Clothing Recycling Centres Ltd
Clothing Recycling Centres Ltd
Registered number: 07742208
Abbreviated accounts
For The Year Ended 31 August 2015
Clothing Recycling Centres Ltd
Company No. 07742208
Abbreviated Balance Sheet
31 August 2015
Abbreviated Balance Sheet
| 2015 | 2014 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 2 |
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| 62,997 | 87,300 | ||||
| CURRENT ASSETS | |||||
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| Debtors |
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| Creditors: Amounts Falling Due Within One Year |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 3 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 5 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS |
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Clothing Recycling Centres Ltd
Company No. 07742208
Abbreviated Balance Sheet (continued)
31 August 2015
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).
On behalf of the board
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Clothing Recycling Centres Ltd
Notes to the Abbreviated Accounts
For The Year Ended 31 August 2015
Notes to the Abbreviated Accounts
Accounting Policies
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
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 of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the 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.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date.
Government grant
Government grants have been disclosed in the financial statement in line with the SSAP 4 disclosure requirements. Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
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Clothing Recycling Centres Ltd
Notes to the Abbreviated Accounts (continued)
For The Year Ended 31 August 2015
Tangible Assets
| Total | |
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| Cost | £ |
| As at |
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| Additions |
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| Disposals |
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| Depreciation | |
| As at |
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| Provided during the period |
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| Disposals |
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| As at |
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| Net Book Value | |
| As at |
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| As at |
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2015 | 2014 | ||
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| £ | £ | ||
| Plant & Machinery |
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| Motor Vehicles |
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Creditors: Amounts Falling Due After More Than One Year
| 2015 | 2014 | ||
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| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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| Government grants after one year |
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Clothing Recycling Centres Ltd
Notes to the Abbreviated Accounts (continued)
For The Year Ended 31 August 2015
Secured Creditors
National Westminster Bank plc hold a mortgage by way of a debenture dated 11 January 2012, with a fixed and floating charge on the company's assets. The directors have provided a joint and several guarantee to the bank to cover the overdraft facility and bank loan. Of the creditors falling due within and after more than one year the following amounts are secured
| 2015 | 2014 | ||
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| £ | £ | ||
| Bank loans and overdrafts |
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Capital Grants
| 2015 | 2014 | ||
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| £ | £ | ||
| Balance at |
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| Increase / (Decrease) in the year |
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| Balance at |
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