| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 31 October 2024 |
| for |
| P.F. Ahern (London) Limited |
| REGISTERED NUMBER: |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditors |
| 106 Charter Avenue |
| Ilford |
| Essex |
| IG2 7AD |
| SOLICITORS: |
| 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.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. |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Accountants |
| Statutory Auditors |
| 106 Charter Avenue |
| Ilford |
| Essex |
| IG2 7AD |
| 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 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| 172,701 | 70,157 |
| Interest payable and similar expenses | 5 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 6 | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| 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 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| 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 |
| CURRENT ASSETS |
| Debtors | 9 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 10 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 14 |
| Retained earnings | 15 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 October 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 October 2024 |
| 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 | ( |
) |
| 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 |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| New loans in year |
| Group loans in year |
| Group loans during year | - | 790,748 |
| Capital repayments in year | ( |
) | ( |
) |
| Net cash from financing activities |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
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 |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Finance costs | 38,104 | 41,336 |
| Finance income | (55,765 | ) | (20,532 | ) |
| 673,545 | 587,182 |
| Increase in trade and other debtors | ( |
) | ( |
) |
| Increase 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 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 | ( |
) | 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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| 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 |
| Freehold property | - |
| Waste disposal bins | - |
| Motor vehicles | - |
| Recycling plant & other equipment | - |
| 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 |
| Social security costs |
| Other pension costs |
| 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 |
| 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 |
| Depreciation - assets on hire purchase contracts |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Auditors' remuneration |
| 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 |
| 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 | ( |
) |
| Deferred tax | ( |
) |
| Tax on profit | ( |
) |
| 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 |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes | ( |
) |
| 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 |
| AMORTISATION |
| At 1 November 2023 |
| and 31 October 2024 |
| 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 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 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 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Transfer to ownership | (375,940 | ) | - | (375,940 | ) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Transfer to ownership | (332,367 | ) | - | (332,367 | ) |
| At 31 October 2024 |
| 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 |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Hire purchase contracts (see note 12) |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Hire purchase contracts (see note 12) |
| 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 |
| Between one and five years |
| Finance charges repayable: |
| Within one year |
| Between one and five years |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 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 |
| Timing differences in year | 100,000 |
| Balance at 31 October 2024 |
| 14. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.10.24 | 31.10.23 |
| value: | £ | £ |
| Ordinary shares | £1 | 100 | 100 |
| 15. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 November 2023 |
| Profit for the year |
| At 31 October 2024 |
| 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. |