Recycling - Trailers Limited 31/03/2020 iXBRL

Recycling - Trailers Limited 31/03/2020 iXBRL

RECYCLING - TRAILERS LIMITED - Company Information

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31/03/2020 2020-03-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2019-04-01 Sage Accounts Production 19.0 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP 08880385 2019-04-01 2020-03-31 08880385 2020-03-31 08880385 2019-03-31 08880385 2018-04-01 2019-03-31 08880385 2019-03-31 08880385 core:FurnitureFittingsToolsEquipment 2019-04-01 2020-03-31 08880385 bus:Director1 2019-04-01 2020-03-31 08880385 core:FurnitureFittingsToolsEquipment 2019-03-31 08880385 core:FurnitureFittingsToolsEquipment 2020-03-31 08880385 core:WithinOneYear 2020-03-31 08880385 core:WithinOneYear 2019-03-31 08880385 core:ShareCapital 2020-03-31 08880385 core:ShareCapital 2019-03-31 08880385 core:RetainedEarningsAccumulatedLosses 2020-03-31 08880385 core:RetainedEarningsAccumulatedLosses 2019-03-31 08880385 core:FurnitureFittingsToolsEquipment 2019-03-31 08880385 bus:Director1 2019-03-31 08880385 bus:Director1 2020-03-31 08880385 bus:Director1 2018-03-31 08880385 bus:Director1 2019-03-31 08880385 bus:Director1 2018-04-01 2019-03-31 08880385 bus:SmallEntities 2019-04-01 2020-03-31 08880385 bus:AuditExemptWithAccountantsReport 2019-04-01 2020-03-31 08880385 bus:FullAccounts 2019-04-01 2020-03-31 08880385 bus:SmallCompaniesRegimeForAccounts 2019-04-01 2020-03-31 08880385 bus:PrivateLimitedCompanyLtd 2019-04-01 2020-03-31
Company registration number: 08880385
Recycling - Trailers Limited
Unaudited filleted financial statements
31 March 2020
Recycling - Trailers Limited
Statement of financial position
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 118 358
_______ _______
118 358
Current assets
Stocks 54,875 -
Debtors 6 80,289 109,094
Cash at bank and in hand 39,492 228,191
_______ _______
174,656 337,285
Creditors: amounts falling due
within one year 7 ( 129,222) ( 291,925)
_______ _______
Net current assets 45,434 45,360
_______ _______
Total assets less current liabilities 45,552 45,718
Provisions for liabilities ( 22) ( 61)
_______ _______
Net assets 45,530 45,657
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 45,430 45,557
_______ _______
Shareholders funds 45,530 45,657
_______ _______
For the year ending 31 March 2020 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 December 2020 , and are signed on behalf of the board by:
Mr Timothy John Burchill
Director
Company registration number: 08880385
Recycling - Trailers Limited
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 10 Moorham Road, Winscombe, Somerset, BS25 1HS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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 delivery 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, 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.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Government grants
Government grants are recognised on an accruals basis and are matched to the related expenditure.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2019 and 31 March 2020 1,526 1,526
_______ _______
Depreciation
At 1 April 2019 1,168 1,168
Charge for the year 240 240
_______ _______
At 31 March 2020 1,408 1,408
_______ _______
Carrying amount
At 31 March 2020 118 118
_______ _______
At 31 March 2019 358 358
_______ _______
6. Debtors
2020 2019
£ £
Trade debtors 56,193 107,836
Other debtors 24,096 1,258
_______ _______
80,289 109,094
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 199 951
Trade creditors 113,858 198,719
Corporation tax 10,370 17,748
Social security and other taxes - 21,496
Other creditors 4,795 53,011
_______ _______
129,222 291,925
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Timothy John Burchill ( 1,448) 50,695 ( 26,742) 22,505
_______ _______ _______ _______
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Timothy John Burchill 1,706 25,229 ( 28,383) ( 1,448)
_______ _______ _______ _______
The advances were unsecured, interest free and repayable on demand.