| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 26 FEBRUARY 2024 TO 31 DECEMBER 2024 |
| FOR |
| ALBEC METAL RECYCLING LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 26 FEBRUARY 2024 TO 31 DECEMBER 2024 |
| FOR |
| ALBEC METAL RECYCLING LIMITED |
| ALBEC METAL RECYCLING LIMITED (REGISTERED NUMBER: SC800611) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 26 FEBRUARY 2024 TO 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| ALBEC METAL RECYCLING LIMITED |
| COMPANY INFORMATION |
| FOR THE PERIOD 26 FEBRUARY 2024 TO 31 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| and Statutory Auditor |
| 213 St Vincent Street |
| Glasgow |
| G2 5QY |
| BANKERS: |
| 23 Sauchiehall Street |
| Glasgow |
| G2 3AD |
| SOLICITORS: |
| Douglas House |
| 42 Main Street |
| Milngavie |
| Glasgow |
| G62 6BU |
| ALBEC METAL RECYCLING LIMITED (REGISTERED NUMBER: SC800611) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| Notes | £ |
| CURRENT ASSETS |
| Stocks |
| Debtors | 4 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT LIABILITIES | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) |
| ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ALBEC METAL RECYCLING LIMITED (REGISTERED NUMBER: SC800611) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 26 FEBRUARY 2024 TO 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Albec Metal Recycling Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. In satisfaction of this responsibility the directors have considered the company's ability to meet its liabilities as they fall due. |
| The company meets its day to day working capital requirements with support of the group. |
| The company's going concern assessment considers its principal risks and is dependent on a number of factors including financial performance. |
| The current and future financial position of the company, its cash flows and liquidity have been reviewed by the directors. |
| Following this review, the directors are confident that the company has sufficient resources to continue to operate for the foreseeable future. Accordingly, the directors consider it appropriate to prepare the financial statements on the going concern basis. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| ALBEC METAL RECYCLING LIMITED (REGISTERED NUMBER: SC800611) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 26 FEBRUARY 2024 TO 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets |
| Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including certain creditors and loans from related undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| 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 initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| ALBEC METAL RECYCLING LIMITED (REGISTERED NUMBER: SC800611) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 26 FEBRUARY 2024 TO 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 period 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. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| £ |
| Trade debtors |
| Other debtors |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 7. | CONTINGENT LIABILITIES |
| There is a contingent liability for inter-company guarantees given to the company's bankers in respect of overdraft facilities given to group and related companies. This is supported by a bond and floating charge over all the assets of the company and a standard security over certain properties owned by the group. |
| 8. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is R. M. Easdale & Company Limited, a company registered in Scotland. |