Year Ended
Registration number:
South West Recycling Holdings Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
South West Recycling Holdings Limited
Balance Sheet
31 May 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investments |
- |
- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Shareholders' deficit |
( |
( |
South West Recycling Holdings Limited
Balance Sheet
31 May 2024
For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 08030635
South West Recycling Holdings Limited
Notes to the Unaudited Financial Statements
Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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
Due to the underlying performance of the company and the net liability position, it is the opinion of the directors that the company is no longer a going concern and the financial statements have therefore been prepared on a basis other than going concern. The carrying value of assets and liabilities has not been modified as, in the opinion of the directors, all known liabilities are already reflected in the balance sheet and all known assets are shown at their recoverable value.
The new Directors intentions are to close out the remaining activities of the Company, and fully wind up the Company in due course.
Key sources of estimation uncertainty
The key judgement that has a significant impact on the financial statements is in respect of going concern, as described above.
In the opinion of the directors, there are no key sources of estimation uncertainty as at 31 May 2023.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
South West Recycling Holdings Limited
Notes to the Unaudited Financial Statements
Year Ended 31 May 2024
Financial instruments
Classification
Recognition and measurement
Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractually provisions of the instrument, and are offset only when the Company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Staff numbers |
The average number of persons employed by the company during the year, was
Investments |
2024 |
2023 |
Subsidiaries |
£ 000 |
Cost or valuation |
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At 1 June 2023 |
- |
At 31 May 2024 |
- |
Impairment |
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At 1 June 2023 |
- |
Carrying amount |
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At 31 May 2024 |
- |
At 31 May 2023 |
- |
South West Recycling Holdings Limited
Notes to the Unaudited Financial Statements
Year Ended 31 May 2024
Debtors |
2024 |
2023 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Other creditors |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. 000 |
£ 000 |
No. 000 |
£ 000 |
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105 |
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105 |
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45 |
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45 |
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Financial commitments, guarantees and contingencies |
There are contingent liabilties in respect of performance guarantees entered into in the normal course of business amounting to £102,000 (2023 - £81,000).
Related party transactions |
At the year end the company owed £400,000 (2022 - £400,000) to a company connected by virtue of common directorship. This loan is interest free and repayable on demand