REGISTERED NUMBER: 07729918 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2024

for

London Scrap Metal Recycling Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs M C Spires

M Spires

Miss M Tobin

REGISTERED OFFICE:

Sterling House

7 Ashford Road

Maidstone

Kent

ME14 5BJ

REGISTERED NUMBER:

07729918 (England and Wales)

ACCOUNTANTS:

Berry & Company

Chartered Accountants

Sterling House

7 Ashford Road

Maidstone

Kent

ME14 5BJ

FIXED ASSETS

Tangible assets

4

458,125

406,165

CURRENT ASSETS

Stocks

61,450

85,648

Debtors

5

215,050

233,370

Cash at bank and in hand

2,233,805

2,140,004

2,510,305

2,459,022

CREDITORS

Amounts falling due within one year

6

1,827,102

1,969,718

NET CURRENT ASSETS

683,203

489,304

TOTAL ASSETS LESS CURRENT LIABILITIES

1,141,328

895,469

CREDITORS

Amounts falling due after more than one year

7

19,340

137,989

NET ASSETS

1,121,988

757,480

CAPITAL AND RESERVES

Called up share capital

22

22

Retained earnings

1,121,966

757,458

SHAREHOLDERS' FUNDS

1,121,988

757,480

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

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

The directors acknowledge their 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 June 2025 and were signed on its behalf by:

M Spires - Director

1.	STATUTORY INFORMATION

London Scrap Metal Recycling Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Income recognition

Turnover represents the fair value of consideration received or receivable derived from the provision of scrap metal recycling services to customers during the year (excluding value added tax) and is recognised when the company becomes entitled to it, usually on the rendering of an invoice.

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost, 25% on reducing balance, 20% on reducing balance and 15% on reducing balance

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

The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 23 (2023 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2023

1,296,752

Additions

198,902

At 31 August 2024

1,495,654

DEPRECIATION

At 1 September 2023

890,587

Charge for year

146,942

At 31 August 2024

1,037,529

NET BOOK VALUE

At 31 August 2024

458,125

At 31 August 2023

406,165

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 September 2023

and 31 August 2024

572,742

DEPRECIATION

At 1 September 2023

and 31 August 2024

315,437

NET BOOK VALUE

At 31 August 2024

257,305

At 31 August 2023

257,305

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

204,250

226,370

Other debtors

10,800

7,000

215,050

233,370

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 8)

37,776

50,854

Trade creditors

153,049

172,017

Taxation and social security

542,441

526,204

Other creditors

1,093,836

1,220,643

1,827,102

1,969,718

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 8)

-

108,001

Other creditors

19,340

29,988

19,340

137,989

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2024

2023

£

£

Net obligations repayable:

Within one year

37,776

50,854

Between one and five years

-

108,001

37,776

158,855

Non-cancellable operating

leases

2024

2023

£

£

Within one year

125,000

125,000

Between one and five years

-

125,000

125,000

250,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Hire purchase contracts

37,776

158,855

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M Spires.