IQ Recycling Solutions (NI) Ltd NI674271 false 2022-01-01 2022-12-30 2022-12-30 The principal activity of the company is waste management services. Digita Accounts Production Advanced 6.30.9574.0 true true NI674271 2022-01-01 2022-12-30 NI674271 2022-12-30 NI674271 bus:OrdinaryShareClass1 2022-12-30 NI674271 bus:Original 2022-12-30 NI674271 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-30 NI674271 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-30 NI674271 core:CurrentFinancialInstruments 2022-12-30 NI674271 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-30 NI674271 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-30 NI674271 core:MotorVehicles 2022-12-30 NI674271 core:OtherPropertyPlantEquipment 2022-12-30 NI674271 bus:SmallEntities 2022-01-01 2022-12-30 NI674271 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-30 NI674271 bus:FullAccounts 2022-01-01 2022-12-30 NI674271 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-30 NI674271 bus:RegisteredOffice 2022-01-01 2022-12-30 NI674271 bus:Director1 2022-01-01 2022-12-30 NI674271 bus:OrdinaryShareClass1 2022-01-01 2022-12-30 NI674271 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-30 NI674271 core:MotorVehicles 2022-01-01 2022-12-30 NI674271 core:OtherPropertyPlantEquipment 2022-01-01 2022-12-30 NI674271 core:PlantMachinery 2022-01-01 2022-12-30 NI674271 countries:NorthernIreland 2022-01-01 2022-12-30 NI674271 2021-12-31 NI674271 core:MotorVehicles 2021-12-31 NI674271 core:OtherPropertyPlantEquipment 2021-12-31 NI674271 2020-11-16 2021-12-31 NI674271 2021-12-31 NI674271 bus:OrdinaryShareClass1 2021-12-31 NI674271 core:HirePurchaseContracts core:CurrentFinancialInstruments 2021-12-31 NI674271 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2021-12-31 NI674271 core:CurrentFinancialInstruments 2021-12-31 NI674271 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 NI674271 core:Non-currentFinancialInstruments core:AfterOneYear 2021-12-31 NI674271 core:MotorVehicles 2021-12-31 NI674271 core:OtherPropertyPlantEquipment 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI674271

IQ Recycling Solutions (NI) Ltd

Unaudited Filleted Financial Statements

for the Period from 1 January 2022 to 30 December 2022

 

IQ Recycling Solutions (NI) Ltd

(Registration number: NI674271)
Balance Sheet as at 30 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

8,868

11,824

Current assets

 

Debtors

5

8,552

329

Cash at bank and in hand

 

7,056

14,173

 

15,608

14,502

Creditors: Amounts falling due within one year

6

(17,877)

(7,882)

Net current (liabilities)/assets

 

(2,269)

6,620

Total assets less current liabilities

 

6,599

18,444

Creditors: Amounts falling due after more than one year

6

(4,553)

(7,649)

Provisions for liabilities

(1,685)

(2,247)

Net assets

 

361

8,548

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

360

8,547

Shareholders' funds

 

361

8,548

For the financial period ending 30 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

IQ Recycling Solutions (NI) Ltd

(Registration number: NI674271)
Balance Sheet as at 30 December 2022

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 November 2023
 

.........................................
Mr Joseph John McCrystal
Director

 

IQ Recycling Solutions (NI) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 30 December 2022

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 24 Coolshinney Park, Magherafelt, Co Derry, BT45 5JG.

These financial statements were authorised for issue by the director on 30 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

IQ Recycling Solutions (NI) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 30 December 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Motor vehicles

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

IQ Recycling Solutions (NI) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 30 December 2022

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2021 - 1).

 

IQ Recycling Solutions (NI) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 30 December 2022

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2022

11,000

3,780

14,780

At 30 December 2022

11,000

3,780

14,780

Depreciation

At 1 January 2022

2,200

756

2,956

Charge for the period

2,200

756

2,956

At 30 December 2022

4,400

1,512

5,912

Carrying amount

At 30 December 2022

6,600

2,268

8,868

At 31 December 2021

8,800

3,024

11,824

5

Debtors

Current

2022
£

2021
£

Trade debtors

7,337

329

Other debtors

1,215

-

 

8,552

329

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

3,096

2,822

Trade creditors

 

6,566

-

Taxation and social security

 

5,715

3,761

Accruals and deferred income

 

2,500

1,250

Other creditors

 

-

49

 

17,877

7,882

 

IQ Recycling Solutions (NI) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 30 December 2022

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

4,553

7,649

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Hire purchase contracts

4,553

7,649

2022
£

2021
£

Current loans and borrowings

Hire purchase contracts

3,096

2,822

9

Related party transactions

30 December 2022
£

31 December 2021
 £

Directors current account

1,215

(49)