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Company Registration No. 09362763 (England and Wales)
Parsons Metal Recycling Limited Unaudited accounts for the year ended 31 December 2024
Parsons Metal Recycling Limited Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
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Parsons Metal Recycling Limited Company Information for the year ended 31 December 2024
Director
K Parsons
Company Number
09362763 (England and Wales)
Registered Office
First Floor 129 High Street Guildford Surrey GU1 3AA UK
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Parsons Metal Recycling Limited Statement of financial position as at 31 December 2024
2024
2023
Notes
£
£
Fixed assets
Intangible assets
4
-
5,800
Tangible assets
5
173,193
185,206
173,193
191,006
Current assets
Debtors
6
265,652
144,473
Cash at bank and in hand
83,616
116,107
349,268
260,580
Creditors: amounts falling due within one year
7
(86,540)
(82,053)
Net current assets
262,728
178,527
Total assets less current liabilities
435,921
369,533
Creditors: amounts falling due after more than one year
8
(4,167)
(14,167)
Provisions for liabilities
Deferred tax
(41,655)
(43,722)
Net assets
390,099
311,644
Capital and reserves
Called up share capital
2
2
Profit and loss account
390,097
311,642
Shareholders' funds
390,099
311,644
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 4 September 2025 and were signed on its behalf by
K Parsons Director Company Registration No. 09362763
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Parsons Metal Recycling Limited Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
Parsons Metal Recycling Limited is a private company, limited by shares, registered in England and Wales, registration number 09362763. The registered office is First Floor, 129 High Street, Guildford, Surrey, GU1 3AA, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover consists of sales of metal and is recognised on invoices raised up to and including the balance sheet date. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of 10 years.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
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Parsons Metal Recycling Limited Notes to the Accounts for the year ended 31 December 2024
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance
Fixtures & fittings
20% reducing balance
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting polices. In preparing these financial statements, the director has made the following judgements: Determine whether there are indicators of impairment of the company's tangible and intangible fixed assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Other key sources of estimation uncertainty: Tangible fixed assets (note 4) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
4
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2024
81,000
11,000
92,000
At 31 December 2024
81,000
11,000
92,000
Amortisation
At 1 January 2024
75,200
11,000
86,200
Charge for the year
5,800
-
5,800
At 31 December 2024
81,000
11,000
92,000
Net book value
At 31 December 2024
-
-
-
At 31 December 2023
5,800
-
5,800
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Parsons Metal Recycling Limited Notes to the Accounts for the year ended 31 December 2024
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
£
£
£
Cost or valuation
At cost
At cost
At 1 January 2024
276,715
20,424
297,139
Additions
172,767
-
172,767
Disposals
(211,235)
-
(211,235)
At 31 December 2024
238,247
20,424
258,671
Depreciation
At 1 January 2024
99,965
11,968
111,933
Charge for the year
36,353
3,383
39,736
On disposals
(66,191)
-
(66,191)
At 31 December 2024
70,127
15,351
85,478
Net book value
At 31 December 2024
168,120
5,073
173,193
At 31 December 2023
176,750
8,456
185,206
6
Debtors
2024
2023
£
£
Amounts falling due within one year
Accrued income and prepayments
3,610
5,490
Other debtors
262,042
138,983
265,652
144,473
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
VAT
20,784
12,679
Trade creditors
1,099
-
Taxes and social security
54,657
58,494
Accruals
-
880
86,540
82,053
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
4,167
14,167
The company has entered into a coronavirus bounce back loan agreement for a facility of £50,000 which was fully drawn down on June 2020. The loan bears interest at 2.5% pa. The loan is unsecured and repayable in monthly instalments from July 2021, with the final instalment due in June 2026.
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Parsons Metal Recycling Limited Notes to the Accounts for the year ended 31 December 2024
9
Loans to directors
Brought Forward
Advance/ credit
Repaid
Carried Forward
£
£
£
£
K Parsons
Director's loan account
139,246
62,000
5,916
195,330
139,246
62,000
5,916
195,330
10
Average number of employees
During the year the average number of employees was 1 (2023: 2).
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