RECOLOGY LTD
Company Registration No. 11664163 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
RECOLOGY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
RECOLOGY LTD
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
Notes
£
£
Current assets
Stocks
27,486
Debtors
2
13,689
Cash at bank and in hand
1,558
42,733
Creditors: amounts falling due within one year
3
(20,453)
Net current assets
22,280
Creditors: amounts falling due after more than one year
4
(40,000)
Net liabilities
(17,720)
Capital and reserves
Called up share capital
200
Profit and loss reserves
(17,920)
Total equity
(17,720)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 November 2020 and are signed on its behalf by:
Mr I Biggin
Director
Company Registration No. 11664163
RECOLOGY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
Recology Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
8 Vernon Street, Derby, DE1 1FR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements are prepared on the going concern basis, the validity of which is reliant on the continuing support of the directors.
true
1.3
Reporting period
The financial statements cover the period 7 November 2018, the date of incorporation, to 31 March 2020. This is the first period of trading for the company and no comparatives are available.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
Cash and cash equivalents
Cash a
t bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
RECOLOGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
- 3 -
2
Debtors
2020
Amounts falling due within one year:
£
Trade debtors
10,699
Other debtors
2,990
13,689
3
Creditors: amounts falling due within one year
2020
£
Other creditors
20,453
4
Creditors: amounts falling due after more than one year
2020
£
Other creditors
40,000
5
Events after the reporting date
In March 2020, the UK was impacted by the outbreak of the Coronavirus, Covid 19. In order to manage the spread of the virus the Government imposed significant restrictions on the movement of people and the ability of businesses to continue to trade.
The event occurred shortly before the company's reporting period and as such most of the restrictions are considered to be a non-adjusting event.
Covid 19 has resulted in severe contraction of the UK economy and the company anticipates turnover to drop in the next financial year.