Three Shires Waste Recycling Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05272490 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2020

for

Three Shires Waste Recycling Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr Robert Ronald Wallace

REGISTERED OFFICE:

1st Floor

314 Regents Park Road

Finchley

London

N3 2LT

REGISTERED NUMBER:

05272490 (England and Wales)

ACCOUNTANTS:

Wolfson Associates Limited

1st Floor

314 Regents Park Road

Finchley

London

N3 2LT

FIXED ASSETS

Tangible assets

4

812,816

880,409

CURRENT ASSETS

Debtors

5

277,008

291,421

Cash at bank and in hand

16,140

185,578

293,148

476,999

CREDITORS

Amounts falling due within one year

6

223,969

239,125

NET CURRENT ASSETS

69,179

237,874

TOTAL ASSETS LESS CURRENT LIABILITIES

881,995

1,118,283

CREDITORS

Amounts falling due after more than one year

7

(53,006

)

(109,017

)

PROVISIONS FOR LIABILITIES

8

(123,281

)

(129,284

)

NET ASSETS

705,708

879,982

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

705,706

879,980

SHAREHOLDERS' FUNDS

705,708

879,982

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 June 2021 and were signed by:

Mr Robert Ronald Wallace - Director

1.	STATUTORY INFORMATION

Three Shires Waste Recycling 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.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2019 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 November 2019

2,234,726

1,355

5,513

2,241,594

Additions

74,311

3,297

523

78,131

Disposals

(13,490

)

-

-

(13,490

)

At 31 October 2020

2,295,547

4,652

6,036

2,306,235

DEPRECIATION

At 1 November 2019

1,356,297

661

4,227

1,361,185

Charge for year

140,887

799

362

142,048

Eliminated on disposal

(9,814

)

-

-

(9,814

)

At 31 October 2020

1,487,370

1,460

4,589

1,493,419

NET BOOK VALUE

At 31 October 2020

808,177

3,192

1,447

812,816

At 31 October 2019

878,429

694

1,286

880,409

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade debtors

120,991

144,771

Other debtors

123,748

123,893

Tax

89

-

Prepayments and accrued income

32,180

22,757

277,008

291,421

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade creditors

47,223

50,530

Tax

-

47,516

Social security and other taxes

2,243

2,104

VAT

15,306

26,181

Other creditors

1,570

2,436

Hire purchase

107,344

102,052

Directors' current accounts

41,489

994

Accruals and deferred income

8,794

7,312

223,969

239,125

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.20

31.10.19

£

£

Hire purchase

53,006

109,017

8.	PROVISIONS FOR LIABILITIES

31.10.20

31.10.19

£

£

Deferred tax

123,281

129,284

Deferred

tax

£

Balance at 1 November 2019

129,284

Credit to Income Statement during year

(6,003

)

Balance at 31 October 2020

123,281

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 1 November 2019 directors' loan account had a credit balance of £994. During the year the directors paid company expenses of £40,495. As a result, at the end of the year the company owed £41,489 to the directors.

10.	RELATED PARTY DISCLOSURES

Included in other debtors is a balance of £123,893 (2019 : £123,893) due from BAB Property Limited. This balance is interest free and repayable on demands.

The following transactions took place during the year.

Rent payable:

BAB Property Limited £60,000 (2019 : £60,000).

11.	CONTROLLING INTEREST

The controlling party is BAB Property Limited by virtue of it owns 100% of the issued share capital.

The ultimate controlling party is Mr R Wallace and Mrs S Wallace as between them they hold 100% of the issued share capital of BAB Property Limited.