Eastfield Recycling Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09881472 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

EASTFIELD RECYCLING LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

Mrs J Bridgwood

M J Bridgwood

REGISTERED OFFICE:

Ground Floor

Custom House

Waterfront East

Brierley Hill

West Midlands

DY5 1XH

REGISTERED NUMBER:

09881472 (England and Wales)

ACCOUNTANTS:

Poole Waterfield Limited

Ground Floor

Custom House

Waterfront East

Brierley Hill

West Midlands

DY5 1XH

FIXED ASSETS

Tangible assets

4

-

12,845

CURRENT ASSETS

Stocks

222,528

3,200

Debtors

5

971,199

960,465

Cash at bank

236,698

134,417

1,430,425

1,098,082

CREDITORS

Amounts falling due within one year

6

336,832

204,480

NET CURRENT ASSETS

1,093,593

893,602

TOTAL ASSETS LESS CURRENT LIABILITIES

1,093,593

906,447

CREDITORS

Amounts falling due after more than one year

7

(129,000

)

(165,000

)

PROVISIONS FOR LIABILITIES

-

(2,441

)

NET ASSETS

964,593

739,006

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

964,493

738,906

SHAREHOLDERS' FUNDS

964,593

739,006

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 25 August 2022 and were signed on its behalf by:

Mrs J Bridgwood - Director

1.	STATUTORY INFORMATION

Eastfield Recycling Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when:

(a) the significant risks and rewards of ownership have passed to the buyer.

(b) the amount of revenue can be reliably measured.

(c) it is probable that the economic benefits associated with the transaction will flow

to the company.

(d) the costs incurred, or to be incurred, in respect of the transaction can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

33% on cost

Stocks

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

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2021

28,660

895

29,555

Disposals

(25,095

)

-

(25,095

)

At 31 March 2022

3,565

895

4,460

DEPRECIATION

At 1 April 2021

16,113

597

16,710

Charge for year

-

298

298

Eliminated on disposal

(12,548

)

-

(12,548

)

At 31 March 2022

3,565

895

4,460

NET BOOK VALUE

At 31 March 2022

-

-

-

At 31 March 2021

12,547

298

12,845

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

537,839

523,671

Other debtors

433,360

436,794

971,199

960,465

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Bank loan

36,000

15,000

Trade creditors

3,980

3,000

Taxation and social security

291,252

182,482

Other creditors

5,600

3,998

336,832

204,480

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans

129,000

165,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

21,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.22

31.3.21

£

£

Bank loans

165,000

-

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2022 and 31 March 2021:

31.3.22

31.3.21

£

£

Mrs J Bridgwood and M J Bridgwood

Balance outstanding at start of year

117,552

33,403

Amounts advanced

272,082

100,869

Amounts repaid

(276,000

)

(16,720

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

113,634

117,552

The amount due from the directors is unsecured and interest free.

10.	RELATED PARTY DISCLOSURES

Included in other debtors is an amount of £236,972 due from Wightwick Developments Limited a company, related through common directorship (2021 - £236,972)

During the year there was a recharge of expenses totalling £45,000 (2021 - £Nil) from a company owned by other family members.