REGISTERED NUMBER: 07247228 (England and Wales)

ABBEY METAL RECYCLING LIMITED

Unaudited Financial Statements

for the Year Ended 31 July 2017

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

11

DIRECTORS:

J A Maguire

Mrs M S Maguire

J R I Maguire

REGISTERED OFFICE:

Britannia Court

5 Moor Street

WORCESTER

Worcestershire

WR1 3DB

BUSINESS ADDRESS:

Broadmoor House

Broadmoor Road

CINDERFORD

Gloucestershire

GL14 3JA

REGISTERED NUMBER:

07247228 (England and Wales)

ACCOUNTANTS:

Haines Watts Worcester Limited

Chartered Certified Accountants

Britannia Court

5 Moor Street

WORCESTER

WR1 3DB

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a

Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary

statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Abbey Metal Recycling Limited for the year ended 31 July 2017 which comprise the Statement of

Comprehensive Income, Balance Sheet, and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Abbey Metal Recycling Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Abbey Metal Recycling Limited and state those matters that we have agreed to state to the Board of Directors of Abbey Metal Recycling Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Abbey Metal Recycling Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Abbey Metal Recycling Limited. You consider that Abbey Metal Recycling Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Abbey Metal Recycling Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haines Watts Worcester Limited

Chartered Certified Accountants

Britannia Court

5 Moor Street

WORCESTER

WR1 3DB

2 October 2017

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

387,095

289,890

387,095

289,890

CURRENT ASSETS

Stocks

79,959

91,980

Debtors

6

108,614

85,842

Cash at bank and in hand

592,901

432,331

781,474

610,153

CREDITORS

Amounts falling due within one year

7

342,385

226,253

NET CURRENT ASSETS

439,089

383,900

TOTAL ASSETS LESS CURRENT LIABILITIES

826,184

673,790

CREDITORS

Amounts falling due after more than one year

8

(62,308

)

(69,860

)

PROVISIONS FOR LIABILITIES

10

(55,982

)

(44,339

)

NET ASSETS

707,894

559,591

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Retained earnings

12

706,894

558,591

SHAREHOLDERS' FUNDS

707,894

559,591

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 2 October 2017 and were signed on its behalf by:

J A Maguire - Director

1.	STATUTORY INFORMATION

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

20% straight line

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2016

and 31 July 2017

65,002

AMORTISATION

At 1 August 2016

and 31 July 2017

65,002

NET BOOK VALUE

At 31 July 2017

-

At 31 July 2016

-

5.	TANGIBLE FIXED ASSETS

Improvements

Short

to

Plant and

leasehold

property

machinery

£

£

£

COST

At 1 August 2016

30,885

-

460,289

Additions

-

50,790

122,436

Disposals

-

-

(5,000

)

At 31 July 2017

30,885

50,790

577,725

DEPRECIATION

At 1 August 2016

8,003

-

214,220

Charge for year

1,544

928

69,731

Eliminated on disposal

-

-

(3,689

)

At 31 July 2017

9,547

928

280,262

NET BOOK VALUE

At 31 July 2017

21,338

49,862

297,463

At 31 July 2016

22,882

-

246,069

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 August 2016

12,047

43,468

12,297

558,986

Additions

350

4,415

-

177,991

Disposals

-

-

-

(5,000

)

At 31 July 2017

12,397

47,883

12,297

731,977

DEPRECIATION

At 1 August 2016

9,870

26,333

10,670

269,096

Charge for year

574

5,387

1,311

79,475

Eliminated on disposal

-

-

-

(3,689

)

At 31 July 2017

10,444

31,720

11,981

344,882

NET BOOK VALUE

At 31 July 2017

1,953

16,163

316

387,095

At 31 July 2016

2,177

17,135

1,627

289,890

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 August 2016

and 31 July 2017

216,551

DEPRECIATION

At 1 August 2016

59,354

Charge for year

24,471

At 31 July 2017

83,825

NET BOOK VALUE

At 31 July 2017

132,726

At 31 July 2016

157,197

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

74,580

66,677

Other debtors

34,034

19,165

108,614

85,842

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

94,521

101,379

Hire purchase contracts (see note 9)

26,919

20,598

Trade creditors

85,119

21,088

Taxation and social security

81,974

43,009

Other creditors

53,852

40,179

342,385

226,253

A debenture in the banks standard form dated August 2010 is held by NatWest.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts (see note 9)

62,308

69,860

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2017

2016

£

£

Net obligations repayable:

Within one year

26,919

20,598

Between one and five years

62,308

69,860

89,227

90,458

Non-cancellable operating

leases

2017

2016

£

£

Within one year

13,581

13,581

10.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

55,982

44,339

Deferred

tax

£

Balance at 1 August 2016

44,339

Adjustment

11,643

Balance at 31 July 2017

55,982

The deferred tax provision relates to the timing difference of accelerated capital allowances for corporate tax

purposes.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1,000

Ordinary

£1

1,000

1,000

12.

RESERVES

Retained

earnings

£

At 1 August 2016

558,591

Profit for the year

167,747

Dividends

(19,444

)

At 31 July 2017

706,894

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2017 and

31 July 2016:

2017

2016

£

£

Mrs M S Maguire

Balance outstanding at start of year

-

-

Amounts advanced

20,500

-

Amounts repaid

(12,335

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

8,165

-

14.	RELATED PARTY DISCLOSURES

Key management personnel compensation in the year totalled £53,665.

15.	FIRST YEAR ADOPTION

The Company has transitioned to FRS 102 from previously being prepared under the historical cost convention

and in accordance with the Financial Reporting Standards for Smaller Entities (effective January 2015) as at 1st

August 2016.

Reconciliation of equity

No transitional adjustments were required.

Reconciliation of profit or loss for the year

No transitional adjustments were required.