Rubber and Plastic Collection Services Limited - Period Ending 2016-12-31

Registration number: 02651758

Rubber and Plastic Collection Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Rubber and Plastic Collection Services Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

Rubber and Plastic Collection Services Limited

(Registration number: 02651758)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	5	358,625	296,532
Current assets
Stocks	6	106,818	104,802
Debtors	7	362,051	391,900
Cash at bank and in hand		161,089	308,750
		629,958	805,452
Creditors: Amounts falling due within one year	8	(225,513)	(228,440)
Net current assets		404,445	577,012
Total assets less current liabilities		763,070	873,544
Provisions for liabilities		(61,307)	(47,593)
Net assets		701,763	825,951
Capital and reserves
Called up share capital		1,000	1,000
Profit and loss account		700,763	824,951
Total equity		701,763	825,951

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

Rubber and Plastic Collection Services Limited

(Registration number: 02651758)
Balance Sheet as at 31 December 2016

Approved and authorised by the director on 9 May 2017
 

.........................................

Mr Clive Geoffrey Roads

Director

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Rubber and Plastic Collection Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Mallory House
Reading
Berkshire
RG8 7SP

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and equipment	25% reducing balance basis
Office equipment	25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Page 3

Rubber and Plastic Collection Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Taxation

	2016		2015
	£		£
Corporation tax	41,466		70,234
Deferred tax	13,714		(12,931)
	55,180		57,303

4	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2015 - 11).

Page 4

Rubber and Plastic Collection Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

5	Tangible assets

	Office equipment £	Plant and equipment £	Total £
Cost or valuation
At 1 January 2016	8,675	1,208,477	1,217,152
Additions	2,751	143,425	146,176
At 31 December 2016	11,426	1,351,902	1,363,328
Depreciation
At 1 January 2016	5,113	915,507	920,620
Charge for the year	1,310	82,773	84,083
At 31 December 2016	6,423	998,280	1,004,703
Carrying amount
At 31 December 2016	5,003	353,622	358,625
At 31 December 2015	3,562	292,970	296,532

6

Stocks

	2016 £	2015 £
Other inventories	106,818	104,802

7

Debtors

	2016 £	2015 £
Trade debtors	259,191	349,843
Other debtors	102,860	42,057
Total current trade and other debtors	362,051	391,900

Page 5

Rubber and Plastic Collection Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

8

Creditors

	Note	2016 £	2015 £
Due within one year
Trade creditors		156,737	129,597
Taxation and social security		55,107	81,594
Other creditors		13,669	17,249
		225,513	228,440

9

Dividends

	2016	2015
	£	£
Interim dividend	348,000	374,000

10	Related party transactions

Transactions with directors

2016	At 1 January 2016 £	Repayments by director £	At 31 December 2016 £
Mr Clive Geoffrey Roads
Director Loan Account	75	(75)	-

2015	Advances to directors £	Repayments by director £	At 31 December 2015 £
Mr Clive Geoffrey Roads
Director Loan Account	109,121	(109,046)	75

Other transactions with directors

C G Roads had a loan with the company. At the balance sheet date the amount due from C G Roads was £nil (2015: £75)

During the period dividends totalling £348,000 (2015: £374,000) were paid to the director C G Roads and his wife.

Page 6

Rubber and Plastic Collection Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

11	Transition to FRS 102

There were no changes required as a result of transition to FRS 102.

Page 7