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Registration number: 03323288

Metal Recycling Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Metal Recycling Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

 

Metal Recycling Limited

Company Information

Director

Mr M J Clarke

Registered office

24 Southfield
Polegate
East Sussex
BN26 5LX

Accountants

Gold Accountants Limited 24 Southfield
Polegate
East Sussex
BN26 5LX

 

Metal Recycling Limited

Director's Report for the Year Ended 31 May 2024

The director presents his report and the financial statements for the year ended 31 May 2024.

Director of the company

The director who held office during the year was as follows:

Mr M J Clarke

Principal activity

The principal activity of the company is storage and warehousing facilities

Going concern

These financial statements have been prepared on the basis that the company will continue to be a
going concern. The current liabilities exceed the current assets by £84,485.

The validity of this basis depends upon the continued support of the
company's director and bankers. The director confirms that he will
give the required support and that he is not aware of any reason why
the bank's support should not be forthcoming.

Small companies provision statement

This report has 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 director on 26 September 2024
 

.........................................
Mr M J Clarke
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Metal Recycling Limited
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Metal Recycling Limited for the year ended 31 May 2024 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Metal Recycling Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Metal Recycling Limited and state those matters that we have agreed to state to the Board of Directors of Metal Recycling Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Metal Recycling Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Metal Recycling Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Metal Recycling Limited. You consider that Metal Recycling Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Metal Recycling Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Gold Accountants Limited
24 Southfield
Polegate
East Sussex
BN26 5LX

26 September 2024

 

Metal Recycling Limited

Profit and Loss Account for the Year Ended 31 May 2024

Note

2024
£

2023
£

Turnover

 

127,357

112,510

Cost of sales

 

(40,518)

(70,731)

Gross profit

 

86,839

41,779

Administrative expenses

 

(75,409)

(93,109)

Operating profit/(loss)

 

11,430

(51,330)

Profit/(loss) before tax

4

11,430

(51,330)

Profit/(loss) for the financial year

 

11,430

(51,330)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Metal Recycling Limited

Statement of Comprehensive Income for the Year Ended 31 May 2024

2024
£

2023
£

Profit/(loss) for the year

11,430

(51,330)

Total comprehensive income for the year

11,430

(51,330)

 

Metal Recycling Limited

(Registration number: 03323288)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

222,064

228,974

Current assets

 

Stocks

6

2,400

2,400

Debtors

7

20,009

-

Cash at bank and in hand

 

(14,671)

7,019

 

7,738

9,419

Creditors: Amounts falling due within one year

8

(275,571)

(244,615)

Net current liabilities

 

(267,833)

(235,196)

Total assets less current liabilities

 

(45,769)

(6,222)

Provisions for liabilities

(38,701)

(89,678)

Net liabilities

 

(84,470)

(95,900)

Capital and reserves

 

Called up share capital

9

15

15

Retained earnings

(84,485)

(95,915)

Shareholders' deficit

 

(84,470)

(95,900)

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 26 September 2024
 

.........................................
Mr M J Clarke
Director

 

Metal Recycling Limited

Statement of Changes in Equity for the Year Ended 31 May 2024

Share capital
£

Retained earnings
£

Total
£

At 1 June 2023

15

(95,915)

(95,900)

Profit for the year

-

11,430

11,430

At 31 May 2024

15

(84,485)

(84,470)

Share capital
£

Retained earnings
£

Total
£

At 1 June 2022

15

(44,585)

(44,570)

Loss for the year

-

(51,330)

(51,330)

At 31 May 2023

15

(95,915)

(95,900)

 

Metal Recycling Limited

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

1

General information

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

The address of its registered office is:
24 Southfield
Polegate
East Sussex
BN26 5LX
United Kingdom

These financial statements were authorised for issue by the director on 26 September 2024.

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

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 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.

 

Metal Recycling Limited

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

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 & Machinery

10% reducing balance

Motor Vehicles

25% reducing balance

Furniture & Fixtures

25% straight line

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.

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

 

Metal Recycling Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

20,109

28,731

 

Metal Recycling Limited

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

5

Tangible assets

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 June 2023

91,628

402,554

494,182

Additions

-

33,200

33,200

Disposals

-

(20,000)

(20,000)

At 31 May 2024

91,628

415,754

507,382

Depreciation

At 1 June 2023

80,525

204,793

285,318

At 31 May 2024

80,525

204,793

285,318

Carrying amount

At 31 May 2024

11,103

210,961

222,064

At 31 May 2023

14,804

214,170

228,974

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

2,400

2,400

7

Debtors

Current

2024
£

2023
£

Other debtors

20,009

-

 

20,009

-

8

Creditors

Creditors: amounts falling due within one year

 

Metal Recycling Limited

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

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

(6,489)

(5,918)

Trade creditors

 

8,185

4,263

Taxation and social security

 

27,401

4,268

Accruals and deferred income

 

900

900

Other creditors

 

245,574

241,102

 

275,571

244,615

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

15

15

15

15

       

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

(6,489)

(5,918)

11

Dividends

12

Related party transactions

 

Metal Recycling Limited

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

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,740

14,183

Summary of transactions with other related parties

As at the balance sheet date the company owed the director; M J Clarke, £240,991 (2023: £227,412) in respect of a director's loan account. The loan is repayable on demand with no terms attached. Rent in the sum of £12,000 (2022: £12,000) was received from Metal Recyling Sussex Limited. The director of Metal Recycling Sussex Limited is a close family member.