Spaldington Resource Recycling Limited Filleted accounts for Companies House (small and micro)

SPALDINGTON RESOURCE RECYCLING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05424095

Spaldington Resource Recycling Limited

Filleted Unaudited Financial Statements

Year ended

31 May 2022

Spaldington Resource Recycling Limited

Financial Statements

Year ended 31 May 2022

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Spaldington Resource Recycling Limited

Statement of Financial Position

31 May 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Tangible assets	5		2,512		3,349

Current assets

Stocks		20,000	10,000
Debtors	6	1,637	4,864
Cash at bank and in hand		203	203
		--------	--------
		21,840	15,067

Creditors: amounts falling due within one year	7	632,188		644,310
		----------		----------
Net current liabilities			610,348		629,243
			----------		----------
Total assets less current liabilities			( 607,836)		( 625,894)

Creditors: amounts falling due after more than one year	8	62,359	20,000
		----------	----------
Net liabilities		( 670,195)	( 645,894)
		----------	----------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 670,295)	( 645,994)
	----------	----------
Shareholders funds	( 670,195)	( 645,894)
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Spaldington Resource Recycling Limited

Statement of Financial Position (continued)

31 May 2022

These financial statements were approved by the board of directors and authorised for issue on 23 May 2023 , and are signed on behalf of the board by:

Mr M O Simpson
Director

Company registration number: 05424095

Spaldington Resource Recycling Limited

Notes to the Financial Statements

Year ended 31 May 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mole End, Wressle, Selby, North Yorkshire, YO8 6ET.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. (b) Going concern IIn March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. More latterly, the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a a greater or lesser extent. At the date of signing these financial statements, the director has considered the effect of these matters on the company with the information available to it and does not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the director has prepared these financial statements on a going concern basis. The company's balance sheet shows net liabilities of £670,195 and a trading loss after tax of £24,301 arose during the year. The Director will continue to support the company. The going concern basis is therefore appropriate. (c) Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the sales invoices is raised. (d) Current & deferred 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 be paid or recovered 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. Deferred tax is is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. (e) 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 the expense over the lease term, on a straight-line basis. (f) Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. (g) 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:

	Plant & Machinery	-	25% reducing balance

(h) 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.

(i) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

(j) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).

5. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 June 2021 and 31 May 2022	68,286	68,286
	--------	--------
Depreciation
At 1 June 2021	64,937	64,937
Charge for the year	837	837
	--------	--------
At 31 May 2022	65,774	65,774
	--------	--------
Carrying amount
At 31 May 2022	2,512	2,512
	--------	--------
At 31 May 2021	3,349	3,349
	--------	--------

6. Debtors

	2022	2021
	£	£
Other debtors	1,637	4,864
	-------	-------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	14,744	9,857
Trade creditors	1,681	1,576
Director loan account	615,763	632,877
	----------	----------
	632,188	644,310
	----------	----------

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

	2022	2021
	£	£
Bank loans and overdrafts	62,359	20,000
	--------	--------

9. Related party transactions

During the year the director had a loan account with the company. The balance at 31 May 2022 was £ 615,763 (2021 - £632,877). This loan is interest free.