Irwell Street Metal Co. Limited 01215835 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is waste disposal contractors Digita Accounts Production Advanced 6.30.9574.0 true false true 01215835 2023-09-01 2024-08-31 01215835 2024-08-31 01215835 core:FinanceLeases core:CurrentFinancialInstruments 2024-08-31 01215835 core:FinanceLeases core:Non-currentFinancialInstruments 2024-08-31 01215835 core:CurrentFinancialInstruments 2024-08-31 01215835 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 01215835 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 01215835 core:LandBuildings core:OwnedOrFreeholdAssets 2024-08-31 01215835 core:OtherPropertyPlantEquipment 2024-08-31 01215835 bus:SmallEntities 2023-09-01 2024-08-31 01215835 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 01215835 bus:FilletedAccounts 2023-09-01 2024-08-31 01215835 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 01215835 bus:RegisteredOffice 2023-09-01 2024-08-31 01215835 bus:Director3 2023-09-01 2024-08-31 01215835 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 01215835 core:LandBuildings 2023-09-01 2024-08-31 01215835 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 01215835 core:OtherPropertyPlantEquipment 2023-09-01 2024-08-31 01215835 core:PlantMachinery 2023-09-01 2024-08-31 01215835 1 2023-09-01 2024-08-31 01215835 countries:England 2023-09-01 2024-08-31 01215835 2023-08-31 01215835 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 01215835 core:OtherPropertyPlantEquipment 2023-08-31 01215835 2022-09-01 2023-08-31 01215835 2023-08-31 01215835 core:FinanceLeases core:CurrentFinancialInstruments 2023-08-31 01215835 core:FinanceLeases core:Non-currentFinancialInstruments 2023-08-31 01215835 core:CurrentFinancialInstruments 2023-08-31 01215835 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 01215835 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 01215835 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 01215835 core:OtherPropertyPlantEquipment 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 01215835

Irwell Street Metal Co. Limited
Annual Report and
Unaudited Financial Statements

31 August 2024

 

Irwell Street Metal Co. Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Irwell Street Metal Co. Limited

Balance Sheet
31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,911,976

2,007,693

Current assets

 

Stocks

5

23,025

23,025

Debtors

6

1,805,341

1,849,301

Cash at bank and in hand

 

985,732

992,151

 

2,814,098

2,864,477

Creditors: Amounts falling due within one year

7

(1,431,963)

(1,535,518)

Net current assets

 

1,382,135

1,328,959

Total assets less current liabilities

 

3,294,111

3,336,652

Creditors: Amounts falling due after more than one year

7

(611,145)

(631,393)

Provisions for liabilities

(240,844)

(240,844)

Net assets

 

2,442,122

2,464,415

Capital and reserves

 

Called up share capital

150,200

150,200

Retained earnings

2,291,922

2,314,215

Shareholders' funds

 

2,442,122

2,464,415

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Irwell Street Metal Co. Limited

Balance Sheet
31 August 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 May 2025 and signed on its behalf by:
 

.........................................
P Allen
Director

Company Registration Number: 01215835

 

Irwell Street Metal Co. Limited

Notes to the Unaudited Financial Statements
Year Ended 31 August 2024

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Kenyon Street Works
Kenyon Street
Ramsbottom
Bury
Lancashire
BL0 0AB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

 

Irwell Street Metal Co. Limited

Notes to the Unaudited Financial Statements
Year Ended 31 August 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold propery

5% per annum

Plant and machinery

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Irwell Street Metal Co. Limited

Notes to the Unaudited Financial Statements
Year Ended 31 August 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Irwell Street Metal Co. Limited

Notes to the Unaudited Financial Statements
Year Ended 31 August 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 38 (2023 - 38).

4

Tangible assets

Land and buildings
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 September 2023

408,369

5,202,516

5,610,885

Additions

-

284,222

284,222

Disposals

-

(103,420)

(103,420)

At 31 August 2024

408,369

5,383,318

5,791,687

Depreciation

At 1 September 2023

139,731

3,463,461

3,603,192

Charge for the year

8,220

358,119

366,339

Eliminated on disposal

-

(89,820)

(89,820)

At 31 August 2024

147,951

3,731,760

3,879,711

Carrying amount

At 31 August 2024

260,418

1,651,558

1,911,976

At 31 August 2023

268,638

1,739,055

2,007,693

Included within the net book value of land and buildings above is £260,418 (2023 - £268,638) in respect of freehold land and buildings.
 

 

Irwell Street Metal Co. Limited

Notes to the Unaudited Financial Statements
Year Ended 31 August 2024

5

Stocks

2024
£

2023
£

Other inventories

23,025

23,025

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,204,183

1,221,034

Amounts owed by related parties

9

465,742

409,913

Prepayments

 

135,416

186,270

Other debtors

 

-

32,084

   

1,805,341

1,849,301

 

Irwell Street Metal Co. Limited

Notes to the Unaudited Financial Statements
Year Ended 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

269,899

316,083

Trade creditors

 

375,052

514,835

Taxation and social security

 

138,323

155,698

Accruals and deferred income

 

648,689

548,902

 

1,431,963

1,535,518

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

611,145

631,393

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Finance lease liabilities

611,145

631,393

Current loans and borrowings

2024
£

2023
£

Finance lease liabilities

269,899

316,083


The obligations under finance lease liabilities amounting to £ 881,044 ( 2023 : £ 947,476 ) are secured on the assets to which they relate.

 

Irwell Street Metal Co. Limited

Notes to the Unaudited Financial Statements
Year Ended 31 August 2024

9

Related party transactions

Directors' remuneration

The directors are remunerated by the company. The directors consider that their remuneration meets the criteria of being under normal market conditions.

10

Parent and ultimate parent undertaking

The company is controlled by the family, who are all shareholders of the parent company, ISM Holdings Limited, who own 99.9% of the company's ordinary share capital. Mr P Allen is the managing director.