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Registration number: SC679246

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Loop Recycling East Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Loop Recycling East Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 8

 

Loop Recycling East Limited

Company Information

Directors

Brian Horan

Vari Leigh McGale

Paul Stephen Frazher

Registered office

57 Durham Street
Glasgow
G41 1BS

Bankers

Bank of Scotland
PO Box 1000
BX2 1LB

Accountants

RGA Scotland Limited Chartered Accountants
Orchardlea
Callander
FK17 8BG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Loop Recycling East Limited
for the Year Ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Loop Recycling East Limited for the year ended 31 October 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
 

This report is made solely to the Board of Directors of Loop Recycling East Limited , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Loop Recycling East Limited and state those matters that we have agreed to state to the Board of Directors of Loop Recycling East Limited, as a body, in this report.

This is in accordance with the requirements of the ACCA and, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Loop Recycling East Limited and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Loop Recycling East Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Loop Recycling East Limited. You consider that Loop Recycling East Limited is exempt from the statutory audit requirement for the year.
 

We have not been instructed to carry out an audit or a review of the accounts of Loop Recycling East Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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....................................................................

RGA Scotland Limited
Chartered Accountants
Orchardlea
Callander
FK17 8BG


 

9 July 2025

 

Loop Recycling East Limited

(Registration number: SC679246)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

182,001

121,822

Current assets

 

Debtors

6

165,288

40,935

Cash at bank and in hand

 

17,968

44,906

 

183,256

85,841

Creditors: Amounts falling due within one year

7

(158,953)

(143,022)

Net current assets/(liabilities)

 

24,303

(57,181)

Total assets less current liabilities

 

206,304

64,641

Creditors: Amounts falling due after more than one year

7

(69,061)

(33,685)

Provisions for liabilities

(36,753)

-

Net assets

 

100,490

30,956

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

100,390

30,856

Shareholders' funds

 

100,490

30,956

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 July 2025 and signed on its behalf by:
 

.........................................
Paul Stephen Frazher
Director

 

Loop Recycling East Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
57 Durham Street
Glasgow
G41 1BS

These financial statements were authorised for issue by the Board on 9 July 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.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Loop Recycling East Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

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.

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

Fixtures, fittings, equipment

20-50% p.a reducing balance basis

Motor vehicles

based on estimated year-end value

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.

Trade 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.

Trade 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.

 

Loop Recycling East Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

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.

Leases

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2023 - 20).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

25,404

18,321

 

Loop Recycling East Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

132,930

12,640

145,570

Additions

84,097

9,486

93,583

At 31 October 2024

217,027

22,126

239,153

Depreciation

At 1 November 2023

26,993

4,756

31,749

Charge for the year

20,034

5,369

25,403

At 31 October 2024

47,027

10,125

57,152

Carrying amount

At 31 October 2024

170,000

12,001

182,001

At 31 October 2023

113,938

7,884

121,822

6

Debtors

Current

2024
£

2023
£

Trade debtors

142,802

27,693

Other debtors

22,486

13,242

 

165,288

40,935

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

72,699

80,332

Trade creditors

 

7,681

27,821

Taxation and social security

 

73,316

20,249

Accruals and deferred income

 

5,257

1,245

Other creditors

 

-

13,375

 

158,953

143,022

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

69,061

33,685

 

Loop Recycling East Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

69,061

33,685

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

72,414

56,486

Director current account

285

23,846

72,699

80,332