Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
Investment property | 4 |
|
|
|
Investments |
|
|
||
3,027,205 | 2,568,447 | |||
Current assets | ||||
Stocks |
|
|
||
Debtors | 5 |
|
|
|
Cash at bank and in hand |
|
|
||
1,382,267 | 1,296,022 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current assets | 1,106,894 | 962,988 | ||
Total assets less current liabilities | 4,134,099 | 3,531,435 | ||
Creditors: amounts falling due after more than one year | 7 | (
|
(
|
|
Provision for liabilities | (
|
(
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 8 |
|
|
|
Fair value reserve |
|
|
||
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
The financial statements of Grays Recycling Services Limited (registered number:
Kenneth Gray
Director |
H Stephen Gray
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Grays Recycling Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Old Airfield, Nether Dallachy, Spey Bay, Fochabers, IV32 7PL, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Revenue is recognised on performance of services on the accruals basis. Revenue on the sale of goods is recognised on despatch of goods and revenue from skip hires is recognised on a straight line basis over the period of the hire.
Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless these costs are required to be recognised as part of the cost of stock or fixed assets.
The costs of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income and expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:
Leasehold improvements |
|
Plant and machinery |
|
Vehicles |
|
Computer equipment |
|
Other property, plant and equipment |
|
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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.
Financial instruments are recognised in the company's balance sheet when the company becomes part to the contractual provisions of the instrument,
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants are recognised in accordance with the accruals model. Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Leasehold improve- ments |
Plant and machinery | Vehicles | Computer equipment | Other property, plant and equipment |
Total | ||||||
£ | £ | £ | £ | £ | £ | ||||||
Cost | |||||||||||
At 01 April 2022 |
|
|
|
|
|
|
|||||
Additions |
|
|
|
|
|
|
|||||
Disposals |
|
(
|
|
|
|
(
|
|||||
At 31 March 2023 |
|
|
|
|
|
|
|||||
Accumulated depreciation | |||||||||||
At 01 April 2022 |
|
|
|
|
|
|
|||||
Charge for the financial year |
|
|
|
|
|
|
|||||
Disposals |
|
(
|
|
|
|
(
|
|||||
At 31 March 2023 |
|
|
|
|
|
|
|||||
Net book value | |||||||||||
At 31 March 2023 |
|
|
|
|
|
|
|||||
At 31 March 2022 |
|
|
|
|
|
|
Investment property | |
£ | |
Valuation | |
As at 01 April 2022 |
|
Additions | 37,653 |
Fair value movement | 27,347 |
As at 31 March 2023 |
|
The fair value of the investment properties have been arrived at on the basis of valuation carried out at 31 March 2023 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
|
|
|
Other debtors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Trade creditors |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Other creditors |
|
|
2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Commitments
Capital commitments are as follows:
2023 | 2022 | ||
£ | £ | ||
Contracted for but not provided for: | |||
tangible fixed assets |
|
|
The capital commitment referred to above will be financed through a combination of cash, loan finance and grant funding.
Other related party transactions
2023 | 2022 | ||
£ | £ | ||
Key management personnel | 6,503 | 23,051 |