13 9 May 2025 false false false false false false false false false false true false false false false true true No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 3,863 4,385 522 xbrli:pure xbrli:shares iso4217:GBP 02800814 2024-01-01 2024-12-31 02800814 2024-12-31 02800814 2023-12-31 02800814 2023-01-01 2023-12-31 02800814 2023-12-31 02800814 2022-12-31 02800814 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 02800814 core:WithinOneYear 2024-12-31 02800814 core:WithinOneYear 2023-12-31 02800814 core:PlantMachinery 2023-12-31 02800814 core:PlantMachinery 2024-12-31 02800814 core:DeferredTaxation 2024-01-01 2024-12-31 02800814 core:PlantMachinery 2024-01-01 2024-12-31 02800814 core:UKTax 2024-01-01 2024-12-31 02800814 core:UKTax 2023-01-01 2023-12-31 02800814 bus:AllOrdinaryShares 2024-01-01 2024-12-31 02800814 bus:AllOrdinaryShares 2023-01-01 2023-12-31 02800814 core:ShareCapital 2024-12-31 02800814 core:ShareCapital 2023-12-31 02800814 core:CapitalRedemptionReserve 2024-12-31 02800814 core:CapitalRedemptionReserve 2023-12-31 02800814 core:RetainedEarningsAccumulatedLosses 2024-12-31 02800814 core:RetainedEarningsAccumulatedLosses 2023-12-31 02800814 core:BetweenOneFiveYears 2024-12-31 02800814 core:BetweenOneFiveYears 2023-12-31 02800814 core:AcceleratedTaxDepreciationDeferredTax 2024-12-31 02800814 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02800814 core:ProvisionsDeferredTax 2024-12-31 02800814 core:ProvisionsDeferredTax 2023-12-31 02800814 core:PlantMachinery 2023-12-31 02800814 core:DeferredTaxation 2023-12-31 02800814 core:DeferredTaxation 2024-12-31 02800814 bus:Director2 2024-01-01 2024-12-31 02800814 bus:SmallEntities 2024-01-01 2024-12-31 02800814 bus:Audited 2024-01-01 2024-12-31 02800814 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 02800814 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02800814 bus:FullAccounts 2024-01-01 2024-12-31 02800814 bus:OrdinaryShareClass1 2024-12-31 02800814 bus:OrdinaryShareClass1 2023-12-31
COMPANY REGISTRATION NUMBER: 02800814
Newport Recycling Limited
Filleted Financial Statements
31 December 2024
Newport Recycling Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
7
15,760
10,596
Current assets
Debtors
8
2,535,148
2,251,823
Cash at bank and in hand
708,154
643,861
------------
------------
3,243,302
2,895,684
Creditors: amounts falling due within one year
9
1,761,670
1,380,299
------------
------------
Net current assets
1,481,632
1,515,385
------------
------------
Total assets less current liabilities
1,497,392
1,525,981
Provisions
Taxation including deferred tax
10
522
( 3,863)
------------
------------
Net assets
1,496,870
1,529,844
------------
------------
Capital and reserves
Called up share capital
13
90
98
Capital redemption reserve
14
19
11
Profit and loss account
14
1,496,761
1,529,735
------------
------------
Shareholders funds
1,496,870
1,529,844
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 9 May 2025 , and are signed on behalf of the board by:
Matthew Hoare Director
Company registration number: 02800814
Newport Recycling Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The companys principal activity is that of the brokerage of recyclate materials. The company is limited by shares and is incorporated in England and Wales. The company's registered office is Aston House, 3 Springfield Industrial Estate, Newport, Shropshire,TF10 7NB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on the assumption that the company is able to carry on business as a going concern as the directors are not aware of any reason why the company cannot meet its anticipated future financial obligations from its own working capital and agreed banking facilities.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102 Section 1A. As such, advantage has been taken of the following disclosure exemptions: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant estimates or judgements have been made by management in the preparation of these accounts. The accounting policies that have been used in their preparation are documented below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied from the brokerage of recycled materials stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20%-30% straight line
Office equipment
-
10%-50% straight line or 15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 13 (2023: 14 ).
5. Taxation on ordinary activities
Major components of tax expense/(income)
2024
2023
£
£
Current tax:
UK current tax expense
25,794
233
Deferred tax:
Origination and reversal of timing differences
5,226
( 5,394)
Impact of change in tax rate
( 841)
-------
-------
Total deferred tax
4,385
( 5,394)
--------
-------
Taxation on ordinary activities
30,179
( 5,161)
--------
-------
Reconciliation of tax expense/(income)
The tax assessed on the profit/(loss) on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 23.14 % (2023: 19 %).
2024
2023
£
£
Profit/(loss) on ordinary activities before taxation
119,705
( 66,904)
---------
--------
Profit/(loss) on ordinary activities by rate of tax
27,695
( 12,710)
Effect of expenses not deductible for tax purposes
3,325
7,551
Rounding on tax charge
( 2)
Change in tax rate
(841)
---------
--------
Tax on profit/(loss)
30,179
( 5,161)
---------
--------
6. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
42,500
1,000
--------
-------
7. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 January 2024
69,123
272,556
341,679
Additions
13,103
13,103
Disposals
( 3,063)
( 157,354)
( 160,417)
--------
---------
---------
At 31 December 2024
66,060
128,305
194,365
--------
---------
---------
Depreciation
At 1 January 2024
68,606
262,477
331,083
Charge for the year
517
6,772
7,289
Disposals
( 3,063)
( 156,704)
( 159,767)
--------
---------
---------
At 31 December 2024
66,060
112,545
178,605
--------
---------
---------
Carrying amount
At 31 December 2024
15,760
15,760
--------
---------
---------
At 31 December 2023
517
10,079
10,596
--------
---------
---------
8. Debtors
2024
2023
£
£
Trade debtors
2,410,556
2,096,852
Prepayments and accrued income
17,664
154,971
Other debtors
106,928
------------
------------
2,535,148
2,251,823
------------
------------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,092
5,684
Trade creditors
1,650,667
1,216,555
Accruals and deferred income
45,640
79,348
Corporation tax
25,794
324
Social security and other taxes
19,477
76,045
Director loan accounts
17,000
Other creditors
2,343
------------
------------
1,761,670
1,380,299
------------
------------
Included within cash at bank is a factoring arrangement which is secured by a charge over the company's trade debts.
10. Provisions
Deferred tax (note 11)
£
At 1 January 2024
( 3,863)
Additions
4,385
-------
At 31 December 2024
522
-------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 10)
522
( 3,863)
----
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
946
( 690)
Provisions
( 424)
( 3,173)
----
-------
522
(3,863)
----
-------
12. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 22,077 (2023: £ 40,675 ).
13. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
90
90
98
98
----
----
----
----
On 21 March 2024 the company purchased 8 of its own shares from Alan Peers for £80,000.
14. Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
15. Commitments under operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
1,293
1,293
Later than 1 year and not later than 5 years
970
2,264
-------
-------
2,263
3,557
-------
-------
16. Summary audit opinion
The auditor's report dated 9 May 2025 was unqualified .
The senior statutory auditor was Philippa Miller-Hawkes BA CA , for and on behalf of BSN Associates Limited .
17. Related party transactions
During the year the company made purchases of £25,822 (2023: £193,877) from EJH Recycling Limited a company in which a close family member of Mr M Hoare is a director and shareholder. The company made sales of £Nil (2023: £Nil) to EJH Recycling Limited. At the year end included within trade debtors and trade creditors were balances of £Nil and £Nil respectively.
18. Controlling party
Prior to 28 March 2025, the company was under the control of Mr M Hoare. From 28 March 2025, the parent company is Newport Recycling Group Limited, a company registered in England and Wales. The registered address of Newport Recycling Group Limited is Aston House, 3 Springfield Industrial Estate, Newport, United Kingdom, TF10 7NB.