11 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-31 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 03574692 2023-03-31 2024-03-30 03574692 2024-03-30 03574692 2023-03-30 03574692 2022-03-31 2023-03-30 03574692 2023-03-30 03574692 2022-03-30 03574692 core:PlantMachinery 2023-03-31 2024-03-30 03574692 core:FurnitureFittings 2023-03-31 2024-03-30 03574692 core:MotorVehicles 2023-03-31 2024-03-30 03574692 bus:RegisteredOffice 2023-03-31 2024-03-30 03574692 bus:LeadAgentIfApplicable 2023-03-31 2024-03-30 03574692 bus:Director1 2023-03-31 2024-03-30 03574692 bus:Director2 2023-03-31 2024-03-30 03574692 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-30 03574692 core:PlantMachinery 2023-03-30 03574692 core:FurnitureFittings 2023-03-30 03574692 core:MotorVehicles 2023-03-30 03574692 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-30 03574692 core:PlantMachinery 2024-03-30 03574692 core:FurnitureFittings 2024-03-30 03574692 core:MotorVehicles 2024-03-30 03574692 core:WithinOneYear 2024-03-30 03574692 core:WithinOneYear 2023-03-30 03574692 core:AfterOneYear 2024-03-30 03574692 core:AfterOneYear 2023-03-30 03574692 core:RetainedEarningsAccumulatedLosses 2024-03-30 03574692 core:RetainedEarningsAccumulatedLosses 2023-03-30 03574692 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-30 03574692 core:FurnitureFittings 2023-03-30 03574692 bus:SmallEntities 2023-03-31 2024-03-30 03574692 bus:AuditExemptWithAccountantsReport 2023-03-31 2024-03-30 03574692 bus:SmallCompaniesRegimeForAccounts 2023-03-31 2024-03-30 03574692 bus:CompanyLimitedByGuarantee 2023-03-31 2024-03-30 03574692 bus:FullAccounts 2023-03-31 2024-03-30
COMPANY REGISTRATION NUMBER: 03574692
Ceredigion Recycling and Furniture Team
Company Limited by Guarantee
Filleted Unaudited Financial Statements
For the year ended
30 March 2024
Ceredigion Recycling and Furniture Team
Company Limited by Guarantee
Financial Statements
Year ended 30 March 2024
Contents
Page
Officers and professional advisers
1
Report to the directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Ceredigion Recycling and Furniture Team
Company Limited by Guarantee
Officers and Professional Advisers
The board of directors
Mrs S Thomas
Mr S Thomas
Registered office
Station Buildings
Alexandra Road
Aberystwyth
Ceredigion
SY23 1LH
Accountants
Clay Shaw Thomas Ltd
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Bankers
Barclays Bank Plc
26 Terrace Road
Aberystwyth
Ceredigion
SY23 2ZB
Ceredigion Recycling and Furniture Team
Company Limited by Guarantee
Report to the Directors on the Preparation of the Unaudited Statutory Financial Statements
Year ended 30 March 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 March 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Clay Shaw Thomas Ltd
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
6 February 2025
Ceredigion Recycling and Furniture Team
Company Limited by Guarantee
Statement of Financial Position
30 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
859,175
854,532
Current assets
Debtors
7
57,108
10,532
Cash at bank and in hand
221,219
75
---------
--------
278,327
10,607
Creditors: amounts falling due within one year
8
242,211
125,832
---------
---------
Net current assets/(liabilities)
36,116
( 115,225)
---------
---------
Total assets less current liabilities
895,291
739,307
Creditors: amounts falling due after more than one year
9
52,848
73,277
---------
---------
Net assets
842,443
666,030
---------
---------
Ceredigion Recycling and Furniture Team
Company Limited by Guarantee
Statement of Financial Position (continued)
30 March 2024
2024
2023
Note
£
£
£
Capital and reserves
Profit and loss account
842,443
666,030
---------
---------
Members funds
842,443
666,030
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 6 February 2025 , and are signed on behalf of the board by:
Mrs S Thomas
Director
Company registration number: 03574692
Ceredigion Recycling and Furniture Team
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 March 2024
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Station Buildings, Alexandra Road, Aberystwyth, Ceredigion, SY23 1LH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Donated goods and volunteer and other donated services
Donated goods are recognised in different ways dependent on how they are used by the company:
(i) Those donated for resale produce income and are recognised when they are disposed of.
(ii) Those donated for onward transmission to beneficiaries are included in the statement of
financial activities as incoming resources and resources expended when they are distributed.
They are values at the amount the company would have had to pay to acquire them at the time of donations.
The company has not received any goods for use by the company itself.
The value of services provided by volunteers is not incorporated into these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for recycled goods sold, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Taxation
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
25% straight line
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Company limited by guarantee
Ceredigion Recycling and Furniture Team is a company Limited by guarantee and therefore does not have any authorised or issued share capital. The liability of each member in the event of a winding-up is limited to not more than £1.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 11 ).
6. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 31 Mar 2023
850,077
22,048
18,512
13,198
1,161
904,996
Additions
6,886
6,886
Disposals
( 13,198)
( 13,198)
---------
--------
--------
--------
-------
---------
At 30 Mar 2024
850,077
22,048
18,512
6,886
1,161
898,684
---------
--------
--------
--------
-------
---------
Depreciation
At 31 Mar 2023
22,048
14,147
13,198
1,071
50,464
Charge for the year
1,027
1,148
68
2,243
Disposals
( 13,198)
( 13,198)
---------
--------
--------
--------
-------
---------
At 30 Mar 2024
22,048
15,174
1,148
1,139
39,509
---------
--------
--------
--------
-------
---------
Carrying amount
At 30 Mar 2024
850,077
3,338
5,738
22
859,175
---------
--------
--------
--------
-------
---------
At 30 Mar 2023
850,077
4,365
90
854,532
---------
--------
--------
--------
-------
---------
7. Debtors
2024
2023
£
£
Trade debtors
56,184
2,888
Other debtors
924
7,644
--------
--------
57,108
10,532
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,000
21,357
Social security and other taxes
141,254
30,849
Other creditors
95,957
73,626
---------
---------
242,211
125,832
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
39,673
49,895
Other creditors
13,175
23,382
--------
--------
52,848
73,277
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £19,673 (2023: £29,895) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Directors' advances, credits and guarantees
The directors have provided a Joint and Several personal guarantee in connection with a loan for the lessor of 20% of the loan amount or £25,000 plus interest, costs and expenses prescribed in the agreement.
11. Related party transactions
Included in other creditors is £55,556 (2022: £51,455) owed to the directors. The loan is interest free and has no fixed terms of repayment.