Registered number
SC214040
International Waste Management Group Limited
Filleted Accounts
31 December 2023
International Waste Management Group Limited
Registered number: SC214040
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 215,857 152,704
Current assets
Debtors 4 181,673 218,777
Cash at bank and in hand 107,332 85,531
289,005 304,308
Creditors: amounts falling due within one year 5 (122,073) (145,056)
Net current assets 166,932 159,252
Total assets less current liabilities 382,789 311,956
Creditors: amounts falling due after more than one year 6 (158,585) (111,893)
Net assets 224,204 200,063
Capital and reserves
Called up share capital 300 300
Profit and loss account 223,904 199,763
Shareholders' funds 224,204 200,063
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Louise Burnett
Director
Approved by the board on 25 September 2024
International Waste Management Group Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing bakance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 24 28
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 75,208 206,980 282,188
Additions 7,327 110,915 118,242
Disposals - (42,500) (42,500)
At 31 December 2023 82,535 275,395 357,930
Depreciation
At 1 January 2023 56,241 73,243 129,484
Charge for the year 5,283 46,613 51,896
On disposals - (39,307) (39,307)
At 31 December 2023 61,524 80,549 142,073
Net book value
At 31 December 2023 21,011 194,846 215,857
At 31 December 2022 18,967 133,737 152,704
4 Debtors 2023 2022
£ £
Trade debtors 153,751 134,239
Other debtors 27,922 84,538
181,673 218,777
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 26,521 27,681
Trade creditors 52,884 59,367
Taxation and social security costs 27,250 45,220
Other creditors 5,418 2,788
122,073 145,056
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,000 25,000
Obligations under finance lease and hire purchase contracts 143,585 86,893
158,585 111,893
7 Other information
International Waste Management Group Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
6 Dryden Road
Bilston Glen
Midlothian
EH20 9LZ
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