H & A Recycling Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07750029 (England and Wales)

H & A Recycling Limited

Unaudited Financial Statements

for the Year Ended 31st August 2018

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A M Holmes

G K Alway

REGISTERED OFFICE:

48 Arwenack Street

Falmouth

Cornwall

TR11 3JH

REGISTERED NUMBER:

07750029 (England and Wales)

ACCOUNTANTS:

Hodgsons

Chartered Accountants

48 Arwenack Street

Falmouth

Cornwall

TR11 3JH

FIXED ASSETS

Tangible assets

4

7,874

4,357,359

Investment property

5

1,563,889

175,000

1,571,763

4,532,359

CURRENT ASSETS

Stocks

-

11,714

Debtors

6

3,593,832

763,322

Cash at bank and in hand

1,089

157,176

3,594,921

932,212

CREDITORS

Amounts falling due within one year

7

4,510,852

1,232,248

NET CURRENT LIABILITIES

(915,931

)

(300,036

)

TOTAL ASSETS LESS CURRENT LIABILITIES

655,832

4,232,323

CREDITORS

Amounts falling due after more than one year

8

-

(3,884,260

)

PROVISIONS FOR LIABILITIES

(1,143

)

-

NET ASSETS

654,689

348,063

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

653,689

347,063

SHAREHOLDERS' FUNDS

654,689

348,063

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30th November 2018 and were signed on its behalf by:

G K Alway - Director

A M Holmes - Director

1.	STATUTORY INFORMATION

H & A Recycling Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Where goods and services have been billed in advance the relevant amounts have been treated as a liability.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Improvements to property

-

10% on cost and 2% on cost

Plant and machinery

-

10% on cost and 5% on cost

Fixtures and fittings

-

20% on cost and 10% on cost

Motor vehicles

-

10% on cost

Computer equipment

-

25% on cost

Depreciation has been pro-rated and is calculated from the date the asset is acquired.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2017 - 50 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1st September 2017

1,893,280

236,827

3,092,374

Additions

-

-

118,752

Disposals

-

-

(3,211,126

)

Reclassification/transfer

(1,893,280

)

(236,827

)

-

At 31st August 2018

-

-

-

DEPRECIATION

At 1st September 2017

177,437

62,832

1,468,120

Charge for year

37,366

7,014

221,862

Eliminated on disposal

-

-

(1,689,982

)

Reclassification/transfer

(214,803

)

(69,846

)

-

At 31st August 2018

-

-

-

NET BOOK VALUE

At 31st August 2018

-

-

-

At 31st August 2017

1,715,843

173,995

1,624,254

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1st September 2017

80,138

1,681,453

52,363

7,036,435

Additions

-

8,795

1,342

128,889

Disposals

-

(1,690,248

)

(53,705

)

(4,955,079

)

Reclassification/transfer

-

-

-

(2,130,107

)

At 31st August 2018

80,138

-

-

80,138

DEPRECIATION

At 1st September 2017

68,152

853,659

48,876

2,679,076

Charge for year

4,112

122,328

1,729

394,411

Eliminated on disposal

-

(975,987

)

(50,605

)

(2,716,574

)

Reclassification/transfer

-

-

-

(284,649

)

At 31st August 2018

72,264

-

-

72,264

NET BOOK VALUE

At 31st August 2018

7,874

-

-

7,874

At 31st August 2017

11,986

827,794

3,487

4,357,359

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1st September 2017

183,929

751,203

935,132

Additions

18,800

-

18,800

Disposals

(202,729

)

(751,203

)

(953,932

)

At 31st August 2018

-

-

-

DEPRECIATION

At 1st September 2017

8,529

149,437

157,966

Charge for year

11,806

54,835

66,641

Eliminated on disposal

(20,335

)

(204,272

)

(224,607

)

At 31st August 2018

-

-

-

NET BOOK VALUE

At 31st August 2018

-

-

-

At 31st August 2017

175,400

601,766

777,166

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st September 2017

175,000

Revaluations

(456,569

)

Reclassification/transfer

1,845,458

At 31st August 2018

1,563,889

NET BOOK VALUE

At 31st August 2018

1,563,889

At 31st August 2017

175,000

The investment property was valued by the directors at 31st August 2018 at a fair value of £1,563,889

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

683,149

724,285

Other debtors

2,910,683

39,037

3,593,832

763,322

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

1,895,561

103,527

Hire purchase contracts

-

172,102

Trade creditors

419,839

380,174

Taxation and social security

251,736

207,177

Other creditors

1,943,716

369,268

4,510,852

1,232,248

Included within other creditors are the directors loan account balances of £1,888,169 which will be repaid as

cash flow allows.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

-

1,634,570

Hire purchase contracts

-

448,512

Other creditors

-

1,801,178

-

3,884,260

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

1,633,412

1,738,097

Hire purchase contracts

-

620,614

1,633,412

2,358,711

The bank loans are secured against the assets of the company. The directors, Mr AM Holmes and Mr GK Alway,

have also given personal guarantees for the sums borrowed.

10.	POST BALANCE SHEET EVENTS

On 31st August 2018 the company disposed of all the trading assets. From this date the company will continue

as an investment company.