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Registration number: 03816293

Combellack Vehicle Recyclers Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Combellack Vehicle Recyclers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Combellack Vehicle Recyclers Limited

Company Information

Directors

Darren James Combellack

Sally Anne Combellack

Nicola Jane Martyn

Company secretary

Sally Anne Combellack

Registered office

Trendale Industrial Park Trezaise
Roche
St. Austell
Cornwall
PL26 8HY

Accountants

M Ball & Co Limited
The Hemington
Millhouse Business Centre
Station Road
Castle Donington
Derby
DE74 2NJ

 

Combellack Vehicle Recyclers Limited

(Registration number: 03816293)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,187,717

1,343,335

Other financial assets

5

12,000

12,000

 

1,199,717

1,355,335

Current assets

 

Stocks

6

131,085

150,505

Debtors

7

2,423,166

2,216,275

Cash at bank and in hand

 

760,001

880,986

 

3,314,252

3,247,766

Creditors: Amounts falling due within one year

8

(768,872)

(744,436)

Net current assets

 

2,545,380

2,503,330

Total assets less current liabilities

 

3,745,097

3,858,665

Creditors: Amounts falling due after more than one year

8

(72,924)

(123,718)

Provisions for liabilities

(156,964)

(164,802)

Net assets

 

3,515,209

3,570,145

Capital and reserves

 

Called up share capital

100

100

Retained earnings

3,515,109

3,570,045

Shareholders' funds

 

3,515,209

3,570,145

 

Combellack Vehicle Recyclers Limited

(Registration number: 03816293)
Balance Sheet as at 31 August 2024

For the financial year ending 31 August 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.

Approved and authorised by the Board on 21 February 2025 and signed on its behalf by:
 

.........................................
Darren James Combellack
Director

.........................................
Sally Anne Combellack
Company secretary and director

.........................................
Nicola Jane Martyn
Director

 

Combellack Vehicle Recyclers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
Trendale Industrial Park Trezaise
Roche
St. Austell
Cornwall
PL26 8HY

These financial statements were authorised for issue by the Board on 21 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Combellack Vehicle Recyclers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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

Plant and Machinery

15% Reducing Balance

Office Equipment

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

Freehold Buildings

2% Straight Line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

Trade 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.

 

Combellack Vehicle Recyclers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Combellack Vehicle Recyclers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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 48 (2023 - 47).

 

Combellack Vehicle Recyclers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

614,655

167,077

1,162,541

1,136,742

3,081,015

Additions

-

-

2,377

42,950

45,327

Disposals

-

-

-

(38,000)

(38,000)

At 31 August 2024

614,655

167,077

1,164,918

1,141,692

3,088,342

Depreciation

At 1 September 2023

68,489

114,827

833,529

720,835

1,737,680

Charge for the year

12,293

13,063

49,352

110,873

185,581

Eliminated on disposal

-

-

-

(22,636)

(22,636)

At 31 August 2024

80,782

127,890

882,881

809,072

1,900,625

Carrying amount

At 31 August 2024

533,873

39,187

282,037

332,620

1,187,717

At 31 August 2023

546,166

52,250

329,012

415,907

1,343,335

Included within the net book value of land and buildings above is £533,872 (2023 - £546,165) in respect of freehold land and buildings.
 

 

Combellack Vehicle Recyclers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 September 2023

12,000

12,000

At 31 August 2024

12,000

12,000

Impairment

Carrying amount

At 31 August 2024

12,000

12,000

6

Stocks

2024
£

2023
£

Other inventories

131,085

150,505

7

Debtors

Current

2024
£

2023
£

Trade debtors

 

86,290

74,528

Amounts owed by related parties

2,058,989

1,893,747

Prepayments

 

87,753

87,997

Other debtors

 

190,134

160,003

   

2,423,166

2,216,275

 

Combellack Vehicle Recyclers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Loans and borrowings

55,487

64,533

Trade creditors

 

162,324

160,783

Taxation and social security

 

194,353

154,072

Accruals and deferred income

 

325,024

333,424

Other creditors

 

31,684

31,624

 

768,872

744,436

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

 

Loans and borrowings

72,924

123,718