TH Scrap Metal Collection Limited 10807629 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is scrap metal collection. Digita Accounts Production Advanced 6.30.9574.0 true 10807629 2023-07-01 2024-06-30 10807629 2024-06-30 10807629 core:RetainedEarningsAccumulatedLosses 2024-06-30 10807629 core:ShareCapital 2024-06-30 10807629 core:CurrentFinancialInstruments 2024-06-30 10807629 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 10807629 core:Non-currentFinancialInstruments 2024-06-30 10807629 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 10807629 core:Goodwill 2024-06-30 10807629 core:OtherResidualIntangibleAssets 2024-06-30 10807629 core:MotorVehicles 2024-06-30 10807629 core:OtherPropertyPlantEquipment 2024-06-30 10807629 bus:SmallEntities 2023-07-01 2024-06-30 10807629 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 10807629 bus:FullAccounts 2023-07-01 2024-06-30 10807629 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 10807629 bus:RegisteredOffice 2023-07-01 2024-06-30 10807629 bus:Director1 2023-07-01 2024-06-30 10807629 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10807629 core:Goodwill 2023-07-01 2024-06-30 10807629 core:OtherResidualIntangibleAssets 2023-07-01 2024-06-30 10807629 core:MotorVehicles 2023-07-01 2024-06-30 10807629 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 10807629 core:PlantMachinery 2023-07-01 2024-06-30 10807629 countries:AllCountries 2023-07-01 2024-06-30 10807629 2023-06-30 10807629 core:Goodwill 2023-06-30 10807629 core:OtherResidualIntangibleAssets 2023-06-30 10807629 core:MotorVehicles 2023-06-30 10807629 core:OtherPropertyPlantEquipment 2023-06-30 10807629 2022-07-01 2023-06-30 10807629 2023-06-30 10807629 core:RetainedEarningsAccumulatedLosses 2023-06-30 10807629 core:ShareCapital 2023-06-30 10807629 core:CurrentFinancialInstruments 2023-06-30 10807629 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 10807629 core:Non-currentFinancialInstruments 2023-06-30 10807629 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 10807629 core:Goodwill 2023-06-30 10807629 core:OtherResidualIntangibleAssets 2023-06-30 10807629 core:MotorVehicles 2023-06-30 10807629 core:OtherPropertyPlantEquipment 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 10807629

TH Scrap Metal Collection Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 June 2024

 

TH Scrap Metal Collection Limited
(Registration number: 10807629)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

Staff numbers

8

 

TH Scrap Metal Collection Limited
(Registration number: 10807629)

Company Information

Director

Mr T Hill

Registered office

c/o Thompson Jenner LLP
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

TH Scrap Metal Collection Limited
(Registration number: 10807629)

Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

3,154

4,307

Tangible assets

5

101,154

105,272

 

104,308

109,579

Current assets

 

Debtors

6

10,023

3,682

Cash at bank and in hand

 

30,685

30,827

 

40,708

34,509

Creditors: Amounts falling due within one year

7

(92,191)

(99,012)

Net current liabilities

 

(51,483)

(64,503)

Total assets less current liabilities

 

52,825

45,076

Creditors: Amounts falling due after more than one year

7

(13,267)

(21,267)

Provisions for liabilities

(20,549)

(20,001)

Net assets

 

19,009

3,808

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

18,909

3,708

Total equity

 

19,009

3,808

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.

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.

 

TH Scrap Metal Collection Limited
(Registration number: 10807629)

Balance Sheet as at 30 June 2024

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 1 March 2025
 

.........................................
Mr T Hill
Director

 

TH Scrap Metal Collection Limited
(Registration number: 10807629)

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 Thompson Jenner LLP
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

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.

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.

 

TH Scrap Metal Collection Limited
(Registration number: 10807629)

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

20% straight line

Plant and machinery

20% 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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 years

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.

 

TH Scrap Metal Collection Limited
(Registration number: 10807629)

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

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.

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.

 

TH Scrap Metal Collection Limited
(Registration number: 10807629)

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

 

TH Scrap Metal Collection Limited
(Registration number: 10807629)

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

 

TH Scrap Metal Collection Limited
(Registration number: 10807629)

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

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 July 2023

10,000

766

10,766

At 30 June 2024

10,000

766

10,766

Amortisation

At 1 July 2023

6,000

459

6,459

Amortisation charge

1,000

153

1,153

At 30 June 2024

7,000

612

7,612

Carrying amount

At 30 June 2024

3,000

154

3,154

At 30 June 2023

4,000

307

4,307

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

200,718

43,582

244,300

Additions

39,995

8,775

48,770

Disposals

(55,400)

(2,367)

(57,767)

At 30 June 2024

185,313

49,990

235,303

Depreciation

At 1 July 2023

113,829

25,199

139,028

Charge for the year

31,662

7,036

38,698

Eliminated on disposal

(41,220)

(2,357)

(43,577)

At 30 June 2024

104,271

29,878

134,149

Carrying amount

At 30 June 2024

81,042

20,112

101,154

At 30 June 2023

86,889

18,383

105,272

 

TH Scrap Metal Collection Limited
(Registration number: 10807629)

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

6

Debtors

2024
£

2023
£

Trade debtors

5,329

-

Prepayments and accrued income

4,694

3,682

Total current trade and other debtors

10,023

3,682

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

8,000

8,000

Trade creditors

 

3,378

1,226

Taxation and social security

 

25,106

29,984

Other creditors

 

53,607

57,802

Accrued expenses

 

2,100

2,000

 

92,191

99,012

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

13,267

21,267

 

TH Scrap Metal Collection Limited
(Registration number: 10807629)

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

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

8,000

8,000

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

13,267

21,267