Clothing Recycling Centres Ltd
Clothing Recycling Centres Ltd
Registered number: 07742208
Unaudited Financial Statements
For The Year Ended 31 August 2017
Clothing Recycling Centres Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2017
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Statement of Financial Position | 1—2 |
| Statement of Changes in Equity | 3 |
| Notes to the Financial Statements | 4—7 |
Clothing Recycling Centres Ltd
Statement of Financial Position
For The Year Ended 31 August 2017
Statement of Financial Position
Registered number:
07742208
For the year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2017 | 2016 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 7 |
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| CURRENT ASSETS | |||||
| Stocks | 8 |
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| Debtors | 9 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 10 |
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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 | 11 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 13 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 14 |
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| Profit and loss account |
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| SHAREHOLDERS' FUNDS | (108,141) | 19,527 | |||
Page 1
Clothing Recycling Centres Ltd
Statement of Financial Position (continued)
For The Year Ended 31 August 2017
Directors' responsibilities:
-
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 accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The Company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the Income Statement
On behalf of the board
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The notes on pages 4 to 7 form part of these financial statements.
Page 2
Clothing Recycling Centres Ltd
Statement of Changes in Equity
For The Year Ended 31 August 2017
Statement of Changes in Equity
| Share Capital | Profit & Loss Account | Total | |
|---|---|---|---|
| £ | £ | £ | |
| As at 1 September 2015 |
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11,219 |
| Profit for the year and total comprehensive income | - |
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24,858 |
| Dividends paid | - | (16,550) | (16,550) |
| As at 31 August 2016 and 1 September 2016 |
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19,527 |
| Loss for the year and total comprehensive income | - |
( |
(127,668) |
| As at |
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( |
(108,141) |
Page 3
Clothing Recycling Centres Ltd
Notes to the Unaudited Accounts
For The Year Ended 31 August 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The financial statements have been prepared on a going concern basis, the validity of which is the continued support of the directors and creditors.
1.3.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.4.
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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1.5.
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.
1.6.
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.
1.7.
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.
1.8.
Government grant
Government grants are recognised in the income statement 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 income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement 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 income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
1.9.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income statement, directors report, and notes to the financial statements relating to the income statement. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
4.
Average number of employees
Average number of employees, including directors, during the year was as 22 (2016 - 22).
Page 4
Clothing Recycling Centres Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 August 2017
7.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
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| £ | £ | £ | £ | |
| Cost | ||||
| As at |
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| Additions |
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| Disposals |
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| As at |
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| Depreciation | ||||
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| Provided during the period |
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| Disposals |
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| Net Book Value | ||||
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2017 | 2016 | ||
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| £ | £ | ||
| Plant & Machinery |
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8.
Stocks
| 2017 | 2016 | ||
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| £ | £ | ||
| Stock - materials and work in progress | 20,000 | 50,000 | |
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9.
Debtors
| 2017 | 2016 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Corporation tax recoverable assets |
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Page 5
Clothing Recycling Centres Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 August 2017
10.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Accruals and deferred income |
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| Government grants within one year |
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| Directors' loan accounts |
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| Amounts owed to associates |
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11.
Creditors: Amounts Falling Due After More Than One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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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.
Finance Wales Investments (10) Ltd hold a mortgage by way of a debenture dated 27 July 2017, 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
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 61,416 | 22,664 |
Page 6
Clothing Recycling Centres Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 August 2017
12.
Obligations Under Finance Leases and Hire Purchase
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| Between one and five years |
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| Less: Finance charges allocated to future periods |
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13.
Deferred Taxation
| 2017 | 2016 | ||
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| £ | £ | ||
| As at |
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| Deferred taxation |
( |
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| Deferred tax |
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The provision for deferred taxation is made up of accelerated capital allowances
15.
Transactions With and Loans to Directors
Dividends paid to directors
| 2017 | 2016 | |
|---|---|---|
| £ | £ | |
| Mr Derek Bartle | - | 8,275 |
| Mr Michael Bushell | - | 8,275 |
16.
Dividends
| 2017 | 2016 | ||
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| £ | £ | ||
| On equity shares: | |||
| Final dividend paid |
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| - | 16,550 | ||
17.
General Information
Clothing Recycling Centres Ltd Registered number 07742208 is a limited by shares company incorporated in England & Wales. The Registered Office is 14 A/B Withey Court, Western Industrial Estate, Caerphilly, Mid Glamorgan, CF83 1BQ.
Page 7