Registered number
12161523
Sun International Recycling Group Ltd
Filleted Accounts
3 October 2024
Sun International Recycling Group Ltd
Registered number: 12161523
Balance Sheet
as at 3 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 366,466 329,303
Current assets
Stocks 184,260 57,322
Debtors 4 1,007,762 2,870,302
Cash at bank and in hand 1,448 301,144
1,193,470 3,228,768
Creditors: amounts falling due within one year 5 (3,219,651) (2,556,841)
Net current (liabilities)/assets (2,026,181) 671,927
Total assets less current liabilities (1,659,715) 1,001,230
Provisions for liabilities - (75,672)
Net (liabilities)/assets (1,659,715) 925,558
Capital and reserves
Called up share capital 1 1
Profit and loss account (1,659,716) 925,557
Shareholder's funds (1,659,715) 925,558
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Zhimin Mai
Director
Approved by the board on 24 March 2025
Sun International Recycling Group Ltd
Notes to the Accounts
for the period from 1 September 2023 to 3 October 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).
Going Concern
The financial statements have been prepared on a going concern basis, notwithstanding the fact that the company entered liquidation on 4 October 2024.

Leading up to liquidation, the recycling plastics industry faced significant economic and regulatory shifts, including a sharp decline in plastic prices and restrictions on international exports, which impacted the company’s ability to sell stock profitably. Additionally, a costly operational error led to an Environment Agency intervention, resulting in the suspension of export operations for two months and significant unforeseen costs. These factors created severe financial pressures that ultimately led the directors to seek professional advice and place the company into liquidation.

Prior to these events, the company had traded profitably with a stable financial position. The decision to liquidate was made after considering all available restructuring options. As liquidation commenced after the reporting date, the directors have prepared these financial statements on a going concern basis, with the liquidator assuming responsibility for break-up basis accounts.
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:
Leasehold improvements 10 years straight line method
Plant and machinery 25% Reducing balance method
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 22 19
3 Tangible fixed assets
Leasehold improvements Plant and machinery etc Total
£ £ £
Cost
At 1 September 2023 35,682 370,318 406,000
Additions 32,215 119,367 151,582
At 3 October 2024 67,897 489,685 557,582
Depreciation
At 1 September 2023 4,276 72,421 76,697
Charge for the period 6,957 107,462 114,419
At 3 October 2024 11,233 179,883 191,116
Net book value
At 3 October 2024 56,664 309,802 366,466
At 31 August 2023 31,406 297,897 329,303
4 Debtors 2024 2023
£ £
Trade debtors 255,623 1,450,600
Other debtors 752,139 1,419,702
1,007,762 2,870,302
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,002,929 1,166,711
Taxation and social security costs 12,737 81,183
Other creditors 2,203,985 1,308,947
3,219,651 2,556,841
6 Events after the reporting date
On 4th October 2024, the company formally entered into a Creditors' Voluntary Liquidation (CVL), and Gareth Hunt and David Kaye of RPG Chartered Accountants were appointed as liquidator.

As a result, the company is no longer a going concern, and the liquidation process has commenced. The financial statements for the period ended 3rd October 2024 have been prepared on a going concern basis, as the liquidation was not formalised at the reporting date.

The liquidator will prepare final accounts on a breakup basis, with assets being realised and liabilities settled accordingly. The directors do not expect any further significant adjustments to the reported financial position as at 3rd October 2024, other than those arising from the liquidation process.
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 3,820 700,486
8 Other information
Sun International Recycling Group Ltd is a private company limited by shares and incorporated in England. Its registered office is:
CKW, Chartered Certified Accountants
469 Kingsway
Manchester
England
M19 1NR
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