Acton recycling communty Directors report Year ended 31 March 2023 The dlrectors present their report and flnanclal statement and organlsatlon of work The charity was establish8d by the constitution adopt8d by th8 charty on 34rd September 1997 and reglstered as a Ilmit8d company by guarant88 on the 26th October1999. The registered address Is 148 south Ealing road, Eallng W5 4QJ Dlrectors C bell C bohane OTHER MAThERS Developments actltlves and achl8V8m8nts thls year As we ar8 now tha only chartty shop In Soulh Eallng Road altar comblnlng our two prolects tog8ther last y8ar after lockdown. And the closure of the MARF shop. It Is quite hard to attract new customers as the parade Is full of Coffee Shop and v8getable stores. When we flrst opened ft was a very dlfferent parade houslng two banks and varlous de5tlnatlons shop5 but we feal It Is a good place for us as It Is on two bus routes 148 South Eallng Road Thls hous88 our offlce. voluntserslcllent hub In th8 r8ar portlon and our retall space In th8 front. We are always trylng to generate as much Sncom8 as posslble to support ourselves. W8 hav8 8 £2 rall whlch18 V6ry popular as mary people are struggllng to meet thera outgolngs at present. We have also tr5ed selling on eBay whlch takes a lot of tlme for very Ilttle addltlonal Income. This18 a place to ty to sell spaclallst Items { fur coats etc) whlch we could not put Into th8 shop We have come to a agreement In December 2022 to rent the shop on a 10 year lease wlth the landlord for a rent of £20,400 per year wtth a 5 year break clause. It was a Increase but we had looked about for new pr8mls8s, but d8¢ldad as we had a customer base already tt was better to stay rather then trylng to move and attract new customers wlth the current climate FLrture development We are trylng to Support our present cllents and attract new customers Going forward we thlnk is very important to support our clientsl volunt88rs wlth a p8rman8nt bas8 and a open door pollcy wh8r8 th8y f881 at hom8 and supported by us.
Company registration number: 3655787
Acton Recycling Community
Financial statements
31 March 2023
Acton Recycling Community
Contents
| Page | |
|---|---|
| Directors and other information | 1 |
| Directors report | 2 - 3 |
| Assurance report | 4 |
| Statement of comprehensive income | 5 |
| Statement of financial position | 6 - 7 |
| Statement of changes in equity | 8 |
| Notes to the financial statements | 9 - 11 |
Acton Recycling Community
Directors and other information
| Directors | C Bell |
|---|---|
| C Bohane | |
| Secretary | C Bell |
| Company number | 3655787 |
| Registered office | 148 South Ealing Road |
| Ealing | |
| London | |
| W5 4QJ | |
| Accountants | THOMAS COOKE |
| 1 Kilmarsh road | |
| london | |
| W6 0PL | |
| Bankers | Barclays Bank |
| 1 Churchil Place | |
| London | |
| E14 5HP |
Page 1
Acton Recycling Community
Directors report Year ended 31 March 2023
The directors present their report and the financial statements of the company for the year ended 31 March 2023.
Incorporation
Objects of the charity, principal activites and organisation of our work.
The charity was established by the constitution adopted by the charity on 23rd September 1997 and registered as a charity on 9th December 1997 (charity number 1094639) It was further registered as a limited company by guarantee on the 26th October 1999. The registered address of the charity is 148 South Ealing Road, London. W5 4QJ
Directors
The directors who served the company during the year were as follows:
C Bell
C Bohane
Other matters
Developments, activities and achievements this year
It was with great sadness that we said goodbye to one of our founding members Keith Bell who passed away quietly after a short illness. Keith and Fr. Joe were very well known in the Acton area where our community first came together to help the Homeless and vulnerable and this remains our ethos and we continue their work today.
148 South Ealing Road
This became our base in March 2019 when we brought our two projects together. We have refurbished the rear of the shop to house our storeroom office and volunteer's hub.
After a short while with a few tweaks and gentle reminders to our volunteer's, clients and staff all have slowly developed into a smooth well-oiled operation.
Furniture
It was decided in April 2019 to collect items and directly pass them on the same day with little need for storage.
Our referral book is always full with people needing small items of furniture, bedding, house hold items and clothes.
It was decided not to buy a van as it was only used twice a week to collect and it was cheaper and easier for us to hire when needed. We are very lucky that one of our members has a small van and is happy to collect and deliver locally.
Future developments
It is our aim to remain active within our community, offering help kindness and understanding to our customers, clients and volunteers in the months ahead as we enter lockdown.
Page 2
Acton Recycling Community
Directors report (continued) Year ended 31 March 2023
Directors responsibilities statement
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 20 December 2023 and signed on behalf of the board by:
C Bell Director
Page 3
Acton Recycling Community
Independent chartered accountants review report to the directors, as a body, of Acton Recycling Community Year ended 31 March 2023
We have reviewed the financial statements of Acton Recycling Community for the year ended 31 March 2023 which comprise statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes on pages 9 to 11. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's directors, as a body, in accordance with the terms of our engagement letter dated 20 December 2023. Our review has been undertaken so that we may state to the company's directors, as a body, those matters we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume any responsibility to anyone other than the company and the company's directors, as a body, for our work, for this report or the conclusions we have formed.
Directors responsibility for the financial statements
As explained more fully in the directors responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
Accountants' responsibility
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to review historical financial statements, and ICAEW Technical Release TECH 09/13AAF. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.
Scope of assurance review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe the financial statements have not been prepared:
-
so as to give a true and fair view of the state of the company's affairs as at 31 March 2023, and of its profit for the year then ended;
-
in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
in accordance with the Companies Act 2006.
THOMAS COOKE Chartered Accountants
1 Kilmarsh road london W6 0PL
20 December 2023
Page 4
Acton Recycling Community
Statement of comprehensive income Year ended 31 March 2023
| Note Turnover Cost of sales Administrative expenses Operating profit/(loss) Profit/(loss) before taxation 4 Tax on profit/(loss) Profit/(loss) for the financial year and total comprehensive income |
2023 £ 69,258 - ) (68,441 817 817 - 817 |
2022 £ 55,635 - ) (62,582 ) (6,947 ) (6,947 - ) (6,947 |
|---|---|---|
All the activities of the company are from continuing operations.
The notes on pages 9 to 11 form part of these financial statements.
Page 5
Acton Recycling Community
Statement of financial position 31 March 2023
| Note Fixed assets Tangible assets 5 Current assets Debtors 6 Cash at bank and in hand Creditors: amounts falling due within one year 7 Net current assets Total assets less current liabilities Net assets Capital and reserves Profit and loss account Shareholder funds |
2023 £ £ - - 5,150 23,247 28,397 ) (105 28,292 28,292 28,292 28,292 28,292 |
2022 £ £ 550 550 - 27,030 27,030 ) (105 26,925 27,475 27,475 27,475 27,475 |
2022 £ £ 550 550 - 27,030 27,030 ) (105 26,925 27,475 27,475 27,475 27,475 |
|---|---|---|---|
| 27,475 | |||
| 27,475 | |||
| 27,475 | |||
| 27,475 |
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The notes on pages 9 to 11 form part of these financial statements.
Page 6
Acton Recycling Community
Statement of financial position (continued) 31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 20 December 2023, and are signed on behalf of the board by:
C Bell Director
Company registration number: 3655787
The notes on pages 9 to 11 form part of these financial statements.
Page 7
Acton Recycling Community
Statement of changes in equity Year ended 31 March 2023
| Profit and loss account £ At 1 April 2021 34,422 Profit/(loss) for the year ) (6,947 Total comprehensive income for the year ) (6,947 At 31 March 2022 and 1 April 2022 27,475 Profit/(loss) for the year 817 Total comprehensive income for the year 817 At 31 March 2023 28,292 |
Total £ 34,422 ) (6,947 ) (6,947 27,475 817 817 28,292 |
|---|---|
Page 8
Acton Recycling Community
Notes to the financial statements Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 148 South Ealing Road, Ealing, London, W5 4QJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Page 9
Acton Recycling Community
Notes to the financial statements (continued) Year ended 31 March 2023
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
4. Profit/loss before taxation
Profit/loss before taxation is stated after charging/(crediting):
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Depreciation of tangible assets | 550 | 550 |
Page 10
Acton Recycling Community
Notes to the financial statements (continued) Year ended 31 March 2023
5. Tangible assets
| Plant and machinery £ Cost At 1 April 2022 and 31 March 2023 5,128 Depreciation At 1 April 2022 4,578 Charge for the year 550 At 31 March 2023 5,128 Carrying amount At 31 March 2023 - At 31 March 2022 550 6. Debtors 2023 £ Other debtors 5,150 7. Creditors: amounts falling due within one year 2023 £ Other creditors 105 |
Total £ 5,128 |
|---|---|
| 4,578 550 |
|
| 5,128 | |
| - | |
| 550 | |
| 2022 £ - 2022 £ 105 |
Page 11
Acton Recycling Community
The following pages do not form part of the statutory accounts.
Acton Recycling Community
Detailed income statement Year ended 31 March 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Turnover | ||
| Sales | 69,258 | 55,635 |
| 69,258 | 55,635 | |
| Gross profit | 69,258 | 55,635 |
| Gross profit percentage | % 100.0 |
% 100.0 |
| Overheads | ||
| Administrative expenses | ||
| Wages and salaries | ) (41,997 |
) (35,291 |
| Staff pension costs | ) (942 |
) (942 |
| Rent payable | ) (13,948 |
) (17,819 |
| Water rates | ) (153 |
- |
| Insurance | ) (338 |
) (310 |
| Light and heat | ) (2,309 |
) (883 |
| Repairs and maintenance | ) (17 |
) (839 |
| Telephone | ) (1,729 |
) (1,743 |
| Motor expenses | ) (11 |
) (21 |
| Travelling | ) (10 |
) (275 |
| Legal and professional | ) (2,772 |
) (758 |
| Accountancy fees | ) (2,880 |
) (2,760 |
| General expenses | ) (785 |
) (391 |
| Depreciation of tangible assets | ) (550 |
) (550 |
| ) (68,441 |
) (62,582 |
|
| Operating profit/(loss) | 817 | ) (6,947 |
| Operating profit/(loss) percentage | % 1.2 |
% 12.5 |
| Profit/(loss) before taxation | 817 | ) (6,947 |
Company registration number: 3655787
Acton Recycling Community
Financial statements
31 March 2023
Acton Recycling Community
Contents
| Page | |
|---|---|
| Directors and other information | 1 |
| Directors report | 2 - 3 |
| Assurance report | 4 |
| Statement of comprehensive income | 5 |
| Statement of financial position | 6 - 7 |
| Statement of changes in equity | 8 |
| Notes to the financial statements | 9 - 11 |
Acton Recycling Community
Directors and other information
| Directors | C Bell |
|---|---|
| C Bohane | |
| Secretary | C Bell |
| Company number | 3655787 |
| Registered office | 148 South Ealing Road |
| Ealing | |
| London | |
| W5 4QJ | |
| Accountants | THOMAS COOKE |
| 1 Kilmarsh road | |
| london | |
| W6 0PL | |
| Bankers | Barclays Bank |
| 1 Churchil Place | |
| London | |
| E14 5HP |
Page 1
Acton Recycling Community
Directors report Year ended 31 March 2023
The directors present their report and the financial statements of the company for the year ended 31 March 2023.
Incorporation
Objects of the charity, principal activites and organisation of our work.
The charity was established by the constitution adopted by the charity on 23rd September 1997 and registered as a charity on 9th December 1997 (charity number 1094639) It was further registered as a limited company by guarantee on the 26th October 1999. The registered address of the charity is 148 South Ealing Road, London. W5 4QJ
Directors
The directors who served the company during the year were as follows:
C Bell
C Bohane
Other matters
Developments, activities and achievements this year
It was with great sadness that we said goodbye to one of our founding members Keith Bell who passed away quietly after a short illness. Keith and Fr. Joe were very well known in the Acton area where our community first came together to help the Homeless and vulnerable and this remains our ethos and we continue their work today.
148 South Ealing Road
This became our base in March 2019 when we brought our two projects together. We have refurbished the rear of the shop to house our storeroom office and volunteer's hub.
After a short while with a few tweaks and gentle reminders to our volunteer's, clients and staff all have slowly developed into a smooth well-oiled operation.
Furniture
It was decided in April 2019 to collect items and directly pass them on the same day with little need for storage.
Our referral book is always full with people needing small items of furniture, bedding, house hold items and clothes.
It was decided not to buy a van as it was only used twice a week to collect and it was cheaper and easier for us to hire when needed. We are very lucky that one of our members has a small van and is happy to collect and deliver locally.
Future developments
It is our aim to remain active within our community, offering help kindness and understanding to our customers, clients and volunteers in the months ahead as we enter lockdown.
Page 2
Acton Recycling Community
Directors report (continued) Year ended 31 March 2023
Directors responsibilities statement
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 20 December 2023 and signed on behalf of the board by:
C Bell Director
Page 3
Acton Recycling Community
Independent chartered accountants review report to the directors, as a body, of Acton Recycling Community Year ended 31 March 2023
We have reviewed the financial statements of Acton Recycling Community for the year ended 31 March 2023 which comprise statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes on pages 9 to 11. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's directors, as a body, in accordance with the terms of our engagement letter dated 20 December 2023. Our review has been undertaken so that we may state to the company's directors, as a body, those matters we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume any responsibility to anyone other than the company and the company's directors, as a body, for our work, for this report or the conclusions we have formed.
Directors responsibility for the financial statements
As explained more fully in the directors responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
Accountants' responsibility
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to review historical financial statements, and ICAEW Technical Release TECH 09/13AAF. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.
Scope of assurance review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe the financial statements have not been prepared:
-
so as to give a true and fair view of the state of the company's affairs as at 31 March 2023, and of its profit for the year then ended;
-
in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
in accordance with the Companies Act 2006.
THOMAS COOKE Chartered Accountants
1 Kilmarsh road london W6 0PL
20 December 2023
Page 4
Acton Recycling Community
Statement of comprehensive income Year ended 31 March 2023
| Note Turnover Cost of sales Administrative expenses Operating profit/(loss) Profit/(loss) before taxation 4 Tax on profit/(loss) Profit/(loss) for the financial year and total comprehensive income |
2023 £ 69,258 - ) (68,441 817 817 - 817 |
2022 £ 55,635 - ) (62,582 ) (6,947 ) (6,947 - ) (6,947 |
|---|---|---|
All the activities of the company are from continuing operations.
The notes on pages 9 to 11 form part of these financial statements.
Page 5
Acton Recycling Community
Statement of financial position 31 March 2023
| Note Fixed assets Tangible assets 5 Current assets Debtors 6 Cash at bank and in hand Creditors: amounts falling due within one year 7 Net current assets Total assets less current liabilities Net assets Capital and reserves Profit and loss account Shareholder funds |
2023 £ £ - - 5,150 23,247 28,397 ) (105 28,292 28,292 28,292 28,292 28,292 |
2022 £ £ 550 550 - 27,030 27,030 ) (105 26,925 27,475 27,475 27,475 27,475 |
2022 £ £ 550 550 - 27,030 27,030 ) (105 26,925 27,475 27,475 27,475 27,475 |
|---|---|---|---|
| 27,475 | |||
| 27,475 | |||
| 27,475 | |||
| 27,475 |
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The notes on pages 9 to 11 form part of these financial statements.
Page 6
Acton Recycling Community
Statement of financial position (continued) 31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 20 December 2023, and are signed on behalf of the board by:
C Bell Director
Company registration number: 3655787
The notes on pages 9 to 11 form part of these financial statements.
Page 7
Acton Recycling Community
Statement of changes in equity Year ended 31 March 2023
| Profit and loss account £ At 1 April 2021 34,422 Profit/(loss) for the year ) (6,947 Total comprehensive income for the year ) (6,947 At 31 March 2022 and 1 April 2022 27,475 Profit/(loss) for the year 817 Total comprehensive income for the year 817 At 31 March 2023 28,292 |
Total £ 34,422 ) (6,947 ) (6,947 27,475 817 817 28,292 |
|---|---|
Page 8
Acton Recycling Community
Notes to the financial statements Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 148 South Ealing Road, Ealing, London, W5 4QJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Page 9
Acton Recycling Community
Notes to the financial statements (continued) Year ended 31 March 2023
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
4. Profit/loss before taxation
Profit/loss before taxation is stated after charging/(crediting):
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Depreciation of tangible assets | 550 | 550 |
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Acton Recycling Community
Notes to the financial statements (continued) Year ended 31 March 2023
5. Tangible assets
| Plant and machinery £ Cost At 1 April 2022 and 31 March 2023 5,128 Depreciation At 1 April 2022 4,578 Charge for the year 550 At 31 March 2023 5,128 Carrying amount At 31 March 2023 - At 31 March 2022 550 6. Debtors 2023 £ Other debtors 5,150 7. Creditors: amounts falling due within one year 2023 £ Other creditors 105 |
Total £ 5,128 |
|---|---|
| 4,578 550 |
|
| 5,128 | |
| - | |
| 550 | |
| 2022 £ - 2022 £ 105 |
Page 11
Acton Recycling Community
The following pages do not form part of the statutory accounts.
Acton Recycling Community
Detailed income statement Year ended 31 March 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Turnover | ||
| Sales | 69,258 | 55,635 |
| 69,258 | 55,635 | |
| Gross profit | 69,258 | 55,635 |
| Gross profit percentage | % 100.0 |
% 100.0 |
| Overheads | ||
| Administrative expenses | ||
| Wages and salaries | ) (41,997 |
) (35,291 |
| Staff pension costs | ) (942 |
) (942 |
| Rent payable | ) (13,948 |
) (17,819 |
| Water rates | ) (153 |
- |
| Insurance | ) (338 |
) (310 |
| Light and heat | ) (2,309 |
) (883 |
| Repairs and maintenance | ) (17 |
) (839 |
| Telephone | ) (1,729 |
) (1,743 |
| Motor expenses | ) (11 |
) (21 |
| Travelling | ) (10 |
) (275 |
| Legal and professional | ) (2,772 |
) (758 |
| Accountancy fees | ) (2,880 |
) (2,760 |
| General expenses | ) (785 |
) (391 |
| Depreciation of tangible assets | ) (550 |
) (550 |
| ) (68,441 |
) (62,582 |
|
| Operating profit/(loss) | 817 | ) (6,947 |
| Operating profit/(loss) percentage | % 1.2 |
% 12.5 |
| Profit/(loss) before taxation | 817 | ) (6,947 |