Company registration number NI013665 (Northern Ireland)
R.A. IRWIN & COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
R.A. IRWIN & COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
R.A. IRWIN & COMPANY LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
74,061
63,998
Investment property
4
437,247
437,247
Investments
5
455,000
455,000
966,308
956,245
Current assets
Stocks
680,700
949,195
Debtors
6
1,003,850
1,030,950
Cash at bank and in hand
2,907,886
2,780,337
4,592,436
4,760,482
Creditors: amounts falling due within one year
7
(1,298,472)
(1,616,417)
Net current assets
3,293,964
3,144,065
Total assets less current liabilities
4,260,272
4,100,310
Creditors: amounts falling due after more than one year
8
(68,799)
(116,171)
Provisions for liabilities
(13,733)
(9,465)
Net assets
4,177,740
3,974,674
Capital and reserves
Called up share capital
9
580,254
580,254
Other reserves
245,116
245,116
Profit and loss reserves
3,352,370
3,149,304
Total equity
4,177,740
3,974,674
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
Mr R A Irwin
Director
Company registration number NI013665 (Northern Ireland)
R.A. IRWIN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
R.A. Irwin & Company Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 90 Milltown Road, Donaghcloney, Craigavon, Co Armagh, BT66 7NF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company, and the group headed by it, qualify as small. The company is therefore not required to prepare consolidated financial statements. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors expect that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
R.A. IRWIN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies (Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% straight line
Fixtures and fittings
33% reducing balance / 15% reducing balance
Other machinery
Depreciated in line with the contract for which they were purchased.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
During the year the company reviewed the useful economic life of plant and equipment. As a result the depreciation rate was revised from 10% to 20% straight line. The effect on profit and loss was to increase depreciation charges by £5,204.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
R.A. IRWIN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies (Continued)
- 4 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
R.A. IRWIN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies (Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
R.A. IRWIN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies (Continued)
- 6 -
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
15
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Other machinery
Total
£
£
£
£
Cost
At 1 October 2023
1,000,430
974,231
856,392
2,831,053
Additions
31,941
31,941
At 30 September 2024
1,000,430
1,006,172
856,392
2,862,994
Depreciation and impairment
At 1 October 2023
964,912
945,751
856,392
2,767,055
Depreciation charged in the year
5,580
10,718
16,298
Impairment losses
5,580
5,580
At 30 September 2024
970,492
962,049
856,392
2,788,933
Carrying amount
At 30 September 2024
29,938
44,123
74,061
At 30 September 2023
35,518
28,480
63,998
R.A. IRWIN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
4
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
437,247
Investment property comprises a rental property at 3 The Walled Gardens, Moira. The property was acquired in the prior year and is stated at the cost of acquisition to the company. This is considered to be the fair value of the property at 30 September 2024 with the directors having paid due regard to the local property market and transactions of similar properties. The historic cost of the property is £437,247 and accumulated depreciation £13,118.
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
455,000
455,000
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
858,857
738,234
Other debtors
129,974
274,570
Prepayments and accrued income
15,019
18,146
1,003,850
1,030,950
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
35,237
35,237
Trade creditors
548,631
645,616
Amounts owed to group undertakings
455,000
455,000
Corporation tax
71,788
343,524
Other taxation and social security
76,662
60,603
Accruals and deferred income
111,154
76,437
1,298,472
1,616,417
Bank loans are secured by a floating charge on the company's assets.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
68,799
116,171
R.A. IRWIN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Creditors: amounts falling due after more than one year (Continued)
- 8 -
Bank loans are secured by a floating charge on the company's assets.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
122,706
122,706
122,706
122,706
Ordinary B of £1 each
65,220
65,220
65,220
65,220
Ordinary D of £1 each
150,032
150,032
150,032
150,032
Ordinary E of £1 each
121,098
121,098
121,098
121,098
Ordinary F of £1 each
121,098
121,098
121,098
121,098
Ordinary H of £1 each
100
100
100
100
580,254
580,254
580,254
580,254
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Statutory Auditor:
GMcG PORTADOWN
Date of audit report:
26 June 2025
11
Operating lease commitments
Lessee
Lease payments recognised during the year were £25,817 (2023 - £46,588).
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
75,056
35,102
R.A. IRWIN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
12
Events after the reporting date
In a prior period the company entered a contract to supply machinery to a third party for use on a commercial basis. Under the terms of the contract there was a possibility of further income arising on termination or expiry of the contract, with additional income dependant on cost and wastage savings.
At 30 September 2024, the company was in negotiations with the third party for amounts payable under the contract in respect of the cost and wastage savings, the amount and the recovery of which was uncertain at this time.
After the year end R. A. Irwin & Company Limited reached a full and final settlement, with the third party, for £740,000 in respect of:
Cost and wastage savings under the terms of the contract;
The transfer of legal title to all machinery used under the agreement; and
The assignment of rights to future revenue streams associated with any further commercial use of the machinery.
The settlement figure has not been separately attributed to the component parts set out above. However, at the reporting date of 30 September 2024, the most recent settlement offer from the third party in respect of cost and wastage savings was £143,871. This has been used to estimate the amount attributable to this part of the settlement figure and has been recognised in these financial statements as income and amounts owing associated with the current and prior years, the recoverability of which was considered uncertain in prior years. Any further amount that may have been due under the contract terms cannot be reasonably quantified due to the difficulty in obtaining reliable information from the third party.
13
Parent company
RA Irwin 2019 Limited is considered to be the parent company of R.A. Irwin Limited. The registered office of RA Irwin 2019 Limited is 90 Milltown Road, Donaghcloney, Craigavon, BT66 7NF.