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REGISTERED NUMBER: NI612868 (Northern Ireland)













Irwins Quality Aggregates Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024






Irwins Quality Aggregates Limited (Registered number: NI612868)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company information 1

Statement of financial position 2 to 3

Notes to the financial statements 4 to 10


Irwins Quality Aggregates Limited

Company Information
for the Year Ended 31 March 2024







Directors: Mr Brian Herbert Irwin
Mr Alastair Harrison
Mr Robert Kenneth Ross Irwin
Mr Christopher Edwin Currie



Secretary: Mr Christopher Jarvis



Registered office: 5 Diviny Drive
Portadown
Co Armagh
BT63 5WE



Registered number: NI612868 (Northern Ireland)



Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH



Bankers: Ulster Bank
11-16 Donegal Square East
Belfast
Antrim
BT1 5UB



Solicitors: Thompson Mitchell
12-14 Mandeville Street
Portadown
Co Armagh
BT62 3NZ

Irwins Quality Aggregates Limited (Registered number: NI612868)

Statement of Financial Position
31 March 2024

2024 2023
Notes £ £
Fixed assets
Intangible assets 4 - 95,008
Property, plant and equipment 5 1,319,693 1,208,451
Investments 6 1,000,000 1,000,000
2,319,693 2,303,459

Current assets
Inventories 7 1,064,189 1,165,895
Receivables 8 1,545,265 1,387,225
Cash at bank 1,097,544 258,967
3,706,998 2,812,087
Payables
Amounts falling due within one year 9 (2,064,435 ) (1,648,227 )
Net current assets 1,642,563 1,163,860
Total assets less current liabilities 3,962,256 3,467,319

Payables
Amounts falling due after more than one
year

10

(228,970

)

(222,098

)

Provisions for liabilities 11 (254,271 ) (223,546 )
Net assets 3,479,015 3,021,675

Capital and reserves
Called up share capital 12 11,100 11,100
Capital redemption reserve 1,400 1,400
Retained earnings 3,466,515 3,009,175
Shareholders' funds 3,479,015 3,021,675

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Irwins Quality Aggregates Limited (Registered number: NI612868)

Statement of Financial Position - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2024 and were signed on its behalf by:





Mr Brian Herbert Irwin - Director


Irwins Quality Aggregates Limited (Registered number: NI612868)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. Statutory information

Irwins Quality Aggregates Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the statement of financial position and amortised on a straight line basis over its useful economic life of 10 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 5%-20% Straight line
Plant and machinery - 25% on reducing balance and 10%-33% Straight line
Motor vehicles - 25% on cost and 25% Reducing balance
Computer equipment - 25% on reducing balance

Investments in associates
Investments in associate undertakings are recognised at cost.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities.

Irwins Quality Aggregates Limited (Registered number: NI612868)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. Accounting policies - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments:

(i) Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the lability simultaneously.

Irwins Quality Aggregates Limited (Registered number: NI612868)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. Accounting policies - continued

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Receivables
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Income Statement in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of intangible and tangible assets
The annual depreciation and amortisation charges for intangible and tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See property, plant and equipment note for the carrying amount of the assets, and above for the useful economic lives for each class of asset.

3. Employees and directors

The average number of employees during the year was 23 (2023 - 21 ) .

Irwins Quality Aggregates Limited (Registered number: NI612868)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


4. Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023
and 31 March 2024 1,000,000
Amortisation
At 1 April 2023 904,992
Charge for year 95,008
At 31 March 2024 1,000,000
Net book value
At 31 March 2024 -
At 31 March 2023 95,008

5. Property, plant and equipment
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£ £ £ £ £
Cost
At 1 April 2023 444,724 1,200,426 690,658 - 2,335,808
Additions - 111,257 156,725 12,751 280,733
At 31 March 2024 444,724 1,311,683 847,383 12,751 2,616,541
Depreciation
At 1 April 2023 130,459 554,022 442,876 - 1,127,357
Charge for year 11,657 92,367 65,201 266 169,491
At 31 March 2024 142,116 646,389 508,077 266 1,296,848
Net book value
At 31 March 2024 302,608 665,294 339,306 12,485 1,319,693
At 31 March 2023 314,265 646,404 247,782 - 1,208,451

Irwins Quality Aggregates Limited (Registered number: NI612868)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. Property, plant and equipment - continued

Fixed assets, included in the above, which are held under finance leases are as follows:
Plant and Motor
machinery vehicles Totals
£ £ £
Cost
At 1 April 2023 255,000 404,500 659,500
Additions - 156,725 156,725
Transfer to ownership - (77,500 ) (77,500 )
At 31 March 2024 255,000 483,725 738,725
Depreciation
At 1 April 2023 21,354 231,399 252,753
Charge for year 45,911 43,276 89,187
Transfer to ownership - (59,875 ) (59,875 )
At 31 March 2024 67,265 214,800 282,065
Net book value
At 31 March 2024 187,735 268,925 456,660
At 31 March 2023 233,646 173,101 406,747

6. Fixed asset investments
Interest in
associate
£
Cost
At 1 April 2023
and 31 March 2024 1,000,000
Net book value
At 31 March 2024 1,000,000
At 31 March 2023 1,000,000

7. Inventories
2024 2023
£ £
Finished goods 1,064,189 1,165,895

The replacement cost of inventory did not differ significantly from the figures shown.

8. Receivables: amounts falling due within one year
2024 2023
£ £
Trade receivables 1,532,087 1,343,612
Other receivables 13,178 43,613
1,545,265 1,387,225

Irwins Quality Aggregates Limited (Registered number: NI612868)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


9. Payables: amounts falling due within one year
2024 2023
£ £
Finance leases 132,940 121,566
Trade payables 1,161,192 993,910
Taxation and social security 289,179 239,343
Other creditors 481,124 293,408
2,064,435 1,648,227

The bank facility is secured by the following:-

(a) An all monies debenture over Irwins Quality Aggregates Limited.
(b) A first legal charge over the company property at 55 Gortgonis Road, Coalisland, Co Tyrone.

The finance leases are secured on assets included within property, plant and equipment with a net book value of £456,660.

The invoice discounting facility is secured by an assignment of book debts.

10. Payables: amounts falling due after more than one year
2024 2023
£ £
Finance leases 228,970 222,098

11. Provisions for liabilities
2024 2023
£ £
Deferred tax
Accelerated capital allowances 254,271 223,546

Deferred tax
£
Balance at 1 April 2023 223,546
Provided during year 30,725
Balance at 31 March 2024 254,271

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
10,350 Ordinary shares 1 10,350 10,350
750 Ordinary A class shares 1 750 750
11,100 11,100

Irwins Quality Aggregates Limited (Registered number: NI612868)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


13. Related party disclosures

In December 2022 Irwins Quality Aggregates Limited invested £1,000,000 to acquire a one third shareholding in W D Irwin & Sons (Portadown) Limited. No dividends or other distributions have been received from this investment in the year.

Included within other creditors is a working capital balance owed to W D Irwin & Sons Limited of £16,583 (2023: other creditors of £435). This balance arises from a charge for shared services throughout the period. No interest is charged on this balance.

Included within other creditors is a balance owed to the directors of £154,623 (2023: £112,309). No interest is charged on this balance.