Abastra Environmental Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02335679 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2021

FOR

ABASTRA ENVIRONMENTAL LTD

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

C C Lawrence

C Lawrence

REGISTERED OFFICE:

Priestley House

Priestley Gardens

Chadwell Heath

Essex

RM6 4SN

REGISTERED NUMBER:

02335679 (England and Wales)

ACCOUNTANTS:

Chegwidden & Co

Chartered Accountants

Priestley House

Priestley Gardens

Chadwell Heath

Essex

RM6 4SN

FIXED ASSETS

Property, plant and equipment

4

85,730

116,024

CURRENT ASSETS

Inventories

8,100

8,000

Debtors

447,533

214,073

Cash at bank and in hand

62,075

104,203

517,708

326,276

CREDITORS

Amounts falling due within one year

486,883

203,536

NET CURRENT ASSETS

30,825

122,740

TOTAL ASSETS LESS CURRENT LIABILITIES

116,555

238,764

CREDITORS

Amounts falling due after more than one year

(58,998

)

(116,621

)

PROVISIONS FOR LIABILITIES

(11,402

)

(10,577

)

NET ASSETS

46,155

111,566

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

46,055

111,466

SHAREHOLDERS' FUNDS

46,155

111,566

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 31st October 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 20th September 2022 and were signed on its behalf by:

C Lawrence - Director

1.	STATUTORY INFORMATION

Abastra Environmental Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

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.

Turnover

Turnover represents the fair value of services provided, excluding value added tax, once the income and related costs incurred can be reliably measured, and it is probable that the economic benefits will flow to the company.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value. Cost includes direct materials, labour costs and those overheads that have been incurred to bring the stock to its present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis over the lease term.

Assets under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease and hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Website development

In accordance with standard practice, it is the company's policy to write off any website development costs in the year they are incurred.

Government grants

The company received government support to help finance staff costs and a discretionary business grant from the local council to support the business during the Covid-19 (Coronavirus) pandemic. In accordance with standard practice these grants have been recongised as other income and have not been offset against the costs to which they relates to.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2020 - 9 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Totals

£

COST

At 1st November 2020

273,521

Additions

19,804

Disposals

(66,250

)

At 31st October 2021

227,075

DEPRECIATION

At 1st November 2020

157,497

Charge for year

29,397

Eliminated on disposal

(45,549

)

At 31st October 2021

141,345

NET BOOK VALUE

At 31st October 2021

85,730

At 31st October 2020

116,024

The net book value of the assets above include £75,300 (2020 - £100,384) for motor vehicles under hire purchase contracts. Depreciation for these assets, amounting to £25,921 (2020 - £23,505).

5.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank overdraft

138,150

-

Hire purchase contracts

54,626

92,891

192,776

92,891

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st October 2021 and 31st October 2020:

2021

2020

£

£

C Lawrence

Balance outstanding at start of year

38,250

34,865

Amounts advanced

33,827

38,250

Amounts repaid

(38,250

)

(34,865

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

33,827

38,250

C C Lawrence

Balance outstanding at start of year

18,885

22,525

Amounts advanced

-

18,885

Amounts repaid

(18,885

)

(22,525

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

18,885

Various amounts were advanced to the directors with no variable rate interest charged, with the advance being repayable on demand.

7.	RELATED PARTY DISCLOSURES

During the year, total dividends of £84,000 (2020 - £96,600) were paid to the directors .

8.	POST BALANCE SHEET EVENTS

The company continues to closely monitor the impact of the Coronavirus pandemic which has adversely affected global economies, businesses and individuals during 2020 and 2021. Although the current general economic outlook remains uncertain, the company remains in a strong position to meet the challenges ahead. The Board has taken several steps to ensure income is preserved, and ensure cashflow and expenditure is controlled to sustain the business in future periods.