REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 September 2024 |
for |
Glass Recycling (UK) Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 September 2024 |
for |
Glass Recycling (UK) Limited |
Glass Recycling (UK) Limited (Registered number: 01169515) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 | to | 4 |
Report of the Directors | 5 | to | 6 |
Independent Auditors' Report | 7 | to | 9 |
Statement of Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 | to | 21 |
Glass Recycling (UK) Limited |
Company Information |
for the Year Ended 30 September 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditor |
Marland House |
13 Huddersfield Road |
Barnsley |
South Yorkshire |
S70 2LW |
BANKERS: |
26 Market Hill |
Barnsley |
South Yorkshire |
S70 2QU |
Glass Recycling (UK) Limited (Registered number: 01169515) |
Strategic Report |
for the Year Ended 30 September 2024 |
The directors present their strategic report for the year ended 30 September 2024. |
REVIEW OF BUSINESS |
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year-end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face. |
During the year turnover decreased by £3.19m to £38.62m, which after the reduction in gross margin to 49.8% (2023: 66.7%) resulted in an overall decrease in gross profit of £8.67m to £19.22m (2023: £27.89m). Administrative expenses increased by £5.42m and consequently, profit before tax has decreased to £11.33m (2023: £24.00m). Profit after taxation and dividends of £6.63m has been retained to be added to reserves (2023: £17.02m). |
The company continues to research and invest in new methods of recovery of waste products, reflecting increasing environmental concerns and legislation surrounding waste products and recycling. With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. |
The company has a very strong balance sheet with substantial cash reserves and so is very well-positioned to withstand this disruption for the foreseeable future. Accordingly the directors have concluded that the company will remain solvent for at least the next 12 months and that there is no risk to the company's going concern status. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied. |
The board of directors is responsible for monitoring financial risk and for deciding where it would be appropriate to use financial instruments to manage this risk. |
Exchange rate risk |
As the company has minimal transactions in foreign currency, it is not significantly exposed to exchange rate risk. |
Price risk |
The company has no exposure to equity securities price risk, as it holds no listed or equity investments. |
Credit risk |
The company has implemented policies that require appropriate credit checks on potential customers before sales are made. |
Liquidity risk |
The company actively maintains sufficient cash and bank balances to ensure that the company has sufficient available funds for operations and any planned expansions. |
Interest rate cash flow risk |
The company has interest bearing assets, comprising bank and loan balances which earn interest at variable rates. |
KEY PERFORMANCE INDICATORS |
We consider that our key financial performance indicators are those that communicate the financial |
performance of the company, these being turnover, operating profit, profits before and after tax retained profit, as noted in the review of business above. |
Glass Recycling (UK) Limited (Registered number: 01169515) |
Strategic Report |
for the Year Ended 30 September 2024 |
SECTION 172(1) STATEMENT |
Under section 172 of the Companies Act 2006, the directors act individually and collectively in good faith to promote the success of the Company, and in doing so have regard, amongst other matters, to the: |
- | likely consequences of any decision in the long term; |
- | interests of company employees; |
- | fostering strong business relationships with suppliers, customers and others; |
- | controlling the impact of the Company's operations on the community and the environment; |
- | maintaining a reputation for high standards of business conduct; |
- | acting fairly with members of the Company |
The directors' regard to these matters to be embedded in their decision-making process, through the Company's business strategy, culture, employee and stakeholder engagement. The business strategy of the Company is focused on achieving success for the Company in the medium and long-term. |
This strategy takes into account the impact of relevant factors and stakeholder interests on the Company's performance. The directors also identify principal risks facing the business and sets risk management objectives. |
Long-term strategy |
The Company's long-term strategy is to provide and deliver an end product, which precisely meets the demands of our customers, and more importantly, demands from the Public for a cleaner, safer environment for future generations. |
The directors regard a reputation for high business standards and conduct as essential and takes due consideration for the financial performance, health and safety, human resource and efficiency of all operations to ensure appropriate decisions are taken assessing the implications for the business and all its stakeholders. |
Engagement with employees |
Our Company employs over 45 individuals at our main facility in Barnsley, as well as across various depots throughout the UK. |
Glass Recycling UK firmly believe that every team member plays a crucial role in the ongoing success of the business. As such, the Company maintains open and constructive dialogue with employees, supporting both their personal growth and professional development. |
We foster a culture of encouragement and achievement, and wherever possible, we prioritise internal career progression. Through training and development we believe in equipping our staff with the skills necessary to secure the long-term success of the organisation. |
Engagement with suppliers, customers, and others in a business relationship with the Company |
The directors acknowledge that successfully delivering the business strategy depends on cultivating strong, collaborative relationships with both customers and suppliers. The Company views these stakeholders as long-term partners and regularly evaluates their evolving priorities. |
Glass Recycling UK is committed to building enduring relationships with both existing and prospective clients by gaining a deep understanding of their goals and service expectations. To achieve this, the Company promotes open, honest communication and strive to maintain constructive engagement across all business relationships. |
The Company works with a diverse network of suppliers and uphold a commitment to fairness and transparency in all business interactions. |
Glass Recycling UK has established procedures to ensure supplier due diligence, including assessments of internal governance practices, environmental compliance relevant to our industry, and adherence to policies on anti-bribery, data protection, and modern slavery. Robust systems are in place to ensure timely supplier payments. |
Glass Recycling (UK) Limited (Registered number: 01169515) |
Strategic Report |
for the Year Ended 30 September 2024 |
Engagement with community and the environment |
The directors' always have regard for the impact Glass Recycling UK's operations have in relation to health, safety, the environment and community and utilise external advisers where appropriate to uphold high standards. |
In recent years, environmental considerations have led to greater awareness of the importance of conservation and the minimisation of waste. For more than three decades we have provided a service to local authorities and other responsible organisations through the siting of over 7000 bottle bins and more recently, specially-built bottle banks that are collected by our fleet of custom-built trucks. |
ON BEHALF OF THE BOARD: |
Glass Recycling (UK) Limited (Registered number: 01169515) |
Report of the Directors |
for the Year Ended 30 September 2024 |
The directors present their report with the financial statements of the Company for the year ended 30 September 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the Company in the year under review was that of the recycling and treatment of waste products. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 September 2024 will be £1,795,000. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
The directors keep under review the quality of communication and business relationships with principal suppliers ensuring that they are able to react quickly to a changing market place and customer demands. The directors also ensure that as consumer demand changes and the business develops and evolves, regular updates are available for customers via the website, e-mail and other methods of communication. |
STREAMLINED ENERGY AND CARBON REPORTING |
This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 1 October 2023 to 30 September 2024, pursuant to the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the government's Streamlined Energy and Carbon Reporting (SECR) policy. |
2024 |
Emissions of CO2 equivalent | tCO2e |
Gas | 1,807 |
Electricity | 1,426 |
Transport | 637 |
3,870 |
Intensity ratio |
tCO2e / £1m Turnover | 100.213 |
Quantification and reporting methodology |
This report has been compiled in line with the March 2019 BEIS 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance', and the EMA methodology for SECR Reporting. All measured emissions from activities which the organisation has financial control over are included as required under The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, unless otherwise stated in the exclusions statement. |
Intensity measurement |
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m, the recommended ratio for the sector. |
Measures taken to improve energy efficiency: |
- | reduce direct emissions from our core operations; |
- | capture and store our carbon emissions; |
- | maximise the amount of waste recycled; |
- | operate the most fuel efficient fleet of lorries available on the market |
Glass Recycling (UK) Limited (Registered number: 01169515) |
Report of the Directors |
for the Year Ended 30 September 2024 |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. This includes information that would have been included in the business review and the principal risks and uncertainties, as well as commentary on future developments, energy & carbon reporting, engagement with employees and fostering business relationships. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that information. |
AUDITORS |
The auditors, Harris & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Independent Auditors' Report to the Members of |
Glass Recycling (UK) Limited |
Opinion |
We have audited the financial statements of Glass Recycling (UK) Limited (the 'Company') for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Auditors' Report thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Independent Auditors' Report to the Members of |
Glass Recycling (UK) Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design |
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of |
irregularities, including fraud. |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- | Enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to: |
- | Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- | Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- | The internal controls established to mitigate risk related to fraud or non-compliance with laws & regulations; |
- | Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the UK Companies Act, tax legislation, data protection, anti bribery, environmental regulations, employment and health & safety regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. |
Independent Auditors' Report to the Members of |
Glass Recycling (UK) Limited |
Audit response to risks identified |
Our procedures to respond to risks identified included the following: |
- | Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations; |
- | Enquiring of management concerning actual and potential litigation and claims; |
- | Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; and |
- | In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing the judgements used in accounting estimates to assess whether these may be indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
Use of our report |
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditor |
Marland House |
13 Huddersfield Road |
Barnsley |
South Yorkshire |
S70 2LW |
Glass Recycling (UK) Limited (Registered number: 01169515) |
Statement of Comprehensive |
Income |
for the Year Ended 30 September 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
8,368,988 | 22,460,814 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
11,416,945 | 24,123,645 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Glass Recycling (UK) Limited (Registered number: 01169515) |
Balance Sheet |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investment property | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Glass Recycling (UK) Limited (Registered number: 01169515) |
Statement of Changes in Equity |
for the Year Ended 30 September 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2024 |
Glass Recycling (UK) Limited (Registered number: 01169515) |
Cash Flow Statement |
for the Year Ended 30 September 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of investment property | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | 1,119 | - |
Share issue |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
49,235,076 |
Cash and cash equivalents at end of year |
2 |
69,427,969 |
67,802,509 |
Glass Recycling (UK) Limited (Registered number: 01169515) |
Notes to the Cash Flow Statement |
for the Year Ended 30 September 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 91,113 | 120,850 |
Finance income | (3,038,857 | ) | (1,662,831 | ) |
10,520,835 | 23,929,110 |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 September 2024 |
30/9/24 | 1/10/23 |
£ | £ |
Cash and cash equivalents | 69,427,969 | 67,802,509 |
Year ended 30 September 2023 |
30/9/23 | 1/10/22 |
£ | £ |
Cash and cash equivalents | 67,802,509 | 49,235,076 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/10/23 | Cash flow | At 30/9/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 67,802,509 | 1,625,460 | 69,427,969 |
67,802,509 | 69,427,969 |
Total | 67,802,509 | 1,625,460 | 69,427,969 |
Glass Recycling (UK) Limited (Registered number: 01169515) |
Notes to the Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Glass Recycling (UK) Limited is a |
The presentation and functional currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in compliance with FRS 102, 'The Financial Standard Applicable in the UK and the Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention modified to include certain items at fair value. |
Going concern |
The directors are involved in the day to day running of the business, monitor market trends and conditions and review monthly management accounts. Accordingly, the directors have a reasonable expectation that the company has adequate financial resources to continue in operational existence for the foreseeable future and so the financial statements are prepared on a going concern basis. |
Significant judgements and estimates |
The principal accounting policies applied in the preparation of these financial statements are set out below. |
The significant judgements and estimates applied are: |
- | the useful lives and residual values of tangible fixed assets at the end of their useful lives; |
- | provisions for corporation tax and payroll taxes which are based on the directors' assessment of the tax that is expected to be paid based on tax legislation enacted. |
These policies, judgements and estimates have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover represents amounts earned on goods and services provided during the year and derives from the provision of goods falling within the company's ordinary activities. Turnover is recognised at the point the goods or services are delivered. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
All fixed assets are initially recorded at cost and land is not depreciated. Tangible assets held for rental purposes included in motor vehicles is depreciated over 10 years straight line. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Glass Recycling (UK) Limited (Registered number: 01169515) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
3. | ACCOUNTING POLICIES - continued |
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 has adopted the provisions set out in sections 11 and 12 of FRS 102 in the recognition and measurement of financial instruments. All financial instruments are initially measured at the original transaction price, less associated costs. For subsequent measurement, basic financial instruments are measured at amortised cost in accordance with section 11 of FRS 102. Other financial instruments that are not considered basic and that are material to the financial statements are measured at fair value through profit or loss in accordance with section 12 of FRS 102. |
Taxation |
Taxation for the year comprises current and deferred tax. 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 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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Major plant spares |
The costs of major plant spares are charged to cost of sales as purchased. |
4. | OTHER OPERATING INCOME |
2024 | 2023 |
£ | £ |
Rents received |
Glass Recycling (UK) Limited (Registered number: 01169515) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Production staff | 34 | 43 |
Administrative staff and directors | 12 | 12 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director for the year ended 30 September 2024 is as follows: |
2024 |
£ |
Emoluments etc |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
Taxation compliance services |
Other non- audit services |
Foreign exchange differences |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Other interest |
Glass Recycling (UK) Limited (Registered number: 01169515) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Under/over provision | 2,776 | (177,057 | ) |
Total current tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
Total tax charge | 2,895,688 | 5,139,424 |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Interim dividends | 1,795,540 | 1,847,500 |
Glass Recycling (UK) Limited (Registered number: 01169515) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Included in motor vehicles is an asset that is being held for the purpose of hiring out and generating income, with a carrying amount of £980k (2023: £nil). |
11. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
Investment property is held at fair value. The directors do not deem there to be any impairment of any of the property since its purchase during this financial period. |
12. | STOCKS |
2024 | 2023 |
£ | £ |
Raw materials |
13. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
Glass Recycling (UK) Limited (Registered number: 01169515) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
13. | DEBTORS - continued |
2024 | 2023 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | - | 344,569 |
Other creditors |
Directors' current accounts | 1,119 | - |
Accruals and deferred income |
15. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Charge to Statement of Comprehensive Income during year |
Balance at 30 September 2024 |
Other debtors include loans to third parties on which interest is being charged a market rate. |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 2p | 102 | 102 |
Ordinary A | 2p | 1 | 1 |
Ordinary B | 2p | 1 | 1 |
Ordinary C | 2p | 1 | 1 |
Ordinary D | 2p | 1 | 1 |
50 | Ordinary E | 2p | 1 | 1 |
50 | Ordinary F | 2p | 1 | 1 |
108 | 108 |
Glass Recycling (UK) Limited (Registered number: 01169515) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
17. | RESERVES |
Retained earnings represent the company's cumulative distributable reserves. |
18. | PENSION COMMITMENTS |
2024 | 2023 |
Defined contributions schemes | £ | £ |
Charge to profit and loss account | 83,313 | 83,937 |
A defined contribution pension scheme is operated for all qualifying employees. |
19. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |
20. | RELATED PARTY DISCLOSURES |
2024 | 2023 |
£ | £ |
Compensation |
2024 | 2023 |
£ | £ |
Sales |
Purchase of services |
21. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr T Sykes. |