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Registration number: SC304939

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Recycled Packaging Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Recycled Packaging Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 8

 

Recycled Packaging Ltd

Company Information

Directors

Paul Stephen Frazher

Neill Jeffrey Frazher

Registered office

18 Garrell Road
Kilsyth
Glasgow
G65 9JX

Bankers

Royal Bank of Scotland
29 Cross Arthurlie Street
Barrhead
Glasgow
G78 1QY

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
Recycled Packaging Ltd
for the Year Ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Recycled Packaging Ltd for the year ended 31 March 2025 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 Recycled Packaging Ltd , 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 Recycled Packaging Ltd and state those matters that we have agreed to state to the Board of Directors of Recycled Packaging Ltd, as a body, in this report.

This is in accordance with the requirements of such bodies as the ACCA, the ICAS and the ICAEW and, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Recycled Packaging Ltd and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Recycled Packaging Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Recycled Packaging Ltd. You consider that Recycled Packaging Ltd 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 Recycled Packaging Ltd. 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


 

29 August 2025

 

Recycled Packaging Ltd

(Registration number: SC304939)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

5

926,690

1,008,065

Current assets

 

Stocks

6

30,137

70,000

Debtors

7

315,141

745,602

Cash at bank and in hand

 

25,279

5,179

 

370,557

820,781

Creditors: Amounts falling due within one year

8

(651,109)

(727,922)

Net current (liabilities)/assets

 

(280,552)

92,859

Total assets less current liabilities

 

646,138

1,100,924

Creditors: Amounts falling due after more than one year

8

(125,029)

(188,577)

Provisions for liabilities

(102,684)

(113,597)

Net assets

 

418,425

798,750

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

418,325

798,650

Shareholders' funds

 

418,425

798,750

For the financial year ending 31 March 2025 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 29 August 2025 and signed on its behalf by:
 

.........................................
Neill Jeffrey Frazher
Company secretary and director

 

Recycled Packaging Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

1

General information

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

The address of its registered office is:
18 Garrell Road
Kilsyth
Glasgow
G65 9JX

These financial statements were authorised for issue by the Board on 29 August 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 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.

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.

 

Recycled Packaging Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

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

20-30% p.a. reducing balance basis

Trucks and vans

year-end estimated market 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Recycled Packaging Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

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 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.

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 part-time and full-time employed by the company (including directors) during the year, was 28 (2024 - 27).

4

Loss before tax

Arrived at after charging/(crediting)

2025
£

2024
£

Depreciation expense

205,385

45,100

 

Recycled Packaging Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2024

1,048,055

189,059

1,237,114

Additions

33,280

90,730

124,010

At 31 March 2025

1,081,335

279,789

1,361,124

Depreciation

At 1 April 2024

216,389

12,659

229,048

Charge for the year

169,256

36,130

205,386

At 31 March 2025

385,645

48,789

434,434

Carrying amount

At 31 March 2025

695,690

231,000

926,690

At 31 March 2024

831,665

176,400

1,008,065

6

Stocks

2025
£

2024
£

Stock for sale and business use

30,137

70,000

7

Debtors

Current

Note

2025
£

2024
£

Trade debtors

 

189,082

427,044

Amounts owed by related parties

94,236

282,922

Other debtors

 

31,823

35,636

   

315,141

745,602

 

Recycled Packaging Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

8

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

10

98,676

50,034

Trade creditors

 

413,612

570,301

Taxation and social security

 

91,279

126,789

Accruals and deferred income

 

13,522

15,429

Other creditors

 

34,020

(34,631)

 

651,109

727,922

9

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

2,230

12,434

Hire purchase contracts

122,799

176,143

125,029

188,577

Current loans and borrowings

2025
£

2024
£

Bank borrowings

10,000

10,000

Hire purchase contracts

101,292

57,803

Director current account

(12,616)

(17,769)

98,676

50,034