Registered number
12048304
Mainline Recycling Ltd
Filleted Accounts
30 June 2024
Mainline Recycling Ltd
Registered number: 12048304
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 58,066 77,420
Current assets
Debtors 4 11,747 6,723
Cash at bank and in hand 17,771 13,603
29,518 20,326
Creditors: amounts falling due within one year 5 (119,035) (70,322)
Net current liabilities (89,517) (49,996)
Total assets less current liabilities (31,451) 27,424
Creditors: amounts falling due after more than one year 6 (36,797) (54,928)
Provisions for liabilities (15,521) (15,521)
Net liabilities (83,769) (43,025)
Capital and reserves
Called up share capital 160 160
Profit and loss account (83,929) (43,185)
Shareholders' funds (83,769) (43,025)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
C Allen
Director
Approved by the board on 21 March 2025
Mainline Recycling Ltd
Notes to the Accounts
for the year ended 30 June 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.
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:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 35,464 112,233 147,697
At 30 June 2024 35,464 112,233 147,697
Depreciation
At 1 July 2023 13,337 56,940 70,277
Charge for the year 5,531 13,823 19,354
At 30 June 2024 18,868 70,763 89,631
Net book value
At 30 June 2024 16,596 41,470 58,066
At 30 June 2023 22,127 55,293 77,420
4 Debtors 2024 2023
£ £
Trade debtors 9,029 4,005
Other debtors 2,718 2,718
11,747 6,723
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,556 5,556
Obligations under finance lease and hire purchase contracts 12,576 12,576
Trade creditors 9,138 14,253
Taxation and social security costs 67,200 19,741
Other creditors 24,565 18,196
119,035 70,322
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 27,778 33,333
Obligations under finance lease and hire purchase contracts 9,019 21,595
36,797 54,928
7 Controlling party
There was no controlling party throughout the period.
8 Other information
Mainline Recycling Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Old Sawley Station
Sawley Road
Breaston
Derby
DE72 3EF
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