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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30 June 2017 |
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for |
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Mil-tek UK Recycling and Waste Solutions |
Ltd |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30 June 2017 |
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for |
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Mil-tek UK Recycling and Waste Solutions |
Ltd |
Mil-tek UK Recycling and Waste Solutions |
Ltd (Registered number: 04114327) |
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Contents of the Financial Statements |
for the year ended 30 June 2017 |
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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 | 4 |
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Mil-tek UK Recycling and Waste Solutions |
Ltd |
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Company Information |
for the year ended 30 June 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Broncoed House |
Broncoed Business Park |
Wrexham Road |
Mold |
Flintshire |
CH7 1HP |
Mil-tek UK Recycling and Waste Solutions |
Ltd (Registered number: 04114327) |
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Balance Sheet |
30 June 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Mil-tek UK Recycling and Waste Solutions |
Ltd (Registered number: 04114327) |
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Balance Sheet - continued |
30 June 2017 |
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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 on
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Mil-tek UK Recycling and Waste Solutions |
Ltd (Registered number: 04114327) |
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Notes to the Financial Statements |
for the year ended 30 June 2017 |
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1. | STATUTORY INFORMATION |
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Mil-tek UK Recycling and Waste Solutions Ltd is a
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and Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Sale of goods |
Turnover from the sale of goods 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 goods. |
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Rendering of services |
When the outcome of a transaction can be estimated reliably, turnover is recognised by reference to the stage of |
completion at the balance sheet date. Stage of completion is measured by reference to a notable milestone. |
Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses |
recognised that are recoverable. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price |
of the asset and the costs attributable to bringing the asset to its working condition for its intended use. |
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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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Machines - 5% per annum straight line |
Plant and machinery - 25% on reducing balance |
Fixtures and fittings - 25% on reducing balance |
Motor vehicles - 25% on reducing balance |
Computer equipment - 33% on cost |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
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Mil-tek UK Recycling and Waste Solutions |
Ltd (Registered number: 04114327) |
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Notes to the Financial Statements - continued |
for the year ended 30 June 2017 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Lessor income and assets |
Assets leased by the company and the resultant income are accounted for under the FRSSE April 2008. All |
income was received and all assets were let under operating lease agreements. The cost and accumulated |
depreciation of these assets are disclosed under the class heading 'Machines' in Note 4. All leased assets are |
owned by the company. |
Mil-tek UK Recycling and Waste Solutions |
Ltd (Registered number: 04114327) |
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Notes to the Financial Statements - continued |
for the year ended 30 June 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Share capital |
Ordinary shares are classed as equity. |
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Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising |
from impairment are recognised in the profit and loss account. |
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Distribution to equity holders |
Dividends are recognised as a liability in the financial statements in the period in which the dividends are |
approved by the company's shareholders. These amounts are recognised in the statement of changes in equity. |
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Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are |
shown within borrowings in current liabilities. |
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Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, |
they are measured at amortised cost using the effective interest rate method, less impairment. |
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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 |
Fixtures |
Plant and | and |
Machines | machinery | fittings |
£ | £ | £ |
COST |
At 1 July 2016 |
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Disposals | ( |
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At 30 June 2017 |
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DEPRECIATION |
At 1 July 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 30 June 2016 |
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Mil-tek UK Recycling and Waste Solutions |
Ltd (Registered number: 04114327) |
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Notes to the Financial Statements - continued |
for the year ended 30 June 2017 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2016 |
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Disposals |
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( |
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At 30 June 2017 |
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DEPRECIATION |
At 1 July 2016 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 30 June 2016 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 July 2016 |
and 30 June 2017 |
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DEPRECIATION |
At 1 July 2016 |
and 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 30 June 2016 |
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5. | DEBTORS |
2017 | 2016 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Tax |
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Prepayments |
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Mil-tek UK Recycling and Waste Solutions |
Ltd (Registered number: 04114327) |
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Notes to the Financial Statements - continued |
for the year ended 30 June 2017 |
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5. | DEBTORS - continued |
2017 | 2016 |
£ | £ |
Amounts falling due after more than one year: |
Loans to previous director |
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Aggregate amounts |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Tax |
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Social security & other taxes |
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VAT | 69,859 | 56,121 |
Other creditors |
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Directors' current accounts | 3 | 217 |
Pensions |
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Accrued expenses |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Hire purchase contracts |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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Hire purchase contracts | 5,926 | 15,439 |
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9. | FIRST YEAR ADOPTION |
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For periods up to and including the year ended 30 June 2016, the company prepared its financial statements in |
accordance with UK Generally Accepted Accounting Practice ("UK GAAP"). These financial statements for the |
year ended 30 June 2017 are the first the Company has prepared in accordance with FRS 102 Section 1A. The |
Company's deemed transition date to FRS 102 was 1 July 2015. No transitional differences were noted. |