Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-312024-01-01falseScrap material dealings1917falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13317321 2024-01-01 2024-12-31 13317321 2023-01-01 2023-12-31 13317321 2024-12-31 13317321 2023-12-31 13317321 2023-01-01 13317321 c:Director3 2024-01-01 2024-12-31 13317321 d:Buildings d:ShortLeaseholdAssets 2024-01-01 2024-12-31 13317321 d:Buildings d:ShortLeaseholdAssets 2024-12-31 13317321 d:Buildings d:ShortLeaseholdAssets 2023-12-31 13317321 d:PlantMachinery 2024-01-01 2024-12-31 13317321 d:PlantMachinery 2024-12-31 13317321 d:PlantMachinery 2023-12-31 13317321 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 13317321 d:MotorVehicles 2024-01-01 2024-12-31 13317321 d:MotorVehicles 2024-12-31 13317321 d:MotorVehicles 2023-12-31 13317321 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 13317321 d:FurnitureFittings 2024-01-01 2024-12-31 13317321 d:FurnitureFittings 2024-12-31 13317321 d:FurnitureFittings 2023-12-31 13317321 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 13317321 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 13317321 d:Goodwill 2024-01-01 2024-12-31 13317321 d:Goodwill 2024-12-31 13317321 d:Goodwill 2023-12-31 13317321 d:CurrentFinancialInstruments 2024-12-31 13317321 d:CurrentFinancialInstruments 2023-12-31 13317321 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 13317321 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13317321 d:ShareCapital 2024-12-31 13317321 d:ShareCapital 2023-12-31 13317321 d:RetainedEarningsAccumulatedLosses 2024-12-31 13317321 d:RetainedEarningsAccumulatedLosses 2023-12-31 13317321 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 13317321 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 13317321 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 13317321 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 13317321 c:OrdinaryShareClass1 2024-01-01 2024-12-31 13317321 c:OrdinaryShareClass1 2024-12-31 13317321 c:OrdinaryShareClass1 2023-12-31 13317321 c:FRS102 2024-01-01 2024-12-31 13317321 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 13317321 c:FullAccounts 2024-01-01 2024-12-31 13317321 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 13317321 2 2024-01-01 2024-12-31 13317321 4 2024-01-01 2024-12-31 13317321 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-12-31 13317321 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 13317321 d:Goodwill d:OwnedIntangibleAssets 2024-01-01 2024-12-31 13317321 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13317321









SCRAPCO (RED LODGE) LIMITED








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
SCRAPCO (RED LODGE) LIMITED
REGISTERED NUMBER: 13317321

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,350,000
1,550,000

Tangible assets
 5 
841,358
828,972

  
2,191,358
2,378,972

Current assets
  

Stocks
 6 
435,403
369,894

Debtors: amounts falling due within one year
 7 
686,493
538,927

Cash at bank and in hand
 8 
114,917
138,598

  
1,236,813
1,047,419

Creditors: amounts falling due within one year
 9 
(1,108,536)
(3,416,318)

Net current assets/(liabilities)
  
 
 
128,277
 
 
(2,368,899)

Provisions for liabilities
  

Deferred tax
 10 
(128,441)
(81,582)

Net assets/(liabilities)
  
2,191,194
(71,509)


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
2,191,094
(71,609)

  
2,191,194
(71,509)


Page 1

 
SCRAPCO (RED LODGE) LIMITED
REGISTERED NUMBER: 13317321
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 March 2025.






T G Hunn
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SCRAPCO (RED LODGE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Scrapo (Red Lodge) Limited is a private company limited by shares, incorporated in England, United Kingdom. The
address of the registered office is Suite D, The Business Centre, Faringdon Avenue, Romford, Essex, RM3 8EN.
The principal place of business is The Carrops, Green Lane, Red Lodge, Bury St Edmunds, Suffolk, IP28 8LD. The
company's principal activity was that of recycling metal waste and scrap.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.


The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
SCRAPCO (RED LODGE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

Page 4

 
SCRAPCO (RED LODGE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10 years straight line
Plant and machinery
-
25%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
25%
Reducing balance

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to
complete and sell. Cost is based on the selling price less margin to account for the cost of processing materials
as well as the purchase price.
 
 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
SCRAPCO (RED LODGE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2023 -17).

Page 6

 
SCRAPCO (RED LODGE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2024
2,000,000



At 31 December 2024

2,000,000



Amortisation


At 1 January 2024
450,000


Charge for the year on owned assets
200,000



At 31 December 2024

650,000



Net book value



At 31 December 2024
1,350,000



At 31 December 2023
1,550,000



Page 7

 
SCRAPCO (RED LODGE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
1,000
1,093,059
355,615
10,669
1,460,343


Additions
-
229,586
64,865
13,760
308,211


Disposals
-
(30,000)
-
-
(30,000)



At 31 December 2024

1,000
1,292,645
420,480
24,429
1,738,554



Depreciation


At 1 January 2024
225
496,516
130,756
3,874
631,371


Charge for the year on owned assets
100
202,676
72,437
5,143
280,356


Disposals
-
(14,531)
-
-
(14,531)



At 31 December 2024

325
684,661
203,193
9,017
897,196



Net book value



At 31 December 2024
675
607,984
217,287
15,412
841,358



At 31 December 2023
775
596,543
224,859
6,795
828,972

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
-
67,447


6.


Stocks

2024
2023
£
£

Raw materials and consumables
435,403
369,894


Page 8

 
SCRAPCO (RED LODGE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Debtors

2024
2023
£
£


Trade debtors
243,070
278,822

Amounts owed by group undertakings
371,600
209,600

Other debtors
28,665
9,100

Prepayments and accrued income
43,158
41,405

686,493
538,927



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
114,917
138,598



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
120,042
68,635

Other taxation and social security
289,533
344,549

Obligations under finance lease and hire purchase contracts
-
41,977

Other creditors
683,825
2,947,857

Accruals and deferred income
15,136
13,300

1,108,536
3,416,318


Page 9

 
SCRAPCO (RED LODGE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Deferred taxation




2024
2023


£

£






At beginning of year
(81,582)
(199,052)


(Charged)/released to profit or loss
(46,859)
117,470



At end of year
(128,441)
(81,582)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(190,305)
(185,916)

Tax losses carried forward
61,864
104,334

(128,441)
(81,582)


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 -100) Ordinary shares of £1.00 each
100
100



12.


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 £10,367 (2023 - £8,888). Contributions totalling £2,668 (2023 - £2,098) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions


2024
2023
£
£

Amounts due from parent company
371,600
209,600
Amounts due to associated company
587,600
2,919,228

Loans between related parties are unsecured and interest free.

Page 10

 
SCRAPCO (RED LODGE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Ultimate parent undertaking and controlling party

The parent company is TFG Holdings Limited incorporated in England and Wales, registered office Suite D, The Business Centre, Faringdon Avenue, Romford, Essex, RM3 8EN. The ultimate controlling party is Mr T G Hunn.

 
Page 11