PP O'Connor Recycling Limited - Accounts to registrar (filleted) - small 18.2

PP O'Connor Recycling Limited - Accounts to registrar (filleted) - small 18.2

PP O'CONNOR RECYCLING LIMITED - Company Information

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REGISTERED NUMBER: 10411666 (England and Wales)















PP O'CONNOR RECYCLING LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2019





DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN








PP O'CONNOR RECYCLING LIMITED (REGISTERED NUMBER: 10411666)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


PP O'CONNOR RECYCLING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2019







DIRECTORS: P P O'Connor
C M O'Connor
J P O'Connor





REGISTERED OFFICE: The Exchange
5 Bank Street
Bury
BL9 0DN





REGISTERED NUMBER: 10411666 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN
1
PP O'CONNOR RECYCLING LIMITED (REGISTERED NUMBER: 10411666)

STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2019

2019 2018
Notes £    £   
CURRENT ASSETS
Inventories 10,000 10,000
Debtors 4 851,848 248,876
Cash at bank 17,244 18,324
879,092 277,200
CREDITORS
Amounts falling due within one year 5 (840,472 ) (262,749 )
NET CURRENT ASSETS 38,620 14,451
TOTAL ASSETS LESS CURRENT
LIABILITIES
38,620
14,451

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 38,520 14,351
38,620 14,451

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 23 October 2020 and were signed on its behalf by:





P P O'Connor - Director


The notes form part of these financial statements

2
PP O'CONNOR RECYCLING LIMITED (REGISTERED NUMBER: 10411666)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019


1. STATUTORY INFORMATION

PP O'Connor Recycling Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 10411666 and registered office is The Exchange, 5 Bank Street, Bury, United Kingdom, BL9 0DN.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Post year end saw the outbreak of Covid-19 in China which has become a global pandemic. The directors have considered the impact of the pandemic on the company and recognise that the future cannot be predicted with any certainty.

To date, however, the company has remained operational with policies in place to ensure all site workers are working safely and in accordance with government guidelines. Should demand for the company's services fall, the directors would introduce appropriate cost control measures and would look to obtain government backed funding support as necessary.

As a result of the above, the directors are satisfied that the company is a going concern and that the financial statements are correctly prepared on this basis.

Critical judgements and estimates
In the opinion of the directors, there are currently no significant accounting judgements or estimates applied in preparing the financial statements.

Revenue
Revenue primarily comprises income from the sales of recycled aggregates, net of value added tax.

Income is recognised at the point goods are dispatched to or collected by customers.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes any expenditure incurred in bringing the inventory to its present location and condition.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.


3 continued...
PP O'CONNOR RECYCLING LIMITED (REGISTERED NUMBER: 10411666)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2019


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.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade debtors 749,258 12,247
Other debtors 102,590 236,629
851,848 248,876

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade creditors 86,744 43,116
Taxation and social security 35,547 18,670
Other creditors 718,181 200,963
840,472 262,749

6. SECURED DEBTS

The following secured debts are included within creditors:

2019 2018
£    £   
Invoice discounting creditor 444,111 -

The invoice discounting creditor is secured on certain approved trade debtor balances.

4 continued...
PP O'CONNOR RECYCLING LIMITED (REGISTERED NUMBER: 10411666)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2019


7. POST BALANCE SHEET EVENTS

Post year end saw the outbreak of Covid-19 in China which has become a global pandemic. The directors have considered the impact of the pandemic on the company and recognise that the future cannot be predicted with any certainty.

To date, however, the company has remained operational with policies in place to ensure all site workers are working safely and in accordance with government guidelines. Should demand for the company's services fall, the directors would introduce appropriate cost control measures and would look to obtain government backed funding support as necessary.

5