Allasso Recycling Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08375924 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2021

for

Allasso Recycling Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

D Trowell

M T Gibbs

L Plant

SECRETARY:

P A Papworth-Smith

REGISTERED OFFICE:

29 Devizes Road

Swindon

Wiltshire

SN1 4BG

REGISTERED NUMBER:

08375924 (England and Wales)

ACCOUNTANTS:

PPS Chartered Accountants

29 Devizes Road

Swindon

Wiltshire

SN1 4BG

FIXED ASSETS

Tangible assets

4

466,741

556,807

CURRENT ASSETS

Stocks

55,000

55,000

Debtors

5

112,406

137,662

Cash at bank

16,785

48,462

184,191

241,124

CREDITORS

Amounts falling due within one year

6

352,367

473,677

NET CURRENT LIABILITIES

(168,176

)

(232,553

)

TOTAL ASSETS LESS CURRENT LIABILITIES

298,565

324,254

CREDITORS

Amounts falling due after more than one year

7

(412,285

)

(283,073

)

PROVISIONS FOR LIABILITIES

9

(11,643

)

(56,027

)

NET LIABILITIES

(125,363

)

(14,846

)

CAPITAL AND RESERVES

Called up share capital

10

900

900

Retained earnings

(126,263

)

(15,746

)

SHAREHOLDERS' FUNDS

(125,363

)

(14,846

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

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 13 October 2021 and were signed on its behalf by:

D Trowell - Director

1.	STATUTORY INFORMATION

Allasso 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.

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

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, rebates and value added tax. Revenue from the sales of goods is recognised when the significant risks and rewards of ownership have passed to the buyer, usually on despatch of the goods. Revenue from a contract to provide services is recognised by reference to the stage of completion of the contract.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on cost and 10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Presentation currency

The financial statements are presented in £ sterling, which is also the functional currency of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2020

917,538

Additions

960

At 31 January 2021

918,498

DEPRECIATION

At 1 February 2020

360,731

Charge for year

91,026

At 31 January 2021

451,757

NET BOOK VALUE

At 31 January 2021

466,741

At 31 January 2020

556,807

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 February 2020

and 31 January 2021

791,180

DEPRECIATION

At 1 February 2020

313,940

Charge for year

79,440

At 31 January 2021

393,380

NET BOOK VALUE

At 31 January 2021

397,800

At 31 January 2020

477,240

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Trade debtors

102,884

96,570

Other debtors

9,522

41,092

112,406

137,662

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Hire purchase contracts

82,401

64,241

Trade creditors

193,739

233,067

Taxation and social security

26,874

5,822

Other creditors

49,353

170,547

352,367

473,677

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.21

31.1.20

£

£

Hire purchase contracts

193,013

283,073

Other creditors

219,272

-

412,285

283,073

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.21

31.1.20

£

£

Hire purchase contracts

275,414

347,314

Hire purchase liabilities are secured on the assets being financed.

9.	PROVISIONS FOR LIABILITIES

31.1.21

31.1.20

£

£

Deferred tax

Accelerated capital allowances

88,681

105,793

Tax losses carried forward

(77,038

)

(49,766

)

11,643

56,027

Deferred

tax

£

Balance at 1 February 2020

56,027

Accelerated Capital Allowances

(17,112

)

Tax Losses Carried Forward

(27,272

)

Balance at 31 January 2021

11,643

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.21

31.1.20

value:

£

£

1,000

Ordinary

£1

900

900

11.	RELATED PARTY DISCLOSURES

MT Gibbs

Director and Shareholder

Amount due to related party at the balance sheet date £55,567 (2020 £63,775)

12.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Allasso Recycling Limited for the year ended 31 January 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Allasso Recycling Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Allasso Recycling Limited and state those matters that we have agreed to state to the Board of Directors of Allasso Recycling Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Allasso Recycling Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Allasso Recycling Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Allasso Recycling Limited. You consider that Allasso Recycling Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Allasso Recycling Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

PPS Chartered Accountants

29 Devizes Road

Swindon

Wiltshire

SN1 4BG

13 October 2021