Immediate Waste And Resource Management Limited
Immediate Waste And Resource Management Limited
Registered number: SC453195
Financial Statements
For The Year Ended
31 March 2022
Stewart Accounting Services Limited
Immediate Waste And Resource Management Limited
Financial Statements
For The Year Ended
31 March 2022
Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—8 |
Immediate Waste And Resource Management Limited
Balance Sheet
As at
31 March 2022
Balance Sheet
Registered number:
SC453195
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
2022 | 2021 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 3 |
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CURRENT ASSETS | |||||
Debtors | 4 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 5 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 6 |
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PROVISIONS FOR LIABILITIES | |||||
Provisions For Charges | 9 |
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NET ASSETS/(LIABILITIES) |
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CAPITAL AND RESERVES | |||||
Called up share capital | 10 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 1,158 | (30,118) | |||
Immediate Waste And Resource Management Limited
Balance Sheet (continued)
As at
31 March 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 3 to 8 form part of these financial statements.
Immediate Waste And Resource Management Limited
Notes to the Financial Statements
For The Year Ended
31 March 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery |
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Motor Vehicles |
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Computer Equipment |
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1.4.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
Immediate Waste And Resource Management Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.6.
Retirement benefits
The company provides pension benefits for senior employees, under the terms of the pension contracts entered into with the senior employees, fixed sums are provided for now in order to provide pension benefits to the individuals upon their retirement. The pension contracts allow for an annual increase in respect of indexation over and above the initial contracted amount.
Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors consider that it does not bear any of the hallmarks of a defined benefit scheme as the company's contributions are fixed until the point of retirement at which point any further contributions of annual increases cease. Further information can be found in notes to the financial statements.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2021: 2)
Immediate Waste And Resource Management Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
3.
Tangible Assets
Plant & Machinery | Motor Vehicles | Computer Equipment | Total | |
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Cost | ||||
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Additions |
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Depreciation | ||||
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Provided during the period |
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As at
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Net Book Value | ||||
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As at
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Included above are assets held under finance leases with a net book value as follows:
2022 | 2021 | ||
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£ | £ | ||
Motor Vehicles |
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4.
Debtors
2022 | 2021 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Corporation tax recoverable assets |
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Directors' loan accounts |
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Immediate Waste And Resource Management Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
5.
Creditors: Amounts Falling Due Within One Year
2022 | 2021 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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Trade creditors |
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Bank loans and overdrafts |
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Corporation tax |
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VAT |
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Other creditors |
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6.
Creditors: Amounts Falling Due After More Than One Year
2022 | 2021 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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Bounce back loan |
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7.
Secured Creditors
Of the creditors the following amounts are secured.
2022 | 2021 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts | 20,631 | 21,573 |
8.
Obligations Under Finance Leases and Hire Purchase
2022 | 2021 | ||
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£ | £ | ||
The maturity of these amounts is as follows: | |||
Within one year |
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Between one and five years |
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Immediate Waste And Resource Management Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
9.
Provisions for Liabilities
Other Provisions | ||
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Additions |
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Balance at
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Provision for liabilities represent provision for Director's pension contribution.
11.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
The above loan is unsecured, interest free and repayable on demand.
12.
Related Party Transactions
The other creditors balance of £7,313 relates to Immediate Waste (Scotland) Limited, which has shared directors of Mr James Cairney and Mrs Moira Cairney.
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
Aggregate compensation: £757,850 (2021: £7,872)
13.
Ultimate Controlling Party
The company's ultimate controlling party is
Mr James Cairney and Mrs Moira Cairney
by virtue of their ownership of 100% of the issued share capital in the company.
14.
Retirement benefit schemes
Immediate Waste And Resource Management Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
Charge to profit or loss in respect of defined benefit schemes: £752,500 (2021: 0)
The company provided pension benefits in respect of a senior employee. Amounts payable are charged to the profit and loss account in the period as a constructive obligation existed at 31st March 2022. This obligation was satisfied within 9 months of the period end by the company entering into the contract with the employee. The number of directors to whom pension benefits are accruing under this pension agreement is 1 (2021: 0).
The contributions and potential liabilities of the company in respect of the pension agreement are fixed at least until the date of retirement of the employee which is over 7 years from the period end date.
Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors are of the opinion that it does not bear any of the hallmarks of what is usually considered to be a defined benefit scheme and therefore no further disclosures are considered necessary in order to understand the nature and measurement of the liability.
The directors are also of the opinion that the liability as disclosed in the financial statements represents the full and final amount which could be expected, at this stage, to be paid in the future to settle the pension agreement liabilities.
15.
General Information
Immediate Waste And Resource Management Limited
is a private company, limited by shares, incorporated in Scotland, registered number
SC453195
. The registered office is Office 90 Alloa Business Centre, Whins Road, Alloa, Clackmannanshire, FK10 3SA.