Oakleaf Recycling Limited Company accounts

OAKLEAF RECYCLING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09899300

Oakleaf Recycling Limited

Financial Statements

29 February 2020

Oakleaf Recycling Limited

Financial Statements

Year ended 29 February 2020

Contents	Pages

Officers and professional advisers	1

Strategic report	2 to 3

Directors' report	4 to 5

Independent auditor's report to the members	6 to 9

Statement of income and retained earnings	10

Statement of financial position	11

Statement of cash flows	12

Notes to the financial statements	13 to 21

Oakleaf Recycling Limited

Officers and Professional Advisers

The board of directors	K Byrne
	J M Linney (Appointed 18 October 2019)

Registered office	Oakleaf Farm
	Horton Road
	Stanwell Moor
	Staines-Upon-Thames
	England
	TW19 6AF

Auditor	BMK Accounting Limited
	Chartered Accountants & statutory auditor
	43 Lockview Road
	Stranmillis
	Belfast
	BT9 5FJ

Oakleaf Recycling Limited

Strategic Report

Year ended 29 February 2020

The Directors present their Strategic Report on the company for the year ended 29 February 2020. Review of business and future developments Oakleaf Recycling Limited is a private limited company incorporated and domiciled in England . The registered address is Oakleaf Farm, Horton Road, Stanwell Moor, Staines-Upon-Thames, England, TW19 6AF. The principal activity is that of collection, treatment and disposal of non-hazardous waste. The result for the financial year is a loss of £2,394,843 (2019: £2,608,071). The company's statement of financial position at 29 February 2020 shows net liabilities of £7,001,374 (2019: £4,606,531). In March 2020, the World Health Organisation declared the outbreak of a new Coronavirus, now known as Covid-19, a pandemic. The outbreak of the Covid-19 pandemic and the resulting restrictions on movement of people and uncertainty, meant activity in the company has been impacted post year end. Our priority through this challenging period has been to focus on the safety and wellbeing of our customers, supply chain and other partners. We have developed a new set of working procedures, which are designed to allow the safe operation of the site whilst complying with government and Public Health guidance on social distancing. The impact of Covid-19 on consumer behaviour remains to be seen however we have continued to trade as fully as possible during the lockdown period and are now seeing the facility returning to full capacity. The directors are satisfied with the results for the year and are confident that with its continued investment in new and improved plant, technology and processes that it will place the company in a strong position to capitalise on its position in the sector and to develop new market opportunities. It is the Directors' intention to continue to support and to seek new opportunities for growth in future periods. Principal risks and uncertainties The market and other social and economic factors will have an impact on the company's future success. The company continually reviews its criteria for development appraisal, and will adapt to the market. Key performance indicators Due to the nature of the company, financial performance is reviewed and monitored at project level rather than on a global basis. The principle non-financial performance indicator used by the directors to monitor the performance of the company is the level of customer satisfaction, which is monitored on a customer by customer basis. Environment and Corporate Responsibility Oakleaf Recycling Limited aims to improve its environmental performance by working together with its people, customers, business partners, other stakeholders and the public to create a better environment for all. The company employs green construction methods by reducing, recycling and re-using waste to optimise resources and minimise disruption. The company believes that, as a sustainable business, it is its responsibility to contribute to the economic, environmental and social well-being of the communities where it operates. Liaising with schools and neighbourhood groups the company provides support and funding for good causes and gives help where it is most needed. Employment policy The company has no employees. Going concern The company made a loss in the year of £2,394,843 (2019: £2,608,071). The company has term facilities with its bankers, and retains the support of its shareholders, related companies and ultimate controlling parties. The directors therefore consider the company to be a going concern.

This report was approved by the board of directors on 25 February 2021 and signed on behalf of the board by:

K Byrne

Director

Registered office:

Oakleaf Farm

Horton Road

Stanwell Moor

Staines-Upon-Thames

England

TW19 6AF

Oakleaf Recycling Limited

Directors' Report

Year ended 29 February 2020

The directors present their report and the financial statements of the company for the year ended 29 February 2020 .

Directors

The directors who served the company during the year were as follows:

K Byrne
J M Linney (Appointed 18 October 2019)	(Appointed 18 October 2019)
J A Reid (Resigned 18 October 2019)	(Resigned 18 October 2019)

Dividends

The directors have not recommended the payment of a dividend. Future Developments Future developments in business are discussed in the Strategic Report. Other Matters (i) Donations There were no political donations made during the year. (ii) Fixed assets Details of movements in fixed assets are as disclosed in Note 9 of the financial statements. (iii) Business review During the year the company made a loss of £2,394,843 (2019: £2,608,071). The directors are in open, current and active dialogue with their lenders on the company's performance, position and future financing needs. The company's performance has led to the breach of secured lending covenants. The directors have received indications from company lenders that, based on current performance, facilities will be unaffected by this breach. The company could not repay these borrowings immediately if required to to do so. The directors do not consider the above to create a material uncertainty as they have no reason to believe lenders will not continue to support the business. They have reviewed the future trading of the company and are confident the company can continue as a going concern for the foreseeable future.

Events after the end of the reporting period

Particulars of events after the reporting date are detailed in note 18 to the financial statements.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 25 February 2021 and signed on behalf of the board by:

K Byrne

Director

Registered office:

Oakleaf Farm

Horton Road

Stanwell Moor

Staines-Upon-Thames

England

TW19 6AF

Oakleaf Recycling Limited

Independent Auditor's Report to the Members of Oakleaf Recycling Limited

Year ended 29 February 2020

Opinion

We have audited the financial statements of Oakleaf Recycling Limited (the 'company') for the year ended 29 February 2020 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 29 February 2020 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Brian McKee

(Senior Statutory Auditor)

For and on behalf of

BMK Accounting Limited

Chartered Accountants & statutory auditor

43 Lockview Road

Stranmillis

Belfast

BT9 5FJ

25 February 2021

Oakleaf Recycling Limited

Statement of Income and Retained Earnings

Year ended 29 February 2020

		2020	2019
Note		£	£
Turnover	4	14,645,485	13,284,025

Cost of sales	10,583,369	10,350,106
	-------------	-------------
Gross profit	4,062,116	2,933,919

Administrative expenses		4,323,201	3,603,670
		------------	------------
Operating loss	5	( 261,085)	( 669,751)

Interest payable and similar expenses	8	2,133,758	1,938,320
		------------	------------
Loss before taxation		( 2,394,843)	( 2,608,071)

Tax on loss	–	–
	------------	------------
Loss for the financial year and total comprehensive income	( 2,394,843)	( 2,608,071)
	------------	------------

Retained losses at the start of the year	( 6,858,133)	( 4,250,062)
	------------	------------
Retained losses at the end of the year	( 9,252,976)	( 6,858,133)
	------------	------------

All the activities of the company are from continuing operations.

Oakleaf Recycling Limited

Statement of Financial Position

29 February 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	9		15,163,330	16,487,964

Current assets

Debtors	10	2,899,986	2,588,239
Cash at bank and in hand		115,579	390,784
		------------	------------
		3,015,565	2,979,023

Creditors: amounts falling due within one year	12	4,624,009		3,949,054
		------------		------------
Net current liabilities			1,608,444	970,031
			-------------	-------------
Total assets less current liabilities			13,554,886	15,517,933

Creditors: amounts falling due after more than one year	13	20,556,260	20,124,464
		-------------	-------------
Net liabilities		( 7,001,374)	( 4,606,531)
		-------------	-------------

Capital and reserves

Called up share capital	14	2,126,079	2,126,079
Share premium account	15	125,523	125,523
Profit and loss account	15	( 9,252,976)	( 6,858,133)
		------------	------------
Shareholders deficit		( 7,001,374)	( 4,606,531)
		------------	------------

These financial statements were approved by the board of directors and authorised for issue on 25 February 2021 , and are signed on behalf of the board by:

K Byrne

Director

Company registration number: 09899300

Oakleaf Recycling Limited

Statement of Cash Flows

Year ended 29 February 2020

	2020	2019
Note	£	£

Cash flows from operating activities

Loss for the financial year	( 2,394,843)	( 2,608,071)

Adjustments for:
Depreciation of tangible assets	1,637,427	1,526,638
Interest payable and similar expenses	2,133,758	1,938,320
Accrued expenses/(income)	418,695	( 3,451)

Changes in:
Trade and other debtors	( 345,683)	14,249
Trade and other creditors	783,770	1,387,479
	------------	------------
Cash generated from operations	2,233,124	2,255,164

Interest paid	( 2,133,758)	( 1,938,320)
	------------	------------
Net cash from operating activities	99,366	316,844
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 312,793)	( 1,203,099)
	------------	------------
Net cash used in investing activities	( 312,793)	( 1,203,099)
	------------	------------

Cash flows from financing activities

Proceeds from loans from group undertakings	( 65,775)	216,684
	------------	------------
Net cash (used in)/from financing activities	( 65,775)	216,684
	------------	------------

Net decrease in cash and cash equivalents		( 279,202)	( 669,571)
Cash and cash equivalents at beginning of year		(309,890)	359,681
		---------	---------
Cash and cash equivalents at end of year	11	( 589,092)	( 309,890)
		---------	---------

Oakleaf Recycling Limited

Notes to the Financial Statements

Year ended 29 February 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 Oakleaf Farm, Horton Road, Stanwell Moor, Staines-Upon-Thames, TW19 6AF, England.

2. Statement of compliance

These financial statements have been prepared in compliance FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The company made a loss in the year of £2,394,843 (2019: £2,608,071). The company has term facilities with its bankers, and retains the support of its shareholders, related companies and ultimate controlling parties. The directors therefore consider the company to be a going concern.

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; 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.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Foreign currencies

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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 profit and loss account in other administrative expenses.

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:

Land and buildings	-	5% straight line
Plant and machinery	-	10% straight line
Fixtures and fittings	-	20% straight line

Depreciation begins when the asset is available for operational use and continues until the asset is derecognised, even if it is idle.

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.

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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Turnover

Turnover arises from:

	2020	2019
	£	£
Sale of goods	14,645,485	13,284,025
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Operating profit

Operating profit or loss is stated after charging/crediting:

	2020	2019
	£	£
Depreciation of tangible assets	1,637,427	1,526,638
Impairment of trade debtors	2	(6,040)
Foreign exchange differences	( 54)	1,217
	------------	------------

6. Auditor's remuneration

	2020	2019
	£	£
Fees payable for the audit of the financial statements	20,000	15,000
	--------	--------

7. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2020	2019
	£	£
Sums paid to third parties in respect of directors' services	64,914	64,034
	--------	--------

8. Interest payable and similar expenses

	2020	2019
	£	£
Interest on banks loans and overdrafts	37,111	10,819
Other interest payable and similar charges	2,096,647	1,927,501
	------------	------------
	2,133,758	1,938,320
	------------	------------

9. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 March 2019	6,377,837	12,987,475	1,271	19,366,583
Additions	–	310,842	1,951	312,793
	------------	-------------	-------	-------------
At 29 February 2020	6,377,837	13,298,317	3,222	19,679,376
	------------	-------------	-------	-------------
Depreciation
At 1 March 2019	606,026	2,272,565	28	2,878,619
Charge for the year	318,888	1,318,122	417	1,637,427
	------------	-------------	-------	-------------
At 29 February 2020	924,914	3,590,687	445	4,516,046
	------------	-------------	-------	-------------
Carrying amount
At 29 February 2020	5,452,923	9,707,630	2,777	15,163,330
	------------	-------------	-------	-------------
At 28 February 2019	5,771,811	10,714,910	1,243	16,487,964
	------------	-------------	-------	-------------

There are no assets held under hire purchase.

10. Debtors

	2020	2019
	£	£
Trade debtors	2,684,868	2,204,259
Prepayments and accrued income	97,235	70,228
Other debtors	117,883	313,752
	------------	------------
	2,899,986	2,588,239
	------------	------------

11. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	2020	2019
	£	£
Cash at bank and in hand	115,579	390,784
Bank overdrafts	( 704,671)	( 700,674)
	---------	---------
	( 589,092)	( 309,890)
	---------	---------

12. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	704,671	700,674
Trade creditors	1,777,936	1,909,858
Amounts owed to group undertakings and undertakings in which the company has a participating interest	705,614	771,389
Accruals and deferred income	951,892	567,133
Social security and other taxes	100,011	–
Other creditors	383,885	–
	------------	------------
	4,624,009	3,949,054
	------------	------------

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

	2020	2019
	£	£
Other creditors	20,556,260	20,124,464
	-------------	-------------

Contained within other creditors in notes 12 and 13 is loan and accrued interest of £16,236,561 due to GCP Asset Backed Income (UK) Limited. Of this balance £383,885 is due within one year and £15,852,676 due after more than one year.

14. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
A shares of £ 1 each	1,926,923	1,926,923	1,926,923	1,926,923
Deferred shares of £ 1 each	199,006	199,006	199,006	199,006
B shares of £ 0.0001 each	1,500,000	150	1,500,000	150
	------------	------------	------------	------------
	3,625,929	2,126,079	3,625,929	2,126,079
	------------	------------	------------	------------

15. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.

16. Analysis of changes in net debt

	At 1 Mar 2019	Cash flows	At 29 Feb 2020
	£	£	£
Cash at bank and in hand	390,784	(275,205)	115,579
Bank overdrafts	(700,674)	(3,997)	(704,671)
Debt due within one year	(771,389)	65,775	(705,614)
	------------	---------	------------
	( 1,081,279)	( 213,427)	( 1,294,706)
	------------	---------	------------

17. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	324,000	324,000
Later than 1 year and not later than 5 years	1,296,000	1,296,000
Later than 5 years	3,564,000	3,888,000
	------------	------------
	5,184,000	5,508,000
	------------	------------

18. Events after the end of the reporting period

In March 2020, the World Health Organisation declared the outbreak of a new Coronavirus, now known as Covid-19, a pandemic. The outbreak of Covid-19 affected business and economic activity around the world, including in the United Kingdom. The company continues to closely monitor the development of the coronavirus outbreak and its impact on market conditions. The company considers the impact of Covid-19 to be a non-adjusting post balance sheet event. Given the inherent uncertainties, it is not practical at this time to determine the impact of Covid-19 on the company or to provide a quantitative estimate of its impact.

Oakleaf Recycling Limited

Notes to the Financial Statements (continued)

Year ended 29 February 2020

19. Related party transactions

The following parties are considered related for the purposes of FRS 102:- Company Relationship Drumcastle Limited Shareholder and common director Foresight Environmental Fund LP Shareholder Foresight Fund Managers Ltd Shareholder nominee The Recycling and Waste LP Shareholder Foresight Group LLP Shareholder nominee and common director D L Anthony Trust Shareholder J R Anthony Trust Shareholder G L Anthony Trust Shareholder FG Biomass Limited Shareholder WDR & RT Taggart Ltd Common influence During the year the company had transactions with Drumcastle Limited totalling £4,247,920 and Foresight Group LLP totalling £48,599. Included within these transactions are director's fees totalling £64,914. The company also had transactions totalling £108,000 with WDR & RT Taggart Ltd. At the year end, there are balances owing to Drumcastle Limited totalling £705,614, as included in note 12. Included within note 13 are the following balances owed to related parties:-

	2020	2019
	£	£
Foresight Environmental Fund LP	1,774,571	1,560,923
The Recycling and Waste LP	1,901,735	1,672,973
DL, JR & GL Anthony Trusts	498,703	438,633
FG Biomass Limited	228,483	200,974
Drumcastle Limited	300,092	263,963
	------------	------------
	4,703,584	4,137,466
	------------	------------

These balances represent shareholder loans together with the interest accrued thereon.

20. Security

GCP Asset Backed Income (UK) Limited holds security by way of;

- The borrower's leasehold interest in all the land and buildings situated at, and known as, Plot 1, Horton Road, Stanwell Moor, Middlesex.

- The loan is secured by a fixed and floating charge with the latter covering all the property and undertakings of the company.

Bank of Ireland (UK) PLC also holds fixed and floating charges over the debtor book of the company.

21. Control

The controlling parties are deemed to be Foresight Fund Managers Ltd, Foresight Group LLP, Drumcastle Limited and FG Biomass Limited who, between them, own and manage the majority of the issued share capital of the company.