Rubber and Plastic Collection Services Limited - Period Ending 2020-12-31

Rubber and Plastic Collection Services Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

Rubber and Plastic Collection Services Limited

(Registration number: 02651758)
Balance Sheet as at 31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	525,446	344,328
Current assets
Stocks	5	159,816	81,798
Debtors	6	305,978	288,061
Cash at bank and in hand		88,071	375,674
		553,865	745,533
Creditors: Amounts falling due within one year	7	(196,511)	(191,082)
Net current assets		357,354	554,451
Total assets less current liabilities		882,800	898,779
Provisions for liabilities		(98,799)	(64,159)
Net assets		784,001	834,620
Capital and reserves
Called up share capital		510	510
Capital redemption reserve		490	490
Profit and loss account		783,001	833,620
Shareholders' funds		784,001	834,620

Rubber and Plastic Collection Services Limited

(Registration number: 02651758)
Balance Sheet as at 31 December 2020

For the financial year ending 31 December 2020 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 24 June 2021
 

.........................................

C G Roads

Director

Rubber and Plastic Collection Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1
Curridge Farm & Business Park
Long lane
Newbury
Berkshire
RG18 9AA

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The director acknowledges the potential impact of the global coronavirus pandemic and believes that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook created by the pandemic. The director believes the company has adequate resources to continue in operational existence such that they believe the continued use of the going concern basis to be appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Rubber and Plastic Collection Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and equipment	25% reducing balance basis
Office equipment	25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Rubber and Plastic Collection Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 15 (2019 - 14).

4	Tangible assets

	Plant and machinery £	Office equipment £	Total £
Cost or valuation
At 1 January 2020	1,418,298	14,997	1,433,295
Additions	343,595	-	343,595
Disposals	(151,865)	(2,312)	(154,177)
At 31 December 2020	1,610,028	12,685	1,622,713
Depreciation
At 1 January 2020	1,078,137	10,830	1,088,967
Charge for the year	139,026	1,042	140,068
Eliminated on disposal	(129,824)	(1,944)	(131,768)
At 31 December 2020	1,087,339	9,928	1,097,267
Carrying amount
At 31 December 2020	522,689	2,757	525,446
At 31 December 2019	340,161	4,167	344,328

5

Stocks

	2020 £	2019 £
Other inventories	159,816	81,798

Rubber and Plastic Collection Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

6

Debtors

	2020 £	2019 £
Trade debtors	238,116	254,133
Prepayments	31,703	33,928
Other debtors	36,159	-
	305,978	288,061

7

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Trade creditors	154,484	110,830
Taxation and social security	30,687	73,058
Other creditors	11,340	7,194
	196,511	191,082

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £76,805 (2019 - £71,425).

9	Related party transactions

Other transactions with directors

C G Roads (director) had a loan account with the company. At the balance sheet date the amount due to C G Roads was £3,373 (2019 - £nil).