Registered number
06595260
Fry Waste Limited
Filleted Accounts
31 May 2024
Fry Waste Limited
Registered number: 06595260
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 27,531 34,122
Current assets
Stocks 798 798
Debtors 5 8,130 977
Cash at bank and in hand 968,177 862,813
977,105 864,588
Creditors: amounts falling due within one year 6 (215,000) (228,932)
Net current assets 762,105 635,656
Total assets less current liabilities 789,636 669,778
Creditors: amounts falling due after more than one year 7 - (15,880)
Net assets 789,636 653,898
Capital and reserves
Called up share capital 101 101
Profit and loss account 789,535 653,797
Shareholders' funds 789,636 653,898
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A G Brett
Director
Approved by the board on 10 January 2025
Fry Waste Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 9,000
At 31 May 2024 9,000
Amortisation
At 1 June 2023 9,000
At 31 May 2024 9,000
Net book value
At 31 May 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 2,286 68,073 70,359
Additions 113 20,198 20,311
Disposals - (46,824) (46,824)
At 31 May 2024 2,399 41,447 43,846
Depreciation
At 1 June 2023 1,825 34,412 36,237
Charge for the year 144 9,034 9,178
On disposals - (29,100) (29,100)
At 31 May 2024 1,969 14,346 16,315
Net book value
At 31 May 2024 430 27,101 27,531
At 31 May 2023 461 33,661 34,122
5 Debtors 2024 2023
£ £
Trade debtors 5,612 -
Other debtors 2,518 977
8,130 977
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 3,737
Trade creditors 7,280 4,095
Taxation and social security costs 70,593 28,618
Other creditors 137,127 192,482
215,000 228,932
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 15,880
8 Loans from directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
A G Brett
Directors Loan Account 191,657 (83,105) 27,683 136,235
191,657 (83,105) 27,683 136,235
9 Controlling party
The company is controlled by A G Brett by virtue of his shareholding.
10 Other information
Fry Waste Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Bridge Street
Church Gresley
Swadlincote
Derbyshire
DE11 8EL
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