MIRA INFORM REPORT
|
Report Date : |
05.12.2014 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
United Kingdom |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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 |
||
|
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 |
||
|
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 |
||
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.61.88 |
|
|
1 |
Rs.97.02 |
|
Euro |
1 |
Rs.76.13 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.