REGISTERED NUMBER: 10784307 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

So Recycle Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W Murray

Mrs S Murray

REGISTERED OFFICE:

Penton Sawmills

Newbury Hill

Andover

SP11 0SP

REGISTERED NUMBER:

10784307 (England and Wales)

ACCOUNTANTS:

Pace Accountants

Noble House

Eaton Road

Hemel Hempstead

Hertfordshire

HP2 7UB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,370,849

1,631,843

1,370,849

1,631,843

CURRENT ASSETS

Stocks

80,000

190,440

Debtors

6

320,078

412,434

Cash at bank and in hand

7,887

148,417

407,965

751,291

CREDITORS

Amounts falling due within one year

7

724,405

920,090

NET CURRENT LIABILITIES

(316,440

)

(168,799

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,054,409

1,463,044

CREDITORS

Amounts falling due after more than one year

8

(639,214

)

(848,640

)

PROVISIONS FOR LIABILITIES

(148,046

)

(176,040

)

NET ASSETS

267,149

438,364

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

267,049

438,264

267,149

438,364

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2025 and were signed on its behalf by:

W Murray - Director

1.	STATUTORY INFORMATION

So Recycle Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold and improvements

-

20% on reducing balance

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

10% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year 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.

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 year 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 year was 24 (2023 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

20,000

AMORTISATION

At 1 January 2024

and 31 December 2024

20,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Short

leasehold

Fixtures

and

Plant and

and

improvements

machinery

fittings

£

£

£

COST

At 1 January 2024

532,041

1,088,850

8,428

Additions

5,145

-

390

At 31 December 2024

537,186

1,088,850

8,818

DEPRECIATION

At 1 January 2024

189,037

424,761

4,208

Charge for year

69,630

132,818

922

At 31 December 2024

258,667

557,579

5,130

NET BOOK VALUE

At 31 December 2024

278,519

531,271

3,688

At 31 December 2023

343,004

664,089

4,220

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

872,013

16,379

2,517,711

Additions

-

1,570

7,105

At 31 December 2024

872,013

17,949

2,524,816

DEPRECIATION

At 1 January 2024

256,865

10,997

885,868

Charge for year

61,515

3,214

268,099

At 31 December 2024

318,380

14,211

1,153,967

NET BOOK VALUE

At 31 December 2024

553,633

3,738

1,370,849

At 31 December 2023

615,148

5,382

1,631,843

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

703,163

656,400

1,359,563

Transfer to ownership

(171,250

)

(239,200

)

(410,450

)

At 31 December 2024

531,913

417,200

949,113

DEPRECIATION

At 1 January 2024

185,057

181,941

366,998

Charge for year

103,621

47,446

151,067

Transfer to ownership

(91,045

)

(94,675

)

(185,720

)

At 31 December 2024

197,633

134,712

332,345

NET BOOK VALUE

At 31 December 2024

334,280

282,488

616,768

At 31 December 2023

518,106

474,459

992,565

6.

DEBTORS

31.12.24

31.12.23

£

£

Amounts falling due within one year:

Trade debtors

210,065

206,180

Other debtors

80,013

176,254

290,078

382,434

Amounts falling due after more than one year:

Other debtors

30,000

30,000

Aggregate amounts

320,078

412,434

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts (see note 9)

162,738

294,321

Trade creditors

265,264

455,773

Amounts owed to group undertakings

33,826

34,888

Taxation and social security

61,032

19,904

Other creditors

201,545

115,204

724,405

920,090

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts (see note 9)

223,766

386,504

Other creditors

415,448

462,136

639,214

848,640

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.24

31.12.23

£

£

Gross obligations repayable:

Within one year

190,518

327,981

Between one and five years

281,822

472,340

472,340

800,321

Finance charges repayable:

Within one year

27,780

33,660

Between one and five years

58,056

85,836

85,836

119,496

Net obligations repayable:

Within one year

162,738

294,321

Between one and five years

223,766

386,504

386,504

680,825

Non-cancellable

operating leases

31.12.24

31.12.23

£

£

Within one year

150,000

150,000

Between one and five years

231,164

381,164

381,164

531,164

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £50,000 (2023 - £45,000) were paid to the directors .

Aggregate transactions with related parties during the period amounted to £35,924 (2023: £26,839. The aggregate balances owing to related parties at the period end amounted to £232,033 (2023: £222,834)