Philbin Glass Recycling Ltd Accounts

PHILBIN GLASS RECYCLING LIMITED - Company Information






Philbin Glass Recycling Ltd

	Company No. 10850081
		Information for Filing with The Registrar
		31 July 2021

at	31 July 2021
Company No.		10850081	Notes	2021	2020
				£	£
Fixed assets

	Tangible assets		4	87,165	68,162


				87,165	68,162
Current assets

	Debtors		5	150,435	93,661

	Cash at bank and in hand			(3,940)	16,123
				146,495	109,784
Creditors: Amount falling due within one year			6	(233,540)	(177,529)
Net current liabilities				(87,045)	(67,745)
Total assets less current liabilities				120	417




Net assets				120	417

Capital and reserves
	Called up share capital			1	1



	Profit and loss account		7	119	416

Total equity				120	417



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 31 July 2021
And signed on its behalf by:
S.V. Philbin
Director
31 July 2021

for the year ended 31 July 2021

General information

Its registered number is: 10850081

Its registered office is:

Its trading address is:

28 Stonemill Rise

Philbins Glass Recycling

Appley Bridge

Wigan Investment Centre

Wigan

Unit 18, Waterside Drive

Lancashire

Wigan

WN6 9BH

WN3 5BA

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

25% Reducing balance

Motor vehicles

25% Reducing balance

Furniture, fittings and equipment

25.72% Reducing balance

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3	Employees
			2021	2020
			Number	Number
		The average monthly number of employees (including directors) during the year was:	7	8

4	Tangible fixed assets
			Land and buildings	Plant and machinery	Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£	£	£
		Cost or revaluation
		At 1 August 2020	16,831	43,270	47,415	9,799	117,315
		Additions	21,500	-	12,000	1,848	35,348



		At 31 July 2021	38,331	43,270	59,415	11,647	152,663
		Depreciation
		At 1 August 2020	-	17,166	27,276	4,711	49,153
		Charge for the year	-	4,623	9,938	1,784	16,345



		At 31 July 2021	-	21,789	37,214	6,495	65,498
		Net book values
		At 31 July 2021	38,331	21,481	22,201	5,152	87,165
		At 31 July 2020	16,831	26,104	20,139	5,088	68,162

5	Debtors
			2021	2020
			£	£
		Trade debtors	95,403	47,752




		Loans to directors	18,787	9,664
		Other debtors	36,245	36,245

			150,435	93,661

6	Creditors:
		amounts falling due within one year
			2021	2020
			£	£

		Bank loans and overdrafts	47,774	45,000

		Obligations under finance lease and hire purchase contracts	24,010	26,929
		Trade creditors	7,461	13,022

		Corporation tax	26,050	20,732
		Other taxes and social security	121,070	68,271


		Accruals and deferred income	7,175	3,575
			233,540	177,529

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

8	Dividends
			2021	2020
			£	£
		Dividends for the period:
		Dividends paid in the period	29,000	47,000

			29,000	47,000

		Dividends by type:

		Equity dividends	29,000	47,000
			29,000	47,000

9	Advances and credits to directors
		Included within Other debtors are the following loans to directors:

		Director	Description	At 1 August 2020	Advanced	Repaid	At 31 July 2021
				£	£	£	£
		N. Philbin	The following loan subsisted during the year & was fully repaid after the year-end.	4,832	9,393	(4,832)	9,393
		S.V. Philbin	The following loan subsisted during the year & was fully repaid after the year-end.	4,832	9,394	(4,832)	9,394






































				9,664	18,787	(9,664)	18,787