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Registered number: 09219849
Leicestershire Wood Recycling Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2024
Select Accountants Ltd
Shire House Business Centre
Long Street
Stoney Stanton
Leicestershire
LE9 4DQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 09219849
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 566,711 456,421
566,711 456,421
CURRENT ASSETS
Stocks 5 170,737 150,000
Debtors 6 613,232 570,965
Cash at bank and in hand 172,562 103,546
956,531 824,511
Creditors: Amounts Falling Due Within One Year 7 (566,787 ) (550,988 )
NET CURRENT ASSETS (LIABILITIES) 389,744 273,523
TOTAL ASSETS LESS CURRENT LIABILITIES 956,455 729,944
Creditors: Amounts Falling Due After More Than One Year 8 (363,385 ) (218,366 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (113,175 ) (100,515 )
NET ASSETS 479,895 411,063
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 479,795 410,963
SHAREHOLDERS' FUNDS 479,895 411,063
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For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Craig Quinn
Director
18th February 2025
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Leicestershire Wood Recycling Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09219849 . The registered office is Bruntingthorpe Industrial Estate, Upper Bruntingthorpe, Lutterworth, LE17 5QZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts 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 the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 24 (2023: 19)
24 19
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 October 2023 47,626 646,782 - 1,900 696,308
Additions 16,650 200,225 2,358 1,450 220,683
Disposals (1,667 ) - - - (1,667 )
As at 30 September 2024 62,609 847,007 2,358 3,350 915,324
Depreciation
As at 1 October 2023 25,142 214,010 - 735 239,887
Provided during the period 7,560 100,256 590 653 109,059
Disposals (333 ) - - - (333 )
As at 30 September 2024 32,369 314,266 590 1,388 348,613
Net Book Value
As at 30 September 2024 30,240 532,741 1,768 1,962 566,711
As at 1 October 2023 22,484 432,772 - 1,165 456,421
5. Stocks
2024 2023
£ £
Finished goods 170,737 150,000
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 607,390 567,111
Prepayments and accrued income 5,842 3,854
613,232 570,965
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 111,927 90,741
Trade creditors 163,526 193,941
Bank loans and overdrafts 65,776 36,350
Corporation tax 16,662 25,582
Other taxes and social security 13,666 17,305
VAT 133,477 144,222
Net wages 2,088 -
Other creditors 638 25,420
Accruals and deferred income 9,026 -
Director's loan account 50,001 17,427
566,787 550,988
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 235,474 201,004
Bank loans 127,911 17,362
363,385 218,366
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 111,927 90,741
Later than one year and not later than five years 235,474 201,004
347,401 291,745
347,401 291,745
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 113,175 100,515
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11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans owing to directors:
As at 1 October 2023 Amounts advanced Amounts repaid Amounts written off As at 30 September 2024
£ £ £ £ £
Mr Craig Quinn (17,428 ) 69,610 (102,183 ) - (50,001 )
The directors loan balance of £50,001 (2023 £49,689) is unsecured, interest free and repayable on demand.
Dividends paid to directors
2024 2023
£ £
Mr Craig Quinn 54,000 36,800
The Director Mr Craig Quinn,  has provided personal guarantees in respect of the following finance agreements between the Company and the lenders. 
  • Finance Agreement with Funding Circle
  • Director: Mr Craig Quinn
  • Terms: The guarantee covers the principal loan amount and any accrued interest in case of default. The loan commenced on 01/02/2024 and is repayable over 5 years with an annual interest rate of 15.87%
  • Balance as at 30/09/2024: £146,364 
  • Finance Agreement with Aldermore Bank PLC 
  • Director: Mr Craig Quinn
  • Terms: The guarantee covers the principal loan amount and any accrued interest in case of default. The loan commenced on 07/04/2021 and is repayable over 5 years with an annual interest rate of 8.73%
  • Balance as at 30/09/2024: £5,766
  • Finance Agreement with Aldermore Bank PLC
  • Director: Mr Craig Quinn
  • Terms: The guarantee covers the principal loan amount and any accrued interest in case of default. The loan commenced on 09/02/2022 and is repayable over 4 years with an annual interest rate of 9.03%
  • Balance as at 30/09/2024: £15,066
  • Finance Agreement with United Trust Bank Limited 
  • Director: Mr Craig Quinn
  • Terms: The guarantee covers the principal loan amount and any accrued interest in case of default. The loan commenced on 29/10/2021 and is repayable over 3 years with an annual interest rate of 9.15%
  • Balance as at 30/09/2024: £1,112
The Director is of the opinion that the likelihood of the guarantee being called upon is remote,  given the Company’s current financial position, anticipated financial performance. and cash flow management. 
The provision of this guarantee does not result in any financial liability being recognised in these financial statements.
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13. Ultimate Controlling Party
The company's ultimate controlling party is Mr Craig Francis Quinn by virtue of his ownership of 100% of the issued share capital in the company.
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