Recycle All Ltd - Accounts to registrar (filleted) - small 23.1.2
Recycle All Ltd - Accounts to registrar (filleted) - small 23.1.2
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30th June 2022 |
for |
Recycle All Ltd |
Recycle All Ltd (Registered number: 07567626) |
Contents of the Financial Statements |
for the Year Ended 30th June 2022 |
Page |
Abridged Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Recycle All Ltd (Registered number: 07567626) |
Abridged Balance Sheet |
30th June 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 | 124,887 | 78,381 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
Recycle All Ltd (Registered number: 07567626) |
Abridged Balance Sheet - continued |
30th June 2022 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Recycle All Ltd (Registered number: 07567626) |
Notes to the Financial Statements |
for the Year Ended 30th June 2022 |
1. | STATUTORY INFORMATION |
Recycle All Ltd is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Sales comprise the fair value of the consideration received or receivable for the rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts. |
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities as follows: |
Revenue from the sale of services is recognised at the point at which those services have been provided to the customer. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Recycle All Ltd (Registered number: 07567626) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2022 |
3. | ACCOUNTING POLICIES - continued |
Government grants |
Grants are classified either as a grant relating to revenue or a grant relating to assets. |
Grants relating to revenue are recognised on a systematic basis over the periods in which the company |
recognises the related costs for which the grant is intended to compensate. A grant that becomes |
receivable as compensation for expenses or losses already incurred or for the purpose of giving |
immediate financial support with no future related costs is recognised in income in the period in which it |
becomes receivable. |
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of |
the asset. Where part of a grant relating to an asset is deferred it is recognised as deferred income and |
not deducted from the carrying amount of the asset. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities |
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss. |
Recycle All Ltd (Registered number: 07567626) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2022 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Recycle All Ltd (Registered number: 07567626) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2022 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st July 2021 |
Additions |
At 30th June 2022 |
DEPRECIATION |
At 1st July 2021 |
Charge for year |
At 30th June 2022 |
NET BOOK VALUE |
At 30th June 2022 |
At 30th June 2021 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
Additions | 64,495 |
At 30th June 2022 | 64,495 |
DEPRECIATION |
Charge for year | 6,497 |
At 30th June 2022 | 6,497 |
NET BOOK VALUE |
At 30th June 2022 | 57,998 |
6. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the year ended 30th June 2022 and the period ended 30th June 2021: |
2022 | 2021 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Recycle All Ltd (Registered number: 07567626) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2022 |
7. | RELATED PARTY DISCLOSURES |
As at the Balance Sheet date, included a loan of £8,000 (2021:£8,000) with Red Bus Recycling Ltd. This loan is made interest free. |
8. | LOAN ARRANGEMENT |
The amount of £5,100 (2021: £5,100) included within other debtors relates to amounts due from Mr. A O'Sullivan, the former director. This loan in being writing off over the 5 years starting from this year. |
9. | GOING CONCERN |
Management have assessed the company's ability to continue as a going concern. Assurance has been sought from the director that they will continue to support the company and they have agreed not to demand repayment of the loan until the situation is resolved. Therefore, the company remains a going concern. |