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REGISTERED NUMBER: 06659218 (England and Wales)















SWINDON METAL RECYCLING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST JULY 2024






SWINDON METAL RECYCLING LIMITED (REGISTERED NUMBER: 06659218)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024










Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 7


SWINDON METAL RECYCLING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JULY 2024







DIRECTOR: Mr S Bowers





REGISTERED OFFICE: 43-45 Devizes Road
SWINDON
Wiltshire
SN1 4BG





REGISTERED NUMBER: 06659218 (England and Wales)





ACCOUNTANTS: Morris Owen
Chartered Accountants
43-45 Devizes Road
SWINDON
Wiltshire
SN1 4BG

SWINDON METAL RECYCLING LIMITED (REGISTERED NUMBER: 06659218)

STATEMENT OF FINANCIAL POSITION
31ST JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 2,528,006 2,275,278

CURRENT ASSETS
Stocks 414,225 281,267
Debtors 5 385,690 588,676
Cash at bank 354,217 428,927
1,154,132 1,298,870
CREDITORS
Amounts falling due within one year 6 759,127 654,485
NET CURRENT ASSETS 395,005 644,385
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,923,011

2,919,663

CREDITORS
Amounts falling due after more than
one year

7

(699,673

)

(701,066

)

PROVISIONS FOR LIABILITIES 8 (354,250 ) (220,995 )
NET ASSETS 1,869,088 1,997,602

CAPITAL AND RESERVES
Called up share capital 9 100 1
Retained earnings 1,868,988 1,997,601
SHAREHOLDERS' FUNDS 1,869,088 1,997,602

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SWINDON METAL RECYCLING LIMITED (REGISTERED NUMBER: 06659218)

STATEMENT OF FINANCIAL POSITION - continued
31ST JULY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 24th April 2025 and were signed by:





Mr S Bowers - Director


SWINDON METAL RECYCLING LIMITED (REGISTERED NUMBER: 06659218)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024


1. STATUTORY INFORMATION

Swindon Metal Recycling Limited is a private company, limited by shares, registered in England and Wales.

The company's registered number is 06659218.

The company's registered office is 43-45 Devizes Road, Swindon, Wiltshire, SN1 4BG.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In preparing these financial statements, the directors have made the following judgements:
- Determine whether leases entered into by the company as a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
- Determine the period of useful economic life and any residual value of all tangible fixed assets order to write off the value of each asset over that period.
- Determine an appropriate provision for bad and doubtful debts by assessing the recoverability of all balances on a balance by balance basis.
- Determine an appropriate provision for obsolete and slow moving stocks by assessing the net realisable value of all stock lines on a line by line basis.
- Determine an appropriate provision for dilapidations by assessing the probable future obligations expected to exist at the end of the property lease.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost, 10% on cost and 5% on cost
Motor vehicles - 12.5% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
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.

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


SWINDON METAL RECYCLING LIMITED (REGISTERED NUMBER: 06659218)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 25 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st August 2023 1,167,159 2,057,862 3,225,021
Additions - 588,908 588,908
Disposals - (229,380 ) (229,380 )
At 31st July 2024 1,167,159 2,417,390 3,584,549
DEPRECIATION
At 1st August 2023 73,288 876,455 949,743
Charge for year 6,000 195,758 201,758
Eliminated on disposal - (94,958 ) (94,958 )
At 31st July 2024 79,288 977,255 1,056,543
NET BOOK VALUE
At 31st July 2024 1,087,871 1,440,135 2,528,006
At 31st July 2023 1,093,871 1,181,407 2,275,278

SWINDON METAL RECYCLING LIMITED (REGISTERED NUMBER: 06659218)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 202,814 322,148
Other debtors 182,876 266,528
385,690 588,676

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 109,974 130,557
Hire purchase contracts 185,692 132,170
Trade creditors 201,758 176,952
Taxation and social security 254,441 207,915
Other creditors 7,262 6,891
759,127 654,485

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 504,950 559,875
Hire purchase contracts 194,723 141,191
699,673 701,066

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 355,304 220,995
Deferred tax losses (1,054 ) -
354,250 220,995

Deferred
tax
£   
Balance at 1st August 2023 220,995
Charge to Statement of Income and Retained Earnings during
year

134,309
Deferred tax losses (1,054 )
Balance at 31st July 2024 354,250

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 1

99 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.

SWINDON METAL RECYCLING LIMITED (REGISTERED NUMBER: 06659218)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024


10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st July 2024 and 31st July 2023:

2024 2023
£    £   
Mr S Bowers
Balance outstanding at start of year 224,613 -
Amounts advanced 199,235 224,613
Amounts repaid (345,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 78,848 224,613