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Registration number: 07761026

Fleetwood Recycling Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Fleetwood Recycling Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Fleetwood Recycling Limited

(Registration number: 07761026)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

104,017

96,591

Current assets

 

Debtors

5

79,208

137,861

Cash at bank and in hand

 

2,214

4,792

 

81,422

142,653

Creditors: Amounts falling due within one year

6

(36,283)

(51,873)

Net current assets

 

45,139

90,780

Total assets less current liabilities

 

149,156

187,371

Provisions for liabilities

(24,928)

(21,721)

Net assets

 

124,228

165,650

Capital and reserves

 

Called up share capital

100

100

Retained earnings

124,128

165,550

Shareholders' funds

 

124,228

165,650

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 February 2025 and signed on its behalf by:
 

M B Marshall
Director

   
     
 

Fleetwood Recycling Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
C/o Milsted Langdon LLP
Motivo House
Alvington
Yeovil
Somerset
BA20 2FG
England

These financial statements were authorised for issue by the Board on 5 February 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

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.

 

Fleetwood Recycling Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

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

Motor vehicles

10% reducing balance

Plant and machinery

25% reducing balance

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.

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

 

Fleetwood Recycling Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 1 (2023 - 1).

 

Fleetwood Recycling Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

43,239

78,938

122,177

Additions

83,549

-

83,549

Disposals

-

(51,670)

(51,670)

At 30 June 2024

126,788

27,268

154,056

Depreciation

At 1 July 2023

13,841

11,745

25,586

Charge for the year

28,236

2,146

30,382

Eliminated on disposal

-

(5,929)

(5,929)

At 30 June 2024

42,077

7,962

50,039

Carrying amount

At 30 June 2024

84,711

19,306

104,017

At 30 June 2023

29,398

67,193

96,591

5

Debtors

2024
£

2023
£

Other debtors

79,208

137,861

79,208

137,861

6

Creditors

Due within one year

2024
£

2023
£

Trade creditors

3,785

-

Amounts due to related parties

68

-

Social security and other taxes

473

25,943

Accruals

22,746

2,150

Corporation tax liability

9,211

23,780

36,283

51,873

 

Fleetwood Recycling Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

M B Marshall

39,507

49,835

(89,410)

(68)

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

M B Marshall

35,654

41,853

(38,000)

39,507

Interest is charged on the above loan at a rate of 2.25% per annum and the loan is repayable on demand.

Summary of transactions with other related parties

Fleetwood Grab Services Limited
(Company under common control)

 During the year Fleetwood Grab Services Limited made a loan from/(to) the company. No interest is charged on this loan. At the balance sheet date the amount due from Fleetwood Grab Services Limited was £66,702 (2023 - (£93,960)).