CONNOLLY_RECYCLING_SOLUTI - Accounts

CONNOLLY RECYCLING SOLUTIONS LIMITED - Company Information

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Company Registration No. 07096245 (England and Wales)

CONNOLLY RECYCLING SOLUTIONS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 NOVEMBER 2015

CONNOLLY RECYCLING SOLUTIONS LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 4

CONNOLLY RECYCLING SOLUTIONS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

29 NOVEMBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

359,119

357,188

Current assets

Stocks

7,500

Debtors

164,022

110,462

Cash at bank and in hand

4,825

4,747

176,347

122,709

Creditors: amounts falling due within one year

(722,509)

(357,943)

Net current liabilities

(546,162)

(235,234)

Total assets less current liabilities

(187,043)

121,954

Creditors: amounts falling due after more than one year

(304,638)

(350,819)

(491,681)

(228,865)

Capital and reserves

Called up share capital

Profit and loss account

(491,683)

(228,867)

Shareholders' funds

(491,681)

(228,865)

For the financial year ended 29 November 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 31 March 2016

Mrs C L Connolly

Director

Company Registration No. 07096245

CONNOLLY RECYCLING SOLUTIONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 29 NOVEMBER 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Not withstanding the net liabilities and net current liabilities the financial statements have been prepared on a going concern basis which the directors believe to be appropriate.

The company finances its operations by utilising external finance providers and at the date of signing the financial statements the directors are not aware of any reason why such facilities will not be maintained at their current level. The company has also received additional funding during the year from a connected company. The directors believe this financial support will continue for the foreseeable future.

The directors therefore consider that the company remains a going concern and have prepared the financial statements on this basis.

1.2

Turnover

Turnover represents amounts receivable for goods and services provided net of VAT and trade discounts.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

15% Straight line

Fixtures, fittings & equipment

15% Reducing balance

Motor vehicles

25% Reducing balance

1.4

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.5

Stock

Stock is valued at the lower of cost and net realisable value.

CONNOLLY RECYCLING SOLUTIONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 29 NOVEMBER 2015

- 3 -

Fixed assets

Tangible assets

Cost

At 30 November 2014

368,813

Additions

57,873

At 29 November 2015

426,686

Depreciation

At 30 November 2014

11,625

Charge for the year

55,942

At 29 November 2015

67,567

Net book value

At 29 November 2015

359,119

At 29 November 2014

357,188

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £111,973 (2014 - £113,712).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £304,638 (2014 - £350,819).

Share capital

2015

2014

Allotted, called up and fully paid

2 Ordinary shares of £1 each

CONNOLLY RECYCLING SOLUTIONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 29 NOVEMBER 2015

- 4 -

Related party relationships and transactions

Advances and credits to directors

Advances and credits granted to the directors during the year are outlined in the table below:

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Mrs C L Connolly - Director loan

3.25

27,651

77,126

1,257

106,034

27,651

77,126

1,257

106,034

The maximum overdrawn loan account balance during the period was £49,439.

Loans from the directors

Transactions in relation to loans with the directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Mrs C L Connolly - Director loan

561