REGISTERED NUMBER: NI008172 (Northern Ireland)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

IRISH WASTE SERVICES LIMITED

Page

Company Information

1

Strategic Report

2

to

3

Report of the Directors

4

to

5

Report of the Independent Auditors

6

to

9

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

to

16

Notes to the Financial Statements

17

to

24

DIRECTORS:

M J R McPolin

W T Devine

F Gallagher

Mrs N McGrath

SECRETARY:

Mrs N McGrath

REGISTERED OFFICE:

17 Clarendon Road

Clarendon Dock

Belfast

BT1 3BG

REGISTERED NUMBER:

NI008172 (Northern Ireland)

AUDITORS:

Baker Tilly Mooney Moore

Statutory Auditors

17 Clarendon Road

Belfast

BT1 3BG

BANKERS:

AIB NI

92 Ann Street

Belfast

BT1 3HH

The directors present their strategic report for the year ended 30 November 2024.

REVIEW OF BUSINESS

The results for the year and the financial position at the year end were considered satisfactory by the Directors.

The balance sheet reflects a strong financial position and this, enables the directors to conclude that the company will be profitable and continue to trade as a going concern into the foreseeable future.

PRINCIPAL RISKS AND UNCERTAINTIES

As for many businesses of our size, the business environment in which we operate continues to be challenging. The

market is highly competitive.

The company uses various financial instruments such as bank loans, hire purchase leases and various items such as trade debtors and trade creditors, that arise directly from the company's operations.

The existence of these financial instruments exposes the company to a number of financial risks which are listed below.

Interest rate risk

The Company has interest based assets and liabilities, both of which bear interest at variable rates. The company

regularly reviews its exposure to interest rate risk.

Foreign currency risk

The majority of the Company's revenue and expenses are denominated in sterling but are exposed to some foreign

exchange risk in the normal course of business. While the Company does not currently use financial instruments to

hedge foreign exchange exposure, this is constantly reviewed.

Credit risk

The Company has implemented the policy that we require credit checks to be performed on all potential customers

before any sales are made. The amount of exposure to individual customers is monitored regularly by the company's

management team.

BUSINESS REVIEW

We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Our review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties we face.

The business uses a variety of key performance indicators (KPIs) to measure performance. We consider our KPIs to be turnover, gross margin and profit before taxation.

2024

2023

£'000

£'000

Turnover

17,774

16,571

Gross Margin

37.2%

31.1%

Profit before taxation

3,294

2,168

These KPIs provide information on growth and profitability, and have referred to in the review of the business section

above. The directors regularly review these KPI's along with more detailed information on the company's performance and position.

As with many businesses of our size, the business environment in which we operate continues to be challenging. The impact of the cost of living crisis, exchange rates and strong competition continues to present ongoing demands. With this in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside our control.

ON BEHALF OF THE BOARD:

M J R McPolin - Director

29 October 2025

The directors present their report with the financial statements of the company for the year ended 30 November 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the collection, treatment and disposal of hazardous and non- hazardous waste.

DIVIDENDS

The total distribution of dividends for the year ended 30 November 2024 will be £ 461,955 .

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 December 2023 to the date of this report.

M J R McPolin

W T Devine

F Gallagher

Mrs N McGrath

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.

AUDITORS

The auditors, Baker Tilly Mooney Moore, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M J R McPolin - Director

29 October 2025

Opinion

We have audited the financial statements of Irish Waste Services Limited (the 'company') for the year ended 30 November 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 30 November 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.

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 four, 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.

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:

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists and significant component audit teams, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Eimear Brown (Senior Statutory Auditor)

for and on behalf of Baker Tilly Mooney Moore

Statutory Auditors

17 Clarendon Road

Belfast

BT1 3BG

30 October 2025

TURNOVER

3

17,774,280

16,570,886

Cost of sales

11,126,308

11,423,860

GROSS PROFIT

6,647,972

5,147,026

Administrative expenses

3,621,640

3,370,857

3,026,332

1,776,169

Other operating income

584,405

456,421

OPERATING PROFIT

5

3,610,737

2,232,590

Interest payable and similar expenses

6

133,872

64,349

PROFIT BEFORE TAXATION

3,476,865

2,168,241

Tax on profit

7

868,921

565,799

PROFIT FOR THE FINANCIAL YEAR

2,607,944

1,602,442

PROFIT FOR THE YEAR

2,607,944

1,602,442

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,607,944

1,602,442

FIXED ASSETS

Tangible assets

9

5,379,686

4,005,623

Investment property

10

124,137

124,137

5,503,823

4,129,760

CURRENT ASSETS

Stocks

11

52,000

52,000

Debtors

12

8,660,367

7,056,215

Cash at bank and in hand

5,726,884

5,917,793

14,439,251

13,026,008

CREDITORS

Amounts falling due within one year

13

4,189,659

3,908,789

NET CURRENT ASSETS

10,249,592

9,117,219

TOTAL ASSETS LESS CURRENT LIABILITIES

15,753,415

13,246,979

CREDITORS

Amounts falling due after more than one year

14

(1,331,526

)

(1,289,667

)

PROVISIONS FOR LIABILITIES

18

(1,263,495

)

(944,907

)

NET ASSETS

13,158,394

11,012,405

CAPITAL AND RESERVES

Called up share capital

19

3,000

3,000

Retained earnings

20

13,155,394

11,009,405

13,158,394

11,012,405

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2025 and were signed on its behalf by:

M J R McPolin - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2022

3,000

9,757,015

9,760,015

Changes in equity

Dividends

-

(350,052

)

(350,052

)

Total comprehensive income

-

1,602,442

1,602,442

Balance at 30 November 2023

3,000

11,009,405

11,012,405

Changes in equity

Dividends

-

(461,955

)

(461,955

)

Total comprehensive income

-

2,607,944

2,607,944

Balance at 30 November 2024

3,000

13,155,394

13,158,394

Cash flows from operating activities

Cash generated from operations

1

3,035,471

2,707,916

Interest element of hire purchase payments paid

(133,872

)

(64,349

)

Tax paid

(556,150

)

(173,951

)

Net cash from operating activities

2,345,449

2,469,616

Cash flows from investing activities

Purchase of tangible fixed assets

(1,442,885

)

(488,777

)

Sale of tangible fixed assets

329,898

265,900

Net cash from investing activities

(1,112,987

)

(222,877

)

Cash flows from financing activities

Loan repayments in year

(26,976

)

(11,800

)

Capital repayments in year

(776,337

)

(585,747

)

Amount withdrawn by directors

(182,481

)

-

Dividends paid

(461,955

)

(350,052

)

Net cash from financing activities

(1,447,749

)

(947,599

)

(Decrease)/increase in cash and cash equivalents

(215,287

)

1,299,140

Cash and cash equivalents at beginning of year

2

5,917,793

4,618,653

Cash and cash equivalents at end of year

2

5,702,506

5,917,793

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

30.11.24

30.11.23

£

£

Profit before taxation

3,476,865

2,168,241

Depreciation charges

828,659

798,547

Profit on disposal of fixed assets

(253,734

)

(152,506

)

Finance costs

133,872

64,349

4,185,662

2,878,631

Increase in stocks

-

(1,800

)

Increase in trade and other debtors

(1,421,671

)

(640,328

)

Increase in trade and other creditors

271,480

471,413

Cash generated from operations

3,035,471

2,707,916

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 30 November 2024

30.11.24

1.12.23

£

£

Cash and cash equivalents

5,726,884

5,917,793

Bank overdrafts

(24,378

)

-

5,702,506

5,917,793

Year ended 30 November 2023

30.11.23

1.12.22

£

£

Cash and cash equivalents

5,917,793

4,618,653

3.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1.12.23

Cash flow

changes

At 30.11.24

£

£

£

£

Net cash

Cash at bank

and in hand

5,917,793

(190,909

)

5,726,884

Bank overdrafts

-

(24,378

)

(24,378

)

5,917,793

(215,287

)

5,702,506

Debt

Finance leases

(1,979,088

)

776,337

(836,000

)

(2,038,751

)

Debts falling due

within 1 year

(12,480

)

12,480

-

-

Debts falling due

after 1 year

(14,496

)

14,496

-

-

(2,006,064

)

803,313

(836,000

)

(2,038,751

)

Total

3,911,729

588,026

(836,000

)

3,663,755

1.	STATUTORY INFORMATION

Irish Waste Services Limited is a private company, limited by shares , registered in Northern Ireland. 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

In the application of the company’s accounting policies, the directors are required to make judgements,

estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent

from other sources. The estimates and associated assumptions are based on historical experience and other

factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised where the revision affects only that

period, or in the period of the revision and future periods where the revision affects both current and future

periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on

amounts recognised in the financial statements.

Impairment of trade debtors

The company trades with a large and varied number of customers on credit terms. Some debts will not be

paid through the default of a small number of customers. The company uses estimates based on historical

experience and current information in determining the level of debts for which an impairment charge is

required. The level of impairment is reviewed on an ongoing basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and Machinery

12.5% on cost / 10% reducing balance

Fixtures, fittings and equipment

10% on cost

Motor vehicles

20% reducing balance / 10% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors

Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

-Financial liabilities and equity

Financial liabilities and equity are classified according to the substance of the financial instrument’s

contractual obligations, rather than the financial instrument’s legal form. Financial liabilities, are initially measured at transaction price (after deducting transaction costs) and subsequently held at amortised cost.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest rate method

so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised

as a reduction in the proceeds of the associated capital instrument.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

Revenue is generated in Ireland and the UK.

4.	EMPLOYEES AND DIRECTORS

30.11.24

30.11.23

£

£

Wages and salaries

1,869,897

1,642,462

Social security costs

169,923

176,881

Other pension costs

95,794

65,087

2,135,614

1,884,430

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

30.11.24

30.11.23

Administration

13

14

Operations

22

22

35

36

30.11.24

30.11.23

£

£

Directors' remuneration

434,958

322,183

Information regarding the highest paid director is as follows:

30.11.24

30.11.23

£

£

Emoluments etc

201,632

158,132

5.	OPERATING PROFIT

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

30.11.24

30.11.23

£

£

Depreciation - owned assets

828,658

798,546

Profit on disposal of fixed assets

(253,734

)

(152,506

)

Auditors' remuneration

12,500

12,000

Foreign exchange differences

33,113

16,765

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.11.24

30.11.23

£

£

Hire purchase

133,872

64,349