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REGISTERED NUMBER: 11402204 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

METHOD RECYCLING UK LIMITED

METHOD RECYCLING UK LIMITED (REGISTERED NUMBER: 11402204)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


METHOD RECYCLING UK LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: S C Korner
I J S Y Korner





REGISTERED OFFICE: 10 John Street
London
WC1N 2EB





REGISTERED NUMBER: 11402204 (England and Wales)





ACCOUNTANTS: Oury Clark Chartered Accountants
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

METHOD RECYCLING UK LIMITED (REGISTERED NUMBER: 11402204)

BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,700 2,713

CURRENT ASSETS
Stocks 183,579 148,957
Debtors 5 99,947 64,986
Cash at bank 34,272 18,281
317,798 232,224
CREDITORS
Amounts falling due within one year 6 491,060 356,768
NET CURRENT LIABILITIES (173,262 ) (124,544 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(170,562

)

(121,831

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (170,662 ) (121,931 )
(170,562 ) (121,831 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

METHOD RECYCLING UK LIMITED (REGISTERED NUMBER: 11402204)

BALANCE SHEET - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2024 and were signed on its behalf by:





S C Korner - Director


METHOD RECYCLING UK LIMITED (REGISTERED NUMBER: 11402204)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Method Recycling UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis as Method Ltd, the Parent Company, will continue to support the Company as required for a minimum of 12 months and 1 day from signing of the Balance Sheet.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Turnover is made up of 3 different revenue streams-

Product revenue, subscription revenue intercompany recharges.

Product revenue relates to individual product items, and is recognised when the order is invoiced, being the point when the order is agreed upon.

Subscription income relates to customers being invoiced annually for 12 months contracts. Contracts grant the customer right to access the HaaS/SaaS product for an agreed period. Revenue is received in advanced and recognised over the length of the contract.

Intercompany recharges relates to recharges back to related parties at cost per their Transfer Pricing Agreement.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently recognised at cost, net of depreciation and any impairment losses.

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

Plant and machinery etc - 25% and 50% on reducing balance

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
Basic financial instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any other financial instruments, as covered by Section 12 of FRS 102.

METHOD RECYCLING UK LIMITED (REGISTERED NUMBER: 11402204)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

METHOD RECYCLING UK LIMITED (REGISTERED NUMBER: 11402204)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 5,057
Additions 2,657
Disposals (3,094 )
At 31 March 2024 4,620
DEPRECIATION
At 1 April 2023 2,344
Charge for year 1,184
Eliminated on disposal (1,608 )
At 31 March 2024 1,920
NET BOOK VALUE
At 31 March 2024 2,700
At 31 March 2023 2,713

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 95,340 28,094
Other debtors 4,607 36,892
99,947 64,986

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 12,814 10,697
Amounts owed to group undertakings 426,394 309,642
Taxation and social security 7,279 23,095
Other creditors & accruals 44,573 13,334
491,060 356,768

7. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are India Korner, Steven Korner, and Rosemary Bradford.

8. ULTIMATE PARENT COMPANY

The ultimate parent company is Method Ltd, a company incorporated in New Zealand, by virtue of their 100% shareholding in Method Recycling UK Limited.