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REGISTERED NUMBER: 05271814 (England and Wales)















Financial Statements For The Year Ended 31 March 2024

for

Recycle Force Limited

Recycle Force Limited (Registered number: 05271814)

Contents of the Financial Statements
For The Year Ended 31 March 2024










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Recycle Force Limited

Company Information
For The Year Ended 31 March 2024







Directors: R J Kirk
M A Blake
C C Keat



Registered office: Crown House
Gretton Brook Road
Earlstrees Industrial Estate
Corby
NN17 4BA



Registered number: 05271814 (England and Wales)



Senior statutory auditor: Richard Wilch, FCCA



Auditors: Cottons Accountants LLP
The Stables
Church Walk
Daventry
Northamptonshire
NN11 4BL

Recycle Force Limited (Registered number: 05271814)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
Fixed assets
Tangible assets 4 2,871,077 2,902,954
Investments 5 100 100
2,871,177 2,903,054

Current assets
Stocks 103,246 68,054
Debtors 6 1,103,789 1,242,330
Cash at bank 226,521 315,464
1,433,556 1,625,848
Creditors
Amounts falling due within one year 7 1,678,943 1,853,347
Net current liabilities (245,387 ) (227,499 )
Total assets less current liabilities 2,625,790 2,675,555

Creditors
Amounts falling due after more than
one year

8

(480,190

)

(492,456

)

Provisions for liabilities (454,024 ) (599,336 )
Net assets 1,691,576 1,583,763

Capital and reserves
Called up share capital 11 1,403 1,403
Other reserves 597 597
Retained earnings 1,689,576 1,581,763
Shareholders' funds 1,691,576 1,583,763

Recycle Force Limited (Registered number: 05271814)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of income and retained earnings for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 June 2024 and were signed on its behalf by:





R J Kirk - Director


Recycle Force Limited (Registered number: 05271814)

Notes to the Financial Statements
For The Year Ended 31 March 2024


1. Company information

Recycle Force 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

Accounting convention
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section IA of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102 being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has, therefore, taken advantage of exemptions from the following disclosure requirements.

• Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;
• Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
• Section 33 'Related Party Disclosures': Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Blue Planet Environmental Solutions (UK) Ltd. These consolidated financial statements are available from its registered office at St. Martin's Court, 10 Paternoster Row, London, England, EC4M 7EJ.

Going concern
At the time of approving the financial statements the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing these financial statements.

Recycle Force Limited (Registered number: 05271814)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024


2. Accounting policies - continued

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:


Property improvements25 years
Plant and equipment10 years
Fixtures and fittings3 years
Motor vehicles5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Recycle Force Limited (Registered number: 05271814)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024


2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.


Recycle Force Limited (Registered number: 05271814)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024


2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
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.

Recycle Force Limited (Registered number: 05271814)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024


2. Accounting policies - continued

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

3. Employees and directors

The average number of employees during the year was 29 (2023 - 31 ) .

Recycle Force Limited (Registered number: 05271814)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024


4. Tangible fixed assets
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
Cost
At 1 April 2023 349,336 3,107,469 3,994
Additions - 484,560 199
Disposals - (36,000 ) -
At 31 March 2024 349,336 3,556,029 4,193
Depreciation
At 1 April 2023 72,141 1,198,875 2,598
Charge for year 15,678 301,238 535
Eliminated on disposal - (3,000 ) -
At 31 March 2024 87,819 1,497,113 3,133
Net book value
At 31 March 2024 261,517 2,058,916 1,060
At 31 March 2023 277,195 1,908,594 1,396

Motor Computer
vehicles systems Totals
£    £    £   
Cost
At 1 April 2023 1,014,166 38,537 4,513,502
Additions 28,996 4,550 518,305
Disposals (70,643 ) - (106,643 )
At 31 March 2024 972,519 43,087 4,925,164
Depreciation
At 1 April 2023 307,955 28,979 1,610,548
Charge for year 184,120 6,444 508,015
Eliminated on disposal (61,476 ) - (64,476 )
At 31 March 2024 430,599 35,423 2,054,087
Net book value
At 31 March 2024 541,920 7,664 2,871,077
At 31 March 2023 706,211 9,558 2,902,954

Recycle Force Limited (Registered number: 05271814)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024


5. Fixed asset investments
Shares
,group
undertaki
£   
Cost
At 1 April 2023
and 31 March 2024 100
Net book value
At 31 March 2024 100
At 31 March 2023 100

6. Debtors: amounts falling due within one year
31.3.24 31.3.23
£    £   
Trade debtors 1,052,334 1,084,348
Amounts owed by participating interests - 16,312
Amounts owed by associates 2,769 2,352
Other debtors 48,686 139,318
1,103,789 1,242,330

7. Creditors: amounts falling due within one year
31.3.24 31.3.23
£    £   
Bank loans and overdrafts - 162,500
Hire purchase contracts (see note 9) 255,585 242,804
Trade creditors 984,434 905,000
Amounts owed to associates 100 100
Taxation and social security 15,629 8,201
Other creditors 423,195 534,742
1,678,943 1,853,347

8. Creditors: amounts falling due after more than one year
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 9) 480,190 492,456

Recycle Force Limited (Registered number: 05271814)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024


9. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 255,585 242,804
Between one and five years 480,190 492,456
735,775 735,260

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year - 4,132
Between one and five years 112,318 112,318
112,318 116,450

10. Secured debts

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 735,775 735,260
Invoice discount facility 605,241 517,801
1,341,016 1,253,061

Hire purchase contracts are secured on plant & machinery.
The invoice discount facility is secured on trade debtors.

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
1,403 Ordinary shares £1 1,403 1,403

Recycle Force Limited (Registered number: 05271814)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024


12. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the auditors was unqualified.

Richard Wilch, FCCA (Senior Statutory Auditor)
for and on behalf of Cottons Accountants LLP

13. Directors' advances, credits and guarantees

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

31.3.24 31.3.23
£    £   
R J Kirk
Balance outstanding at start of year 44,087 (373 )
Amounts advanced 1,095 52,960
Amounts repaid (45,120 ) (8,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 62 44,087

14. Related party disclosures

The company rents its business premises from TNRK Properties Limited; Mr R Kirk is a director of and shareholder in both companies. The rent is charged at market value: 2024: £105,000 (2023: £147,917).

15. Auditor liability limitation agreement

Upon appointment of Cottons Accountants LLP as auditors, the company entered into a limitation liability agreement with the auditors and this was approved by resolution on 27th March 2024. Liability is limited to the lesser of 20 times the audit fee or £120,000. In accordance with section 537 of CA06, the effect of the liability limitation agreement is to limit the auditor's liability to less than such amount as is fair and reasonable, as determined by that section, the agreement shall have effect as if it limited the liability to such amount as is fair and reasonable, as so determined.

The agreement limits the liability owed to the company by the auditors in respect of any negligence, default or breach of duty, or breach of trust, occurring in the course of the audit of the accounts for the year ending 31st March 2024.

The agreement does not limit liability for any instance of fraud or dishonesty on behalf of the auditor or any other liability that cannot be excluded or restricted by applicable laws or regulations.

Recycle Force Limited (Registered number: 05271814)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024


16. Ultimate controlling party

The ultimate controlling entity is Blue Planet Environmental Solutions PTE. Ltd, Incorporated in Singapore.