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Filleted
Registration number: 03629750

Carmarthenshire Recycling & Environmental Services Ltd

trading as C.R.E.S.

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Carmarthenshire Recycling & Environmental Services Ltd

trading as C.R.E.S.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Carmarthenshire Recycling & Environmental Services Ltd

trading as C.R.E.S.

Company Information

Directors

Ms H A Jones

Mr J E Jones

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

Accountants

LHP Accountants Ltd
Chartered Certified Accountants
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Carmarthenshire Recycling & Environmental Services Ltd

trading as C.R.E.S.

(Registration number: 03629750)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

36,500

58,400

Tangible assets

5

701,183

766,179

Investment property

6

97,558

97,558

 

835,241

922,137

Current assets

 

Debtors

8

242,799

229,243

Other financial assets

7

282,000

282,000

Cash at bank and in hand

 

101,962

235,807

 

626,761

747,050

Creditors: Amounts falling due within one year

9

(154,797)

(180,447)

Net current assets

 

471,964

566,603

Total assets less current liabilities

 

1,307,205

1,488,740

Creditors: Amounts falling due after more than one year

9

(16,156)

(25,904)

Provisions for liabilities

(39,946)

(53,744)

Net assets

 

1,251,103

1,409,092

Capital and reserves

 

Called up share capital

10

10,000

10,000

Retained earnings

1,241,103

1,399,092

Shareholders' funds

 

1,251,103

1,409,092

For the financial year ending 31 December 2023 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.

 

Carmarthenshire Recycling & Environmental Services Ltd

trading as C.R.E.S.

(Registration number: 03629750)
Balance Sheet as at 31 December 2023

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 7 November 2024 and signed on its behalf by:
 

.........................................
Mr J E Jones
Director

   
     
 

Carmarthenshire Recycling & Environmental Services Ltd

trading as C.R.E.S.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

The principal place of business is:
Cillefwr Industrial Estate
Johnstown
Carmarthen
SA31 3RB

These financial statements were authorised for issue by the Board on 7 November 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 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 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.

 

Carmarthenshire Recycling & Environmental Services Ltd

trading as C.R.E.S.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises 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

Land sites

No depreciation & 15% Straight Line

Plant & Machinery including Containers & Portcabins

20% Straight Line

Office & Computer Equipment

20% Straight Line

Motor Vehicles

25% straight Line

Transfer Station & Building

5% & 10% Straight Line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Carmarthenshire Recycling & Environmental Services Ltd

trading as C.R.E.S.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

15% 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.

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.

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

 

Carmarthenshire Recycling & Environmental Services Ltd

trading as C.R.E.S.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year
was 11 (2022 - 11).

 

Carmarthenshire Recycling & Environmental Services Ltd

trading as C.R.E.S.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

146,000

146,000

At 31 December 2023

146,000

146,000

Amortisation

At 1 January 2023

87,600

87,600

Amortisation charge

21,900

21,900

At 31 December 2023

109,500

109,500

Carrying amount

At 31 December 2023

36,500

36,500

At 31 December 2022

58,400

58,400

 

Carmarthenshire Recycling & Environmental Services Ltd

trading as C.R.E.S.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Land and buildings
£

Short leasehold land and buildings
£

Containers
 £

Transfer Station
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 January 2023

661,682

11,000

559,666

375,582

327,934

24,631

289,856

At 31 December 2023

661,682

11,000

559,666

375,582

327,934

24,631

289,856

Depreciation

At 1 January 2023

119,359

11,000

521,288

278,628

302,796

19,996

231,105

Charge for the year

922

-

26,927

-

8,984

1,303

26,860

At 31 December 2023

120,281

11,000

548,215

278,628

311,780

21,299

257,965

Carrying amount

At 31 December 2023

541,401

-

11,451

96,954

16,154

3,332

31,891

At 31 December 2022

542,323

-

38,378

96,954

25,138

4,635

58,751

 

Carmarthenshire Recycling & Environmental Services Ltd

trading as C.R.E.S.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Total
£

Cost or valuation

At 1 January 2023

2,250,351

At 31 December 2023

2,250,351

Depreciation

At 1 January 2023

1,484,172

Charge for the year

64,996

At 31 December 2023

1,549,168

Carrying amount

At 31 December 2023

701,183

At 31 December 2022

766,179

Included within the net book value of land and buildings above is £541,401 (2022 - £542,323) in respect of freehold land and buildings and £Nil (2022 - £Nil) in respect of short leasehold land and buildings.
 

 

Carmarthenshire Recycling & Environmental Services Ltd

trading as C.R.E.S.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Investment properties

2023
£

At 1 January

97,558

At 31 December

97,558

There has been no valuation of investment property by an independent valuer.

 

Carmarthenshire Recycling & Environmental Services Ltd

trading as C.R.E.S.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Current financial assets

Cost or valuation

Additions

282,000

282,000

At 31 December 2023

282,000

282,000

Impairment

Carrying amount

At 31 December 2023

282,000

282,000

8

Debtors

Current

2023
£

2022
£

Trade debtors

198,328

168,324

Prepayments

44,471

16,427

Other debtors

-

44,492

 

242,799

229,243

9

Creditors

Creditors: amounts falling due within one year

 

Carmarthenshire Recycling & Environmental Services Ltd

trading as C.R.E.S.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

9,627

9,748

Trade creditors

 

62,149

70,989

Taxation and social security

 

26,470

25,914

Other creditors

 

56,551

64,075

Corporation tax liability

 

-

9,721

 

154,797

180,447

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

16,156

25,904

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

10,000

10,000

10,000

10,000

       

11

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

16,156

25,904

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,627

9,748