L & F Recycling Machines Limited Filleted accounts for Companies House (small and micro)

L & F Recycling Machines Limited Filleted accounts for Companies House (small and micro)

L & F RECYCLING MACHINES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 07843268
L & F Recycling Machines Limited
Filleted Unaudited Financial Statements
For the year ended
30 November 2022
L & F Recycling Machines Limited
Financial Statements
Year ended 30 November 2022
Contents
Page
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
L & F Recycling Machines Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of L & F Recycling Machines Limited
Year ended 30 November 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of L & F Recycling Machines Limited for the year ended 30 November 2022, which comprise the statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of L & F Recycling Machines Limited. Our work has been undertaken solely to prepare for your approval the financial statements of L & F Recycling Machines Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than L & F Recycling Machines Limited and its director for our work or for this report.
It is your duty to ensure that L & F Recycling Machines 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 profit of L & F Recycling Machines Limited. You consider that L & F Recycling Machines 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 L & F Recycling Machines 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.
CLAY SHAW THOMAS LTD Chartered accountants
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
24 May 2023
L & F Recycling Machines Limited
Statement of Financial Position
30 November 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
4
1,076,675
919,971
Current assets
Debtors
5
185,175
71,699
Cash at bank and in hand
15,538
2,230
---------
--------
200,713
73,929
Creditors: amounts falling due within one year
6
316,596
312,240
---------
---------
Net current liabilities
115,883
238,311
------------
---------
Total assets less current liabilities
960,792
681,660
Provisions
Taxation including deferred tax
56,058
17,695
---------
---------
Net assets
904,734
663,965
---------
---------
Capital and reserves
Called up share capital
7
100
100
Profit and loss account
8
904,634
663,865
---------
---------
Shareholders funds
904,734
663,965
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 30 November 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 members have 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 .
L & F Recycling Machines Limited
Statement of Financial Position (continued)
30 November 2022
These financial statements were approved by the board of directors and authorised for issue on 15 May 2023 , and are signed on behalf of the board by:
Mr K R Francis
Director
Company registration number: 07843268
L & F Recycling Machines Limited
Notes to the Financial Statements
Year ended 30 November 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 Shepherds Yard, Australian Terrace, Bridgend, CF31 1LY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable during the year in relation to property and asset rental, exclusive of Value Added Tax. Revenue is recognised on a straight line basis over the lease term.
Taxation
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 pay or recover 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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
-
10% straight line
Fixtures & fittings
-
10% straight line
Equipment
-
25% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Tangible assets
Investment properties
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost or valuation
At 1 December 2021
826,839
132,590
4,000
5,043
968,472
Additions
–
31,625
–
–
31,625
Revaluations
143,161
–
–
–
143,161
---------
---------
-------
-------
------------
At 30 November 2022
970,000
164,215
4,000
5,043
1,143,258
---------
---------
-------
-------
------------
Depreciation
At 1 December 2021
–
43,979
2,000
2,522
48,501
Charge for the year
–
16,422
400
1,260
18,082
---------
---------
-------
-------
------------
At 30 November 2022
–
60,401
2,400
3,782
66,583
---------
---------
-------
-------
------------
Carrying amount
At 30 November 2022
970,000
103,814
1,600
1,261
1,076,675
---------
---------
-------
-------
------------
At 30 November 2021
826,839
88,611
2,000
2,521
919,971
---------
---------
-------
-------
------------
The director has obtained a professional valuation at the year end resulting in the fair value of investment property increasing by £143,161 with gains reported in the profit and loss.
5. Debtors
2022
2021
£
£
Trade debtors
184,414
71,000
Other debtors
761
699
---------
--------
185,175
71,699
---------
--------
6. Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to related parties
252,500
277,500
Social security and other taxes
62,701
33,345
Other creditors
1,395
1,395
---------
---------
316,596
312,240
---------
---------
7. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
8. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included within retained earnings are non-distributable reserves of £104,798 in connection with unrealised gains on investment property, less associated deferred tax provisions.
9. Related party transactions
During the year, the company made sales of £182,000 (2021: £162,000) to Engineering Services (Bridgend) Limited. At the year end £184,414 (2021: £71,000) was due from Engineering Services (Bridgend) Limited. Engineering Services (Bridgend) Limited are a related party due to Mr K R Francis common control and ownership. Leimbach GmbH provided the company with financial support. Included in other creditors is an amount of £277,500 (2020: £352,500) due to Leimbach GmbH. Leimbach GmbH are related due to common ownership.
10. Controlling party
In the opinion of the director there is no ultimate controlling party.