IRIS Accounts Production v24.2.0.383 NI008172 Board of Directors 1.12.22 30.11.23 30.11.23 true false true true false false true false Fair value model Ordinary Shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI0081722022-11-30NI0081722023-11-30NI0081722022-12-012023-11-30NI0081722021-11-30NI0081722021-12-012022-11-30NI0081722022-11-30NI008172ns15:NorthernIreland2022-12-012023-11-30NI008172ns14:PoundSterling2022-12-012023-11-30NI008172ns10:Director12022-12-012023-11-30NI008172ns10:PrivateLimitedCompanyLtd2022-12-012023-11-30NI008172ns10:FRS1022022-12-012023-11-30NI008172ns10:Audited2022-12-012023-11-30NI008172ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-12-012023-11-30NI008172ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-12-012023-11-30NI008172ns10:FullAccounts2022-12-012023-11-30NI008172ns10:OrdinaryShareClass12022-12-012023-11-30NI008172ns10:Director22022-12-012023-11-30NI008172ns10:Director32022-12-012023-11-30NI008172ns10:Director42022-12-012023-11-30NI008172ns10:CompanySecretary12022-12-012023-11-30NI008172ns10:RegisteredOffice2022-12-012023-11-30NI008172ns5:CurrentFinancialInstruments2023-11-30NI008172ns5:CurrentFinancialInstruments2022-11-30NI008172ns5:Non-currentFinancialInstruments2023-11-30NI008172ns5:Non-currentFinancialInstruments2022-11-30NI008172ns5:ShareCapital2023-11-30NI008172ns5:ShareCapital2022-11-30NI008172ns5:RetainedEarningsAccumulatedLosses2023-11-30NI008172ns5:RetainedEarningsAccumulatedLosses2022-11-30NI008172ns5:ShareCapital2021-11-30NI008172ns5:RetainedEarningsAccumulatedLosses2021-11-30NI008172ns5:RetainedEarningsAccumulatedLosses2021-12-012022-11-30NI008172ns5:RetainedEarningsAccumulatedLosses2022-12-012023-11-30NI008172ns10:HighestPaidDirector2022-12-012023-11-30NI008172ns10:HighestPaidDirector2021-12-012022-11-30NI008172ns5:OwnedAssets2022-12-012023-11-30NI008172ns5:OwnedAssets2021-12-012022-11-30NI008172ns5:HirePurchaseContracts2022-12-012023-11-30NI008172ns5:HirePurchaseContracts2021-12-012022-11-30NI008172ns10:OrdinaryShareClass12021-12-012022-11-30NI008172ns5:PlantMachinery2022-11-30NI008172ns5:FurnitureFittings2022-11-30NI008172ns5:MotorVehicles2022-11-30NI008172ns5:PlantMachinery2022-12-012023-11-30NI008172ns5:FurnitureFittings2022-12-012023-11-30NI008172ns5:MotorVehicles2022-12-012023-11-30NI008172ns5:PlantMachinery2023-11-30NI008172ns5:FurnitureFittings2023-11-30NI008172ns5:MotorVehicles2023-11-30NI008172ns5:PlantMachinery2022-11-30NI008172ns5:FurnitureFittings2022-11-30NI008172ns5:MotorVehicles2022-11-30NI008172ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-30NI008172ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-30NI008172ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-11-30NI008172ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-11-30NI008172ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-11-30NI008172ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-11-30NI008172ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-30NI008172ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-30NI008172ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-11-30NI008172ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-11-30NI008172ns5:HirePurchaseContracts2023-11-30NI008172ns5:HirePurchaseContracts2022-11-30NI008172ns5:WithinOneYear2023-11-30NI008172ns5:WithinOneYear2022-11-30NI008172ns5:BetweenOneFiveYears2023-11-30NI008172ns5:BetweenOneFiveYears2022-11-30NI008172ns5:MoreThanFiveYears2023-11-30NI008172ns5:MoreThanFiveYears2022-11-30NI008172ns5:AllPeriods2023-11-30NI008172ns5:AllPeriods2022-11-30NI008172ns5:Secured2023-11-30NI008172ns5:Secured2022-11-30NI008172ns5:DeferredTaxation2022-11-30NI008172ns5:DeferredTaxation2022-12-012023-11-30NI008172ns5:DeferredTaxation2023-11-30NI008172ns10:OrdinaryShareClass12023-11-30NI008172ns5:RetainedEarningsAccumulatedLosses2022-11-30NI008172ns5:OtherRelatedParties2022-12-012023-11-30NI008172ns5:OtherRelatedParties2021-12-012022-11-30NI008172ns5:OtherRelatedParties2023-11-30NI008172ns5:OtherRelatedParties2022-11-30
REGISTERED NUMBER: NI008172 (Northern Ireland)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

IRISH WASTE SERVICES LIMITED

IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 9

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15 to 16

Notes to the Financial Statements 17 to 26


IRISH WASTE SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: M J R McPolin
W T Devine
F Gallagher
Mrs N McGrath



SECRETARY: Mrs N McGrath



REGISTERED OFFICE: 17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG



BUSINESS ADDRESS: 94-96 Hillsborough Road
Carryduff
Belfast
BT8 8HT



REGISTERED NUMBER: NI008172 (Northern Ireland)



AUDITORS: Baker Tilly Mooney Moore
Statutory Auditors
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG



BANKERS: AIB NI
92 Ann Street
Belfast
BT1 3HH

IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023


The directors present their strategic report for the year ended 30 November 2023.

REVIEW OF BUSINESS
The results for the year and the financial position at the year end were considered satisfactory by the Directors.

The balance sheet reflects a strong financial position and this, enables the directors to conclude that the company will be profitable and continue to trade as a going concern into the foreseeable future.

PRINCIPAL RISKS AND UNCERTAINTIES
As for many businesses of our size, the business environment in which we operate continues to be challenging. The
market is highly competitive.

The company uses various financial instruments such as bank loans, hire purchase leases and various items such as trade debtors and trade creditors, that arise directly from the company's operations.

The existence of these financial instruments exposes the company to a number of financial risks which are listed below.

Interest rate risk
The Company has interest based assets and liabilities, both of which bear interest at variable rates. The company
regularly reviews its exposure to interest rate risk.

Foreign currency risk
The majority of the Company's revenue and expenses are denominated in sterling but are exposed to some foreign
exchange risk in the normal course of business. While the Company does not currently use financial instruments to
hedge foreign exchange exposure, this is constantly reviewed.

Credit risk
The Company has implemented the policy that we require credit checks to be performed on all potential customers
before any sales are made. The amount of exposure to individual customers is monitored regularly by the company's
management team.


IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

BUSINESS REVIEW
We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Our review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties we face.

The business uses a variety of key performance indicators (KPIs) to measure performance. We consider our KPIs to be turnover, gross margin and profit before taxation.




2023 2022
£'000 £'000

Turnover 16,571 16,410

Gross Margin 31.1% 31.7%

Profit before taxation 2,168 1,822

These KPIs provide information on growth and profitability, and have referred to in the review of the business section
above. The directors regularly review these KPI's along with more detailed information on the company's performance and position.

As with many businesses of our size, the business environment in which we operate continues to be challenging. The impact of the cost of living crisis, exchange rates and strong competition continues to present ongoing demands. With this in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside our control.

ON BEHALF OF THE BOARD:





M J R McPolin - Director


21 August 2024

IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2023


The directors present their report with the financial statements of the company for the year ended 30 November 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the collection, treatment and disposal of hazardous and non- hazardous waste.

DIVIDENDS
An interim dividend of £116.68 per share was paid on 1 April 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 November 2023 will be £ 350,052 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

M J R McPolin
W T Devine
F Gallagher
Mrs N McGrath

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of 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 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 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.

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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

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:





M J R McPolin - Director


21 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
IRISH WASTE SERVICES LIMITED


Opinion
We have audited the financial statements of Irish Waste Services Limited (the 'company') for the year ended 30 November 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 November 2023 and of its 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 company 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 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 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 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 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
IRISH WASTE SERVICES LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 four, 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
IRISH WASTE SERVICES 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 organisation 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 Company 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 Company's ability to operate or to avoid a material penalty.

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;
- 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 including internal specialists and significant component audit teams, 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
IRISH WASTE SERVICES 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.




Eimear Brown (Senior Statutory Auditor)
for and on behalf of Baker Tilly Mooney Moore
Statutory Auditors
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG

21 August 2024

IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

INCOME STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023

30.11.23 30.11.22
as restated
Notes £    £   

TURNOVER 3 16,570,886 16,409,516

Cost of sales 11,423,860 11,210,124
GROSS PROFIT 5,147,026 5,199,392

Administrative expenses 3,370,857 3,474,619
1,776,169 1,724,773

Other operating income 456,421 158,777
OPERATING PROFIT 5 2,232,590 1,883,550


Interest payable and similar expenses 6 64,349 61,705
PROFIT BEFORE TAXATION 2,168,241 1,821,845

Tax on profit 7 565,799 360,764
PROFIT FOR THE FINANCIAL YEAR 1,602,442 1,461,081

IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023

30.11.23 30.11.22
as restated
Notes £    £   

PROFIT FOR THE YEAR 1,602,442 1,461,081


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,602,442

1,461,081

IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

BALANCE SHEET
30 NOVEMBER 2023

30.11.23 30.11.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 4,005,623 3,625,986
Investment property 11 124,137 124,137
4,129,760 3,750,123

CURRENT ASSETS
Stocks 12 52,000 50,200
Debtors 13 7,056,215 6,415,887
Cash at bank and in hand 5,917,793 4,618,653
13,026,008 11,084,740
CREDITORS
Amounts falling due within one year 14 3,908,789 3,119,586
NET CURRENT ASSETS 9,117,219 7,965,154
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,246,979

11,715,277

CREDITORS
Amounts falling due after more than one
year

15

(1,289,667

)

(1,184,142

)

PROVISIONS FOR LIABILITIES 19 (944,907 ) (771,120 )
NET ASSETS 11,012,405 9,760,015

CAPITAL AND RESERVES
Called up share capital 20 3,000 3,000
Retained earnings 21 11,009,405 9,757,015
SHAREHOLDERS' FUNDS 11,012,405 9,760,015

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:





M J R McPolin - Director


IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

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 3,000 8,631,678 8,634,678

Changes in equity
Dividends - (335,744 ) (335,744 )
Total comprehensive income - 1,461,081 1,461,081
Balance at 30 November 2022 3,000 9,757,015 9,760,015

Changes in equity
Dividends - (350,052 ) (350,052 )
Total comprehensive income - 1,602,442 1,602,442
Balance at 30 November 2023 3,000 11,009,405 11,012,405

IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023

30.11.23 30.11.22
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,707,916 1,709,409
Interest element of hire purchase payments
paid

(64,349

)

(61,705

)
Tax paid (173,951 ) (287 )
Net cash from operating activities 2,469,616 1,647,417

Cash flows from investing activities
Purchase of tangible fixed assets (488,777 ) (273,690 )
Sale of tangible fixed assets 265,900 37,000
Net cash from investing activities (222,877 ) (236,690 )

Cash flows from financing activities
Loan repayments in year (11,800 ) (21,981 )
Capital repayments in year (585,747 ) (215,459 )
Equity dividends paid (350,052 ) (335,744 )
Net cash from financing activities (947,599 ) (573,184 )

Increase in cash and cash equivalents 1,299,140 837,543
Cash and cash equivalents at beginning of
year

2

4,618,653

3,781,110

Cash and cash equivalents at end of year 2 5,917,793 4,618,653

IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

NOTES TO THE 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
as restated
£    £   
Profit before taxation 2,168,241 1,821,845
Depreciation charges 798,547 768,591
(Profit)/loss on disposal of fixed assets (152,506 ) 5,783
Finance costs 64,349 61,705
2,878,631 2,657,924
Increase in stocks (1,800 ) (8,580 )
Increase in trade and other debtors (640,328 ) (277,075 )
Increase/(decrease) in trade and other creditors 471,413 (662,860 )
Cash generated from operations 2,707,916 1,709,409

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 5,917,793 4,618,653
Year ended 30 November 2022
30.11.22 1.12.21
as restated
£    £   
Cash and cash equivalents 4,618,653 3,781,110


IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023


3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1.12.22 Cash flow changes At 30.11.23
£    £    £    £   
Net cash
Cash at bank
and in hand 4,618,653 1,299,140 5,917,793
4,618,653 1,299,140 5,917,793
Debt
Finance leases (1,762,035 ) 585,747 - (1,979,088 )
Debts falling due
within 1 year (12,480 ) - - (12,480 )
Debts falling due
after 1 year (26,297 ) 11,801 - (14,496 )
(1,800,812 ) 597,548 - (2,006,064 )
Total 2,817,841 1,896,688 - 3,911,729

IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

Irish Waste Services 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company’s accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent
from other sources. The estimates and associated assumptions are based on historical experience and other
factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and future periods where the revision affects both current and future
periods.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on
amounts recognised in the financial statements.

Impairment of trade debtors

The company trades with a large and varied number of customers on credit terms. Some debts will not be
paid through the default of a small number of customers. The company uses estimates based on historical
experience and current information in determining the level of debts for which an impairment charge is
required. The level of impairment is reviewed on an ongoing basis.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and Machinery 12.5% on cost / 10% reducing balance
Fixtures, fittings and equipment10% on cost
Motor vehicles 20% reducing balance / 10% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

-Financial liabilities and equity
Financial liabilities and equity are classified according to the substance of the financial instrument’s
contractual obligations, rather than the financial instrument’s legal form. Financial liabilities, are initially measured at transaction price (after deducting transaction costs) and subsequently held at amortised cost.

Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest rate method
so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised
as a reduction in the proceeds of the associated capital instrument.

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 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
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

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.

IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

Revenue is generated in Ireland and the UK.

4. EMPLOYEES AND DIRECTORS
30.11.23 30.11.22
as restated
£    £   
Wages and salaries 1,642,462 1,704,337
Social security costs 176,881 178,419
Other pension costs 65,087 40,000
1,884,430 1,922,756

The average number of employees during the year was as follows:
30.11.23 30.11.22
as restated

Administration 14 15
Operations 22 23
36 38

30.11.23 30.11.22
as restated
£    £   
Directors' remuneration 322,183 306,596

Information regarding the highest paid director is as follows:
30.11.23 30.11.22
as restated
£    £   
Emoluments etc 158,132 198,227

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.11.23 30.11.22
as restated
£    £   
Depreciation - owned assets 798,546 768,592
(Profit)/loss on disposal of fixed assets (152,506 ) 5,783
Auditors' remuneration 12,000 5,850
Foreign exchange differences 16,765 (5,931 )

IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.23 30.11.22
as restated
£    £   
Hire purchase 64,349 61,705

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.11.23 30.11.22
as restated
£    £   
Current tax:
UK corporation tax 338,356 173,951
Corporation tax - prior year 53,657 -
Total current tax 392,013 173,951

Deferred tax 173,786 186,813
Tax on profit 565,799 360,764

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.11.23 30.11.22
as restated
£    £   
Profit before tax 2,168,241 1,821,845
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

542,060

346,151

Effects of:
Expenses not deductible for tax purposes 251 1,099
Income not taxable for tax purposes (38,127 ) -
Capital allowances in excess of depreciation (137,102 ) (39,306 )
Utilisation of tax losses - (18,587 )
Adjustments to tax charge in respect of previous periods 54,177 (54,177 )
Adjustment to tax due to hybrid rate (29,247 ) -
Research and development tax credit - (61,228 )
Deferred tax movement 173,787 186,812
Total tax charge 565,799 360,764

on 1 April 2023 the UK Corporation Tax rate increased from 19% to 25%.

IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


8. DIVIDENDS
30.11.23 30.11.22
as restated
£    £   
Ordinary Shares shares of 1 each
Interim 350,052 335,744

9. PRIOR YEAR ADJUSTMENT

An adjustment was posted to the prior year financial statements in respect of several errors noted in debtors, creditors, sales, tax and expenses.


Per prior year
signed accounts

Adjustment

Restated
£ '000£ '000£ '000
Trade debtors4,265(1,265)3,000
Amounts due by related parties2,638(105)2,533
Other debtors37015386
Prepayments and accrued income173323496
Trade Creditors(2,428)1,265(1,163)
VAT(469)79(390)
Social Security(33)33-
Accruals(705)(61)(766)
Deferred tax(586)(185)(771)



Revenue(16,155)(255)(16,410)
Cost of sales11,310(100)11,210
Administrative expenses3,2712033,474
Other operating income(24)(134)(158)
Taxation176185361


Net effect on net assets 100
Net effect on total comprehensive income100


IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


10. TANGIBLE FIXED ASSETS
Fixtures,
Plant and fittings Motor
machinery & equipment vehicles Totals
£    £    £    £   
COST
At 1 December 2022 5,196,636 409,005 2,174,436 7,780,077
Additions 476,211 48,639 766,727 1,291,577
Disposals (373,726 ) - - (373,726 )
At 30 November 2023 5,299,121 457,644 2,941,163 8,697,928
DEPRECIATION
At 1 December 2022 2,620,748 274,838 1,258,505 4,154,091
Charge for year 549,855 18,742 229,949 798,546
Eliminated on disposal (260,332 ) - - (260,332 )
At 30 November 2023 2,910,271 293,580 1,488,454 4,692,305
NET BOOK VALUE
At 30 November 2023 2,388,850 164,064 1,452,709 4,005,623
At 30 November 2022 2,575,888 134,167 915,931 3,625,986

The company has ownership of Tangible Fixed Assets that have been funded by hire purchase agreements. The Net Book Value of the Tangible Fixed Assets under Hire Purchase agreements as at 30 November 2023 is £ 2,794,234 (30 November 2022 - £2,391,195).

11. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 124,137
NET BOOK VALUE
At 30 November 2023 124,137
At 30 November 2022 124,137

Investment property is initially recognised using the cost model and shall be measured at fair value at each reporting date with changes in fair value recognised in profit or loss. The directors have reviewed the value of the investment property at the year end and do not consider there to be any change to the value for the year ended 30 November 2023.

12. STOCKS
30.11.23 30.11.22
as restated
£    £   
Stocks 52,000 50,200

IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
as restated
£    £   
Trade debtors 3,428,048 3,000,181
Amounts owed by related parties 2,913,080 2,533,492
Other debtors 285,768 385,652
Prepayments and accrued income 429,319 496,562
7,056,215 6,415,887

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
as restated
£    £   
Bank loans and overdrafts (see note 16) 12,480 12,480
Hire purchase contracts (see note 17) 703,917 604,190
Trade creditors 1,645,216 1,162,923
Tax 392,013 173,951
Social security and other taxes 39,352 -
VAT 388,971 390,065
Other creditors 3,256 10,433
Accrued expenses 723,584 765,544
3,908,789 3,119,586

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
as restated
£    £   
Bank loans (see note 16) 14,496 26,297
Hire purchase contracts (see note 17) 1,275,171 1,157,845
1,289,667 1,184,142

16. LOANS

An analysis of the maturity of loans is given below:

30.11.23 30.11.22
as restated
£    £   
Amounts falling due within one year or on demand:
Bank loans 12,480 12,480

Amounts falling due between one and two years:
Bank loans - 1-2 years 12,480 12,480

IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


16. LOANS - continued
30.11.23 30.11.22
as restated
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,016 13,817

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.11.23 30.11.22
as restated
£    £   
Net obligations repayable:
Within one year 703,917 604,190
Between one and five years 1,275,171 1,157,845
1,979,088 1,762,035

Non-cancellable operating leases
30.11.23 30.11.22
as restated
£    £   
Within one year 414,833 414,833
Between one and five years 640,000 918,000
In more than five years 343,333 503,333
1,398,166 1,836,166

An amount of £414,833 was recognised in expenses in the year in relation to operating leases.

18. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
as restated
£    £   
Bank loans 26,976 38,777
Hire purchase contracts 1,979,088 1,762,035
2,006,064 1,800,812

The bank loan of £26,976 is secured over the investment property.

There is a fixed and floating charge over all HP assets held by the company.

IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


19. PROVISIONS FOR LIABILITIES
30.11.23 30.11.22
as restated
£    £   
Deferred tax 944,907 771,120

Deferred
tax
£   
Balance at 1 December 2022 771,120
Provided during year 173,787
Balance at 30 November 2023 944,907

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: as restated
£    £   
3,000 Ordinary Shares 1 3,000 3,000

21. RESERVES
Retained
earnings
£   

At 1 December 2022 9,757,015
Profit for the year 1,602,442
Dividends (350,052 )
At 30 November 2023 11,009,405

22. RELATED PARTY DISCLOSURES

During the year the company made sales and purchases from companies under common control. These
transactions were made on an an arms-length basis.

Other related parties
30.11.23 30.11.22
as restated
£    £   
Sales 3,853,382 3,836,534
Purchases 1,312,211 1,572,391
Amount due from related party 4,492,420 4,204,889
Amount due to related party 46,073 369,670

Key management personnel are deemed to be the directors of the company. Directors emoluments have been disclosed in note 4 of the financial statements.

IRISH WASTE SERVICES LIMITED (REGISTERED NUMBER: NI008172)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


23. ULTIMATE CONTROLLING PARTY

The controlling party is M J R McPolin.