Registered number
13951710
Reco Energy Ltd
Filleted Accounts
31 December 2024
Reco Energy Ltd
Registered number: 13951710
Balance Sheet
as at 31 December 2024
Notes 31/12/24 31/3/24
£ £
Fixed assets
Intangible assets 3 4,308 4,800
Tangible assets 4 26,593 25,798
30,901 30,598
Current assets
Stocks 63,931 73,660
Debtors 5 32,387 59,605
Cash at bank and in hand 14,613 11,097
110,931 144,362
Creditors: amounts falling due within one year 6 (132,173) (198,982)
Net current liabilities (21,242) (54,620)
Total assets less current liabilities 9,659 (24,022)
Creditors: amounts falling due after more than one year 7 (4,283) (5,860)
Provisions for liabilities (5,053) -
Net assets/(liabilities) 323 (29,882)
Capital and reserves
Called up share capital 100 100
Profit and loss account 223 (29,982)
Shareholder's funds 323 (29,882)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
James Angus McKenzie
Director
Approved by the board on 24 February 2025
Reco Energy Ltd
Notes to the Accounts
for the period from 1 April 2024 to 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment 20% reducing balance
Motor vehicles 20% reducing balance
Plant and machinery 20% reducing balance
Office equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 31/12/24 31/3/24
Number Number
Average number of persons employed by the company 12 13
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2024 6,000
At 31 December 2024 6,000
Amortisation
At 1 April 2024 1,200
Provided during the period 492
At 31 December 2024 1,692
Net book value
At 31 December 2024 4,308
At 31 March 2024 4,800
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2024 27,376 4,927 32,303
Additions 5,109 - 5,109
At 31 December 2024 32,485 4,927 37,412
Depreciation
At 1 April 2024 5,060 1,445 6,505
Charge for the period 3,791 523 4,314
At 31 December 2024 8,851 1,968 10,819
Net book value
At 31 December 2024 23,634 2,959 26,593
At 31 March 2024 22,316 3,482 25,798
5 Debtors 31/12/24 31/3/24
£ £
Trade debtors 14,526 26,860
Deferred tax asset - 2,593
Other debtors 17,861 30,152
32,387 59,605
6 Creditors: amounts falling due within one year 31/12/24 31/3/24
£ £
Bank loans and overdrafts 2,069 1,862
Trade creditors 77,872 86,451
Taxation and social security costs 11,303 43,786
Other creditors 40,929 66,883
132,173 198,982
7 Creditors: amounts falling due after one year 31/12/24 31/3/24
£ £
Bank loans 4,283 5,860
8 Basis of preparation
At the period end, the company’s balance sheet showed net current liabilities of £21,242 (March 2024 £54,620). This includes £1,052 (March 2024: £16,553 creditor) payable by Mr James Angus McKenzie, director. The director has indicated that he will continue to support the company financially. On this basis, the director feels it is appropriate that the accounts are prepared on a going concern basis.
9 Related party transactions
At the period end, the company was owed £1,052 (March 2024: £16,553 creditor) by Mr James Angus McKenzie, Director. The loan is interest free and repayable on demand.
10 Controlling party
The company is ultimately controlled by Mr James Angus McKenzie, director, who owns 100% of the issued share capital.
11 Other information
Reco Energy Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Granary Beeching Park
Kelly Bray
Callington
Cornwall
PL17 8QS
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