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

MAYLING RECYCLING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04994760

Mayling Recycling Limited

Filleted Unaudited Financial Statements

31 January 2020

Mayling Recycling Limited

Financial Statements

Year ended 31st January 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Mayling Recycling Limited

Statement of Financial Position

31 January 2020

	2020		2019
Note	£	£	£	£

Fixed assets

Tangible assets	5		377,849		319,200

Current assets

Debtors	6	211,848	217,560
Cash at bank and in hand		182,691	256,383
		----------	----------
		394,539	473,943

Creditors: amounts falling due within one year	7	255,402		444,959
		----------		----------
Net current assets			139,137		28,984
			----------		----------
Total assets less current liabilities			516,986		348,184

Creditors: amounts falling due after more than one year	8		36,443		31,643

Provisions

Taxation including deferred tax	60,085	34,828
	----------	----------
Net assets	420,458	281,713
	----------	----------

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		420,358	281,613
		----------	----------
Shareholder funds		420,458	281,713
		----------	----------

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 Section 1A of 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 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has 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 .

Mayling Recycling Limited

Statement of Financial Position (continued)

31 January 2020

These financial statements were approved by the board of directors and authorised for issue on 16 December 2020 , and are signed on behalf of the board by:

Mr. A. O'Malley

Director

Company registration number: 04994760

Mayling Recycling Limited

Notes to the Financial Statements

Year ended 31st January 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Printing House, 66 Lower Road, Harrow, HA2 0DH.

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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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	-	15% straight line
Motor vehicles	-	15% 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 are largely independent of the cash inflows from other assets or groups of assets.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2019: Nil).

5. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1st February 2019	436,600	5,000	441,600
Additions	143,987	45,000	188,987
Disposals	( 60,000)	( 5,000)	( 65,000)
	----------	--------	----------
At 31st January 2020	520,587	45,000	565,587
	----------	--------	----------
Depreciation
At 1st February 2019	120,900	1,500	122,400
Charge for the year	78,088	6,750	84,838
Disposals	( 18,000)	( 1,500)	( 19,500)
	----------	--------	----------
At 31st January 2020	180,988	6,750	187,738
	----------	--------	----------
Carrying amount
At 31st January 2020	339,599	38,250	377,849
	----------	--------	----------
At 31st January 2019	315,700	3,500	319,200
	----------	--------	----------

6. Debtors

	2020	2019
	£	£
Trade debtors	211,748	217,460
Amounts owed by group undertakings	100	100
	----------	----------
	211,848	217,560
	----------	----------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	34,247	84,215
Accruals and deferred income	1,000	25,775
Corporation tax	826	38,677
Social security and other taxes	18,007	17,112
Obligations under finance leases and hire purchase contracts	52,113	72,180
Director loan accounts	139,209	147,000
Other creditors	10,000	60,000
	----------	----------
	255,402	444,959
	----------	----------

Obligations under finance leases and hire purchase contracts are secured by the assets purchased under these contracts.

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

	2020	2019
	£	£
Obligations under finance leases and hire purchase contracts	36,443	31,643
	--------	--------

Obligations under finance leases and hire purchase contracts are secured by the assets purchased under these contracts.

9. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

10. Related party transactions

Transactions with related parties undertaken, such as are required to be disclosed under the FRS 102, were as follows: O'Malley Halpin Limited (parent) Mayling Recycling Limited has given guarantees in favour of NatWest in relation to bank loans totalling £850,000 within O'Malley Halpin Limited. O'Malley Haulage Limited Included within sales is £75,711 (2019 - £23,390); within cost of sales is £20,460 (2019 - £6,827) and within fixed assets additions is £nil (2019 - £50,000). At the balance sheet date £10,000 (2019 - £60,000) was owed to O'Malley Haulage Limited in respect of a short-term interest free loan and £32,844 (2019 - £48,306) in respect of trading activities.