IRIS Accounts Production v25.1.4.42 01969311 Board of Directors 1.11.23 31.10.24 31.10.24 Medium entities the provision of waste disposal services and recycling of all description of materials. true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh019693112023-10-31019693112024-10-31019693112023-11-012024-10-31019693112022-10-31019693112022-11-012023-10-31019693112023-10-3101969311ns15:EnglandWales2023-11-012024-10-3101969311ns14:PoundSterling2023-11-012024-10-3101969311ns10:Director12023-11-012024-10-3101969311ns10:PrivateLimitedCompanyLtd2023-11-012024-10-3101969311ns10:MediumEntities2023-11-012024-10-3101969311ns10:Audited2023-11-012024-10-3101969311ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-11-012024-10-3101969311ns10:Medium-sizedCompaniesRegimeForAccounts2023-11-012024-10-3101969311ns10:FullAccounts2023-11-012024-10-310196931112023-11-012024-10-3101969311ns10:OrdinaryShareClass12023-11-012024-10-3101969311ns10:Director22023-11-012024-10-3101969311ns10:Director32023-11-012024-10-3101969311ns10:CompanySecretary12023-11-012024-10-3101969311ns10:RegisteredOffice2023-11-012024-10-3101969311ns5:CurrentFinancialInstruments2024-10-3101969311ns5:CurrentFinancialInstruments2023-10-3101969311ns5:Non-currentFinancialInstruments2024-10-3101969311ns5:Non-currentFinancialInstruments2023-10-3101969311ns5:ShareCapital2024-10-3101969311ns5:ShareCapital2023-10-3101969311ns5:RetainedEarningsAccumulatedLosses2024-10-3101969311ns5:RetainedEarningsAccumulatedLosses2023-10-3101969311ns5:ShareCapital2022-10-3101969311ns5:RetainedEarningsAccumulatedLosses2022-10-3101969311ns5:RetainedEarningsAccumulatedLosses2022-11-012023-10-3101969311ns5:RetainedEarningsAccumulatedLosses2023-11-012024-10-3101969311ns5:NetGoodwill2023-11-012024-10-3101969311ns5:IntangibleAssetsOtherThanGoodwill2023-11-012024-10-3101969311ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-11-012024-10-3101969311ns5:PlantMachinery2023-11-012024-10-3101969311ns5:MotorVehicles2023-11-012024-10-3101969311ns5:ComputerEquipment2023-11-012024-10-3101969311ns5:OwnedAssets2023-11-012024-10-3101969311ns5:OwnedAssets2022-11-012023-10-3101969311ns5:LeasedAssets2023-11-012024-10-3101969311ns5:LeasedAssets2022-11-012023-10-3101969311ns5:HirePurchaseContracts2023-11-012024-10-3101969311ns5:HirePurchaseContracts2022-11-012023-10-3101969311ns5:NetGoodwill2023-10-3101969311ns5:NetGoodwill2024-10-3101969311ns5:NetGoodwill2023-10-3101969311ns5:LandBuildings2023-10-3101969311ns5:PlantMachinery2023-10-3101969311ns5:MotorVehicles2023-10-3101969311ns5:ComputerEquipment2023-10-3101969311ns5:LandBuildings2023-11-012024-10-3101969311ns5:LandBuildings2024-10-3101969311ns5:PlantMachinery2024-10-3101969311ns5:MotorVehicles2024-10-3101969311ns5:ComputerEquipment2024-10-3101969311ns5:LandBuildings2023-10-3101969311ns5:PlantMachinery2023-10-3101969311ns5:MotorVehicles2023-10-3101969311ns5:ComputerEquipment2023-10-3101969311ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-10-3101969311ns5:LeasedAssetsHeldAsLesseens5:ComputerEquipment2023-10-3101969311ns5:LeasedAssetsHeldAsLessee2023-10-3101969311ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-11-012024-10-3101969311ns5:LeasedAssetsHeldAsLesseens5:ComputerEquipment2023-11-012024-10-3101969311ns5:LeasedAssetsHeldAsLessee2023-11-012024-10-3101969311ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-10-3101969311ns5:LeasedAssetsHeldAsLesseens5:ComputerEquipment2024-10-3101969311ns5:LeasedAssetsHeldAsLessee2024-10-3101969311ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-10-3101969311ns5:LeasedAssetsHeldAsLesseens5:ComputerEquipment2023-10-3101969311ns5:LeasedAssetsHeldAsLessee2023-10-3101969311ns5:WithinOneYearns5:CurrentFinancialInstruments2024-10-3101969311ns5:WithinOneYearns5:CurrentFinancialInstruments2023-10-3101969311ns5:WithinOneYearns5:HirePurchaseContracts2024-10-3101969311ns5:WithinOneYearns5:HirePurchaseContracts2023-10-3101969311ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-10-3101969311ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-10-3101969311ns5:HirePurchaseContracts2024-10-3101969311ns5:HirePurchaseContracts2023-10-3101969311ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-10-3101969311ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-10-3101969311ns5:DeferredTaxation2023-10-3101969311ns5:DeferredTaxation2024-10-3101969311ns10:OrdinaryShareClass12024-10-3101969311ns5:RetainedEarningsAccumulatedLosses2023-10-310196931112023-11-012024-10-31
REGISTERED NUMBER: 01969311 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 October 2024

for

P.F. Ahern (London) Limited

P.F. Ahern (London) Limited (Registered number: 01969311)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


P.F. Ahern (London) Limited

Company Information
for the Year Ended 31 October 2024







DIRECTORS: L B Scott
P B Ahern
P R Scott



SECRETARY: L B Scott



REGISTERED OFFICE: 106 Charter Avenue
Ilford
Essex
IG2 7AD



REGISTERED NUMBER: 01969311 (England and Wales)



AUDITORS: Fredericks Limited
Chartered Accountants
Statutory Auditors
106 Charter Avenue
Ilford
Essex
IG2 7AD



SOLICITORS: Kenneth Elliott & Rowe
18 Eastern Road
Romford
Essex
RM1 3PJ

P.F. Ahern (London) Limited (Registered number: 01969311)

Strategic Report
for the Year Ended 31 October 2024

The directors present their strategic report for the year ended 31 October 2024.

REVIEW OF BUSINESS
The company continued to run the business from its recycling centre during the year. With the investment of several millions of pounds into new recycling equipment and property in recent years this has given and will continue to give the company the opportunity to recycle more materials and offer a complete waste management service to its customers.Where possible the company will invest in new assets and develop procedures to recycle a greater proportion of materials. The company continues to invest in new vehicles which are more efficient and less polluting than the older vehicles in the fleet.

The company traded well during the year as customers demand for waste disposal services during the period remained steady. There were no fundamental changes to the methods of operation during the year however increased efficiencies have resulted in the achievement of higher profit margins..

The company made a profit after tax of £34,989 (2023 £55,649).

At the year end the company had retained reserves of £867,931 (2023 : £832,942).

PRINCIPAL RISKS AND UNCERTAINTIES
The company is subject to a number of risks which the directors have set out below. Where possible procedures are put into place and staff employed in order to mitigate such risks.

Operational risks such as non compliance with Environmental and Health and Safety legislation apply to the company. The directors regularly appraise compliance and continually review procedures and staff requirements in these areas. As changes are regularly made by government regulation the company adopts new working practices and procedures as soon as possible to mitigate any potential risk.

Credit risk also affects the company like most businesses. The directors continue to carry out status checks on new and existing customers and have a specific department in place to ensure risks are kept to the absolute minimum.

There is little or no risk due to changes in interest rates as all lease agreements are taken on at a fixed rate of interest for the duration of the agreement.

ON BEHALF OF THE BOARD:





P R Scott - Director


17 July 2025

P.F. Ahern (London) Limited (Registered number: 01969311)

Report of the Directors
for the Year Ended 31 October 2024

The directors present their report with the financial statements of the company for the year ended 31 October 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 October 2024.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report.

L B Scott
P B Ahern
P R Scott

GOING CONCERN
The company has significant reserves as well as group support in place if required. The directors therefore consider that it is appropriate to prepare the accounts on a going concern basis.

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.

P.F. Ahern (London) Limited (Registered number: 01969311)

Report of the Directors
for the Year Ended 31 October 2024


AUDITORS
The auditors, Fredericks Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




P R Scott - Director


17 July 2025

Report of the Independent Auditors to the Members of
P.F. Ahern (London) Limited

Opinion
We have audited the financial statements of P.F. Ahern (London) Limited (the 'company') for the year ended 31 October 2024 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 31 October 2024 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
P.F. Ahern (London) 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 three, 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
P.F. Ahern (London) 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:

The extent to which our procedures are capable of detecting irregularities,including fraud is detailed below:

Our approach was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the Company through discussions with Directors and other management, and from our commercial knowledge and experience of the sector in which the Company operates;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and any other relevant regulators as required.


Report of the Independent Auditors to the Members of
P.F. Ahern (London) Limited

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.




S G Duker (Senior Statutory Auditor)
for and on behalf of Fredericks Limited
Chartered Accountants
Statutory Auditors
106 Charter Avenue
Ilford
Essex
IG2 7AD

17 July 2025

P.F. Ahern (London) Limited (Registered number: 01969311)

Income Statement
for the Year Ended 31 October 2024

31.10.24 31.10.23
Notes £    £   

TURNOVER 16,814,184 14,830,260

Cost of sales 12,705,634 11,310,380
GROSS PROFIT 4,108,550 3,519,880

Administrative expenses 3,991,614 3,470,255
OPERATING PROFIT 4 116,936 49,625

Interest receivable and similar income 55,765 20,532
172,701 70,157

Interest payable and similar expenses 5 38,104 41,336
PROFIT BEFORE TAXATION 134,597 28,821

Tax on profit 6 99,608 (26,828 )
PROFIT FOR THE FINANCIAL YEAR 34,989 55,649

P.F. Ahern (London) Limited (Registered number: 01969311)

Other Comprehensive Income
for the Year Ended 31 October 2024

31.10.24 31.10.23
Notes £    £   

PROFIT FOR THE YEAR 34,989 55,649


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

34,989

55,649

P.F. Ahern (London) Limited (Registered number: 01969311)

Balance Sheet
31 October 2024

31.10.24 31.10.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 - -
Tangible assets 8 2,300,999 2,070,849
2,300,999 2,070,849

CURRENT ASSETS
Debtors 9 4,114,723 3,201,469
Cash at bank and in hand 2,387,224 2,587,324
6,501,947 5,788,793
CREDITORS
Amounts falling due within one year 10 6,967,687 6,308,308
NET CURRENT LIABILITIES (465,740 ) (519,515 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,835,259

1,551,334

CREDITORS
Amounts falling due after more than one
year

11

(472,228

)

(323,292

)

PROVISIONS FOR LIABILITIES 13 (495,000 ) (395,000 )
NET ASSETS 868,031 833,042

CAPITAL AND RESERVES
Called up share capital 14 100 100
Retained earnings 15 867,931 832,942
SHAREHOLDERS' FUNDS 868,031 833,042

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2025 and were signed on its behalf by:





P R Scott - Director


P.F. Ahern (London) Limited (Registered number: 01969311)

Statement of Changes in Equity
for the Year Ended 31 October 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2022 100 777,293 777,393

Changes in equity
Total comprehensive income - 55,649 55,649
Balance at 31 October 2023 100 832,942 833,042

Changes in equity
Total comprehensive income - 34,989 34,989
Balance at 31 October 2024 100 867,931 868,031

P.F. Ahern (London) Limited (Registered number: 01969311)

Cash Flow Statement
for the Year Ended 31 October 2024

31.10.24 31.10.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (21,895 ) 728,649
Interest element of hire purchase payments
paid

(38,104

)

(41,336

)
Tax paid (82,780 ) -
Net cash from operating activities (142,779 ) 687,313

Cash flows from investing activities
Purchase of tangible fixed assets (886,759 ) (110,947 )
Sale of tangible fixed assets 100,000 10,500
Interest received 55,765 20,532
Net cash from investing activities (730,994 ) (79,915 )

Cash flows from financing activities
New loans in year 622,019 -
Group loans in year 504,529 -
Group loans during year - 790,748
Capital repayments in year (452,875 ) (495,753 )
Net cash from financing activities 673,673 294,995

(Decrease)/increase in cash and cash equivalents (200,100 ) 902,393
Cash and cash equivalents at beginning of
year

2

2,587,324

1,684,931

Cash and cash equivalents at end of year 2 2,387,224 2,587,324

P.F. Ahern (London) Limited (Registered number: 01969311)

Notes to the Cash Flow Statement
for the Year Ended 31 October 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.10.24 31.10.23
£    £   
Profit before taxation 134,597 28,821
Depreciation charges 590,590 548,057
Profit on disposal of fixed assets (33,981 ) (10,500 )
Finance costs 38,104 41,336
Finance income (55,765 ) (20,532 )
673,545 587,182
Increase in trade and other debtors (913,254 ) (474,012 )
Increase in trade and other creditors 217,814 615,479
Cash generated from operations (21,895 ) 728,649

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 31 October 2024
31.10.24 1.11.23
£    £   
Cash and cash equivalents 2,387,224 2,587,324
Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 2,587,324 1,684,931


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.23 Cash flow At 31.10.24
£    £    £   
Net cash
Cash at bank and in hand 2,587,324 (200,100 ) 2,387,224
2,587,324 (200,100 ) 2,387,224
Debt
Finance leases (637,894 ) (169,144 ) (807,038 )
(637,894 ) (169,144 ) (807,038 )
Total 1,949,430 (369,244 ) 1,580,186

P.F. Ahern (London) Limited (Registered number: 01969311)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

P.F. Ahern (London) Limited is a private company, limited by shares , registered in England and Wales. 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
Estimates and judgements are continually evaluated and are based on historical experience and other factors,including expectations of future events that are believed to be reasonable under the circumstances.

a) Critical judgements in applying the entities accounting policies:

There are no specific judgements apart from those involving estimates as detailed below that management has made in the process of applying the entities accounting policies that have a significant effect on the amounts recognised in the financial statements.

b) Critical accounting estimates and assumptions:

The company makes estimates and assumptions concerning the future. The resulting accounting estimates can differ from the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are addressed below:

(i) Useful economic lives of tangible assets.

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. These are re-assessed annually. They are amended when necessary to reflect any estimated changes.

(ii) Impairment of debtors

The company makes an estimate of the recoverable amount of trade and other debtors. When assessing their impairment, the management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Turnover
Turnover represents net invoiced value of services rendered, excluding value added tax. All turnover is derived from the United Kingdom.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

P.F. Ahern (London) Limited (Registered number: 01969311)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 1% on cost
Waste disposal bins - 10% on cost
Motor vehicles - 20% on cost
Recycling plant & other equipment - 10% to 20% on cost

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

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.

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.

3. EMPLOYEES AND DIRECTORS
31.10.24 31.10.23
£    £   
Wages and salaries 2,166,782 1,977,841
Social security costs 218,137 201,951
Other pension costs 31,939 23,674
2,416,858 2,203,466

P.F. Ahern (London) Limited (Registered number: 01969311)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.10.24 31.10.23

Office and management 3 2
Drivers and operational 38 39
41 41

31.10.24 31.10.23
£    £   
Directors' remuneration - -

4. OPERATING PROFIT

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

31.10.24 31.10.23
£    £   
Depreciation - owned assets 270,736 219,955
Depreciation - assets on hire purchase contracts 319,854 328,102
Profit on disposal of fixed assets (33,981 ) (10,500 )
Auditors' remuneration 18,000 17,000

Auditors' remuneration represents the charges paid on behalf of the whole group of which the company is a member.

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.10.24 31.10.23
£    £   
Hire purchase 38,104 41,336

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
31.10.24 31.10.23
£    £   
Current tax:
UK corporation tax (392 ) 83,172

Deferred tax 100,000 (110,000 )
Tax on profit 99,608 (26,828 )

UK corporation tax was charged at 25%) in 2023.

P.F. Ahern (London) Limited (Registered number: 01969311)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

6. TAXATION - continued

Reconciliation of total tax charge/(credit) 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:

31.10.24 31.10.23
£    £   
Profit before tax 134,597 28,821
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22.500%)

33,649

6,485

Effects of:
Expenses not deductible for tax purposes (590 ) 33,629
tax purposes
Difference between capital allowances and depreciation (95,948 ) 75,107

Group relief 62,497 -
Deferred tax 100,000 (110,000 )
Losses brought forward - (32,049 )
Total tax charge/(credit) 99,608 (26,828 )

7. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2023
and 31 October 2024 30,000
AMORTISATION
At 1 November 2023
and 31 October 2024 30,000
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 -

P.F. Ahern (London) Limited (Registered number: 01969311)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

8. TANGIBLE FIXED ASSETS
Recycling
Waste plant &
Freehold disposal Motor other
property bins vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2023 178,569 2,145,545 3,274,438 2,297,348 7,895,900
Additions - 144,896 437,025 304,838 886,759
Disposals - (44,799 ) (119,957 ) (203,850 ) (368,606 )
At 31 October 2024 178,569 2,245,642 3,591,506 2,398,336 8,414,053
DEPRECIATION
At 1 November 2023 89,369 1,507,942 2,783,434 1,444,306 5,825,051
Charge for year 1,786 149,193 270,003 169,608 590,590
Eliminated on disposal - (44,799 ) (119,957 ) (137,831 ) (302,587 )
At 31 October 2024 91,155 1,612,336 2,933,480 1,476,083 6,113,054
NET BOOK VALUE
At 31 October 2024 87,414 633,306 658,026 922,253 2,300,999
At 31 October 2023 89,200 637,603 491,004 853,042 2,070,849

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Recycling
plant &
Motor other
vehicles equipment Totals
£    £    £   
COST
At 1 November 2023 1,216,016 836,850 2,052,866
Additions 406,534 273,000 679,534
Disposals - (203,850 ) (203,850 )
Transfer to ownership (375,940 ) - (375,940 )
At 31 October 2024 1,246,610 906,000 2,152,610
DEPRECIATION
At 1 November 2023 778,857 253,464 1,032,321
Charge for year 221,928 97,926 319,854
Eliminated on disposal - (137,831 ) (137,831 )
Transfer to ownership (332,367 ) - (332,367 )
At 31 October 2024 668,418 213,559 881,977
NET BOOK VALUE
At 31 October 2024 578,192 692,441 1,270,633
At 31 October 2023 437,159 583,386 1,020,545

P.F. Ahern (London) Limited (Registered number: 01969311)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors 2,738,007 2,833,256
Other debtors 1,007,119 25,450
Prepayments 369,597 342,763
4,114,723 3,201,469

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Hire purchase contracts (see note 12) 334,810 314,602
Trade creditors 1,954,858 1,007,916
Amounts owed to group undertakings 3,604,288 3,099,759
Tax - 83,172
Social security and other taxes 327,688 577,833
Other creditors 31,244 34,038
Accrued expenses 714,799 1,190,988
6,967,687 6,308,308

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.24 31.10.23
£    £   
Hire purchase contracts (see note 12) 472,228 323,292

12. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.10.24 31.10.23
£    £   
Gross obligations repayable:
Within one year 376,865 345,418
Between one and five years 568,022 384,734
944,887 730,152

Finance charges repayable:
Within one year 42,055 30,816
Between one and five years 95,794 61,442
137,849 92,258

Net obligations repayable:
Within one year 334,810 314,602
Between one and five years 472,228 323,292
807,038 637,894

P.F. Ahern (London) Limited (Registered number: 01969311)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

13. PROVISIONS FOR LIABILITIES
31.10.24 31.10.23
£    £   
Deferred tax
Accelerated capital allowances 495,000 395,000

Deferred
tax
£   
Balance at 1 November 2023 395,000
Timing differences in year 100,000
Balance at 31 October 2024 495,000

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.24 31.10.23
value: £    £   
100 Ordinary shares £1 100 100

15. RESERVES
Retained
earnings
£   

At 1 November 2023 832,942
Profit for the year 34,989
At 31 October 2024 867,931

16. ULTIMATE PARENT COMPANY

P F Ahern and Sons Limited is regarded by the directors as being the company's ultimate parent company.

Consolidated Accounts are available from the registered office of the company, 106 Charter Avenue,Ilford, Essex IG2 7AD.




P.F. Ahern (London) Limited (Registered number: 01969311)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

17. RELATED PARTY DISCLOSURES

L B Scott, P B Ahern and P R Scott are directors of the ultimate holding company, P.F. Ahern & Sons Limited, in which they have a material interest.

During the year the company was invoiced management charges of £2,500,000 (2023 : £2,200,000) by its parent company P.F. Ahern & Sons Limited.

At 31st October the company owed £1,738,812 to P.F. Ahern & Sons Limited (2023 : £1,688,241)

At 31st October the company owed £1,854,680 (2023 : £1,420,620) to Ahern Land Reclamation Limited and £10,798 (2023 : £10,898) to Ahern Hazardous Waste Services Limited, both fellow subsidiaries.


During the year the company made donations of £275,000 (2023 £149,000) to The Pinches Trust, a charity of which L B Scott and P R Scott are Trustees.At the year end the amount of £139,557 (2023 £139,557) was outstanding.

During the year the company loaned the sum of £500,000 to Ingrebourne,Valley Limited, a company in the same group. Interest was charged at 2% over base rate and a legal charge taken over property as security.

The Company also started the process to acquire mineral rights from Ingreborne Valley Ltd for the sum of £452,500 under normal commercial terms.


18. POST BALANCE SHEET EVENTS

The company loaned Ingrebourne Valley Ltd the sum of £1,000,000 under the same terms and conditions as the prior loan of £500,000 mentioned in note 17 to the accounts.

19. ULTIMATE CONTROLLING PARTY


The ultimate controlling party is P F Ahern and Sons Ltd, a company registered in England and Wales.