MIRA INFORM REPORT

 

 

Report Date :

04.08.2014

 

IDENTIFICATION DETAILS

 

Name :

RECYCLING UK LIMITED

 

 

Formerly Known As :

FIBRE RECYCLING UK LIMITED

 

 

Registered Office :

11 Alvaston Business Park Middlewich Road, Nantwich CW5 6PF

 

 

Country :

United Kingdom

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

30.11.2004

 

 

Com. Reg. No.:

03562710

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Subject is engaged in collection of non-hazardous waste

 

 

No of Employees :

28

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow But Correct

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

D

 

 

UNITED KINGDOM ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these included nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of £375 billion (approximately $605 billion) as of December 2013. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase

 

Source : CIA

 

 

REGISTERED NAME & COMPANY SUMMARY

 

 

DIRECTORS/MANAGEMENT

 

Current Directors

 

Name

Neil Russell Clarke

Date of Birth

31/08/1955

Officers Title

Mr

Nationality

British

Present Appointments

8

Function

Director

Appointment Date

09/06/1998

 

 

Address

The Forge 8 Manor Farm Barns , Long Lane,, Wettenhall, Winsford, Cheshire, CW7 4DN

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

Anthony Simon Marsden

Date of Birth

23/07/1962

Officers Title

Mr

Nationality

British

Present Appointments

15

Function

Director

Appointment Date

17/09/1998

 

 

Address

37 Downham Chase, Timperley, Altrincham, Cheshire, WA15 7TJ

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

Stephen Frank Bell

Date of Birth

06/08/1957

Officers Title

Mr

Nationality

British

Present Appointments

6

Function

Director

Appointment Date

25/07/2005

 

 

Address

8 Darkie Meadow, Bunbury, Tarporley, Cheshire, CW6 9RB

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Current Company Secretary

 

Name

Anthony Simon Marsden

Date of Birth

23/07/1962

Officers Title

Mr

Nationality

British

Present Appointments

15

Function

Company Secretary

Appointment Date

01/06/1999

 

 

Address

37 Downham Chase, Timperley, Altrincham, Cheshire, WA15 7TJ

 

Previous Director/Company Secretaries

 

Name

Current Directorships

Previous Directorships

Thomas Maurice Clarke

0

6

Patricia Jill Cox

0

1

WATERLOW NOMINEES LIMITED

3006

104288

WATERLOW SECRETARIES LIMITED

3102

107211

 

NEGATIVE INFORMATION

 

CCJ

 

Total Number of Exact CCJs -

0

Total Value of Exact CCJs -

 

Total Number of Possible CCJs -

0

Total Value of Possible CCJs -

 

Total Number of Satisfied CCJs -

0

Total Value of Satisfied CCJs -

 

Total Number of Writs -

-

 

 

 

Exact CCJ Details

 

No CCJs found

 

Possible CCJs Details

 

There are no possible CCJ details

 

Writ Details

 

No writs found

 

SHARE & SHARE CAPITAL INFORMATION

 

Top 20 Shareholders

 

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

ANTHONY SIMON MARSDEN

GBP

40

ORDINARY

1

44.44

NEIL RUSSELL CLARKE

GBP

40

ORDINARY

1

44.44

STEPHEN FRANK BELL

GBP

10

ORDINARY

1

11.11

 

 

PAYMENT INFORMATION

 

Payment Trend

 

Worsening

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

 

Statistics

 

Group

2 companies

Linkages

0 companies

Countries

In 0 countries

 

 

Summary

 

Holding Company

RECYCLING UK LIMITED

Ownership Status

Ultimately Owned

Ultimate Holding Company

RECYCLING UK LIMITED

 

 

Group structure

 

Company Name

 

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

RECYCLING UK LIMITED

 

03562710

30.06.2013

Y

£15,923,171

OSWESTRY WASTE PAPER LTD

 

07156752

30.06.2013

N

 

 

 

FINANCIAL INFORMATION

 

 

Profit & Loss

 

Date Of Accounts

30/06/13

(%)

30/06/12

(%)

30/06/11

(%)

30/06/10

(%)

30/06/09

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

Y

(%)

Y

(%)

Y

(%)

N

(%)

N

Turnover

£15,923,171

-28.3%

£22,200,544

-18.5%

£27,231,683

50.7%

£18,064,926

18.1%

£15,291,726

Export

-

-

£4,768,433

-25%

£6,354,883

40.4%

£4,527,657

20.9%

£3,744,635

Cost of Sales

£13,493,712

-34.8%

£20,709,900

-19.9%

£25,862,553

53.3%

£16,874,177

20.1%

£14,044,640

Gross Profit

£2,429,459

63%

£1,490,644

8.9%

£1,369,130

15%

£1,190,749

-4.5%

£1,247,086

Wages & Salaries

£963,622

68.9%

£570,394

2%

£559,238

7.4%

£520,719

-

-

Directors Emoluments

£347,226

0.3%

£346,334

4.2%

£332,385

-0.1%

£332,686

-18.9%

£410,194

Operating Profit

£369,478

57%

£235,403

-50.8%

£478,890

103.1%

£235,804

-33.4%

£354,255

Depreciation

£173,048

119.6%

£78,801

78%

£44,261

9.9%

£40,259

-8.6%

£44,059

Audit Fees

£11,500

-11.5%

£13,000

109.7%

£6,200

3.3%

£6,000

-

£6,000

Interest Payments

£3,291

-0.8%

£3,319

-

-

-100%

£5,409

-19.6%

£6,729

Pre Tax Profit

£366,189

57.7%

£232,199

-51.5%

£479,252

107.9%

£230,558

-36.8%

£364,809

Taxation

-£97,323

-41.7%

-£68,699

42.5%

-£119,575

-135.7%

-£50,733

41.5%

-£86,689

Profit After Tax

£268,866

64.4%

£163,500

-54.5%

£359,677

100%

£179,825

-35.3%

£278,120

Dividends Payable

£54,000

-43.2%

£95,000

26.7%

£75,000

-64.4%

£210,400

999.9%

£15,000

Retained Profit

£214,866

213.7%

£68,500

-75.9%

£284,677

999.9%

-£30,575

-111.6%

£263,120

 

Balance Sheet

 

Date Of Accounts

30/06/13

(%)

30/06/12

(%)

30/06/11

(%)

30/06/10

(%)

30/06/09

Tangible Assets

£1,058,311

-22.4%

£1,364,615

754.9%

£159,625

17.9%

£135,404

-24.1%

£178,396

Intangible Assets

£857,981

7.3%

£799,818

-

0

-

0

-

0

Total Fixed Assets

£1,916,292

-11.5%

£2,164,433

999.9%

£159,625

17.9%

£135,404

-24.1%

£178,396

Stock

£32,889

87%

£17,592

-

0

-

0

-

0

Trade Debtors

£1,621,141

-28.3%

£2,262,061

-36.5%

£3,564,851

29.1%

£2,762,010

30.4%

£2,117,520

Cash

£198,282

-24.4%

£262,270

-53.1%

£559,470

-0.2%

£560,657

306.6%

£137,880

Other Debtors

£220,576

-28.6%

£308,951

-1%

£312,011

77.9%

£175,397

-5.2%

£185,094

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£2,072,888

-27.3%

£2,850,874

-35.7%

£4,436,332

26.8%

£3,498,064

43.3%

£2,440,494

Trade Creditors

£1,343,416

-31.3%

£1,954,494

-32.8%

£2,908,923

30.2%

£2,234,617

92.6%

£1,160,061

Bank Loans & Overdrafts

0

-100%

£7,412

-

0

-

0

-

0

Other Short Term Finance

£115,040

40%

£82,196

-0.9%

£82,967

-49.4%

£163,962

322.3%

£38,829

Miscellaneous Current Liabilities

£853,043

-33.5%

£1,283,203

161.8%

£490,107

21.5%

£403,340

-22.3%

£518,880

Total Current Liabilities

£2,311,499

-30.5%

£3,327,305

-4.4%

£3,481,997

24.3%

£2,801,919

63.1%

£1,717,770

Bank Loans & Overdrafts and LTL

£343,672

-40.4%

£576,271

810.1%

£63,317

306.3%

£15,583

-71.4%

£54,579

Other Long Term Finance

£53,518

7%

£50,036

-16.3%

£59,801

314.7%

£14,420

-70.6%

£48,999

Total Long Term Liabilities

£343,672

-39.6%

£568,859

798.4%

£63,317

306.3%

£15,583

-71.4%

£54,579

.

Capital & Reserves

 

Date Of Accounts

30/06/13

(%)

30/06/12

(%)

30/06/11

(%)

30/06/10

(%)

30/06/09

Called Up Share Capital

£90

-

£90

-

£90

-10%

£100

-

£100

P & L Account Reserve

£1,333,909

19.2%

£1,119,043

6.5%

£1,050,543

28.8%

£815,866

-3.6%

£846,441

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

£10

-

£10

-

£10

-

-

-

-

Shareholder Funds

£1,334,009

19.2%

£1,119,143

6.5%

£1,050,643

28.8%

£815,966

-3.6%

£846,541

 

Other Financial Items

 

Date Of Accounts

30/06/13

(%)

30/06/12

(%)

30/06/11

(%)

30/06/10

(%)

30/06/09

Net Worth

£476,028

49.1%

£319,325

-69.6%

£1,050,643

28.8%

£815,966

-3.6%

£846,541

Working Capital

-£238,611

49.9%

-£476,431

-149.9%

£954,335

37.1%

£696,145

-3.7%

£722,724

Total Assets

£3,989,180

-20.5%

£5,015,307

9.1%

£4,595,957

26.5%

£3,633,468

38.7%

£2,618,890

Total Liabilities

£2,655,171

-31.9%

£3,896,164

9.9%

£3,545,314

25.8%

£2,817,502

59%

£1,772,349

Net Assets

£1,334,009

19.2%

£1,119,143

6.5%

£1,050,643

28.8%

£815,966

-3.6%

£846,541

 

Cash Flow

 

Date Of Accounts

30/06/13

(%)

30/06/12

(%)

30/06/11

(%)

30/06/10

(%)

30/06/09

Net Cashflow from Operations

£779,970

15.2%

£677,044

999.9%

£59,404

-92.3%

£768,051

-

-

Net Cashflow before Financing

£615,194

185.1%

-£722,889

-999.9%

£7,627

-98.4%

£463,023

-

-

Net Cashflow from Financing

-£220,528

-540.1%

-£34,453

-290.9%

-£8,814

78.1%

-£40,246

-

-

Increase in Cash

£394,666

152.1%

-£757,342

-999.9%

-£1,187

-100.3%

£422,777

-

-

 

Miscellaneous

 

Date Of Accounts

30/06/13

(%)

30/06/12

(%)

30/06/11

(%)

30/06/10

(%)

30/06/09

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

£1,677,681

-0.6%

£1,688,002

51.5%

£1,113,960

34%

£831,549

-7.7%

£901,120

Number of Employees

28

75%

16

33.3%

12

20%

10

-

-

Auditors

BAKER TILLY UK AUDIT LLP

Auditor Comments

The audit report contains no adverse comments

Bankers

 

Bank Branch Code

 

 

 

Ratios

 

Date Of Accounts

30/06/13

30/06/12

30/06/11

30/06/10

30/06/09

Pre-tax profit margin %

2.30

1.05

1.76

1.28

2.39

Current ratio

0.90

0.86

1.27

1.25

1.42

Sales/Net Working Capital

-66.73

-46.60

28.53

25.95

21.16

Gearing %

25.80

51.50

6

1.90

6.40

Equity in %

42.60

26.50

22.90

22.50

32.30

Creditor Days

30.71

32.04

38.88

45.02

27.61

Debtor Days

37.05

37.08

47.65

55.65

50.40

Liquidity/Acid Test

0.88

0.85

1.27

1.24

1.42

Return On Capital Employed %

21.82

13.75

43.02

27.72

40.48

Return On Total Assets Employed %

9.17

4.62

10.42

6.34

13.92

Current Debt Ratio

1.73

2.97

3.31

3.43

2.02

Total Debt Ratio

1.99

3.48

3.37

3.45

2.09

Stock Turnover Ratio %

0.20

0.07

-

-

-

Return on Net Assets Employed %

27.45

20.74

45.61

28.25

43.09

 

Creditor Details

 

 

Total Number

Total Value

Trade Creditors

0

-

 

No Creditor Data

 

Trade Debtors / Bad Debt Detail

 

 

Total Number of Documented Trade

Total Value of Documented Trade

Trade Debtors

1

£3,227

 

Company Name

Amount

Statement Date

G A Recycling & Distribution Ltd

£3,227

25/11/2010

 

FOREIGN EXCHANGE RATES

 

N/a

 

ADDITIONAL INFORMATION

 

Enquiries Trend

 

There have been 73 enquiries in the last 12 months.

There are an average of 6 reports taken each month.

 

Status History

 

No Status History found

 

Event History

 

Date

Description

29/04/2014

Annual Returns

12/11/2013

New Accounts Filed

12/11/2013

New Accounts Filed

30/04/2013

Annual Returns

22/02/2013

New Accounts Filed

22/02/2013

New Accounts Filed

03/05/2012

Annual Returns

30/11/2011

New Accounts Filed

30/11/2011

New Accounts Filed

25/05/2011

Annual Returns

30/12/2010

New Accounts Filed

30/12/2010

New Accounts Filed

19/05/2010

Annual Returns

29/10/2009

New Accounts Filed

29/10/2009

New Accounts Filed

 

 

Previous Company Names

 

Date

Previous Name

30/11/2004

FIBRE RECYCLING UK LIMITED

22/06/1998

SPEED 7109 LIMITED

 

NOTES & COMMENTS

 

Commentary

 

No exact match CCJs are recorded against the company.

 

Sales in the latest trading period decreased 28.3% on the previous trading period.

 

Net Worth increased by 49.1% during the latest trading period.

 

 

A 20.5% decline in Total Assets occurred during the latest trading period.

 

Pre-tax profits increased by 57.7% compared to the previous trading period.

 

The company saw a decrease in their Cash Balance of 24.4% during the latest trading period.

 

The audit report contains no adverse comments.

 

No recent changes in directorship are recorded.

 

The company is part of a group.

 

The company was established over 16 years ago.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 60.85

UK Pound

1

Rs. 102.68

Euro

1

Rs. 81.46

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

DPT

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.