Registration number:
Perrys Recycling Limited
for the Year Ended 31 December 2024
Perrys Recycling Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Perrys Recycling Limited
Company Information
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Directors |
Mr CJ Perry Mr MA Perry Mr NS Perry Ms SJ Perry |
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Registered office |
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Auditors |
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Perrys Recycling Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is is providing specialised Recycling Led Waste Management, Confidential Shredding and Waste to Energy Services to customers throughout the Southwest with strategic processing depots located at Marston Magna, Avonmouth, Bridgwater and Bideford. We also have a 20% shareholding in The Shredding Alliance Holdings Ltd, which enables us to provide a shredding & recycling services to customers with central communication, invoicing, tonnage/carbon reporting, certificate of destruction and regional collection service for national multisite customers.
Fair review of the business
2024 was a year of steady operational performance despite persistent economic challenges, increasing overheads, growing regulatory compliance and global instability. We successfully navigated cost pressures while maintaining service quality and direct customer service.
Despite these challenges the recycling prices have been relatively stable, although not increasing year on year with inflation and in certain areas we have seen demand decrease and recycling Mill capacity reduce in line with global customer demands.
There is strong demand for customers and the supply chain promoting sustainability and ethical impacts complimenting their financial performance and annual reporting. The services we provide supports growing demand for Environmental, Social and Governance and Scope 3 reporting on their journey towards NET ZERO and carbon reporting.
We maintain a strong balance sheet and continue to invest in staff, IT, equipment, renewable sourced energy, environmentally efficient transport and equipment. Enabling us to provide an ethical, reliable and personal services and customer compliance, Health & Safety, Environmental Regulations, enabling us to continue to provide 100% Recycling & Recovery service, promoting low carbon and circular economy solutions for our customers.
This is a family business and the directors plan to continue promoting and developing our services with increasing demand for recycling, security shredding, waste to energy and NET ZERO environmental services and reporting.
The company's key financial and other performance indicators during the year were as follows:
|
Unit |
2024 |
2023 |
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Gross margin |
% |
52 |
52 |
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Current assets over current liabilities |
% |
181 |
211 |
Principal risks and uncertainties
The company operates with a range of customers and grades minimising the exposure risk to individual market sectors. The company also has a good relationship to ensure the provision of quality recyclable materials to processing mills in the UK, Europe and Globally.
The company continues to operate in a competitive marketplace which we seek to build on this through geographical, customer and industry spread alongside continued investment regionally, and nationally through strategic partners and The Shredding Alliance Holdings Limited.
Perrys Recycling Limited
Strategic Report for the Year Ended 31 December 2024
Approved and authorised by the
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......................................... |
Perrys Recycling Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Dividends
The directors recommend a final dividend payment of £Nil be made in respect of the financial period ended 31 December 2024 (2023 - £Nil).
Financial instruments
Objectives and policies
The directors are responsible for monitoring financial risk. Appropriate policies have been developed and implemented to identify, evaluate and manage the key risks.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk – The company is exposed to price risk as a result of its operations. However, given the size of the company’s operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company’s operations change in size or nature. The company has no exposure to equity securities price risk as it holds no listed or other equity investments.
Credit risk – The company’s credit risk is primarily attributable to its trade debtors. Credit risk is managed by running credit checks on new customers, monitoring changes in credit ratings and by monitoring receipts against payment terms.
Liquidity risk – The company monitors cash flow as part of its normal activities. The directors consider cash flow projections on a monthly basis and ensure that facilities are available to be drawn as necessary.
Interest rate cash flow risk – The company has fixed interest bearing liabilities only and is therefore not exposed to increases in interest rates.
Perrys Recycling Limited
Directors' Report for the Year Ended 31 December 2024
Future developments
The directors remain committed to offering the highest levels of customer service and continue to strive to support our customers recycling, security shredding, waste to energy and carbon reporting needs.
Compliance: 2025 brings with it new Environmental, Health & Safety, Fire Prevention Regulations, Carbon reporting and preparatory work for digital waste tracking and reporting which requires us to make capital investment to equipment, premises, staff training and administration in order to continue to deliver cost effective compliant services to our customers. We are in a good position to promote and develop our services further.
We continue to develop our business building on our excellent reputation for service, developing strong relationships, communication and quality amongst our widespread customer base and recycling outlets, through the continued investment in staff and more efficient equipment and technologies in order to improve processing, communication, customer service and reduce our environmental impact.
We are Carbon Neutral Britain certified within the Scope 1 and 2 GHG emissions boundary and continually monitoring and reducing our carbon footprint by updating and maintaining our vehicle fleet and mobile plant, and looking at all options available in new technologies – for example sourcing renewable energy, Solar panels, Euro 6E engines, hydrogen, EV vehicles and EV mobile plant - to reduce our carbon footprint by 50% by 2030 and NET ZERO by 2050, in line with science based targets set out by the UNFCCC. We are also providing our customers with carbon reports for material recycled and sent to waste to energy recovery, supporting their journey towards NETZERO environmental compliance.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
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Perrys Recycling Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Perrys Recycling Limited
Independent Auditor's Report to the Members of Perrys Recycling Limited
Opinion
We have audited the financial statements of Perrys Recycling Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Perrys Recycling Limited
Independent Auditor's Report to the Members of Perrys Recycling Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
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obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; |
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inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud; |
Perrys Recycling Limited
Independent Auditor's Report to the Members of Perrys Recycling Limited
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discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
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undertaken a review of manual journals processed in the accounting system, applying professional scepticism to ensure they are in line with our expectation that they are not unusual in the normal course of business. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Winchester House
Deane Gate Avenue
Somerset
TA1 2UH
Perrys Recycling Limited
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating (loss)/profit |
(52,021) |
18,640 |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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(21,008) |
(7,404) |
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(Loss)/profit before tax |
( |
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Tax on (loss)/profit |
- |
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(Loss)/profit for the financial year |
( |
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Perrys Recycling Limited
(Registration number: 01195655)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Other financial assets |
5,000 |
5,000 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Approved and authorised by the
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Perrys Recycling Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Retained earnings |
Total |
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At 1 January 2024 |
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Loss for the year |
- |
( |
( |
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At 31 December 2024 |
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Share capital |
Retained earnings |
Total |
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At 1 January 2023 |
|
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Profit for the year |
- |
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At 31 December 2023 |
3,200 |
3,315,795 |
3,318,995 |
Perrys Recycling Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Summary of disclosure exemptions
In accordance with Section 1.8 of FRS 102 the company is considered to be a qualifying entity and has taken advantage of the disclosure exemption as set out in paragraph 1.12(b) in relation to the preparation of the cash flow statement and related notes.
Name of parent of group
These financial statements are consolidated in the financial statements of Perrys Holdings Limited.
The financial statements of Perrys Holdings Limited may be obtained from Rimpton Road, Marston Magna, Yeovil, Somerset, BA22 8DL.
Perrys Recycling Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Going concern
There is strong and sustained demand from customers and across the supply chain for services that promote sustainability and ethical practices, which in turn complement financial performance and annual reporting. Perrys Recycling continues to support this demand by providing Environmental, Social and Governance (ESG) solutions, including Scope 3 recycling and waste-to-energy reporting, as part of customers’ journeys towards achieving Net Zero.
At the same time, global markets remain challenging, with trade tariffs and supply chain pressures impacting overheads, goods, and packaging. These factors have contributed to reduced demand in certain areas and to market prices settling at new levels.
The directors have reviewed the company’s financial position and confirm that adequate bank reserves, together with the current and forecast level of trading, provide sufficient liquidity to meet obligations as they fall due. Accordingly, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the financial statements continue to be prepared on a going concern basis.
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 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.
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 value added tax, returns, rebates and discounts.
The Company recognises revenue when all of the following conditions are satisfied:
- the amount of revenue can be reliably measured;
- all of the significant risks and rewards of ownership have been transferred to the customer;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- 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.
Government grants
Government grants are accrued on a systematic basis over the period that the related costs have been recognised. Where the costs have already been incurred then government grants are credited to the profit and loss account in full.
Finance income and costs policy
Interest income and expenses are recognised using the effective interest rate method.
Perrys Recycling Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises 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.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made. Goodwill has been fully amortised.
Intangible assets
Subsidy entitlement rights, in connection with gaining entitlement rights for income support from the land owned, are held at fair value. The income received from the rights is recognised in other income when the proceeds are received or receivable.
Computer softwares are carried at cost less accumulated amortisation and any accumulated impairment losses.
Perrys Recycling Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
Nil |
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Other intangibles |
20% straight line |
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 |
|
Property improvements |
10% straight line |
|
Other property, plant and equipment |
15% reducing balance |
|
Fixtures, fittings and equipment |
15% reducing balance or 25% straight line |
|
Motor vehicles and trailers |
20% reducing balance |
Investment in associate
Investments in associates are measured at fair value with the original cost of the investment uplifted by the share of distributable reserves due to the company through the profit or loss account.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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 stocks 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.
Perrys Recycling Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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.
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.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
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.
Perrys Recycling Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
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2024 |
2023 |
|
|
Sale of goods |
|
|
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Rendering of services |
|
|
|
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|
The analysis of the company's turnover for the year by market is as follows:
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2024 |
2023 |
|
|
UK |
|
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Europe |
|
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Perrys Recycling Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
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2024 |
2023 |
|
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Government grants |
|
|
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Rent receivable |
|
|
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Other operating income |
|
|
|
|
|
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Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2024 |
2023 |
|
|
Gain on disposal of tangible assets |
|
|
|
Uplift in fair value of associate |
|
|
|
24,582 |
30,179 |
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Operating (loss)/profit |
Arrived at after charging/(crediting):
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
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Amortisation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Government grants |
The amount of grants recognised in the financial statements was £
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
- |
|
|
|
|
Perrys Recycling Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Other interest |
- |
|
|
Foreign exchange losses |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category, was as follows:
|
2024 |
2023 |
|
|
Office |
|
|
|
Drivers, maintenance and warehouse |
|
|
|
Directors |
|
|
|
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
Perrys Recycling Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Taxation |
Tax charged/(credited) in the income statement:
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
- |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
- |
( |
|
Tax receipt in the income statement |
- |
( |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
(Loss)/profit before tax |
( |
|
|
Corporation tax at standard rate |
( |
|
|
Tax decrease from effect of capital allowances and depreciation |
- |
( |
|
Effect of fair value adjustment exempt from taxation |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax losses group relieved |
|
- |
|
Effect of tax at effective rates |
- |
( |
|
Deferred tax not recognised |
( |
- |
|
Total tax credit |
- |
( |
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Other short term timing differences |
- |
( |
|
- |
|
|
2023 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Other short term timing differences |
- |
( |
|
- |
|
Perrys Recycling Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period, based on the position at 31 December 2024, is not considered to be significant.
|
Intangible assets |
|
Goodwill |
Subsidy entitlement rights |
Assets under construction |
Other intangible assets |
Total |
|
|
Cost or valuation |
|||||
|
At 1 January 2024 |
|
|
- |
|
|
|
Additions acquired separately |
- |
- |
|
- |
|
|
At 31 December 2024 |
|
|
|
|
|
|
Amortisation |
|||||
|
At 1 January 2024 |
|
- |
- |
|
|
|
Amortisation charge |
- |
- |
- |
|
|
|
At 31 December 2024 |
|
- |
- |
|
|
|
Carrying amount |
|||||
|
At 31 December 2024 |
- |
|
|
|
|
|
At 31 December 2023 |
- |
|
- |
|
|
Individually material intangible assets
|
|
Intangible assets carried at revalued amounts
The amortisation charged on the other intangible assets is recognised in administrative expenses in the profit and loss account.
Perrys Recycling Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
|
Property improvements |
Fixtures, fittings and equipment |
Motor vehicles and trailers |
Other property, plant and equipment |
Total |
|
|
Cost |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
Disposals |
- |
- |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 December 2024 |
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
Perrys Recycling Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2024 |
2023 |
|
|
Motor vehicles and trailers |
407,325 |
303,613 |
|
Other property, plant and equipment |
80,981 |
128,059 |
|
488,306 |
431,672 |
Restriction on title and pledged as security
|
Investments |
|
2024 |
2023 |
|
|
Investments in associates |
|
|
|
Associates |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
Uplift in value of associate |
|
|
At 31 December 2024 |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Associates |
||||
|
|
842 Garstang Road, Barton, Preston, England, PR3 5AA |
Ordinary |
|
|
|
England and Wales |
||||
Perrys Recycling Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Associates |
|
The Shredding Alliance Holdings Limited The principal activity of The Shredding Alliance Holdings Limited is |
The company has a period end of 31 March. For the financial year ended 31 March 2024, the company's called up share capital was £50 (5,000 Ordinary shares of £0.01 each) and it owed £301,550 to group undertakings.
|
Fixed asset investments |
|
Investments |
Total |
|
|
Investments |
||
|
Cost |
||
|
At 1 January 2024 |
5,000 |
5,000 |
|
At 31 December 2024 |
5,000 |
5,000 |
|
Carrying amount |
||
|
At 31 December 2024 |
|
5,000 |
|
At 31 December 2023 |
|
5,000 |
|
Stocks |
|
2024 |
2023 |
|
|
Finished goods and goods for resale |
|
|
|
Debtors |
|
Current |
2024 |
2023 |
|
Trade debtors |
|
|
|
Other debtors |
|
- |
|
Prepayments |
|
|
|
|
|
Perrys Recycling Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
- |
|
|
|
Other creditors |
|
|
|
|
Accruals |
|
|
|
|
Corporation tax liability |
- |
4,754 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Deferred tax and other provisions |
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
|
||
The company deferred tax liabilty has arisen due to differences between the net book value and the tax written down value of assets on the company balance sheet.
Perrys Recycling Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £Nil (2023 - £
|
Share capital |
Allotted, authorised, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
3,200 |
|
3,200 |
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
|
Loans and borrowings |
Current loans and borrowings
|
2024 |
2023 |
|
|
Net obligations under finance lease and hire purchase contracts |
|
|
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Net obligations under finance lease and hire purchase contracts |
|
|
Other borrowings
Net obligations under finance lease and hire purchase contracts is denominated in sterling with a nominal interest rate of 3.7% - 5.7%, and the final instalment is due on 30 April 2028. The carrying amount at year end is £403,954 (2023 - £393,063).
Loans are secured over the asset to which they relate.
Perrys Recycling Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Obligations under leases and hire purchase contracts |
Hire purchases
The company has entered into hire purchase contracts. The loans in respect of the hire purchase contracts are secured against the assets to which they relate.
The total of future minium lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Operating leases - lessor
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
- |
|
|
|
|
Total contingent rents recognised as income in the period are £
|
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £
Perrys Recycling Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Related party transactions |
Summary of transactions with parent and other group companies
Summary of transactions with associates
During the year, the company rendered services to the associate by way of collecting paper to be securely shredded.
Income and receivables from related parties
|
2024 |
Associates |
|
Sale of goods |
|
|
Amounts receivable from related party |
|
|
|
|
|
2023 |
Associates |
|
Sale of goods |
|
|
Amounts receivable from related party |
|
|
|
|
Expenditure with and payables to related parties
|
2024 |
Associates |
|
Purchase of goods |
|
|
|
|
|
2023 |
Associates |
|
Purchase of goods |
|
|
|
|
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The parent of the largest group in which these financial statements are consolidated is
The parent of the smallest group in which these financial statements are consolidated is