Regroup (Refuel) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06635009 (England and Wales)

Regroup (Refuel) Limited

Financial Statements for the Year Ended 31st December 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J P D Waine

M W Olpin

REGISTERED OFFICE:

Clipper House

Air Street

Hull

East Yorkshire

HU5 1RR

REGISTERED NUMBER:

06635009 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

HU2 8BA

CURRENT ASSETS

Debtors

4

1,325,136

1,701,136

Cash at bank

204,712

184,402

1,529,848

1,885,538

CREDITORS

Amounts falling due within one year

5

206,008

906,112

NET CURRENT ASSETS

1,323,840

979,426

TOTAL ASSETS LESS CURRENT LIABILITIES

1,323,840

979,426

CAPITAL AND RESERVES

Called up share capital

6

1

1

Retained earnings

1,323,839

979,425

SHAREHOLDERS' FUNDS

1,323,840

979,426

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 22nd December 2020 and were signed on its behalf by:

J P D Waine - Director

1.	STATUTORY INFORMATION

Regroup (Refuel) Limited 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

General information and 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.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

The directors have considered the potential wider economic effect of the current Covid-19 pandemic and believe that any known risks can be mitigated. It is not anticipated that the impact of Covid-19 will have a material impact on the company. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policy adopted for the recognition of turnover is as follows:

Sale of goods

Turnover from the sale of processed oil is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the oil.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Foreign currencies

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

Derivatives

Where material, derivative financial instruments are initially measured at fair value at the date on which a derivative contract is entered into and are subsequently measured at fair value through income statement.

The company uses derivatives to protect itself against fluctuations in foreign exchange rate movements. The fair value is determined by obtaining the forward rate as at 31st December 2019.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2018 - 10 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

1,325,136

1,701,136

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed to group undertakings

125,219

798,854

Corporation tax

80,789

107,258

206,008

906,112

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1

Ordinary Shares

£1

1

1

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Peter Dearing BSc FCCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

8.	CONTINGENT LIABILITIES

The company is part of a group VAT registration. At 31st December 2019 the potential liability of the company under this registration was £147,202 (2018 liability of £66,444)

9.	RELATED PARTY DISCLOSURES

10.	POST BALANCE SHEET EVENTS

Subsequent to the year end, a coronavirus known as COVID-19 has spread worldwide leading to various restrictions being imposed. Whilst this presents some uncertainties, the company has been able to continue trading at a satisfactory level. The directors have put several measures in place to mitigate the risks to staff and the business caused by COVID-19, however it is difficult to say with any certainty the extent and period for which the company may be affected. Following the measures taken, the directors feel that the company is well positioned to emerge from the pandemic in a good position and that it will continue to trade profitably.

On 30 June 2020 Regroup (UK) Limited and its subsidiaries (which includes Regroup (Refuel) Limited) were acquired by Slicker Recycling Limited.

11.	ULTIMATE CONTROLLING PARTY