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NOBLE RECYCLING LTD

Registered Number
SC389662
(Scotland)

Unaudited Financial Statements for the Year ended
31 December 2023

NOBLE RECYCLING LTD
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

NOBLE, William Gray

Registered Address

Armstrong Watson Llp 1st Floor
24 Blythswood Square
Glasgow
G2 4BG

Registered Number

SC389662 (Scotland)
NOBLE RECYCLING LTD
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3504,373557,260
504,373557,260
Current assets
Stocks4600,000800,000
Debtors520,916153,456
Cash at bank and on hand10,98813,096
631,904966,552
Creditors amounts falling due within one year6(1,561,058)(1,335,113)
Net current assets (liabilities)(929,154)(368,561)
Total assets less current liabilities(424,781)188,699
Creditors amounts falling due after one year7(14,110)(24,947)
Net assets(438,891)163,752
Capital and reserves
Called up share capital100100
Profit and loss account(438,991)163,652
Shareholders' funds(438,891)163,752
The financial statements were approved and authorised for issue by the Director on 11 March 2025, and are signed on its behalf by:
NOBLE, William Gray
Director
Registered Company No. SC389662
NOBLE RECYCLING LTD
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery-7
Fixtures and fittings-7
Vehicles25-
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement
Trade and other 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.
Trade and other 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.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20232022
Average number of employees during the year78
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 January 23374,249875,822459,0854,1991,713,355
Additions-20,00039,000-59,000
Disposals--(14,000)-(14,000)
At 31 December 23374,249895,822484,0854,1991,758,355
Depreciation and impairment
At 01 January 2377,962781,004296,9371921,156,095
Charge for year-102,919--102,919
On disposals--(5,032)-(5,032)
At 31 December 2377,962883,923291,9051921,253,982
Net book value
At 31 December 23296,28711,899192,1804,007504,373
At 31 December 22296,28794,818162,1484,007557,260
4.Stocks

2023

2022

££
Raw materials and consumables600,000800,000
Total600,000800,000
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables-5,332
Other debtors213148,124
Prepayments and accrued income20,703-
Total20,916153,456
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables165,471110,270
Bank borrowings and overdrafts9,6499,890
Taxation and social security850,384740,975
Finance lease and HP contracts39,720102,551
Other creditors302,440357,628
Accrued liabilities and deferred income193,39413,799
Total1,561,0581,335,113
Details of security provided: As at 31 December 2023 amounts included as other creditors were secured against the assets owned by the company. As at 31 December 2023 amounts included as obligations under finance leases and hire purchase contracts were secured against the assets concerned.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts14,11024,947
Total14,11024,947
As at 31 December 2023 amounts included as obligations under finance leases and hire purchase contracts were secured against the assets concerned.
8.Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,664 (2022: £2,015). There were no contributions payable to the fund at the reporting date (2022: £368).
9.Related party transactions
On 1 January 2023 the company owed the Directors £49,394 (2022: £151,223). During the period there were no repayments and the Directors extracted a further £76,974. At 31 December 2023 the company owed the Directors £10,490. No interest was charged on this loan and the loan is repayable on demand.