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Company No: SC681245 (Scotland)

3R BIORECOVERY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

3R BIORECOVERY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

3R BIORECOVERY LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
3R BIORECOVERY LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Tangible assets 3 145,090 127,246
145,090 127,246
Current assets
Stocks 19,841 0
Debtors 4 517,844 413,019
Cash at bank and in hand 148,290 74,806
685,975 487,825
Creditors: amounts falling due within one year 5 ( 654,003) ( 400,321)
Net current assets 31,972 87,504
Total assets less current liabilities 177,062 214,750
Creditors: amounts falling due after more than one year 6 ( 41,374) ( 54,537)
Provision for liabilities ( 33,610) ( 30,231)
Net assets 102,078 129,982
Capital and reserves
Called-up share capital 7 5,263 5,000
Profit and loss account 96,815 124,982
Total shareholders' funds 102,078 129,982

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of 3R BioRecovery Limited (registered number: SC681245) were approved and authorised for issue by the Board of Directors on 02 August 2024. They were signed on its behalf by:

Mr D Ireland
Director
3R BIORECOVERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
3R BIORECOVERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
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 period, unless otherwise stated.

General information and basis of accounting

3R BioRecovery 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, EH49 7RY, Scotland, United Kingdom .

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.

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 at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Computer equipment 3 years straight line

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.

Impairment of assets

Assets, other than those measured at fair value, 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 and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, and bank overdrafts.

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

Year ended
31.03.2024
Period from
01.02.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 4

3. Tangible assets

Plant and machinery Computer equipment Total
£ £ £
Cost
At 01 April 2023 156,860 802 157,662
Additions 40,680 0 40,680
At 31 March 2024 197,540 802 198,342
Accumulated depreciation
At 01 April 2023 29,837 579 30,416
Charge for the financial year 22,613 223 22,836
At 31 March 2024 52,450 802 53,252
Net book value
At 31 March 2024 145,090 0 145,090
At 31 March 2023 127,023 223 127,246

4. Debtors

31.03.2024 31.03.2023
£ £
Trade debtors 386,084 216,530
Amounts owed by fellow subsidiaries 100,800 175,000
Other debtors 30,960 21,489
517,844 413,019

5. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Trade creditors 224,064 130,163
Taxation and social security 46,087 26,188
Obligations under finance leases and hire purchase contracts 45,621 32,185
Other creditors 338,231 211,785
654,003 400,321

A floating charge is held over the assets of the company to secure the invoice financing creditor, held within other creditors. The loans in respect of the hire purchase agreements are secured against the asset to which the agreement relates.

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

31.03.2024 31.03.2023
£ £
Obligations under finance leases and hire purchase contracts 41,374 54,537

The loans in respect of the hire purchase agreements are secured against the asset to which the agreement relates.

7. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
3,500 A Ordinary shares of £ 1.00 each 3,500 3,500
1,500 B Ordinary shares of £ 1.00 each 1,500 1,500
263 C Ordinary shares of £ 1.00 each (31.03.2023: nil shares) 263 0
5,263 5,000

8. Related party transactions

Other related party transactions

31.03.2024 31.03.2023
£ £
Amounts owed by fellow subsidiaries 100,800 175,000

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

3R Solutions Limited is a fellow subsidiary of 3R BioRecovery Limited. During the period a loan of £175,000 was fully repaid to 3R BioRecovery Limited by 3R Solutions Limited. A separate loan of £100,800 was advanced to 3R Solutions Limited by 3R BioRecovery Limited. The loan is interest free and repayable on demand.

A management charge of £300,900 (2023: £190,000) was invoiced to 3R BioRecovery Limited by 3R Solutions Limited in relation to the period.