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REGISTERED NUMBER: SC172120 (Scotland)















Financial Statements for the Year Ended 30 April 2024

for

Central Recycling Limited

Central Recycling Limited (Registered number: SC172120)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Central Recycling Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mr R J Craig
Mr C A Peat





SECRETARY: Mrs Y Rowland





REGISTERED OFFICE: Central House
Chattan Industrial Estate
Bonnyside Road
Bonnybridge
FK4 2AG





REGISTERED NUMBER: SC172120 (Scotland)





AUDITORS: Graham & Co. (Accountants) Limited
76 Dumbarton Road
Clydebank
Glasgow
G81 1UG

Central Recycling Limited (Registered number: SC172120)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,166,580 1,396,351

CURRENT ASSETS
Debtors 5 2,283,787 2,401,733
Cash at bank 1,252,924 1,522,974
3,536,711 3,924,707
CREDITORS
Amounts falling due within one year 6 352,421 663,334
NET CURRENT ASSETS 3,184,290 3,261,373
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,350,870

4,657,724

CREDITORS
Amounts falling due after more than one
year

7

(122,917

)

(156,203

)

PROVISIONS FOR LIABILITIES (83,000 ) (83,000 )
NET ASSETS 4,144,953 4,418,521

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 4,144,951 4,418,519
SHAREHOLDERS' FUNDS 4,144,953 4,418,521

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:





Mr R J Craig - Director


Central Recycling Limited (Registered number: SC172120)

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

1. STATUTORY INFORMATION

Central Recycling Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Tangible fixed assets
Tangible fixed assets are depreciated over their estimated useful lives taking into account residual values, where appropriate. The actual lives and residual values are assessed annually. In re-assessing asset lives, factors such as technological innovation, asset life cycle, wear and tear and maintenance programmes are taken into account. Residual value assessment consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Going concern forecasts
The directors have used significant judgement in preparing forecasts for the period of 12 months following the signing of the financial statements. These forecasts have been used by the directors in making their assessment of going concern.

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

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.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Central Recycling Limited (Registered number: SC172120)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of section 11 'Basic Financial Instruments' and section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and bank balances are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.


Central Recycling Limited (Registered number: SC172120)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Going concern
The directors have no significant doubts over the company's ability to continue as a going concern for the foreseeable future. In coming to their conclusion, the directors have reviewed both the company's current financial position and the projected profit and cash flow forecasts for the coming period. Therefore the directors consider it appropriate to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

Central Recycling Limited (Registered number: SC172120)

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

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 May 2023 6,021,028 165,750 6,186,778
Additions 138,160 - 138,160
Disposals (153,800 ) - (153,800 )
At 30 April 2024 6,005,388 165,750 6,171,138
DEPRECIATION
At 1 May 2023 4,624,677 165,750 4,790,427
Charge for year 361,458 - 361,458
Eliminated on disposal (147,327 ) - (147,327 )
At 30 April 2024 4,838,808 165,750 5,004,558
NET BOOK VALUE
At 30 April 2024 1,166,580 - 1,166,580
At 30 April 2023 1,396,351 - 1,396,351

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 May 2023 1,464,463
Additions 125,000
Transfer to ownership (859,225 )
At 30 April 2024 730,238
DEPRECIATION
At 1 May 2023 758,528
Charge for year 124,628
Transfer to ownership (599,718 )
At 30 April 2024 283,438
NET BOOK VALUE
At 30 April 2024 446,800
At 30 April 2023 705,935

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 410,682 528,628
Other debtors 1,873,105 1,873,105
2,283,787 2,401,733

Central Recycling Limited (Registered number: SC172120)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Other debtors includes amounts with no fixed repayment terms and as such they are treated as being due within one year. An amount of £1,873,105 due from Clydeside Regeneration Ltd is related to a long term property development and therefore may not be fully repaid within one year.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Hire purchase contracts 117,605 285,164
Trade creditors 5,735 10,211
Amounts owed to group undertakings 219,419 201,482
Taxation and social security - 161,365
Other creditors 9,662 5,112
352,421 663,334

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Hire purchase contracts 122,917 156,203

8. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Hire purchase contracts 240,522 441,367

Bank borrowings are secured by a bond and floating charge over the assets of the company and an unlimited inter company guarantee by Central Demolition Limited.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stuart Girvan (Senior Statutory Auditor)
for and on behalf of Graham & Co. (Accountants) Limited

10. CONTINGENT LIABILITIES

An unlimited inter company guarantee exists between Central Recycling Ltd and Central Demolition Limited for bank borrowings of either company.

A third party company guarantee exists in favour of The Royal Bank of Scotland Plc (to a limit of £2,113,621). This relates to loan finance provided to Clydeside Property Services Ltd ; supported by a bond and floating charge. The balance of the finance serviced by Central Demolition Ltd in this regard was £676,264 at 30 April 2024.

An inter company guarantee exists between Central Recycling Ltd and Clydeside Regeneration Ltd for £250,000.

Central Recycling Limited (Registered number: SC172120)

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

11. RELATED PARTY DISCLOSURES

Other creditors includes £219,419 (2023 - £201,482) due to Central Demolition Limited, a Group company.

Other debtors includes £1,873,105 (2023 - £1,873,105) due from Clydeside Regeneration Limited. Mr Ross J Craig and Mr Colin A Peat are directors and minority shareholders in Clydeside Regeneration Limited.

Administrative expenses includes £2,400,000 for management services provided by Central Demolition Ltd.

12. ULTIMATE CONTROLLING PARTY

The company is controlled by a director, Mr Ross J Craig.