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Regroup (Reclaim) Limited |
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Financial Statements for the Year Ended 31st December 2019 |
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REGISTERED NUMBER:
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Regroup (Reclaim) Limited |
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Financial Statements for the Year Ended 31st December 2019 |
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Regroup (Reclaim) Limited (Registered number: 03206019) |
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Contents of the Financial Statements |
for the year ended 31st December 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Regroup (Reclaim) Limited |
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Company Information |
for the year ended 31st December 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
HU2 8BA |
Regroup (Reclaim) Limited (Registered number: 03206019) |
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Balance Sheet |
31st December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | ( |
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ACCRUALS AND DEFERRED INCOME | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Regroup (Reclaim) Limited (Registered number: 03206019) |
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Notes to the Financial Statements |
for the year ended 31st December 2019 |
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1. | STATUTORY INFORMATION |
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Regroup (Reclaim) Limited is a
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2. | ACCOUNTING POLICIES |
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General information and the basis of preparing the financial statements |
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The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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Going concern |
The directors have considered the potential wider economic effect of the current Covid-19 pandemic and believe that any known risks can be mitigated. It is not anticipated that the impact of Covid-19 will have a material impact on the company. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policy adopted for the recognition of turnover is as follows: |
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Sale of goods |
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Turnover from the sale of processed oil is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the oil. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. Costs include costs directly attributable to making the asset capable of operating as intended. |
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Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
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Plant and machinery - 15 years on a straight line basis. |
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Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
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Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
Regroup (Reclaim) Limited (Registered number: 03206019) |
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Notes to the Financial Statements - continued |
for the year ended 31st December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of transaction. |
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Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate. |
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Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement other administrative expenses. |
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Derivatives |
Where material to the financial statements, derivative financial instruments are initially measured at fair value at the date on which a derivative contract is entered into and are subsequently measured at fair value through the income statement. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st January 2019 |
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Additions |
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At 31st December 2019 |
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DEPRECIATION |
At 1st January 2019 |
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Charge for year |
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At 31st December 2019 |
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NET BOOK VALUE |
At 31st December 2019 |
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At 31st December 2018 |
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5. | STOCKS |
2019 | 2018 |
£ | £ |
Stocks |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Regroup (Reclaim) Limited (Registered number: 03206019) |
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Notes to the Financial Statements - continued |
for the year ended 31st December 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Corporation tax |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary shares | 1 | 100 | 100 |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | CONTINGENT LIABILITIES |
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The company is part of a group VAT registration. At 31st December 2019 the potential liability of the company under this registration was £147,202 (2018 £66,444). |
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11. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of FRS 102, not to disclose related party transactions with its parent company and fellow wholly owned subsidiaries within the group
. Other related party
transactions were as follows: |
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2019 | 2018 |
£ | £ |
Joint Venture company: |
Sales to |
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58,583 |
Amounts due from | 35,699 | 5,211 |
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12. | POST BALANCE SHEET EVENTS |
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Subsequent to the year end, a coronavirus known as COVID-19 has spread worldwide leading to various restrictions being imposed. Whilst this presents some uncertainties, the company has been able to continue trading at a satisfactory level. The directors have put several measures in place to mitigate the risks to staff and the business caused by COVID-19, however it is difficult to say with any certainty the extent and period for which the company may be affected. Following the measures taken, the directors feel that the company is well positioned to emerge from the pandemic in a good position and that it will continue to trade profitably. |
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On 30 June 2020 Regroup (UK) Limited and its subsidiaries (which includes Regroup (Reclaim) Limited) were acquired by Slicker Recycling Limited. |
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13. | ULTIMATE CONTROLLING PARTY |
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The company's parent company is Regroup (UK) Limited, within whose group accounts the results of the company are consolidated. |
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The consolidated financial statements of the group are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ |
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On 30 June 2020 Regroup (UK) Limited and its subsidiaries were acquired by Slicker Recycling Limited. The immediate parent company of Slicker Recycling Limited is Greenbottle Limited, a company incorporated in England and Wales |
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The ultimate controlling party following this transaction is Andrew Black who owns a controlling share of Greenbottle Limited. |