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REGISTERED NUMBER: 01028890 (England and Wales)













STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: M D Light
J M Light





REGISTERED OFFICE: 30 - 34 North Street
Hailsham
East Sussex
BN27 1DW





REGISTERED NUMBER: 01028890 (England and Wales)





AUDITORS: Watson Associates (Audit Services) Ltd
Statutory Auditor
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

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

REVIEW OF BUSINESS
The company has made a trading loss for the year although the turnover is up 6% from the previous period. The loss has primarily resulted from the increase in cost of raw materials and fuels.

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors have identified the key risks to be global commodity prices and the relative strength of Sterling against other international currencies. The impact of these factors on the price the Company receives for the sales of processed materials from national and international customers can be significant. These risks are mitigated by the ability to react quickly to volatile trading conditions and the identification of new markets and opportunities.

A further risk is the rapid development of waste recycling technology in respect of new processes. This is accompanied by changes in environmental and other legislation that influence costs, treatments and available markets. To address this concern the Company operates a rolling replacement programme for the existing vehicle and mobile plant fleets and continues to explore and invest in new and advanced waste recycling technology. New markets are constantly explored: many national and international trade fairs and conferences are attended by Company representatives. The Company has also invested in a substantial new facility for the treatment of waste that contains POP's (Persistent Organic Pollutants). These POPs are found in waste such as upholstered domestic seating. There is a fast-growing list of waste that contains POPs that will need specialised treatment. This investment strategy will ensure that the Company remains competitive, adaptable and will contribute to ensuring ongoing profitability.

Trading conditions through 2023 and the early part of 2024 were impacted by the ongoing war in Ukraine, the conflict in the Middle East, and in particular, the disruption to shipping caused by the Houthi rebels in the Red Sea and the Gulf of Aden. These conflicts have significantly impacted costs. Furthermore, there is the consequence of higher inflation on operating and borrowing costs.

FURTHER BUSINESS REVIEW AND RISKS
Alternative outlets for materials are regularly explored. There has been a lot of uncertainty with commodity prices during the year and ongoing at the date of these accounts with the conflict in Ukraine. Management are continuing to monitor the impact this conflict is having on commodity prices. Another consequence of the conflict is increased fuel and energy costs which have increased operational costs significantly, resulting in a fall in the profitability margins.

Measures to improve energy efficiency are being reviewed on an ongoing basis. Renewable energy installations and the electrification of the plant and vehicle fleets has continued. The liquidity of the company remains stable and additional financing measures are not considered necessary at this time. The balance sheet remains positive, increasing on the previous year.

The company has a good order pipeline and will be in a strong position to maintain market share and contracts with key customers.

ON BEHALF OF THE BOARD:





J M Light - Director


12 December 2024

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report with the financial statements of the company for the year ended 30 April 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 will be £nil.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

M D Light
J M Light

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J M Light - Director


12 December 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED

Opinion
We have audited the financial statements of M.D.J. Light Brothers (Scrap Processers) Limited (the 'company') for the year ended 30 April 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Auditors' 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 directors' 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 financial statements are 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 in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED


Matters on which we are required to report by exception
In the light of the 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 or the Report of the Directors.

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 three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED


Auditors' 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 a Report of the Auditors 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:

Based on our understanding of the company and industry, we identified that the principal risks of
non-compliance with laws and regulations related to employment laws and we considered the extent to which
non-compliance might have a material effect on the financial statements.

We also considered those laws and regulations that have a direct impact on the preparation of the financial
statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for
fraudulent manipulation of the financial statements (including the risk of override of controls), and determine
that the principal risks were related to posting inappropriate journal entries to achieve desired financial results
and the manipulation of exceptional items and management bias in accounting estimates.

Audit procedures performed by the engagement team included:
- enquiries with management, including consideration of known or suspected instances of fraud and
non-compliance with laws and regulations and examining supporting calculations where a provision has been
made in respect of these;
- reading key correspondence with regulatory authorities in relation to compliance with certain employment
laws;
- understanding and evaluating the design and implementation of management’s controls designed to prevent
and detect irregularities;
- challenging assumptions and judgements made by management in their significant accounting estimates, in
particular in relation to valuation of investment property, impairment of investments in subsidiaries and the
measurement and classification of exceptional items;
- identifying and testing journal entries, in particular any journal entries posted with unusual account
combinations and postings by unusual users.

There are inherent limitations in the audit procedures described above and the further removed
non-compliance with laws and regulations is from the events and transactions reflected in the financial
statements, the less likely we would become aware of it. Also, the risk of not detecting a material
misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may
involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through
collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED


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 a Report of the Auditors 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.




Stephen James Moore (Senior Statutory Auditor)
for and on behalf of Watson Associates (Audit Services) Ltd
Statutory Auditor
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

12 December 2024

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

TURNOVER 5 31,342,671 29,673,380

Cost of sales (26,970,897 ) (25,104,420 )
GROSS PROFIT 4,371,774 4,568,960

Administrative expenses (4,353,941 ) (3,999,391 )
17,833 569,569

Other operating income - 20,000
OPERATING PROFIT 8 17,833 589,569

Interest receivable and similar income 81,541 45,234
99,374 634,803

Interest payable and similar expenses 9 (39,241 ) (29,970 )
PROFIT BEFORE TAXATION 60,133 604,833

Tax on profit 10 74,523 (124,039 )
PROFIT FOR THE FINANCIAL YEAR 134,656 480,794

OTHER COMPREHENSIVE
Revaluation of freehold
Income tax relating to other
comprehensive

-

-
OTHER COMPREHENSIVE FOR THE
YEAR, NET OF INCOME TAX

-

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

134,656

480,794

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 8,766,974 5,992,611
Investments 14 - -
Investment property 15 375,000 375,000
9,141,974 6,367,611

CURRENT ASSETS
Stocks 16 1,973,800 1,809,175
Debtors 17 2,438,890 2,770,792
Cash at bank and in hand 995,779 2,199,106
5,408,469 6,779,073
CREDITORS
Amounts falling due within one year 18 (5,341,142 ) (4,610,574 )
NET CURRENT ASSETS 67,327 2,168,499
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,209,301

8,536,110

CREDITORS
Amounts falling due after more than one
year

19

(1,567,656

)

(962,294

)

PROVISIONS FOR LIABILITIES 23 (703,364 ) (770,191 )
NET ASSETS 6,938,281 6,803,625

CAPITAL AND RESERVES
Called up share capital 24 90 90
Revaluation reserve 25 616,892 616,892
Capital redemption reserve 25 10 10
Other reserves 25 168,665 168,665
Retained earnings 25 6,152,624 6,017,968
SHAREHOLDERS' FUNDS 6,938,281 6,803,625

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2024 and were signed on its behalf by:





J M Light - Director


M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 May 2022 90 5,557,174 616,892

Changes in equity
Dividends - (20,000 ) -
Total comprehensive income - 480,794 -
Balance at 30 April 2023 90 6,017,968 616,892

Changes in equity
Total comprehensive income - 134,656 -
Balance at 30 April 2024 90 6,152,624 616,892
Capital
redemption Other Total
reserve reserves equity
£    £    £   
Balance at 1 May 2022 10 168,665 6,342,831

Changes in equity
Dividends - - (20,000 )
Total comprehensive income - - 480,794
Balance at 30 April 2023 10 168,665 6,803,625

Changes in equity
Total comprehensive income - - 134,656
Balance at 30 April 2024 10 168,665 6,938,281

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 907,151 507,333
Interest paid (39,241 ) (29,970 )
Movement on interco with Light & SEG - (18,188 )
Tax paid (7,696 ) 73,283
Net cash from operating activities 860,214 532,458

Cash flows from investing activities
Purchase of tangible fixed assets (4,339,579 ) (1,138,441 )
Sale of tangible fixed assets 654,614 63,500
Sale of fixed asset investments - 18,202
Interest received 81,541 45,234
Net cash from investing activities (3,603,424 ) (1,011,505 )

Cash flows from financing activities
New loans in year 1,289,339 521,404
Loan repayments in year (682,432 ) (611,913 )
New HP contracts in year 1,403,274 447,626
Capital repayments in year (477,542 ) (584,457 )
Amount introduced by directors 7,244 3,842
Amount withdrawn by directors - (20,530 )
Government grants received - 20,000
Equity dividends paid - (20,000 )
Net cash from financing activities 1,539,883 (244,028 )

Decrease in cash and cash equivalents (1,203,327 ) (723,075 )
Cash and cash equivalents at
beginning of year

2

2,199,106

2,922,181

Cash and cash equivalents at end of
year

2

995,779

2,199,106

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 60,133 604,833
Depreciation charges 1,194,926 1,030,824
Profit on disposal of fixed assets (284,324 ) (32,198 )
Government grants - (20,000 )
Finance costs 39,241 29,970
Finance income (81,541 ) (45,234 )
928,435 1,568,195
Increase in stocks (164,625 ) (481,546 )
Decrease/(increase) in trade and other debtors 324,657 (685,364 )
(Decrease)/increase in trade and other creditors (181,316 ) 106,048
Cash generated from operations 907,151 507,333

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 995,779 2,199,106
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 2,199,106 2,922,181


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 2,199,106 (1,203,327 ) 995,779
2,199,106 (1,203,327 ) 995,779
Debt
Finance leases (1,215,026 ) (925,732 ) (2,140,758 )
Debts falling due within 1 year (312,823 ) (746,907 ) (1,059,730 )
Debts falling due after 1 year (303,333 ) 140,000 (163,333 )
(1,831,182 ) (1,532,639 ) (3,363,821 )
Total 367,924 (2,735,966 ) (2,368,042 )

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

M.D.J. Light Brothers (Scrap Processers) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - in accordance with the property
Short leasehold - over term of lease
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance and not provided
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on reducing balance

Tangible assets, other than investment and freehold properties, are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Freehold property is carried at fair value at the date of the revaluation less subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in the Statement of Comprehensive Income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the profit and loss.

No provision for depreciation is made in respect of the freehold properties as the directors consider such a charge to be immaterial.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Investment properties whose fair value cannot be measured reliably without undue cost or effort on an on-going basis are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Where the cost of a stock item cannot be determined, it is valued at selling price less margin, based on normal levels of activity, which is deemed comparable to cost.

Quantities of inventories are determined using various estimation techniques, including observation, weighing and other industry methods.

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of the financial assets and liabilities like trade and other accounts receivable and payable, loans from bank and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at the amortised cost using the effective interest method

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is no intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
There are no significant critical judgements that the Directors have made in applying the Company's accounting policies that have any significant effect on the amounts recognised in the financial statements.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Measurement of stock quantity
Quantities of stocks are determined using various estimation techniques, including observation, weighing and other industry methods and are subject to periodic physical verification. Weighbridge tickets are recorded for all materials entering or leaving sites to provide an expectation of quantity. However, where a significant tonnage of material is held at year end the level of estimation uncertainty increases.

Stock valuation
Where cost of stocks cannot be determined management value it at selling price less margin, based on normal level of activities.Management may need to revise these estimates in response to changing market conditions. Fluctuations in commodity prices may impact normal levels of activity and the associated margins.

5. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods 30,406,118 28,680,754
Haulage 936,553 992,626
31,342,671 29,673,380

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 17,224,151 14,432,781
Europe 9,735,742 12,561,479
United States of America 1,122,770 163,772
Asia 3,260,008 2,515,348
31,342,671 29,673,380

6. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,089,820 3,801,708
Social security costs 480,064 432,253
Other pension costs 104,684 98,589
4,674,568 4,332,550

The average number of employees during the year was as follows:
2024 2023

Administrative 17 16
Direct 92 93
109 109

7. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 270,186 220,489

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 154,052 148,268

8. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 694,405 594,706
Depreciation - assets on hire purchase contracts 500,521 436,119
Profit on disposal of fixed assets (284,324 ) (32,198 )
Auditors' remuneration 33,818 52,159

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

9. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 39,241 29,970

10. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 7,696
Tax prior year adjustment (7,696 ) 2,263
Total current tax (7,696 ) 9,959

Deferred tax (66,827 ) 114,080
Tax on profit (74,523 ) 124,039

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 60,133 604,833
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

15,033

114,918

Effects of:
Expenses not deductible for tax purposes 4,688 5,170
Income not taxable for tax purposes 20,385 -
Capital allowances in excess of depreciation (513,891 ) (106,274 )
Utilisation of tax losses (20,385 ) -
Profit/Loss on disposal of assets (71,081 ) (6,118 )
Deferred tax movement (66,827 ) 114,080
deduction
Losses c/fwd 541,511 -
losses carried back

Previous year tax adjustment - 2,263
Balancing charges 13,614 -
Effect of change in tax rate 2,430 -
Total tax (credit)/charge (74,523 ) 124,039

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30 April 2024.


M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

10. TAXATION - continued
2023
Gross Tax Net
£    £    £   
Revaluation of freehold

11. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim - 20,000

12. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 15,000
AMORTISATION
At 1 May 2023
and 30 April 2024 15,000
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

13. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST OR VALUATION
At 1 May 2023 1,364,482 1,842,653 14,708,883
Additions - 1,325,856 2,005,253
Disposals - - (1,570,897 )
At 30 April 2024 1,364,482 3,168,509 15,143,239
DEPRECIATION
At 1 May 2023 364,482 1,094,041 11,031,947
Charge for year - 132,748 916,207
Eliminated on disposal - - (1,288,399 )
At 30 April 2024 364,482 1,226,789 10,659,755
NET BOOK VALUE
At 30 April 2024 1,000,000 1,941,720 4,483,484
At 30 April 2023 1,000,000 748,612 3,676,936

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

13. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 May 2023 146,402 1,088,370 54,368 19,205,158
Additions 136,274 867,896 4,300 4,339,579
Disposals - (349,033 ) - (1,919,930 )
At 30 April 2024 282,676 1,607,233 58,668 21,624,807
DEPRECIATION
At 1 May 2023 46,986 640,862 34,229 13,212,547
Charge for year 29,672 112,012 4,287 1,194,926
Eliminated on disposal - (261,241 ) - (1,549,640 )
At 30 April 2024 76,658 491,633 38,516 12,857,833
NET BOOK VALUE
At 30 April 2024 206,018 1,115,600 20,152 8,766,974
At 30 April 2023 99,416 447,508 20,139 5,992,611

Cost or valuation at 30 April 2024 is represented by:

Freehold Short Plant and
property leasehold machinery
£    £    £   
Valuation in 2000 125,755 - -
Valuation in 2013 500,000 - -
Valuation in 2017 73,275 - -
Cost 665,452 3,168,509 15,143,239
1,364,482 3,168,509 15,143,239

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2000 - - - 125,755
Valuation in 2013 - - - 500,000
Valuation in 2017 - - - 73,275
Cost 282,676 1,607,233 58,668 20,925,777
282,676 1,607,233 58,668 21,624,807

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

13. TANGIBLE FIXED ASSETS - continued

If the freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 842,402 842,402
Aggregate depreciation 250,330 250,330

Freehold land and buildings were valued on a vacant possession basis on 22 November 2016 by Mr R Bliss of Vail Williams LLP .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 May 2023 2,439,799 347,839 2,787,638
Additions 1,008,730 743,516 1,752,246
At 30 April 2024 3,448,529 1,091,355 4,539,884
DEPRECIATION
At 1 May 2023 995,414 51,690 1,047,104
Charge for year 430,921 69,600 500,521
At 30 April 2024 1,426,335 121,290 1,547,625
NET BOOK VALUE
At 30 April 2024 2,022,194 970,065 2,992,259
At 30 April 2023 1,444,385 296,149 1,740,534

14. FIXED ASSET INVESTMENTS

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Light & SEG Limited
Registered office:
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 'A' £1 shares 100.00

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

15. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 375,000
NET BOOK VALUE
At 30 April 2024 375,000
At 30 April 2023 375,000

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2017 156,295
Valuation in 2020 50,000
Cost 168,705
375,000

If the investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 176,950 176,950
Aggregate depreciation (8,245 ) (8,245 )

Investment property were valued on a vacant possession basis on 25 January 2021 by the directors. .

16. STOCKS
2024 2023
£    £   
Stocks 1,973,800 1,809,175

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,438,940 1,890,002
Other debtors 898 1,498
Directors' current accounts - 7,245
VAT 202,484 105,967
Prepayments and accrued income 796,568 766,080
2,438,890 2,770,792

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 20) 1,059,730 312,823
Hire purchase contracts (see note 21) 736,435 556,065
Trade creditors 2,940,916 2,455,415
Corporation tax (7,696 ) 7,696
Social security and other
taxes 173,926 170,036
Other creditors 21,871 8,290
Directors' current accounts - 1
Accruals and deferred income 415,960 1,100,248
5,341,142 4,610,574

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 20) 163,333 303,333
Hire purchase contracts (see note 21) 1,404,323 658,961
1,567,656 962,294

20. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 1,059,730 312,823

Amounts falling due between one and two years:
Bank loans - 1-2 years 140,000 140,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 23,333 163,333

21. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 736,435 556,065
Between one and five years 1,404,323 658,961
2,140,758 1,215,026

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

21. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 598,550 457,782
Between one and five years 2,238,554 900,000
In more than five years 75,000 300,000
2,912,104 1,657,782

22. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,223,063 616,156

The following security is held by the company's bank;
First legal charge dated 12 November 1990 over the title deeds relating to the freehold property known as Three Cups, Heathfield.
Debenture including a fixed charge over all present freehold and leasehold property dated 7 February 2011.
First legal charge dated 24 August 2010 over freehold property known as 9 Heighton Crescent, Newhaven.
First legal charge dated 26 April 2006 over freehold property known as Hazelmere, Three Cups, Heathfield.

23. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 570,215 637,042
Other timing differences 133,149 133,149
703,364 770,191

Deferred
tax
£   
Balance at 1 May 2023 770,191
Accelerated capital allowances (66,827 )
Investment property revalue
Freehold revaluation
Balance at 30 April 2024 703,364

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
90 Ordinary £1 90 90

25. RESERVES
Capital
Retained Revaluation redemption Other
earnings reserve reserve reserves Totals
£    £    £    £    £   

At 1 May 2023 6,017,968 616,892 10 168,665 6,803,535
Profit for the year 134,656 134,656
At 30 April 2024 6,152,624 616,892 10 168,665 6,938,191

26. CAPITAL COMMITMENTS

At the balance sheet date the Company was contracted to the purchase of a new shed up to the value of £1,463,616. As of the balance sheet date works billed totalled £1,252,434, leaving a total commitment outstanding at that date of £211,182.