Company Registration No. 10680977 (England and Wales)
Genox Recycling Technology (UK) Ltd.
Unaudited accounts
for the year ended 31 March 2023
Genox Recycling Technology (UK) Ltd.
Unaudited accounts
Contents
Genox Recycling Technology (UK) Ltd.
Company Information
for the year ended 31 March 2023
Company Number
10680977 (England and Wales)
Registered Office
2 Curzon Road
Offerton
Stockport
Cheshire
SK2 5DH
Accountants
Bee Motion Accounting Limited
136 Hall Street
Stockport
Greater Manchester
SK1 4HE
Genox Recycling Technology (UK) Ltd.
Statement of financial position
as at 31 March 2023
Tangible assets
66,035
44,497
Cash at bank and in hand
313,404
337,262
Creditors: amounts falling due within one year
(1,058,227)
(1,248,429)
Net current assets
79,198
126,850
Total assets less current liabilities
145,233
171,347
Creditors: amounts falling due after more than one year
(64,978)
(101,321)
Provisions for liabilities
Deferred tax
(6,802)
(8,454)
Called up share capital
1,000
1,000
Profit and loss account
72,453
60,572
Shareholders' funds
73,453
61,572
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 January 2024 and were signed on its behalf by
John Dakin
Director
Company Registration No. 10680977
Genox Recycling Technology (UK) Ltd.
Notes to the Accounts
for the year ended 31 March 2023
Genox Recycling Technology (UK) Ltd. is a private company, limited by shares, registered in England and Wales, registration number 10680977. The registered office is 2 Curzon Road, Offerton, Stockport, Cheshire, SK2 5DH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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/or services.
i) Sale of goods
Turnover from the sale of goods are recognised when significant risks and rewards of ownership have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company.
ii) Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Finance leases and hire purchase contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight-line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Genox Recycling Technology (UK) Ltd.
Notes to the Accounts
for the year ended 31 March 2023
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Straight Line
Motor vehicles
15% Reducing Balance
Computer equipment
15% Reducing Balance
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company offers a range of benefits to employees, including bonus arrangements, paid holiday arrangements and defined contribution pension plans.
Short-term employee benefits are those expected to be settled wholly before twelve months after the end of the annual reporting period during which employee services are rendered, but do not include termination benefits.
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense when they are due. Amounts not paid are shown within 'taxes and social security' on the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
The company has considerable financial resources together with contracts with a number of clients. The director believes that the company is well placed to manage its business risks successfully.
After making enquiries, the director has reasonable expectations that the company has adequate resources to continue in operational existence for a period of at least twelve months and for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report.
Genox Recycling Technology (UK) Ltd.
Notes to the Accounts
for the year ended 31 March 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2022
20,617
36,000
4,087
60,704
Additions
-
33,165
141
33,306
At 31 March 2023
20,617
69,165
4,228
94,010
At 1 April 2022
8,542
6,538
1,127
16,207
Charge for the year
5,075
6,229
464
11,768
At 31 March 2023
13,617
12,767
1,591
27,975
At 31 March 2023
7,000
56,398
2,637
66,035
At 31 March 2022
12,075
29,462
2,960
44,497
Finished goods
23,000
22,500
Amounts falling due within one year
Trade debtors
25,175
216,847
Accrued income and prepayments
673,318
750,774
Other debtors
80,328
25,696
Amounts falling due after more than one year
Other debtors
22,200
22,200
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
39,044
40,776
Trade creditors
295,570
323,207
Taxes and social security
16,224
25,995
Deferred income
703,113
854,706
8
Creditors: amounts falling due after more than one year
2023
2022
Genox Recycling Technology (UK) Ltd.
Notes to the Accounts
for the year ended 31 March 2023
9
Deferred taxation
2023
2022
Accelerated capital allowances
6,802
8,454
Provision at start of year
8,454
1,840
(Credited)/charged to the profit and loss account
(1,652)
6,614
Provision at end of year
6,802
8,454
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
11
Average number of employees
During the year the average number of employees was 2 (2022: 1).
