5 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 150,000 150,000 150,000 xbrli:pure xbrli:shares iso4217:GBP 06018556 2023-05-01 2024-04-30 06018556 2024-04-30 06018556 2023-04-30 06018556 2022-05-01 2023-04-30 06018556 2023-04-30 06018556 2022-04-30 06018556 core:PlantMachinery 2023-05-01 2024-04-30 06018556 core:MotorVehicles 2023-05-01 2024-04-30 06018556 bus:Director1 2023-05-01 2024-04-30 06018556 core:PlantMachinery 2023-04-30 06018556 core:MotorVehicles 2023-04-30 06018556 core:PlantMachinery 2024-04-30 06018556 core:MotorVehicles 2024-04-30 06018556 core:WithinOneYear 2024-04-30 06018556 core:WithinOneYear 2023-04-30 06018556 core:RetainedEarningsAccumulatedLosses 2024-04-30 06018556 core:RetainedEarningsAccumulatedLosses 2023-04-30 06018556 core:CostValuation core:Non-currentFinancialInstruments 2024-04-30 06018556 core:Non-currentFinancialInstruments 2024-04-30 06018556 core:Non-currentFinancialInstruments 2023-04-30 06018556 core:PlantMachinery 2023-04-30 06018556 core:MotorVehicles 2023-04-30 06018556 bus:SmallEntities 2023-05-01 2024-04-30 06018556 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 06018556 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 06018556 bus:CompanyLimitedByGuarantee 2023-05-01 2024-04-30 06018556 bus:FullAccounts 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: 06018556
MID-SUSSEX WOOD RECYCLING PROJECT LIMITED
Company Limited by Guarantee
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2024
MID-SUSSEX WOOD RECYCLING PROJECT LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
21,671
20,559
Investments
7
150,000
150,000
----------
----------
171,671
170,559
Current assets
Stocks
1,072
1,072
Debtors
8
19,152
23,317
Cash at bank and in hand
12,677
34,479
---------
---------
32,901
58,868
Creditors: amounts falling due within one year
9
28,140
17,413
---------
---------
Net current assets
4,761
41,455
----------
----------
Total assets less current liabilities
176,432
212,014
Provisions
Taxation including deferred tax
6,882
5,140
----------
----------
Net assets
169,550
206,874
----------
----------
Capital and reserves
Profit and loss account
169,550
206,874
----------
----------
Members funds
169,550
206,874
----------
----------
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 statement of comprehensive income has not been delivered.
For the year ending 30 April 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 .
MID-SUSSEX WOOD RECYCLING PROJECT LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
Mr D Treadwell
Director
Company registration number: 06018556
MID-SUSSEX WOOD RECYCLING PROJECT LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Garden Flat, 39 Surrenden Road, Brighton, East Sussex, BN1 6PQ. The principle place of business is The Old Dairy Barn, Brooklands Farm, Rocky Lane, Haywards Heath, RH16 4RR. The principal activity of the company during the year was that of wood recycling.
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.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
The directors consider that the uncertainty caused in the industry as a result of Coronavirus and the restrictions put in place by the government should not materially affect the company's ability to continue as a going concern.
The company may take advantage of the support packages offered by the government, as appropriate and will continue to review and monitor costs as the situation develops.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
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:
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Detail within investment policy that Interest received from the investment are recognised as income in the profit and loss account.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Company limited by guarantee
The company is limited by guarantee with no share capital. Any surplus from the activities of the company shall in due course be applied in the carrying out of the objectives.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023
3,912
42,790
46,702
Additions
8,320
8,320
-------
---------
---------
At 30 April 2024
3,912
51,110
55,022
-------
---------
---------
Depreciation
At 1 May 2023
3,673
22,470
26,143
Charge for the year
48
7,160
7,208
-------
---------
---------
At 30 April 2024
3,721
29,630
33,351
-------
---------
---------
Carrying amount
At 30 April 2024
191
21,480
21,671
-------
---------
---------
At 30 April 2023
239
20,320
20,559
-------
---------
---------
7. Investments
Other investments other than loans
£
Cost
At 1 May 2023 and 30 April 2024
150,000
----------
Impairment
At 1 May 2023 and 30 April 2024
----------
Carrying amount
At 30 April 2024
150,000
----------
At 30 April 2023
150,000
----------
8. Debtors
2024
2023
£
£
Trade debtors
6,122
8,569
Other debtors
13,030
14,748
---------
---------
19,152
23,317
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
2,715
3,221
Other creditors
25,425
14,192
---------
---------
28,140
17,413
---------
---------
10. Directors' loans
The company was under the control of Mr Treadwell throughout the current and previous year. At 30th April 2024, the company owed Mr Treadwell £24,165 (2023: £12,932).