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COMPANY REGISTRATION NUMBER: 07775101
Entire Recycling Limited
Filleted Unaudited Financial Statements
31 August 2024
Entire Recycling Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
337,323
317,674
Current assets
Debtors
6
83,556
106,283
Cash at bank and in hand
33,929
82,031
---------
---------
117,485
188,314
Creditors: amounts falling due within one year
7
166,810
262,340
---------
---------
Net current liabilities
49,325
74,026
---------
---------
Total assets less current liabilities
287,998
243,648
Creditors: amounts falling due after more than one year
8
84,372
66,506
Provisions
Taxation including deferred tax
63,457
59,660
---------
---------
Net assets
140,169
117,482
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
140,167
117,480
---------
---------
Shareholders funds
140,169
117,482
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 August 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Entire Recycling Limited
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 16 January 2025 , and are signed on behalf of the board by:
A J Wheat
Director
Company registration number: 07775101
Entire Recycling Limited
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill, 9 Soar Lane, Leicester, LE3 5DE.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
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:
Leasehold improvements
-
20% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
15 % straight line
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Land and buildings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 September 2023
3,873
30,430
661,307
695,610
Additions
73,500
37,926
111,426
Disposals
( 3,430)
( 3,430)
-------
---------
---------
---------
At 31 August 2024
3,873
100,500
699,233
803,606
-------
---------
---------
---------
Depreciation
At 1 September 2023
3,873
27,274
346,789
377,936
Charge for the year
789
90,874
91,663
Disposals
( 3,316)
( 3,316)
-------
---------
---------
---------
At 31 August 2024
3,873
24,747
437,663
466,283
-------
---------
---------
---------
Carrying amount
At 31 August 2024
75,753
261,570
337,323
-------
---------
---------
---------
At 31 August 2023
3,156
314,518
317,674
-------
---------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
83,042
100,563
Other debtors
514
5,720
--------
---------
83,556
106,283
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7,500
10,000
Trade creditors
48,597
71,469
Corporation tax
23,679
51,862
Social security and other taxes
11,554
34,939
Other creditors
75,480
94,070
---------
---------
166,810
262,340
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,000
17,500
Other creditors
7,777
Other creditors
74,372
41,229
--------
--------
84,372
66,506
--------
--------