Company registration number 09822230 (England and Wales)
CJM RECYCLING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
CJM RECYCLING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CJM RECYCLING LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
245,999
391,891
Current assets
Stocks
19,842
65,586
Debtors
5
433,768
665,462
Cash at bank and in hand
39,377
36,907
492,987
767,955
Creditors: amounts falling due within one year
6
(687,125)
(823,054)
Net current liabilities
(194,138)
(55,099)
Total assets less current liabilities
51,861
336,792
Creditors: amounts falling due after more than one year
7
(324,543)
(243,695)
Provisions for liabilities
(71,063)
Net (liabilities)/assets
(272,682)
22,034
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
(272,684)
22,032
Total equity
(272,682)
22,034
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CJM RECYCLING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 July 2025 and are signed on its behalf by:
C McQuade
Director
Company registration number 09822230 (England and Wales)
CJM RECYCLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
CJM Recycling Limited is a private company (registration number: 09822230) limited by shares incorporated in England and Wales. The registered office is Hadrian Yard East, Potter Street, Wallsend, NE28 6UE.
1.1
Accounting convention
These financial statements have been prepared under the historical cost convention and in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The principal accounting policies adopted are set out below.
1.2
Going concern
Despite the deficit on the balance sheet at the reporting date, atruet the time of approving the financial statements, the directors have a reasonable expectation that the company will return to profitability and has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% straight line
Plant and equipment
25% straight line
Fixtures and fittings
20% straight line
Computers
33% straight line
Motor vehicles
25% reducing balance
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand.
1.7
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
CJM RECYCLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include creditors, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
1.8
Taxation
The tax expense represents the sum of deferred tax.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, are charged to income on a straight line basis over the term of the relevant lease.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
CJM RECYCLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of employees employed by the company during the year was 17 (2023 - 16).
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2023
18,094
499,422
517,516
Additions
13,992
13,992
Disposals
(74,200)
(74,200)
At 31 October 2024
18,094
439,214
457,308
Depreciation and impairment
At 1 November 2023
2,587
123,038
125,625
Depreciation charged in the year
3,619
105,027
108,646
Eliminated in respect of disposals
(22,962)
(22,962)
At 31 October 2024
6,206
205,103
211,309
Carrying amount
At 31 October 2024
11,888
234,111
245,999
At 31 October 2023
15,507
376,384
391,891
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Motor vehicles
153,499
204,606
CJM RECYCLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
180,101
477,603
Corporation tax recoverable
44,791
83,751
Other debtors
145,225
45,492
Prepayments and accrued income
58,457
58,616
428,574
665,462
Deferred tax asset (note )
5,194
433,768
665,462
Trade debtors are managed under a confidential invoice discounting arrangement.
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other loans
21,632
Obligations under finance leases
46,952
51,390
Trade creditors
354,929
497,239
Corporation tax
33,376
11,416
Other taxation and social security
115,355
30,046
Other creditors
64,842
122,445
Accruals
50,039
110,518
687,125
823,054
Assets held under finance lease obligations are secured against the assets to which they relate.
Included in other creditors is an invoice discounting finance facility secured against debtors.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other loans
180,346
Obligations under finance leases
144,197
243,695
324,543
243,695
Obligations under finance leases are secured against the assets to which they relate.
CJM RECYCLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
1,248,522
1,363,674
10
Directors' transactions
At 31 October 2024 C and J McQuade, directors, owed the company £52,130 (2023: £7,185 owed to C McQuade) and £80,585 (2023: £26,639), respectively. The loans are interest free and repayable on demand.
11
Profit and loss reserves
During the year, the directors paid dividends in expectation of profits which were not subsequently realised. This is a breach of section 830 of the Companies Act 2006. The directors will restore the reserves in the current year and will make no further distributions until such time as there are reserves available for the purpose.