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REGISTERED NUMBER: 05088920 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

RECYCLING ENGINEERS SERVICES LIMITED

RECYCLING ENGINEERS SERVICES LIMITED (REGISTERED NUMBER: 05088920)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 29 February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


RECYCLING ENGINEERS SERVICES LIMITED

COMPANY INFORMATION
for the Year Ended 29 February 2024







DIRECTORS: B T E Smart
N Walton
S M Whitty





REGISTERED OFFICE: Whitebridge Park
Meare Road
Glastonbury
BA6 9QY





REGISTERED NUMBER: 05088920 (England and Wales)





AUDITORS: Fairhurst Audit Services Ltd
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

RECYCLING ENGINEERS SERVICES LIMITED (REGISTERED NUMBER: 05088920)

STATEMENT OF FINANCIAL POSITION
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 150,294 123,155

CURRENT ASSETS
Stocks 526,366 435,656
Debtors 5 1,084,144 939,946
Cash at bank 89,617 4,136
1,700,127 1,379,738
CREDITORS
Amounts falling due within one year 6 604,095 380,575
NET CURRENT ASSETS 1,096,032 999,163
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,246,326

1,122,318

CREDITORS
Amounts falling due after more than one year 7 (110,916 ) (142,742 )

PROVISIONS FOR LIABILITIES (31,442 ) (19,036 )
NET ASSETS 1,103,968 960,540

CAPITAL AND RESERVES
Called up share capital 105 105
Share premium 7,495 7,495
Retained earnings 1,096,368 952,940
1,103,968 960,540

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 28 November 2024 and were signed on its behalf by:





B T E Smart - Director


RECYCLING ENGINEERS SERVICES LIMITED (REGISTERED NUMBER: 05088920)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Recycling Engineers Services 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.

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


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover 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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - over the remaining term of the lease
Plant and machinery - at varying rates on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and 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 statement of financial position date.


RECYCLING ENGINEERS SERVICES LIMITED (REGISTERED NUMBER: 05088920)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 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 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
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 9 ) .

RECYCLING ENGINEERS SERVICES LIMITED (REGISTERED NUMBER: 05088920)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2023 185,350 349,907 535,257
Additions - 74,002 74,002
Disposals - (18,000 ) (18,000 )
At 29 February 2024 185,350 405,909 591,259
DEPRECIATION
At 1 March 2023 145,112 266,990 412,102
Charge for year 18,535 28,328 46,863
Eliminated on disposal - (18,000 ) (18,000 )
At 29 February 2024 163,647 277,318 440,965
NET BOOK VALUE
At 29 February 2024 21,703 128,591 150,294
At 28 February 2023 40,238 82,917 123,155

The net book value of tangible fixed assets includes £ 60,200 (2023 - £ 73,123 ) in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 330,378 242,407
Amounts owed by group undertakings 738,661 695,549
Other debtors 15,105 1,990
1,084,144 939,946

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 29,729 16,149
Trade creditors 182,679 126,365
Amounts owed to group undertakings 13,357 3,419
Taxation and social security 166,474 116,442
Other creditors 211,856 118,200
604,095 380,575

RECYCLING ENGINEERS SERVICES LIMITED (REGISTERED NUMBER: 05088920)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 59,066 47,438
Other creditors 51,850 95,304
110,916 142,742

8. SECURED DEBTS

RBS holds a fixed and floating charge over all property and undertakings of the company.
The charge was created on 10th February 2021.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jane Dennis BA(Hons) FCA (Senior Statutory Auditor)
for and on behalf of Fairhurst Audit Services Ltd

10. ULTIMATE CONTROLLING PARTY

The parent company is WICB Group Limited.

In the opinion of the directors, the ultimate controlling party is Mr Ben Smart, by means of his shareholding in the Ultimate Parent company, WICB Holdings Limited.