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Registration number: 06594786

Commercial Recycling (Southern) Limited

Annual Report and Financial Statements Year Ended 30 April 2024

image-name

Chartered Accountants

 

Commercial Recycling (Southern) Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Balance Sheet

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Financial Statements

12 to 24

 

Commercial Recycling (Southern) Limited

Company Information

Directors

Mr I Mariner

Mr S Mariner

Mr J J Howarth

Company secretary

Mr I Mariner

Registered office

Energy Control Centre
Arena Way
Wimborne
Dorset
BH21 3BW

Auditors

Ward Goodman Audit Services Limited
Chartered Accountants
4 Cedar Park,
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF

 

Commercial Recycling (Southern) Limited

Strategic Report for the Year Ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

Principal activity

The principal activity of the company is waste disposal and recycling facilities, hazardous waste management and waste collection

Fair review of the business

Canford Waste experienced a reduction in waste brought in compared with FY23, Southwood Waste saw an increase in waste in compared with FY 23. The Aggregate business had the best result in 3 years in FY24 with higher revenue and reduced cost of sales, this is a positive sign for the future.
Future notes for CRSL is that as of 01/05/2024 the company has formed a closer working relationship with AMS, which should improve customer experience.

Principal risks and uncertainties

Uncertainty in the global financial markets remains a major risk for the business with any downturn in the construction industry directly impacting business activity. Increases in the cost of living, utilities and fuel remain a significant risk.

Approved by the Board on 22 January 2025 and signed on its behalf by:


Mr I Mariner
Company secretary and director

 

Commercial Recycling (Southern) Limited

Directors' Report
for the Year Ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr I Mariner - Company secretary and director

Mr S Mariner

Mr J J Howarth

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 22 January 2025 and signed on its behalf by:


Mr I Mariner
Company secretary and director

 

Commercial Recycling (Southern) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Commercial Recycling (Southern) Limited

Independent Auditor's Report to the Members of Commercial Recycling (Southern) Limited

Opinion

We have audited the financial statements of Commercial Recycling (Southern) Limited (the 'company') for the year ended 30 April 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

 

Commercial Recycling (Southern) Limited

Independent Auditor's Report to the Members of Commercial Recycling (Southern) Limited

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the group and the sector in which they operate.
- We obtained an understanding of how the company and the group are complying with those legal and regulatory frameworks by making inquires to the management and we corroborated our inquiries through our review or board reports.
- We assessed the susceptibility of the company and the group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Commercial Recycling (Southern) Limited

Independent Auditor's Report to the Members of Commercial Recycling (Southern) Limited

Other Matters
The comparative financial statements are unaudited.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.





I M Rodd BSc FCA FCCA (Senior Statutory Auditor)
For and on behalf of Ward Goodman Audit Services Limited, Statutory Auditor

4 Cedar Park,
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF

22 January 2025

 

Commercial Recycling (Southern) Limited

Profit and Loss Account
for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

3

15,810,391

13,320,225

Cost of sales

 

(11,214,683)

(9,987,790)

Gross profit

 

4,595,708

3,332,435

Administrative expenses

 

(4,091,445)

(3,433,756)

Other operating income

4

101,419

88,055

Operating profit/(loss)

6

605,682

(13,266)

Other interest receivable and similar income

7

25,416

9,300

Interest payable and similar expenses

8

(156,948)

(99,298)

   

(131,532)

(89,998)

Profit/(loss) before tax

 

474,150

(103,264)

Tax on profit/(loss)

12

(20,913)

291,383

Profit for the financial year

 

453,237

188,119

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Commercial Recycling (Southern) Limited

(Registration number: 06594786)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

13

6,803,519

6,721,442

Investments

14

52

52

 

6,803,571

6,721,494

Current assets

 

Debtors

15

4,371,988

3,090,878

Cash at bank and in hand

 

895,087

1,334,893

 

5,267,075

4,425,771

Creditors: Amounts falling due within one year

17

(3,407,540)

(2,936,141)

Net current assets

 

1,859,535

1,489,630

Total assets less current liabilities

 

8,663,106

8,211,124

Creditors: Amounts falling due after more than one year

17

(3,099,524)

(2,995,805)

Provisions for liabilities

18

(436,659)

(541,633)

Net assets

 

5,126,923

4,673,686

Capital and reserves

 

Called up share capital

200,000

200,000

Retained earnings

4,926,923

4,473,686

Shareholders' funds

 

5,126,923

4,673,686

Approved and authorised by the Board on 22 January 2025 and signed on its behalf by:
 


Mr I Mariner
Company secretary and director

   
     
 

Commercial Recycling (Southern) Limited

Statement of Changes in Equity
for the Year Ended 30 April 2024

Share capital
£

Retained earnings
£

Total
£

At 1 May 2023

200,000

4,473,686

4,673,686

Profit for the year

-

453,237

453,237

At 30 April 2024

200,000

4,926,923

5,126,923

Share capital
£

Retained earnings
£

Total
£

At 1 May 2022

200,000

4,785,567

4,985,567

Profit for the year

-

188,119

188,119

Dividends

-

(500,000)

(500,000)

At 30 April 2023

200,000

4,473,686

4,673,686

 

Commercial Recycling (Southern) Limited

Statement of Cash Flows
for the Year Ended 30 April 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

453,237

188,119

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

1,373,870

1,210,922

Profit on disposal of tangible assets

5

(200,247)

(162,789)

Finance income

7

(25,416)

(9,300)

Finance costs

8

156,948

99,298

Income tax expense

12

20,913

(291,383)

 

1,779,305

1,034,867

Working capital adjustments

 

Increase in trade debtors

15

(1,406,997)

(982,252)

Increase/(decrease) in trade creditors

17

425,475

(15,939)

Cash generated from operations

 

797,783

36,676

Income taxes received

12

-

180,107

Net cash flow from operating activities

 

797,783

216,783

Cash flows from investing activities

 

Interest received

7

25,416

9,300

Acquisition of subsidiaries

14

-

(2)

Acquisitions of tangible assets

(1,872,327)

(1,817,277)

Proceeds from sale of tangible assets

 

616,626

289,880

Acquisition of investments in joint ventures and associates

14

-

(50)

Net cash flows from investing activities

 

(1,230,285)

(1,518,149)

Cash flows from financing activities

 

Interest paid

8

(156,948)

(99,298)

Proceeds from bank borrowing draw downs

 

(89,234)

(86,496)

Payments to finance lease creditors

 

238,878

652,724

Dividends paid

23

-

(500,000)

Net cash flows from financing activities

 

(7,304)

(33,070)

Net decrease in cash and cash equivalents

 

(439,806)

(1,334,436)

Cash and cash equivalents at 1 May

 

1,334,893

2,669,329

Cash and cash equivalents at 30 April

 

895,087

1,334,893

 

Commercial Recycling (Southern) Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Energy Control Centre
Arena Way
Wimborne
Dorset
BH21 3BW
England

These financial statements were authorised for issue by the Board on 22 January 2025.

2

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom 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

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Commercial Recycling (Southern) Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Land no depreciation, buildings straight line basis various rates between 10-12%

Plant and machinery

straight line basis various rates 10-80%

Motor vehicles

straight line basis various rates 40-75%

Office equipment

straight line basis various rates 33-80%

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Commercial Recycling (Southern) Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Commercial Recycling (Southern) Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Commercial Recycling (Southern) Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

15,810,391

13,320,225

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Sub lease rental income

101,419

88,055

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of Tangible assets

200,247

162,789

6

Operating profit/(loss)

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,373,870

1,210,922

Profit on disposal of property, plant and equipment

(200,247)

(162,789)

7

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

25,416

9,300

8

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

49,706

52,443

Interest on obligations under finance leases and hire purchase contracts

106,613

46,855

Interest expense on other finance liabilities

629

-

156,948

99,298

 

Commercial Recycling (Southern) Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,941,927

2,385,245

Employers NI

167,277

201,199

Pension costs, defined contribution scheme

53,703

73,716

Other employee expense

64,737

62,288

2,227,644

2,722,448

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

36

35

Administration and support

5

8

Sales, marketing and distribution

1

1

42

44

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

194,496

316,446

Contributions paid to money purchase schemes

16,800

26,883

211,296

343,329

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Received or were entitled to receive shares under long term incentive schemes

-

2

11

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

13,866

13,750


 

 

Commercial Recycling (Southern) Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024

12

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax adjustment to prior periods

125,887

(474,445)

Deferred taxation

Arising from origination and reversal of timing differences

(104,974)

183,062

Tax expense/(receipt) in the income statement

20,913

(291,383)

13

Tangible assets

Land and buildings
£

Computer equipment
 £

Motor vehicles
 £

Plant and machinery
£

Cost or valuation

At 1 May 2023

4,807,422

27,170

90,206

6,744,832

Additions

79,453

798

-

1,792,076

Disposals

-

-

(56,760)

(1,470,371)

At 30 April 2024

4,886,875

27,968

33,446

7,066,537

Depreciation

At 1 May 2023

1,045,959

21,954

44,963

3,835,313

Charge for the year

300,895

3,387

16,864

1,052,724

Eliminated on disposal

-

-

(28,381)

(1,082,371)

At 30 April 2024

1,346,854

25,341

33,446

3,805,666

Carrying amount

At 30 April 2024

3,540,021

2,627

-

3,260,871

At 30 April 2023

3,761,463

5,216

45,243

2,909,520

 

Commercial Recycling (Southern) Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024

Total
£

Cost or valuation

At 1 May 2023

11,669,630

Additions

1,872,327

Disposals

(1,527,131)

At 30 April 2024

12,014,826

Depreciation

At 1 May 2023

4,948,189

Charge for the year

1,373,870

Eliminated on disposal

(1,110,752)

At 30 April 2024

5,211,307

Carrying amount

At 30 April 2024

6,803,519

At 30 April 2023

6,721,442

Included within the net book value of land and buildings above is £3,540,021 (2023 - £3,761,463) in respect of freehold land and buildings.
 

14

Investments

2024
£

2023
£

Investments in subsidiaries

2

2

Investments in joint ventures

50

50

52

52

Subsidiaries

£

Cost or valuation

At 1 May 2023

2

Provision

Carrying amount

At 30 April 2024

2

At 30 April 2023

2

Joint ventures

£

Cost

At 1 May 2023

50

Provision

Carrying amount

At 30 April 2024

50

At 30 April 2023

50

 

Commercial Recycling (Southern) Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Stour Valley Aggregates Limited

Canford Recycling Centre, Arena Way, Wimborne England BH21 3BW

England

Ordinary shares

100%

100%

Stour Valley Concrete Products Limited

Canford Recycling Centre, Arena Way, Wimborne, England, BH21 3BW

England

Ordinary shares

100%

100%

 

Commercial Recycling (Southern) Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024

15

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

3,935,503

2,438,711

Amounts owed by related parties

24

666

986

Other debtors

 

378

256,200

Prepayments

 

309,594

143,247

Income tax asset

12

125,847

251,734

   

4,371,988

3,090,878

16

Cash and cash equivalents

2024
£

2023
£

Cash at bank

8,107

115,299

Short-term deposits

886,980

1,219,594

895,087

1,334,893

17

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

21

909,374

863,450

Trade creditors

 

2,190,639

1,625,505

Social security and other taxes

 

55,922

79,755

Accruals

 

251,605

367,431

 

3,407,540

2,936,141

Due after one year

 

Loans and borrowings

21

3,099,524

2,995,805

18

Provisions for liabilities

Deferred tax
£

Total
£

At 1 May 2023

541,633

541,633

Increase (decrease) in existing provisions

(104,974)

(104,974)

At 30 April 2024

436,659

436,659

Deferred tax is recognised on accelerated capital allowances

 

Commercial Recycling (Southern) Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024

19

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £53,703 (2023 - £73,716).

Contributions totalling £Nil (2023 - £Nil) were payable to the scheme at the end of the year and are included in creditors.

20

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

200,000

200,000

200,000

200,000

       

21

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,463,669

1,555,727

Hire purchase contracts

1,635,855

1,440,078

3,099,524

2,995,805

Current loans and borrowings

2024
£

2023
£

Bank borrowings

92,057

89,233

Hire purchase contracts

817,317

774,217

909,374

863,450

Bank borrowings

Natwest Bank Loan is denominated in £ with a nominal interest rate of 3.08%, and the final instalment is due on 31 January 2038. The carrying amount at year end is £1,555,727 (2023 - £1,644,960).

Loan Security is a Debenture over the company and 1st legal charge on Canford Recycling Centre

 

Commercial Recycling (Southern) Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024

22

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

817,318

774,217

Later than one year and not later than five years

1,635,855

1,440,078

2,453,173

2,214,295

23

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil (2023 - £2.50) per each Ordinary

-

500,000

 

 

24

Related party transactions

Summary of transactions with subsidiaries

At the year end subsidiaries owed £434 to the company (2023 £238)
 

Summary of transactions with all joint ventures

At the year end £232 was owed from JV Company (2023 £82)
 

Summary of transactions with other related parties

Avon Material Supplies Ltd
 During the year the company traded at preferential rates with a group in which three of the directors of the company are also directors. The company made purchases totalling £1,141,143 (2023: £1,450,217) to this group and made sales of £4,500,111 (2023: £3,779,654) worth of goods and materials from this group. At the year end the company owed the group £459,445 (2023: £327,653) and was owed £2,056,459 (2023: £721,860) by the group.
 

Income and receivables from related parties

2024

Subsidiary
£

Joint ventures
£

Settlement of liabilities

196

150

2023

Subsidiary
£

Joint ventures
£

Settlement of liabilities

240

132

 

Commercial Recycling (Southern) Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024

Expenditure with and payables to related parties

2024

2023

Subsidiary
£

Joint ventures
£

Amounts payable to related party

2

50

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

238,279

238,279

Expenses recognised as bad debt

(238,279)

(238,279)

At end of period

-

-

2023

Other related parties
£

Total
£

At start of period

250,000

250,000

Repaid

(11,721)

(11,721)

At end of period

238,279

238,279

Terms of loans to related parties

The company has loaned money to Woodmace Ltd which was owned for part of the year by Avon Material Supplies Ltd a group in which three of the directors of the company are also directors. The company is in administration and funds are not expected to be repaid and the loan was recognised as a bad debt in the year. The loan was interest free.