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Registration number: 14359784

TBS Recycling Center Wales LTD

trading as TBS Recycling

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

TBS Recycling Center Wales LTD

trading as TBS Recycling

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

TBS Recycling Center Wales LTD

trading as TBS Recycling

Company Information

Director

Mr S Thomas

Registered office

Plot 10
Waterston Ind Est
Milford Haven
Pembrokeshire
SA73 1DP

 

TBS Recycling Center Wales LTD

trading as TBS Recycling

(Registration number: 14359784)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

62,037

58,716

Current assets

 

Debtors

6

100,767

150,662

Cash at bank and in hand

 

25,040

-

 

125,807

150,662

Creditors: Amounts falling due within one year

7

(259,421)

(340,519)

Net current liabilities

 

(133,614)

(189,857)

Total assets less current liabilities

 

(71,577)

(131,141)

Creditors: Amounts falling due after more than one year

7

(7,200)

-

Net liabilities

 

(78,777)

(131,141)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(78,778)

(131,142)

Total equity

 

(78,777)

(131,141)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

TBS Recycling Center Wales LTD

trading as TBS Recycling

(Registration number: 14359784)
Balance Sheet as at 30 September 2024

Approved and authorised by the director on 26 June 2025
 

.........................................
Mr S Thomas
Director

   
     
 

TBS Recycling Center Wales LTD

trading as TBS Recycling

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Plot 10
Waterston Ind Est
Milford Haven
Pembrokeshire
SA73 1DP

These financial statements were authorised for issue by the director on 26 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

TBS Recycling Center Wales LTD

trading as TBS Recycling

Notes to the Financial Statements for the Year Ended 30 September 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

TBS Recycling Center Wales LTD

trading as TBS Recycling

Notes to the Financial Statements for the Year Ended 30 September 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 15 (2023 - 16).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

20,679

15,050

 

TBS Recycling Center Wales LTD

trading as TBS Recycling

Notes to the Financial Statements for the Year Ended 30 September 2024

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

55,432

1,128

17,205

73,765

Additions

24,000

-

-

24,000

At 30 September 2024

79,432

1,128

17,205

97,765

Depreciation

At 1 October 2023

10,466

282

4,301

15,049

Charge for the year

17,242

211

3,226

20,679

At 30 September 2024

27,708

493

7,527

35,728

Carrying amount

At 30 September 2024

51,724

635

9,678

62,037

At 30 September 2023

44,966

846

12,904

58,716

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

59,528

145,116

Provision for impairment of debtors

 

(2,024)

-

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

43,263

5,546

 

100,767

150,662

 

TBS Recycling Center Wales LTD

trading as TBS Recycling

Notes to the Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

7,255

4,867

Trade creditors

 

153,529

296,451

Taxation and social security

 

83,950

33,642

Directors' loan accounts

10

181

181

Outstanding defined contribution pension costs

 

7,974

349

Other creditors

 

6,532

5,029

 

259,421

340,519

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

7,200

-

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

HP and finance lease liabilities

7,200

-

 

TBS Recycling Center Wales LTD

trading as TBS Recycling

Notes to the Financial Statements for the Year Ended 30 September 2024

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

-

4,867

HP and finance lease liabilities

7,255

-

7,255

4,867

10

Related party transactions

Transactions with directors

2024

At 1 October 2023
£

At 30 September 2024
£

Mr S Thomas

Interest free loan repayable on demand

181

181

     
   

 

2023

At 15 September 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr S Thomas

Interest free loan repayable on demand

-

(21,833)

22,014

181