REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2022 |
FOR |
ABASTRA ENVIRONMENTAL LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2022 |
FOR |
ABASTRA ENVIRONMENTAL LTD |
ABASTRA ENVIRONMENTAL LTD (REGISTERED NUMBER: 02335679) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31st October 2022 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
ABASTRA ENVIRONMENTAL LTD |
COMPANY INFORMATION |
for the year ended 31st October 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Priestley House |
Priestley Gardens |
Chadwell Heath |
Essex |
RM6 4SN |
ABASTRA ENVIRONMENTAL LTD (REGISTERED NUMBER: 02335679) |
ABRIDGED STATEMENT OF FINANCIAL POSITION |
31st October 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
CURRENT ASSETS |
Inventories |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
ABASTRA ENVIRONMENTAL LTD (REGISTERED NUMBER: 02335679) |
ABRIDGED STATEMENT OF FINANCIAL POSITION - continued |
31st October 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 |
ABASTRA ENVIRONMENTAL LTD (REGISTERED NUMBER: 02335679) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31st October 2022 |
1. | STATUTORY INFORMATION |
Abastra Environmental Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the fair value of services provided, excluding value added tax, once the income and related costs incurred can be reliably measured, and it is probable that the economic benefits will flow to the company. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks and work in progress |
Stocks and work in progress are valued at the lower of cost and net realisable value. Cost includes direct materials, labour costs and those overheads that have been incurred to bring the stock to its present location and condition. |
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. |
Hire purchase and leasing commitments |
Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis over the lease term. |
Assets under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease and hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments. |
ABASTRA ENVIRONMENTAL LTD (REGISTERED NUMBER: 02335679) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31st October 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
Website development |
In accordance with standard practice, it is the company's policy to write off any website development costs in the year they are incurred. |
Government grants |
The company received government support to help finance staff costs and a discretionary business grant from the local council to support the business during the Covid-19 (Coronavirus) pandemic. In accordance with standard practice these grants have been recongised as other income and have not been offset against the costs to which they relates to. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | PROPERTY, PLANT AND EQUIPMENT |
Totals |
£ |
COST |
At 1st November 2021 |
Additions |
Disposals | ( |
) |
At 31st October 2022 |
DEPRECIATION |
At 1st November 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st October 2022 |
NET BOOK VALUE |
At 31st October 2022 |
At 31st October 2021 |
The net book value of the assets above include 204,482 (2021- £75,300) for motor vehicles under hire purchase contracts. Depreciation for these assets, amounting to £40,359 (2021- £25,921). |
5. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank overdrafts |
Hire purchase contracts | 182,718 | 54,626 |
ABASTRA ENVIRONMENTAL LTD (REGISTERED NUMBER: 02335679) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31st October 2022 |
6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31st October 2022 and 31st October 2021: |
2022 | 2021 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Various amounts were advanced to the directors with no variable rate interest charged, with the advance being repayable on demand. |
7. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £54,000 (2021 - £84,000) were paid to the directors . |
8. | POST BALANCE SHEET EVENTS |
The company continues to closely monitor the impact of the Coronavirus pandemic which has adversely affected global economies, businesses and individuals during 2020 and 2021. Although the current general economic outlook remains uncertain, the company remains in a strong position to meet the challenges ahead, and it anticipates reporting much better results in the next period. |