Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-31falsefalsefalse2023-08-01813trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09053104 2023-08-01 2024-07-31 09053104 2022-08-01 2023-07-31 09053104 2024-07-31 09053104 2023-07-31 09053104 c:Director1 2023-08-01 2024-07-31 09053104 d:Buildings d:ShortLeaseholdAssets 2023-08-01 2024-07-31 09053104 d:Buildings d:ShortLeaseholdAssets 2024-07-31 09053104 d:Buildings d:ShortLeaseholdAssets 2023-07-31 09053104 d:PlantMachinery 2023-08-01 2024-07-31 09053104 d:PlantMachinery 2024-07-31 09053104 d:PlantMachinery 2023-07-31 09053104 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 09053104 d:MotorVehicles 2023-08-01 2024-07-31 09053104 d:MotorVehicles 2024-07-31 09053104 d:MotorVehicles 2023-07-31 09053104 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 09053104 d:OfficeEquipment 2023-08-01 2024-07-31 09053104 d:OfficeEquipment 2024-07-31 09053104 d:OfficeEquipment 2023-07-31 09053104 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 09053104 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 09053104 d:ComputerSoftware 2024-07-31 09053104 d:ComputerSoftware 2023-07-31 09053104 d:CurrentFinancialInstruments 2024-07-31 09053104 d:CurrentFinancialInstruments 2023-07-31 09053104 d:Non-currentFinancialInstruments 2024-07-31 09053104 d:Non-currentFinancialInstruments 2023-07-31 09053104 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 09053104 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 09053104 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 09053104 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 09053104 d:ShareCapital 2024-07-31 09053104 d:ShareCapital 2023-07-31 09053104 d:RetainedEarningsAccumulatedLosses 2024-07-31 09053104 d:RetainedEarningsAccumulatedLosses 2023-07-31 09053104 c:FRS102 2023-08-01 2024-07-31 09053104 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 09053104 c:FullAccounts 2023-08-01 2024-07-31 09053104 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 09053104 d:HirePurchaseContracts d:WithinOneYear 2024-07-31 09053104 d:HirePurchaseContracts d:WithinOneYear 2023-07-31 09053104 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-07-31 09053104 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-07-31 09053104 d:AcceleratedTaxDepreciationDeferredTax 2024-07-31 09053104 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 09053104 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-07-31 09053104 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-07-31 09053104 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-07-31 09053104 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-07-31 09053104 d:LeasedAssetsHeldAsLessee 2024-07-31 09053104 d:LeasedAssetsHeldAsLessee 2023-07-31 09053104 d:ComputerSoftware d:OwnedIntangibleAssets 2023-08-01 2024-07-31 09053104 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Registered number: 09053104










RECYCLED MATERIAL SOUTHERN LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
RECYCLED MATERIAL SOUTHERN LTD
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 10


 
RECYCLED MATERIAL SOUTHERN LTD
REGISTERED NUMBER: 09053104

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
3,000
4,000

Tangible assets
 5 
1,663,036
1,999,112

  
1,666,036
2,003,112

Current assets
  

Debtors: amounts falling due within one year
 6 
2,971,514
3,188,677

Cash at bank and in hand
 7 
259,906
221,790

  
3,231,420
3,410,467

Creditors: amounts falling due within one year
 8 
(1,104,064)
(1,508,387)

Net current assets
  
 
 
2,127,356
 
 
1,902,080

Total assets less current liabilities
  
3,793,392
3,905,192

Creditors: amounts falling due after more than one year
 9 
(196,509)
(329,025)

Provisions for liabilities
  

Deferred tax
 11 
(290,074)
(408,549)

  
 
 
(290,074)
 
 
(408,549)

Net assets
  
3,306,809
3,167,618


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
3,306,709
3,167,518

  
3,306,809
3,167,618


Page 1

 
RECYCLED MATERIAL SOUTHERN LTD
REGISTERED NUMBER: 09053104
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Mr D Parkinson
Director

Date: 30 January 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
RECYCLED MATERIAL SOUTHERN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

The entity is a private company limited by shares incorporated in England and Wales in the United Kingdom. The registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. The principal activity is the recovery and recycling of waste materials.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling, the functional currency of the company rounded to the nearest £1. 

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 3

 
RECYCLED MATERIAL SOUTHERN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 4

 
RECYCLED MATERIAL SOUTHERN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Computer software is amortised over its useful life of 10 years on a straight line basis. 

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Straight line over the lease term
Plant and machinery
-
25% reducing balance basis
Motor vehicles
-
25% reducing balance basis
Office equipment
-
25% reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
RECYCLED MATERIAL SOUTHERN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 13).


4.


Intangible assets




Computer software

£



Cost


At 1 August 2023
10,000



At 31 July 2024

10,000



Amortisation


At 1 August 2023
6,000


Charge for the year
1,000



At 31 July 2024

7,000



Net book value



At 31 July 2024
3,000



At 31 July 2023
4,000



Page 6

 
RECYCLED MATERIAL SOUTHERN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 August 2023
591,771
3,304,059
430,194
2,547
4,328,571


Additions
121,943
50,500
99,975
-
272,418


Disposals
-
(70,000)
(6,000)
-
(76,000)



At 31 July 2024

713,714
3,284,559
524,169
2,547
4,524,989



Depreciation


At 1 August 2023
416,763
1,635,263
276,614
819
2,329,459


Charge for the year
105,465
422,035
30,990
432
558,922


Disposals
-
(22,301)
(4,127)
-
(26,428)



At 31 July 2024

522,228
2,034,997
303,477
1,251
2,861,953



Net book value



At 31 July 2024
191,486
1,249,562
220,692
1,296
1,663,036



At 31 July 2023
175,008
1,668,796
153,580
1,728
1,999,112

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
673,372
897,830

Motor vehicles
95,809
-

769,181
897,830

Page 7

 
RECYCLED MATERIAL SOUTHERN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Debtors

2024
2023
£
£


Trade debtors
1,349,468
1,086,910

Other debtors
1,578,948
1,992,669

Prepayments and accrued income
43,098
109,098

2,971,514
3,188,677



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
259,906
221,790

259,906
221,790



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
547,413
527,486

Corporation tax
190,653
160

Other taxation and social security
130,633
109,173

Obligations under finance lease and hire purchase contracts
212,850
253,494

Other creditors
17,515
613,074

Accruals and deferred income
5,000
5,000

1,104,064
1,508,387


Net obligations under hire purchase contracts of £212,850 (2023 - £253,494) are secured on the assets to which they relate.

Page 8

 
RECYCLED MATERIAL SOUTHERN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
196,509
329,025

196,509
329,025


Net obligations under hire purchase contracts of £196,509 (2023 - £329,025) are secured on the assets to which they relate.


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
234,292
276,418

Between 1-5 years
222,927
374,136

457,219
650,554

The total hire purchase creditor is £409,359 (2023 - £582,519). The difference of £47,860 between the hire purchase creditor and the total minimum lease payments is future interest payable.


11.


Deferred taxation




2024


£






At beginning of year
408,549


Credit to profit or loss
(118,475)



At end of year
290,074

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
290,074
408,549

290,074
408,549

Page 9

 
RECYCLED MATERIAL SOUTHERN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

12.


Controlling party

The company was under the control of Mr J Gannon throughout the current and prior year.

 
Page 10