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Unaudited Financial Statements |
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For The Year Ended 31 December 2019 |
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The Recycling Association Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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For The Year Ended 31 December 2019 |
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for |
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The Recycling Association Limited |
The Recycling Association Limited (Registered number: 06625724) |
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Contents of the Financial Statements |
For The Year Ended 31 December 2019 |
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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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The Recycling Association Limited |
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Company Information |
For The Year Ended 31 December 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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The Stables |
Church Walk |
Daventry |
Northamptonshire |
NN11 4BL |
The Recycling Association Limited (Registered number: 06625724) |
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Balance Sheet |
31 December 2019 |
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31/12/19 | 31/12/18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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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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NET ASSETS |
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RESERVES |
Fair value reserve | 8 | ( |
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Income and expenditure account |
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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 surplus or deficit 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 Recycling Association Limited (Registered number: 06625724) |
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Balance Sheet - continued |
31 December 2019 |
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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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The Recycling Association Limited (Registered number: 06625724) |
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Notes to the Financial Statements |
For The Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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The Recycling Association Limited is a
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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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Tangible fixed assets |
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Fixtures and fittings | - |
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With effect from the date of transition to Financial Reporting Standard 102, the company has adopted a policy of revaluation in respect of freehold land and property. Previously a policy of recognition at cost less depreciation had been adopted. |
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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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to surplus or deficit 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. |
The Recycling Association Limited (Registered number: 06625724) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2019 |
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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 |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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Disposals |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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The freehold property has not been revalued this year as it is considered by management that obtaining an independent valuation would cause undue cost and effort to the company for an immaterial difference. |
It was last valued on an open market basis on 28 April 2017 by George and Company (Surveyors) Limited. |
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5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2019 |
and 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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The group is subject to the small companies regime and the directors have taken advantage of the provisions of Section 399 of the Companies Act 2006 not to prepare group accounts. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/19 | 31/12/18 |
£ | £ |
Trade debtors |
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Intercompany |
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Prepayments and accrued income |
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The Recycling Association Limited (Registered number: 06625724) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/19 | 31/12/18 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 5,032 | 9,679 |
Other creditors |
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Accruals and deferred income |
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Included within other creditors is £136,560 (2018 - £136,560) of bond deposits paid by the members. |
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8. | RESERVES |
Fair value |
reserve |
£ |
At 1 January 2019 |
and 31 December 2019 | ( |
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9. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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10. | ULTIMATE CONTROLLING PARTY |
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There is no party with overall control. |
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11. | COMPANY LIMITED BY GUARANTEE |
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The Company is Limited by Guarantee and does not have any share capital. |
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In the event that the Company is wound up, the liability of the members is restricted to an amount not exceeding £1 per member. |