (95,900 ) - (9,995 ) (105,895 )
At 31 March 2024 415,100 5,307,676 286,793 1,353,863 7,363,432
DEPRECIATION
At 1 April 2023 - 3,549,546 218,086 785,634 4,553,266
Charge for year - 408,141 19,137 143,151 570,429
Eliminated on disposal - (95,900 ) - (4,373 ) (100,273 )
At 31 March 2024 - 3,861,787 237,223 924,412 5,023,422
NET BOOK VALUE
At 31 March 2024 415,100 1,445,889 49,570 429,451 2,340,010
At 31 March 2023 415,100 1,248,660 68,707 524,229 2,256,696

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 410,000 524,940 934,940
Transfer to ownership - (524,940 ) (524,940 )
At 31 March 2024 410,000 - 410,000
DEPRECIATION
At 1 April 2023 184,500 400,369 584,869
Charge for year 61,500 31,143 92,643
Transfer to ownership - (431,512 ) (431,512 )
At 31 March 2024 246,000 - 246,000
NET BOOK VALUE
At 31 March 2024 164,000 - 164,000
At 31 March 2023 225,500 124,571 350,071

B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,750,000
Additions 1,941
Revaluations 68,059
At 31 March 2024 1,820,000
NET BOOK VALUE
At 31 March 2024 1,820,000
At 31 March 2023 1,750,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 563,513
Valuation in 2024 68,059
Cost 1,188,428
1,820,000

10. INVENTORIES
31.3.24 31.3.23
£    £   
Stocks 150,200 184,000

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 320,208 362,811
Other debtors 6,815 6,815
Taxation 22,899 -
Prepayments and accrued income 204,451 633,126
554,373 1,002,752

B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 14) 20,024 20,024
Hire purchase contracts (see note 15) 73,800 120,378
Trade creditors 426,990 501,954
Taxation - 255,086
Social security and other taxes 44,405 28,777
VAT 332,447 320,979
Other creditors 49,143 30,511
Directors' current accounts 315 511
947,124 1,278,220

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 14) 130,129 150,649
Hire purchase contracts (see note 15) 61,497 135,297
191,626 285,946

14. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 20,024 20,024

Amounts falling due between one and two years:
Bank loans - 1-2 years 20,724 20,724

Amounts falling due between two and five years:
Bank loans - 2-5 years 64,837 64,837

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 44,568 65,088

B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 73,800 120,378
Between one and five years 61,497 135,297
135,297 255,675

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 1,688 1,315

16. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 150,153 170,673
Hire purchase contracts 135,297 255,675
285,450 426,348

The bank loans have been secured by way of fixed charges over the company's freehold and investment property and a debenture incorporating a fixed and floating charge over all other company assets.

The hire purchase liabilities are secured on the assets financed.

17. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 388,685 468,412

B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 468,412
Credit to Income Statement during year (79,727 )
Balance at 31 March 2024 388,685

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
76 Ordinary-A £1 76 76
24 Ordinary-B £1 24 24
100 100

19. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2023 4,222,795 422,635 4,645,430
Profit for the year 243,121 243,121
Dividends (588,000 ) (588,000 )
Transfer of property
revaluation surplus (55,128 ) - (55,128 )
Property revaluation surplus - 55,128 55,128
At 31 March 2024 3,822,788 477,763 4,300,551

20. PENSION COMMITMENTS

The company makes payments to a defined contribution pension scheme on behalf of its employees. Amounts charged to the income statement were £20,688 (2023: £21,216) for the year. There were outstanding employer contributions of £840 (2023: £846) at the balance sheet date.

B.F.A. RECYCLING LIMITED (REGISTERED NUMBER: 05243221)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
T Haley
Balance outstanding at start of year - 297,905
Amounts repaid - (297,905 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

22. RELATED PARTY DISCLOSURES

During the year under review the company received rent at a market rate amounting to £78,915 (2023: £60,482) from family members of the director T Haley.