Recycled In Orsett Limited - Filleted accounts

RECYCLED IN ORSETT LIMITED - Company Information

Registered number

06454467

Recycled In Orsett Limited

Filleted Accounts

31 December 2022

Recycled In Orsett Limited
Registered number:		06454467
Balance Sheet
as at 31 December 2022

Notes			2022			2021
£				£
Fixed assets
Tangible assets	6		674,517			842,879

Current assets
Debtors	7	3,115,914			2,835,793
Cash at bank and in hand		399			448
		3,116,313			2,836,241

Creditors: amounts falling due within one year	8	(1,254,262)			(953,629)

Net current assets			1,862,051			1,882,612

Total assets less current liabilities			2,536,568			2,725,491

Creditors: amounts falling due after more than one year	9		(179,188)			(386,862)

Provisions for liabilities	10		(128,158)			(160,147)


Net assets			2,229,222			2,178,482

Capital and reserves
Called up share capital			2			2
Profit and loss account			2,229,220			2,178,480

Shareholders' funds			2,229,222			2,178,482

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.


P A Alexander
Director
Approved by the board on 22 September 2023

Recycled In Orsett Limited
Notes to the Accounts
for the year ended 31 December 2022


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible assets
	Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

	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 and machinery			20% reducing balance
	Motor vehicles			25% reducing balance
	Office equipment			10% reducing balance

2	Impairment
	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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
	Provisions
	Provisions are recognised when the entity has an obligation at the reporting date as the 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 in finance costs in profit or loss in the period it arises.

	Defined contribution plans
	Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

3	Employees					2022		2021
Number							Number

	Average number of persons employed by the company					9		10

4	Profit before taxation					2022		2021
£							£

	Profit before taxation is stated after charging/(crediting):


	Depreciation of tangible assets					168,362		191,346

5	Tax on profit

	Major components of tax expense
						2022		2021
	Current tax:					£	£
	UK current tax expense					44,554		28,229
	Deferred tax expense					(31,989)		(19,180)
						12,565		9,049

6	Tangible fixed assets
		Plant and machinery		Motor vehicles		Office equipment		Total
£			£		£		£
	Cost
	At 1 January 2022	1,688,485		6,000		11,168		1,705,653
	At 31 December 2022	1,688,485		6,000		11,168		1,705,653

	Depreciation
	At 1 January 2022	848,875		5,161		8,738		862,774
	Charge for the year	167,922		210		230		168,362
	At 31 December 2022	1,016,797		5,371		8,968		1,031,136

	Net book value
	At 31 December 2022	671,688		629		2,200		674,517
	At 31 December 2021	839,610		839		2,430		842,879

	Obligations under finance leases
	Included within the carrying value of tangible assets are the following amounts relating to assets
	held under finance leases or hire purchase agreements:
								Plant and
								machinery
								£

	At 31 December 2022							386,862

	At 31 December 2021							620,882

7	Debtors					2022		2021
£							£

	Trade debtors					184,463		138,145
	Amount due from related company					2,702,129		2,492,129
	Prepayments					1,067		10,514
	Other debtors					228,255		195,005
						3,115,914		2,835,793

8	Creditors: amounts falling due within one year					2022		2021
£							£

	Bank loans and overdrafts					276,930		188,610
	Obligations under finance lease and hire purchase contracts					207,674		234,020
	Trade creditors and other creditors					609,276		399,377
	Taxation and social security costs					128,095		96,387
	Accruals					32,287		35,235
						1,254,262		953,629

	Security has been provided in respect of £207674 (2021 - £234020) of creditors falling due
	within one year.

9	Creditors: amounts falling due after one year					2022		2021
£							£

	Obligations under finance lease and hire purchase contracts					179,188		386,862

	Security has been provided in respect of £179188 (2021 - £386862) of creditors falling due after
	more than one year.

10	Provisions
Deferred tax							Total
(Note 11)
£							£
	At 1 January 2022					160,147		179,327
	Additions / (Reduction)					(31,989)		(19,180)

	At 31 December 2022					128,158		160,147

11	Deferred tax					2022		2021
£							£
	The deferred tax included in the statement of financial position is
	as follows:

	Included in provisions (Note 10)					128,158		160,147

						128,158		160,147

	The deferred tax account consists of the tax effect of timing differences in respect
	of:
						2022		2021
£							£
	Accelerated capital allowances					128,158		160,147

12	Controlling party

	No one individual has control of the company

13	Other information

	Recycled In Orsett Limited is a private company limited by shares and incorporated in England. Its registered office is:
	C/o Street Fuel Ltd
	Berth 6, Basin 3, Chatham Dockyards
	Gillingham
	Kent
	ME4 4SR

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