REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
RRR Polymers Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
RRR Polymers Limited |
RRR Polymers Limited (Registered number: 10907168) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
RRR Polymers Limited (Registered number: 10907168) |
Balance Sheet |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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. |
RRR Polymers Limited (Registered number: 10907168) |
Balance Sheet - continued |
31 December 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
RRR Polymers Limited (Registered number: 10907168) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
RRR Polymers Limited is a private company, limited by shares, domiciled in England, registration number 10907168. The registered office is Metnor Business Park Unit 6B, Hadrian Road, Wallsend, NE28 6HH. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
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 group members. |
Turnover |
Turnover represents net invoiced sales of goods and services in respect of waste plastic recycling, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete. |
Tangible fixed assets and depreciation |
Plant and machinery etc | - |
Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition. |
The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price. Work in progress includes process cost in addition to purchase price. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
RRR Polymers Limited (Registered number: 10907168) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Provisions |
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material. |
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. |
Going concern |
As the company is going through development in the early stages of its life cycle and incurring significant costs in excess of income, it has a net liability position at the year-end. The parent company has guaranteed the debts due by the company for twelve months from the balance sheet signing date and all debts due to the parent company are subordinate to all other creditors. It is therefore the assessment of the Board of Directors that the company can meet all debts as they fall due and accounts have been prepared on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
RRR Polymers Limited (Registered number: 10907168) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to related parties | 65,244 | 138,150 |
Taxation and social security |
Other creditors |
Amounts owed to group undertakings are subordinated to all other creditors due by RRR Polymers Limited. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans |
RRR Polymers Limited (Registered number: 10907168) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.22 | 31.12.21 |
£ | £ |
Factoring creditor | 175,618 | - |
InvoiceFair Limited has a fixed charge over the debts owed to the company. |
InvoiceFair Limited also has a floating charge over the future property and assets of the company. |
9. | RELATED PARTY DISCLOSURES |
Entities owned by directors and shareholders |
Purchases/recharges - £0 (2021: £30,000) |
Loans due to related parties - £65,244 (2020: £138,150) |
10. | ULTIMATE PARENT ENTITY |
Impact Recycling Limited is regarded by the directors as being the company's ultimate parent. |
Impact Recycling Limited is registered in Scotland under registration number SC489143 and its registered office is 16 Abbotsinch Road, Grangemouth, FK3 9UX. |