REGISTERED NUMBER: 06779861 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
ISME HOLDINGS LIMITED |
REGISTERED NUMBER: 06779861 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
ISME HOLDINGS LIMITED |
ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 | to | 4 |
Report of the Independent Auditors | 5 | to | 8 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 | to | 24 |
ISME HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
17 Clarendon Road |
Clarendon Dock |
Belfast |
BT1 3BG |
BANKERS: | Barclays Bank |
PO Box 299 |
Birmingham |
BT1 3PF |
SOLICITORS: |
1st Floor |
92 High Street |
Belfast |
BT1 2BG |
ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 30 November 2023. |
REVIEW OF BUSINESS |
The results for the year and financial position of the group are shown in the annexed financial statements. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors consider that the principal risks and uncertainties faced by the group are in the following categories: |
Economic Risk |
The business is subject to the normal economic factors impacting on its cost base and manages these on an ongoing basis. |
Competition Risk |
The directors of the group manage competition risk through close attention to customer service levels. |
Financial Risk |
The group has budgetary and financial reporting procedures, supported by appropriate key performance indicators to manage credit, liquidity and other financial risk. |
ON BEHALF OF THE BOARD: |
25 June 2024 |
ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 November 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of mining, processing and distribution of rock salt. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 November 2023. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report. |
KEY PERFORMANCE INDICATORS |
Given the straightforward nature of the business, the group's directors are of the opinion that an analysis using KPI's is not necessary for an understanding of the development, performance or position of the business. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
AUDITORS |
The auditors, Baker Tilly Mooney Moore, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ISME HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of ISME Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 November 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ISME HOLDINGS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ISME HOLDINGS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We considered the opportunities and incentives that may exist within the Group for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group's ability to operate or to avoid a material penalty. This included compliance with Financial Conduct Authority regulation for the UK. |
Our procedures to respond to risks identified included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- enquiring of management concerning actual and potential litigation and claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- reading minutes of meetings of those charged with governance; |
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ISME HOLDINGS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
17 Clarendon Road |
Clarendon Dock |
Belfast |
BT1 3BG |
ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ |
TURNOVER | 3 | 30,177,996 | 19,226,988 |
Cost of sales | 17,086,191 | 12,186,108 |
GROSS PROFIT | 13,091,805 | 7,040,880 |
Administrative expenses | 3,186,835 | 3,448,617 |
9,904,970 | 3,592,263 |
Other operating income | 4 | 51,183 | 54,534 |
OPERATING PROFIT | 6 | 9,956,153 | 3,646,797 |
Interest receivable and similar income | 420,615 | 48,686 |
10,376,768 | 3,695,483 |
Interest payable and similar expenses | 7 | 19,071 | 14,186 |
PROFIT BEFORE TAXATION | 10,357,697 | 3,681,297 |
Tax on profit | 8 | 2,421,683 | 710,525 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
7,936,014 |
2,970,772 |
Profit attributable to: |
Owners of the parent | 7,936,014 | 2,970,772 |
Total comprehensive income attributable to: |
Owners of the parent | 7,936,014 | 2,970,772 |
ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861) |
CONSOLIDATED BALANCE SHEET |
30 NOVEMBER 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 134,115 | 137,180 |
Tangible assets | 11 | 14,417,590 | 13,947,014 |
Investments | 12 | - | - |
14,551,705 | 14,084,194 |
CURRENT ASSETS |
Stocks | 13 | 3,072,632 | 4,033,463 |
Debtors | 14 | 3,836,592 | 3,987,436 |
Cash at bank and in hand | 21,890,327 | 11,478,811 |
28,799,551 | 19,499,710 |
CREDITORS |
Amounts falling due within one year | 15 | 3,943,241 | 2,099,901 |
NET CURRENT ASSETS | 24,856,310 | 17,399,809 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
39,408,015 |
31,484,003 |
PROVISIONS FOR LIABILITIES | 17 | 1,870,629 | 1,882,631 |
NET ASSETS | 37,537,386 | 29,601,372 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 49,998 | 49,998 |
Retained earnings | 19 | 37,487,388 | 29,551,374 |
SHAREHOLDERS' FUNDS | 37,537,386 | 29,601,372 |
The financial statements were authorised for issue by the Board of Directors and authorised for issue on 25 June 2024 and were signed on its behalf by: |
Ms S Mahoney - Director | Ms M McNamee - Director |
Ms K Mahoney - Director |
ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861) |
COMPANY BALANCE SHEET |
30 NOVEMBER 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (86 | ) | (25 | ) |
The financial statements were authorised for issue by the Board of Directors and authorised for issue on |
ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 December 2021 | 49,998 | 26,580,602 | 26,630,600 |
Changes in equity |
Total comprehensive income | - | 2,970,772 | 2,970,772 |
Balance at 30 November 2022 | 49,998 | 29,551,374 | 29,601,372 |
Changes in equity |
Total comprehensive income | - | 7,936,014 | 7,936,014 |
Balance at 30 November 2023 | 49,998 | 37,487,388 | 37,537,386 |
ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 December 2021 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 November 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 November 2023 | ( |
) |
ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 13,101,763 | 5,395,443 |
Interest paid | (19,071 | ) | (14,186 | ) |
Tax paid | (1,173,405 | ) | (1,404,495 | ) |
Net cash from operating activities | 11,909,287 | 3,976,762 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,934,135 | ) | (2,756,915 | ) |
Sale of tangible fixed assets | 15,749 | 27,989 |
Interest received | 420,615 | 48,686 |
Net cash from investing activities | (1,497,771 | ) | (2,680,240 | ) |
Increase in cash and cash equivalents | 10,411,516 | 1,296,522 |
Cash and cash equivalents at beginning of year |
2 |
11,478,811 |
10,182,289 |
Cash and cash equivalents at end of year | 2 | 21,890,327 | 11,478,811 |
ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.11.23 | 30.11.22 |
£ | £ |
Profit before taxation | 10,357,697 | 3,681,297 |
Depreciation charges | 1,445,024 | 1,371,023 |
Loss/(profit) on disposal of fixed assets | 5,852 | (20,292 | ) |
Finance costs | 19,071 | 14,186 |
Finance income | (420,615 | ) | (48,686 | ) |
11,407,029 | 4,997,528 |
Decrease/(increase) in stocks | 960,831 | (1,798,299 | ) |
Decrease in trade and other debtors | 150,844 | 2,452,364 |
Increase/(decrease) in trade and other creditors | 583,059 | (256,150 | ) |
Cash generated from operations | 13,101,763 | 5,395,443 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 November 2023 |
30.11.23 | 1.12.22 |
£ | £ |
Cash and cash equivalents | 21,890,327 | 11,478,811 |
Year ended 30 November 2022 |
30.11.22 | 1.12.21 |
£ | £ |
Cash and cash equivalents | 11,478,811 | 10,182,289 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.12.22 | Cash flow | At 30.11.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 11,478,811 | 10,411,516 | 21,890,327 |
11,478,811 | 10,411,516 | 21,890,327 |
Total | 11,478,811 | 10,411,516 | 21,890,327 |
ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
ISME Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements incorporate the accounts of the company and its subsidiary. |
Significant judgements and estimates |
In preparing these financial statements the directors have made the following judgements: |
Establish whether there are indicators of impairment of the group's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general. |
Consider the recoverability of trade debtors and the need for impairment provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period. |
Consider the valuation of stock and the requirement for write down provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, selling prices and knowledge of the sector. Stock identified as impaired will be written down in value in the relevant period. |
The directors also consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remain reasonable. |
Turnover |
Turnover represents the total invoice value, excluding value added tax, of goods sold during the year. |
Dividend income is recognised when the shareholders' right to receive payment is established. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Assets under construction | - |
Plant and machinery | - |
Development costs | - |
The group constructed a drift which was brought into use in February 2015. The related expenditure will be amortised over the life of the estimated reserves of the mine on the unit production basis. Provision for loss is made where a project is abandoned or considered to be of no further interest to the group, or where the directors consider such a provision to be prudent. |
Stocks |
Stocks have been valued at the lower of cost and net realisable value. Cost is calculated by reference to the mining costs incurred in bringing the minerals to the pithead, with overheads being allocated based on a normal level of activity. |
Consumable stock represents goods earmarked for own use within the company and is measured at the lower of cost and net realisable value less provisions made for obsolete stock. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 or other future taxable profits. |
Foreign currencies |
Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rates ruling at the balance sheet date and any difference is taken to the profit and loss account. Exchange differences arising on transactions during the year are taken directly to the profit and loss account. |
Pension costs and other post-retirement benefits |
The group operates a money purchase (defined contribution) scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. These contributions are invested separately from the company's assets. |
ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Exploration costs |
Exploration costs are written off in the year in which they are incurred. |
Holiday pay |
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and is available to carry forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date. |
3. | TURNOVER |
The group's revenue is generated in the United Kingdom and Ireland. |
4. | OTHER OPERATING INCOME |
30.11.23 | 30.11.22 |
£ | £ |
Sundry income | 51,183 | 54,534 |
5. | EMPLOYEES AND DIRECTORS |
30.11.23 | 30.11.22 |
£ | £ |
Wages and salaries | 3,900,377 | 3,818,079 |
Other pension costs | 123,212 | 119,860 |
4,023,589 | 3,937,939 |
The average number of employees during the year was as follows: |
30.11.23 | 30.11.22 |
Administration | 7 | 7 |
Processing and distribution | 57 | 55 |
30.11.23 | 30.11.22 |
£ | £ |
Directors' remuneration | 30,000 | 30,000 |
ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.11.23 | 30.11.22 |
£ | £ |
Hire of plant and machinery | 4,123 | 15,369 |
Depreciation - owned assets | 1,441,958 | 1,367,957 |
Loss/(profit) on disposal of fixed assets | 5,852 | (20,292 | ) |
Patents and licences amortisation | 3,065 | 3,066 |
Auditors' remuneration | 18,600 | 19,500 |
Auditors' remuneration for non audit work | 21,125 | 19,870 |
Foreign exchange differences | 129,912 | 38,821 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.11.23 | 30.11.22 |
£ | £ |
Bank charges | 19,071 | 14,186 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.11.23 | 30.11.22 |
£ | £ |
Current tax: |
UK corporation tax | 2,433,685 | 625,629 |
Deferred tax | (12,002 | ) | 84,896 |
Tax on profit | 2,421,683 | 710,525 |
ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
30.11.23 | 30.11.22 |
£ | £ |
Profit before tax | 10,357,697 | 3,681,297 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
2,589,424 |
699,446 |
Effects of: |
Expenses not deductible for tax purposes | 3,567 | 975 |
Income not taxable for tax purposes | (7,281 | ) | (9,222 | ) |
Capital allowances in excess of depreciation | - | (65,570 | ) |
Depreciation in excess of capital allowances | 58,319 | - |
Timing differences | (12,002 | ) | 84,896 |
Adjustment to tax due to hybrid rate | (210,344 | ) | - |
Total tax charge | 2,421,683 | 710,525 |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
licences |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 | 149,442 |
AMORTISATION |
At 1 December 2022 | 12,262 |
Amortisation for year | 3,065 |
At 30 November 2023 | 15,327 |
NET BOOK VALUE |
At 30 November 2023 | 134,115 |
At 30 November 2022 | 137,180 |
ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
11. | TANGIBLE FIXED ASSETS |
Group |
Assets |
Freehold | Long | under |
property | leasehold | construction |
£ | £ | £ |
COST |
At 1 December 2022 | 3,216,465 | - | 1,687,260 |
Additions | 140,620 | - | 944,719 |
Disposals | - | - | - |
Reclassification/transfer | - | 2,631,979 | (2,631,979 | ) |
At 30 November 2023 | 3,357,085 | 2,631,979 | - |
DEPRECIATION |
At 1 December 2022 | 408,427 | - | - |
Charge for year | 197,990 | 43,866 | - |
Eliminated on disposal | - | - | - |
At 30 November 2023 | 606,417 | 43,866 | - |
NET BOOK VALUE |
At 30 November 2023 | 2,750,668 | 2,588,113 | - |
At 30 November 2022 | 2,808,038 | - | 1,687,260 |
Plant and | Development |
machinery | costs | Totals |
£ | £ | £ |
COST |
At 1 December 2022 | 15,114,735 | 10,640,319 | 30,658,779 |
Additions | 848,796 | - | 1,934,135 |
Disposals | (442,088 | ) | - | (442,088 | ) |
Reclassification/transfer | - | - | - |
At 30 November 2023 | 15,521,443 | 10,640,319 | 32,150,826 |
DEPRECIATION |
At 1 December 2022 | 11,854,552 | 4,448,786 | 16,711,765 |
Charge for year | 888,030 | 312,072 | 1,441,958 |
Eliminated on disposal | (420,487 | ) | - | (420,487 | ) |
At 30 November 2023 | 12,322,095 | 4,760,858 | 17,733,236 |
NET BOOK VALUE |
At 30 November 2023 | 3,199,348 | 5,879,461 | 14,417,590 |
At 30 November 2022 | 3,260,183 | 6,191,533 | 13,947,014 |
Included in cost of land and buildings is freehold land of £937,598 (2022 - £921,598) which is not depreciated. |
ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertaking |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
ISME Holdings Limited owns 100% of the ordinary share capital of Irish Salt Mining and Exploration Company Limited, a trading company incorporated in Northern Ireland. |
13. | STOCKS |
Group |
30.11.23 | 30.11.22 |
£ | £ |
Stocks | 2,275,277 | 3,032,453 |
Raw materials | 797,355 | 1,001,010 |
3,072,632 | 4,033,463 |
Raw materials and consumables include replacement parts amounting to £508,136 (2022: £656,726). |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
30.11.23 | 30.11.22 |
£ | £ |
Trade debtors | 3,509,696 | 3,690,515 |
Prepayments and accrued income | 326,896 | 296,921 |
3,836,592 | 3,987,436 |
ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.11.23 | 30.11.22 | 30.11.23 | 30.11.22 |
£ | £ | £ | £ |
Trade creditors | 900,367 | 998,563 |
Amounts owed to group undertakings | - | - |
Tax | 1,569,242 | 308,962 |
Social security and other taxes | 1,166,114 | 511,385 |
Directors' current accounts | 609 | 609 | 609 | 609 |
Accruals and deferred income | 306,909 | 280,382 |
3,943,241 | 2,099,901 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
30.11.23 | 30.11.22 |
£ | £ |
Within one year | 84,167 | - |
Between one and five years | 441,042 | - |
In more than five years | 3,329,909 | - |
3,855,118 | - |
17. | PROVISIONS FOR LIABILITIES |
Group |
30.11.23 | 30.11.22 |
£ | £ |
Deferred tax | 1,870,629 | 1,882,631 |
Group |
Deferred |
tax |
£ |
Balance at 1 December 2022 | 1,882,631 |
Provided during year | (12,002 | ) |
Balance at 30 November 2023 | 1,870,629 |
ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.23 | 30.11.22 |
value: | £ | £ |
Ordinary | 1 | 49,998 | 49,998 |
19. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 December 2022 | 29,551,374 |
Profit for the year | 7,936,014 |
At 30 November 2023 | 37,487,388 |
Company |
Retained |
earnings |
£ |
At 1 December 2022 | ( |
) |
Deficit for the year | ( |
) |
At 30 November 2023 | ( |
) |
20. | PENSION COMMITMENTS |
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £123,212 (2022: £119,860). |
21. | CONTINGENT LIABILITIES |
There were no contingent liabilities at the balance sheet date. |
22. | CAPITAL COMMITMENTS |
At the year end, the group had capital commitments for tangible fixed assets of £123,000. |
23. | POST BALANCE SHEET EVENTS |
Subsequent to the year end, the company entered into a contract for the purchase of tangible fixed assets amounting to £1,055,525. |
24. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Ms S Mahoney. |