Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr D Ireland 28/01/2008 31 October 2023 The principal activity of the company continued to be that of waste management including associated transport and logistics. SC336768 2023-03-31 SC336768 bus:Director1 2023-03-31 SC336768 2022-03-31 SC336768 core:CurrentFinancialInstruments 2023-03-31 SC336768 core:CurrentFinancialInstruments 2022-03-31 SC336768 core:Non-currentFinancialInstruments 2023-03-31 SC336768 core:Non-currentFinancialInstruments 2022-03-31 SC336768 core:ShareCapital 2023-03-31 SC336768 core:ShareCapital 2022-03-31 SC336768 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC336768 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC336768 core:LandBuildings 2022-03-31 SC336768 core:PlantMachinery 2022-03-31 SC336768 core:OfficeEquipment 2022-03-31 SC336768 core:LandBuildings 2023-03-31 SC336768 core:PlantMachinery 2023-03-31 SC336768 core:OfficeEquipment 2023-03-31 SC336768 core:ImmediateParent core:CurrentFinancialInstruments 2023-03-31 SC336768 core:ImmediateParent core:CurrentFinancialInstruments 2022-03-31 SC336768 core:CurrentFinancialInstruments core:Secured 2023-03-31 SC336768 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2023-03-31 SC336768 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2022-03-31 SC336768 bus:OrdinaryShareClass1 2023-03-31 SC336768 2022-04-01 2023-03-31 SC336768 bus:FullAccounts 2022-04-01 2023-03-31 SC336768 bus:SmallEntities 2022-04-01 2023-03-31 SC336768 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC336768 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC336768 bus:Director1 2022-04-01 2023-03-31 SC336768 1 2022-04-01 2023-03-31 SC336768 core:LandBuildings 2022-04-01 2023-03-31 SC336768 core:PlantMachinery 2022-04-01 2023-03-31 SC336768 core:OfficeEquipment 2022-04-01 2023-03-31 SC336768 2021-04-01 2022-03-31 SC336768 core:LandBuildings 1 2022-04-01 2023-03-31 SC336768 core:PlantMachinery 1 2022-04-01 2023-03-31 SC336768 core:OfficeEquipment 1 2022-04-01 2023-03-31 SC336768 1 2022-04-01 2023-03-31 SC336768 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC336768 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 SC336768 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC336768 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 SC336768 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC336768 (Scotland)

3R SOLUTIONS LIMITED
(Formerly 3RSolutions Ltd)

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

3R SOLUTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

3R SOLUTIONS LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
3R SOLUTIONS LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,402,247 2,403,325
2,402,247 2,403,325
Current assets
Stocks 6,000 17,360
Debtors 4 1,701,274 1,760,836
Cash at bank and in hand 175,127 97,647
1,882,401 1,875,843
Creditors: amounts falling due within one year 5 ( 2,259,403) ( 2,625,900)
Net current liabilities (377,002) (750,057)
Total assets less current liabilities 2,025,245 1,653,268
Creditors: amounts falling due after more than one year 6 ( 672,601) ( 851,506)
Provision for liabilities ( 289,051) ( 289,051)
Net assets 1,063,593 512,711
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 1,063,493 512,611
Total shareholder's funds 1,063,593 512,711

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of 3R Solutions Limited (registered number: SC336768) were approved and authorised for issue by the Director on 31 October 2023. They were signed on its behalf by:

Mr D Ireland
Director
3R SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
3R SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

3R Solutions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Turcan Connell Princes Exchange, 1 Earl Grey Street, Edinburgh, EH3 9EE, Scotland, United Kingdom. The principal place of business is Suite 6A West Philipstoun Steading, Old Philipstoun, Linlithgow, West Lothian, EH49 7RY.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for waste management services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings 0 - 7 % reducing balance
Plant and machinery 15 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 51 47

3. Tangible assets

Land and buildings Plant and machinery Office equipment Total
£ £ £ £
Cost
At 01 April 2022 352,779 3,130,740 15,890 3,499,409
Additions 0 553,328 3,045 556,373
Disposals 0 ( 197,128) ( 2,024) ( 199,152)
Transfers 0 ( 111,195) 0 ( 111,195)
At 31 March 2023 352,779 3,375,745 16,911 3,745,435
Accumulated depreciation
At 01 April 2022 50,446 1,038,682 6,956 1,096,084
Charge for the financial year 10,753 348,510 3,529 362,792
Disposals 0 ( 73,659) ( 2,024) ( 75,683)
Transfers 0 ( 40,005) 0 ( 40,005)
At 31 March 2023 61,199 1,273,528 8,461 1,343,188
Net book value
At 31 March 2023 291,580 2,102,217 8,450 2,402,247
At 31 March 2022 302,333 2,092,058 8,934 2,403,325

4. Debtors

2023 2022
£ £
Trade debtors 1,123,248 1,597,385
Amounts owed by Parent undertakings 204,662 0
Other debtors 373,364 163,451
1,701,274 1,760,836

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts (secured) 80,123 127,843
Trade creditors 434,036 638,561
Amounts owed to Group undertakings 0 7,997
Amounts owed to fellow subsidiaries 175,000 0
Other taxation and social security 227,524 349,282
Obligations under finance leases and hire purchase contracts (secured) 545,097 479,599
Other creditors 797,623 1,022,618
2,259,403 2,625,900

The bank has a floating charge over the company’s assets to secure the bank loan and overdraft. The loans in respect of the hire purchase agreements are secured against the asset to which the agreements relates to.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 103,055 189,548
Obligations under finance leases and hire purchase contracts 569,546 661,958
672,601 851,506

The bank has a floating charge over the company’s assets to secure the bank loan. The loans in respect of the hire purchase agreements are secured against the asset to which the agreements relates to.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Financial commitments

Other financial commitments

2023 2022
£ £
Total commitments under non-cancellable operating leases not provided for in the accounts 1,797,754 1,148,031

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Amounts owed by 3R Solutions (Holdings) Limited 204,662 94,563

Transactions with the entity's director

Advances

An interest free advance of £1,485 was made by the director during the year. The conditions include that the loan is repayable on demand.

Other related party transactions

2023 2022
£ £
Amounts owed by fellow subsidiaries (175,000) 0

During the year the company entered into the following transactions with related parties:

Rent of £6,000 was paid to the wife of the director of 3RSolutions Limited.

3R BioRecovery Limited is also a subsidiary of 3R Solutions (Holdings) Limited. During the period a loan of £175,000 was advanced to 3R Solutions Limited by 3R BioRecovery Limited. The loan was interest free and was repaid in full post period end.

A management charge of £190,000 was invoiced to 3R BioRecovery Limited by 3R Solutions Limited during the year.

Transfer of assets from the fixed asset register were assets transferred at net book value to parent company.

10. Ultimate controlling party

Parent Company:

3R Solutions (Holdings) Limited.
C/O Turcan Connell Princes Exchange, 1 Earl Grey Street, Edinburgh, EH3 9EE, United Kingdom.

The ultimate controlling party was Mr D Ireland, a director and shareholder of the company.