Company No:
Contents
| DIRECTORS | Mrs A Reshamwala |
| A M Reshamwala |
| REGISTERED OFFICE | 50 Greenfield Road |
| London | |
| E1 1EJ | |
| United Kingdom |
| COMPANY NUMBER | 12875283 (England and Wales) |
| ACCOUNTANT | Gravita Essex Limited |
| Treviot House | |
| 186-192 High Road | |
| Ilford | |
| Essex | |
| IG1 1LR | |
| United Kingdom |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 1,348 | 1,797 | |||
| Current assets | ||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| 243,745 | 184,183 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current liabilities | (5,309) | (699) | ||
| Total assets less current liabilities | (3,961) | 1,098 | ||
| Net (liabilities)/assets | (
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| Capital and reserves | ||||
| Called-up share capital |
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| Profit and loss account | (
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| Total shareholders' (deficit)/funds | (
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Directors' responsibilities:
The financial statements of Modern Scrap Metals Ltd (registered number:
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A M Reshamwala
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Modern Scrap Metals Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 50 Greenfield Road, London, E1 1EJ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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.
| Fixtures and fittings |
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| Computer equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Fixtures and fittings | Computer equipment | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 August 2023 |
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| At 31 July 2024 |
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| Accumulated depreciation | |||||
| At 01 August 2023 |
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| Charge for the financial year |
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| At 31 July 2024 |
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| Net book value | |||||
| At 31 July 2024 |
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| At 31 July 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by Group undertakings |
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| Corporation tax |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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Transactions with the entity's directors
| 2024 | 2023 | ||
| £ | £ | ||
| Advances or credits given | 85,356 | 105,338 | |
| Repayments received | (43,933) | (47,159) |
At the year end the balance owing to the company was £77,518 (2023: £36,096). The loans to the director is repayable on demand. Interest is charged on all loans at the official rate of interest set
by HMRC