Elite Recycling Machinery Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04584175 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

ELITE RECYCLING MACHINERY LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C J Smits

Mrs F J Smits

SECRETARY:

Mrs F J Smits

REGISTERED OFFICE:

Janelle House

Hartham Lane

Hertford

Hertfordshire

SG14 1QN

REGISTERED NUMBER:

04584175 (England and Wales)

ACCOUNTANTS:

Gary J Cansick & Co

Chartered Accountants

Janelle House

6 Hartham Lane

Hertford

Hertfordshire

SG14 1QN

FIXED ASSETS

Tangible assets

4

19,289

26,120

CURRENT ASSETS

Debtors

5

15,958

12,976

Cash at bank

144,176

86,979

160,134

99,955

CREDITORS

Amounts falling due within one year

6

19,318

9,260

NET CURRENT ASSETS

140,816

90,695

TOTAL ASSETS LESS CURRENT LIABILITIES

160,105

116,815

PROVISIONS FOR LIABILITIES

3,665

4,963

NET ASSETS

156,440

111,852

CAPITAL AND RESERVES

Called up share capital

7

2

2

Retained earnings

156,438

111,850

SHAREHOLDERS' FUNDS

156,440

111,852

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 September 2023 and were signed on its behalf by:

Mr C J Smits - Director

Mrs F J Smits - Director

1.	STATUTORY INFORMATION

Elite Recycling Machinery Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2022

49,491

Additions

910

Disposals

(15,000

)

At 31 December 2022

35,401

DEPRECIATION

At 1 January 2022

23,371

Charge for year

4,775

Eliminated on disposal

(12,034

)

At 31 December 2022

16,112

NET BOOK VALUE

At 31 December 2022

19,289

At 31 December 2021

26,120

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

15,365

11,493

Other debtors

593

1,483

15,958

12,976

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade creditors

38

1,130

Taxation and social security

15,042

6,781

Other creditors

4,238

1,349

19,318

9,260

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

2

Ordinary

£1

2

2

8.	RELATED PARTY DISCLOSURES

Elite Recycling Solutions Limited

A company under common control

The Company made supplies to the related party during the period at arms length of £61,360 (2021 - £69,347) during the same period the company received supplies from the related party at arms length of £Nil (2021 - £Nil).

The amount due from the Related Party at the balance sheet date were as follows;

2022

2021

15,365

11,493