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Company registration number: 11183154
CNC Recycling Limited
Unaudited filleted financial statements
30 September 2024
CNC Recycling Limited
Contents
Balance sheet
Notes to the financial statements
CNC Recycling Limited
Balance sheet
30 September 2024
30/09/24 31/03/23
Note £ £ £ £
Fixed assets
Tangible assets 6 1,070,750 1,468,293
_______ _______
1,070,750 1,468,293
Current assets
Stocks 7 301,031 214,750
Debtors 8 196,843 422,731
Cash at bank and in hand 2,537 84,422
_______ _______
500,411 721,903
Creditors: amounts falling due
within one year 9 ( 2,081,733) ( 719,571)
_______ _______
Net current (liabilities)/assets ( 1,581,322) 2,332
_______ _______
Total assets less current liabilities ( 510,572) 1,470,625
Creditors: amounts falling due
after more than one year 10 ( 371,109) ( 916,456)
Provisions for liabilities 11 - ( 176,370)
_______ _______
Net (liabilities)/assets ( 881,681) 377,799
_______ _______
Capital and reserves
Called up share capital 13 100 100
Profit and loss account ( 881,781) 377,699
_______ _______
Shareholders (deficit)/funds ( 881,681) 377,799
_______ _______
For the period ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 March 2025 , and are signed on behalf of the board by:
Mr E E Coene
Director
Company registration number: 11183154
CNC Recycling Limited
Notes to the financial statements
Period ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 2 Vulcan Street, Middlesbrough, TS2 1PP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 going concern basis as described on note 17.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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 are 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 % reducing balance
Fittings fixtures and equipment - 25-33% reducing balance
Motor vehicles - 25 % reducing balance
Leasehold improvements - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 Balance Sheet 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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 45 (2023: 31 ).
5. Intangible assets
Total
£
Cost
At 1 April 2023 -
Additions 98,000
Disposals (98,000)
_______
At 30 September 2024 -
At 1 April 2023 and 30 September 2024 -
_______
Amortisation
At 1 April 2023 -
Charge for the period 98,000
Disposals ( 98,000)
_______
At 30 September 2024 -
At 1 April 2023 and 30 September 2024 -
_______
Carrying amount
At 30 September 2024 -
_______
At 31 March 2023 -
_______
Carrying amount
Carrying amount
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Leasehold Improvements Total
£ £ £ £ £
Cost
At 1 April 2023 1,134,072 17,145 534,246 10,992 1,696,455
Additions 112,430 3,892 - 140 116,462
Disposals ( 83,358) ( 6,101) ( 23,250) - ( 112,709)
_______ _______ _______ _______ _______
At 30 September 2024 1,163,144 14,936 510,996 11,132 1,700,208
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 79,122 8,092 134,398 6,550 228,162
Charge for the year 312,751 4,274 137,448 1,547 456,020
Disposals ( 35,186) ( 4,902) ( 14,636) - ( 54,724)
_______ _______ _______ _______ _______
At 30 September 2024 356,687 7,464 257,210 8,097 629,458
_______ _______ _______ _______ _______
Carrying amount
At 30 September 2024 806,457 7,472 253,786 3,035 1,070,750
_______ _______ _______ _______ _______
At 31 March 2023 1,054,950 9,053 399,848 4,442 1,468,293
_______ _______ _______ _______ _______
7. Stocks
30/09/24 31/03/23
£ £
Raw materials and consumables 301,031 214,750
_______ _______
8. Debtors
30/09/24 31/03/23
£ £
Trade debtors 188,725 316,371
Amounts owed by connected companies - 100,000
Other debtors 8,118 6,360
_______ _______
196,843 422,731
_______ _______
9. Creditors: amounts falling due within one year
30/09/24 31/03/23
£ £
Bank loans and overdrafts 9,073 9,079
Trade creditors 735,593 396,206
Social security and other taxes 758,938 44,168
Other creditors 578,129 270,118
_______ _______
2,081,733 719,571
_______ _______
Other creditors above are inclusive of hire purchase liabilities due in under one year.
10. Creditors: amounts falling due after more than one year
30/09/24 31/03/23
£ £
Bank loans and overdrafts 6,049 19,672
Other creditors 365,060 896,784
_______ _______
371,109 916,456
_______ _______
Other creditors above represent hire purchase liabilities due in over one year.
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 April 2023 176,370 176,370
Charges against provisions ( 176,370) ( 176,370)
_______ _______
At 30 September 2024 - -
_______ _______
12. Deferred tax
The deferred tax included in the Balance Sheet is as follows:
30/09/24 31/03/23
£ £
Included in provisions (note 11) - 176,370
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
30/09/24 31/03/23
£ £
Accelerated capital allowances 267,688 367,073
Unused tax losses ( 267,688) ( 190,703)
_______ _______
(-) 176,370
_______ _______
13. Called up share capital
Issued, called up and fully paid
30/09/24 31/03/23
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
14. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 30/09/24
Balance brought forward Advances /(credits) to the directors Amounts written off Balance o/standing
£ £ £ £
Mrs M J Coates 1,715 - (1,715) -
_______ _______ _______ _______
Year ended 31/03/23
Balance brought forward Advances /(credits) to the directors Amounts written off Balance o/standing
£ £ £ £
Mrs M J Coates 387 1,328 - 1,715
_______ _______ _______ _______
15. Related party transactions
All related party transactions are undertaken on an arms-length basis under normal commercial terms.
16. Going concern
The Balance Sheet shows a net liabilities position at the period end. It is the opinion of the directors after consideration of all available information, that the company will continue to trade for the foreseeable future due to the support of the directors and shareholders and forecasted financial performance.