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30/06/2023
2023-06-30
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No description of principal activities is disclosed
2022-07-01
Sage Accounts Production 23.0 - FRS102_2021
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2022-06-30
Company registration number:
NI602193
Enviroform Solutions Ltd
Trading as
Enviroform Solutions Ltd
Filleted financial statements
30 June 2023
Enviroform Solutions Ltd
Contents
Directors and other information
Directors responsibilities statement
Balance sheet
Notes to the financial statements
Enviroform Solutions Ltd
Directors and other information
|
|
|
|
Directors |
Liam Brown |
|
|
Bruce Milne |
|
|
David Robson |
|
|
|
|
|
|
|
Company number |
NI602193 |
|
|
|
|
|
|
|
Registered office |
Unit 16, Milltown Industrial Estate |
|
|
Upper Dromore Road |
|
|
Warrenpoint |
|
|
Down |
|
|
BT34 3PN |
|
|
|
|
|
|
|
Business address |
Unit 16, Milltown Industrial Estate |
|
|
Upper Dromore Road |
|
|
Warrenpoint |
|
|
Down |
|
|
BT34 3PN |
|
|
|
|
|
|
|
Auditor |
Corr & Corr |
|
|
The Cornmill |
|
|
Lineside, Coalisland |
|
|
Tyrone |
|
|
BT71 4LP |
|
|
|
|
|
|
|
Accountants |
McPolin and Murdock Ltd |
|
|
37 Church Street |
|
|
Warrenpoint |
|
|
Down |
|
|
BT34 3HN |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers |
First Trust Bank |
|
|
42-44 Hill Street |
|
|
Newry |
|
|
County Down |
|
|
BT34 1AU |
|
|
|
|
|
|
|
Solicitors |
Carson McDowell |
|
|
Murray House |
|
|
Murray Street |
|
|
Belfast |
|
|
BT1 6DN |
|
|
|
Enviroform Solutions Ltd
Directors responsibilities statement
Year ended 30 June 2023
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.
Enviroform Solutions Ltd
Balance sheet
30 June 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
8 |
19,883 |
|
|
|
21,298 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
19,883 |
|
|
|
21,298 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
9 |
190,455 |
|
|
|
296,832 |
|
|
Debtors |
|
10 |
119,106 |
|
|
|
126,786 |
|
|
Cash at bank and in hand |
|
|
104,430 |
|
|
|
66,123 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
413,991 |
|
|
|
489,741 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
12 |
(
127,849) |
|
|
|
(
291,598) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
286,142 |
|
|
|
198,143 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
306,025 |
|
|
|
219,441 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
13 |
|
|
(
218,065) |
|
|
|
(
258,759) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
14 |
|
|
(
1,635) |
|
|
|
(
1,892) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets/(liabilities) |
|
|
|
|
86,325 |
|
|
|
(
41,210) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
16 |
|
|
8,589 |
|
|
|
8,589 |
Share premium account |
|
17 |
|
|
462,411 |
|
|
|
462,411 |
Profit and loss account |
|
17 |
|
|
(
384,675) |
|
|
|
(
512,210) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds/(deficit) |
|
|
|
|
86,325 |
|
|
|
(
41,210) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
18 December 2023
, and are signed on behalf of the board by:
Liam Brown
David Robson
Director
Director
Company registration number:
NI602193
Enviroform Solutions Ltd
Notes to the financial statements
Year ended 30 June 2023
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Enviroform Solutions Ltd, Unit 16, Milltown Industrial Estate, Upper Dromore Road, Warrenpoint, Down, BT34 3PN.
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.
Reduced Disclosures
In accordance with FRS 102, the Company has taken advantage of the exemptions from the following disclosure requirements:- Section 7 "Statement of Cash Flows" - Presentation of a Statement of Cash Flow and related notes and disclosures- Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instrument Issues" - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income- Section 33 "Related Party Disclosures" - Compensation for key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Management believes that the estimates, assumptions and judgements upon which it relies are reasonable based on the information available at the time that those estimates, assumptions and judgements are made. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
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:
|
|
|
|
|
|
Long leasehold property |
- |
2 % |
straight line |
|
Plant and machinery |
- |
20 % |
reducing balance |
|
Fittings fixtures and equipment |
- |
15 % |
reducing balance |
|
|
|
|
|
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance Sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Cash & Cash equivalents
Cash and cash equivalents include cash on hand, deposits held with banks, other short term liquid investments with maturaties of three months or less and bank overdrafts.Bank overdrafts are shown within borrowings in current liabilities
Share Capital
Ordinary Shares are classified as equity
Critical judgements and estimation uncertainty
There are no critical judgements in applying the company's accounting policies. There are no critical accounting estimates and assumptions
4.
Turnover
During the year Republic of Ireland sales amounted to £164,751 (2022: £112,913).
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
United Kingdom |
|
775,160 |
721,484 |
|
Republic of Ireland |
|
164,751 |
112,913 |
|
|
|
_______ |
_______ |
|
|
|
939,911 |
834,397 |
|
|
|
_______ |
_______ |
|
|
|
|
|
5.
Operating profit
Operating profit is stated after charging/(crediting):
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
1,416 |
1,620 |
|
Impairment of trade debtors |
|
|
- |
3,563 |
|
Foreign exchange differences |
|
|
2,646 |
10,693 |
|
Fees payable for the audit of the financial statements |
|
|
3,900 |
3,850 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
6.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2022:
3
).
7.
Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Remuneration |
|
72,471 |
66,217 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Tangible assets
|
|
Long leasehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 July 2022 and 30 June 2023 |
19,353 |
11,409 |
27,292 |
58,054 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 July 2022 |
4,386 |
9,835 |
22,534 |
36,755 |
|
|
|
|
Charge for the year |
387 |
315 |
714 |
1,416 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 30 June 2023 |
4,773 |
10,150 |
23,248 |
38,171 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 30 June 2023 |
14,580 |
1,259 |
4,044 |
19,883 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 30 June 2022 |
14,967 |
1,574 |
4,758 |
21,299
|
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
The directors have carried out an impairment review and consider the net book value of fixed assets does not exceed the recoverable amount.
9.
Stocks
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Finished goods |
|
190,455 |
296,832 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Stocks and Work in Progress are measured at the lower of cost and net realisable value. Cost in respect of finished goods includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Net realisable value is the price at which stock can be realised in the normal course of business. Provision is made where necessary for obsolete, slow moving and defective stock.
10.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
113,364 |
123,666 |
|
Other debtors |
|
5,742 |
3,120 |
|
|
|
_______ |
_______ |
|
|
|
119,106 |
126,786 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Included within Trade debtors are the following amounts owed by associated company's:InstaGroup Ltd - £170 (2022: £4,051).
11.
Cash and cash equivalents
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Cash at bank and in hand |
|
104,430 |
66,123 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
9,584 |
9,584 |
|
Trade creditors |
|
60,377 |
222,984 |
|
Social security and other taxes |
|
40,133 |
41,061 |
|
Other creditors |
|
17,755 |
17,969 |
|
|
|
_______ |
_______ |
|
|
|
127,849 |
291,598 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Holding Company Insta Group Holdings Ltd have provided a bank security of £25,000 plus interest. Included within Trade Creditors is Associated Company Balances of £NIL (2022 £NIL).
13.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Insta Group Holding Ltd |
|
197,064 |
229,064 |
|
Other creditors |
|
21,001 |
29,695 |
|
|
|
_______ |
_______ |
|
|
|
218,065 |
258,759 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Holding Company Insta Group Holdings Ltd have provided a loan of £197,064 (2021: £229,064) which has been forwarded without interest being charged. Loan repayments of £1,500 per month commenced on 1st November 2022. During the year ended 30th June 2021 the company drew down a £45,000 bounce back loan from AIB repayable over a 5 year period.
14.
Provisions
|
|
Deferred tax (note 15) |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
At 1 July 2022 |
1,892 |
1,892 |
|
|
|
|
Charges against provisions |
(
257) |
(
257) |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 30 June 2023 |
1,635 |
1,635 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
15.
Deferred tax
The deferred tax included in the Balance Sheet is as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Included in provisions (note 14) |
|
1,635 |
1,892 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
16.
Called up share capital
Issued, called up and fully paid
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
8,589 |
|
8,589 |
|
8,589 |
|
8,589 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
17.
Reserves
The profit and loss reserve represents cumulative profits and losses net of dividends and other adjustments.Share premium account records the amount above the nominal value received for shares sold, less transaction costs.
18.
Events after the end of the reporting period
The recent conflict with Russia and Ukraine may impact on the company's future raw material costs. The directors and management of the company are actively monitoring the situation and taking actions where possible to ensure that the business can manage through any impact that it may face as a result of any inflationary costs. The company has also reviewed customer and supplier networks to ensure compliance with recent government sanctions. Despite this uncertainity turnover and company profit have increased in the year to 30th June 2023.
19.
Limitation of auditors liability
The terms of agreement regarding the limitation of the auditors liability are set out in the engagement letter, in accordance with Section 538 Companies Act 2006.
20.
Summary audit opinion
The auditor's report for the year dated
18 December 2023
was unqualified.
The senior statutory auditor was
Mr Brendan Corr
for and on behalf of
Corr & Corr
21.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
|
|
Insta Group Ltd - Sales |
10,693 |
19,457 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
Enviroform Solutions Ltd
is a subsidiary of Insta (International) Limited.The Intercompany loan from Insta Group Holdings Ltd has reduced to £197,064 (2022: £229,064).Loan repayments of £1,500 per month have commenced effective from 1st November 2022. No Interest is charged on the loan.
22.
Controlling party
Ultimate Parent Undertaking Insta (International) Ltd hold 5,649 of the 8,589 shares in issue ultimately giving them a 65.7% holding.
23.
Bank Covenants
All Bank Covenants have been met for the year ended 30th June 2023.
24.
Going Concern
Company directors have obtained confirmation from group parent, Insta International Limited (08945886) that if required they will support
Enviroform Solutions Ltd
in any cash flow/working capital requirements in the 12 months post audit sign-off. Additionally the intercompany loan owed to Insta Group Holdings Ltd (02253172) is not repayable within one year of the audit sign-off date. Directors consider it appropriate to adopt the going concern basis.