REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
IRISH WASTE SERVICES LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
17 Clarendon Road |
Clarendon Dock |
Belfast |
BT1 3BG |
BANKERS: |
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: |
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 £ |
The total distribution of dividends for the year ended 30 November 2023 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report. |
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: |
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. |
for and on behalf of |
Statutory Auditors |
17 Clarendon Road |
Clarendon Dock |
Belfast |
BT1 3BG |
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 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,776,169 | 1,724,773 |
Other operating income |
OPERATING PROFIT | 5 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
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 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
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 |
Investment property | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 November 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 November 2023 |
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 |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
(Profit)/loss on disposal of fixed assets | ( |
) |
Finance costs | 64,349 | 61,705 |
2,878,631 | 2,657,924 |
Increase in stocks | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
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 | 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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and Machinery | 12.5% on cost / 10% reducing balance |
Fixtures, fittings and equipment | 10% 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 |
Social security costs |
Other pension costs |
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 |
30.11.23 | 30.11.22 |
as restated |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
30.11.23 | 30.11.22 |
as restated |
£ | £ |
Emoluments etc |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.11.23 | 30.11.22 |
as restated |
£ | £ |
Depreciation - owned assets |
(Profit)/loss on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
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 |
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 |
Corporation tax - prior year | 53,657 | - |
Total current tax |
Deferred tax |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
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 |
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 debtors | 4,265 | (1,265) | 3,000 |
Amounts due by related parties | 2,638 | (105) | 2,533 |
Other debtors | 370 | 15 | 386 |
Prepayments and accrued income | 173 | 323 | 496 |
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 sales | 11,310 | (100) | 11,210 |
Administrative expenses | 3,271 | 203 | 3,474 |
Other operating income | (24) | (134) | (158) |
Taxation | 176 | 185 | 361 |
Net effect on net assets | 100 |
Net effect on total comprehensive income | 100 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
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 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
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 |
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 |
Amounts owed by related parties |
Other debtors |
Prepayments and accrued income |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
as restated |
£ | £ |
Bank loans and overdrafts (see note 16) |
Hire purchase contracts (see note 17) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 388,971 | 390,065 |
Other creditors |
Accrued expenses |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.23 | 30.11.22 |
as restated |
£ | £ |
Bank loans (see note 16) |
Hire purchase contracts (see note 17) |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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 |
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 |
Between one and five years |
Non-cancellable | operating leases |
30.11.23 | 30.11.22 |
as restated |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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 |
Hire purchase contracts | 1,979,088 | 1,762,035 |
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 |
Provided during year |
Balance at 30 November 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.23 | 30.11.22 |
value: | as restated |
£ | £ |
Ordinary Shares | 1 | 3,000 | 3,000 |
21. | RESERVES |
Retained |
earnings |
£ |
At 1 December 2022 |
Profit for the year |
Dividends | ( |
) |
At 30 November 2023 |
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. |
30.11.23 | 30.11.22 |
as restated |
£ | £ |
Sales |
Purchases |
Amount due from related party |
Amount due to related party |
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. |