Essex Recycling Limited Filleted accounts for Companies House (small and micro)

ESSEX RECYCLING LTD. - Company Information

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COMPANY REGISTRATION NUMBER: 4382110

Essex Recycling Limited

Filleted Unaudited Financial Statements

For the Year Ended

31 January 2019

Essex Recycling Limited

Statement of Financial Position

31 January 2019

	2019		2018
Note	£	£	£

Fixed Assets

Tangible assets	5		198,571	205,517

Current Assets

Stocks		3,500	3,500
Debtors	6	290,971	271,598
Cash at bank and in hand		47,974	11,506
		---------	---------
		342,445	286,604

Creditors: amounts falling due within one year	7	285,513		273,812
		---------		---------
Net Current Assets			56,932	12,792
			---------	---------
Total Assets Less Current Liabilities			255,503	218,309

Creditors: amounts falling due after more than one year	8	88,536	110,618
		---------	---------
Net Assets		166,967	107,691
		---------	---------

Capital and Reserves

Called up share capital	100	100
Profit and loss account	166,867	107,591
	---------	---------
Shareholders Funds	166,967	107,691
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Essex Recycling Limited

Statement of Financial Position (continued)

31 January 2019

These financial statements were approved by the board of directors and authorised for issue on 25 October 2019 , and are signed on behalf of the board by:

S. M. Eagle
Director

Company registration number: 4382110

Essex Recycling Limited

Notes to the Financial Statements

Year Ended 31st January 2019

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit B Lane Farm, Harwich Road, Wix, Essex, CO11 2SA.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue Recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% straight line
Motor vehicles	-	20% straight line
Equipment	-	33% straight line

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance Leases and Hire Purchase Contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial Instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined Contribution Plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 16 (2018: 14 ).

5. Tangible Assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1st February 2018	51,727	306,781	1,335	359,843
Additions	2,750	64,450	–	67,200
Disposals	( 28,777)	( 17,060)	( 1,335)	( 47,172)
	--------	---------	-------	---------
At 31st January 2019	25,700	354,171	–	379,871
	--------	---------	-------	---------
Depreciation
At 1st February 2018	40,103	112,888	1,335	154,326
Charge for the year	5,062	59,436	–	64,498
Disposals	( 28,777)	( 7,412)	( 1,335)	( 37,524)
	--------	---------	-------	---------
At 31st January 2019	16,388	164,912	–	181,300
	--------	---------	-------	---------
Carrying amount
At 31st January 2019	9,312	189,259	–	198,571
	--------	---------	-------	---------
At 31st January 2018	11,624	193,893	–	205,517
	--------	---------	-------	---------

6. Debtors

	2019	2018
	£	£
Trade debtors	234,763	224,326
Other debtors	56,208	47,272
	---------	---------
	290,971	271,598
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	3,409	13,565
Trade creditors	113,466	71,969
Corporation tax	16,854	10,540
Social security and other taxes	14,190	12,614
Other creditors	137,594	165,124
	---------	---------
	285,513	273,812
	---------	---------

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	88,536	110,618
	--------	---------