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REGISTERED NUMBER: 07664851 (England and Wales)
















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 June 2024

for

Ellgia Recycling Ltd

Ellgia Recycling Ltd (Registered number: 07664851)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Ellgia Recycling Ltd

Company Information
for the Year Ended 30 June 2024







DIRECTORS: D C Palmer-Jones
D J Chamberlain





REGISTERED OFFICE: Unit 7
Lancaster Way Business Park
Ely
Cambridgeshire
CB6 3NW





REGISTERED NUMBER: 07664851 (England and Wales)





AUDITORS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

Ellgia Recycling Ltd (Registered number: 07664851)

Strategic Report
for the Year Ended 30 June 2024

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

REVIEW OF BUSINESS
The company was dormant during the year in line with expectations. The financial position of the company is as shown in the financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES
During the course of its business the company is exposed to relatively low levels of financial risks which are dealt with in the next paragraph. Other risks include, but are not limited to the failure to comply with legislative and regulatory requirements including environmental and litigation failures, business continuity and the actions of customers and competitors. The company has implemented risk controls and loss mitigation plans but cannot give absolute assurance that such procedures will be effective in identifying or controlling each of the operational risks faced by the Company.

FINANCIAL RISK MANAGEMENT POLICIES
The overall aim of the company's financial risk management policy is to minimise potential adverse effects on financial performance and net assets. In the course of the business, the company is exposed primarily to liquidity risk and interest risk.

The company manages the principal financial risk within policies and operating parameters approved by the Board of Directors. The company does not enter into speculative transactions.

i) Liquidity risk

The company has loans to other group companies. Despite the company showing net current liabilities, the directors consider the liquidity risk is mitigated as tit subsidiary is able to fund the group balance should the need arise.

ii) Interest risk

The directors consider the interest rate risk to be mitigated as the groups profitability and the cash generated by the group's business activities provide significant headroom to cover any interest rate increase and the directors have a policy of not allowing this headroom to be significantly reduced.

ON BEHALF OF THE BOARD:





D C Palmer-Jones - Director


20 December 2024

Ellgia Recycling Ltd (Registered number: 07664851)

Report of the Directors
for the Year Ended 30 June 2024

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

PRINCIPAL ACTIVITY
The company was an intermediary holding company throughout the period.

DIVIDENDS
The total distribution of dividends for the year ended 30 June 2024 will be £ 2,320,000 .

DIRECTORS
The directors who have held office during the period from 1 July 2023 to the date of this report are as follows:

S R Crook - resigned 19 April 2024
D C Palmer-Jones - appointed 19 April 2024
D J Chamberlain - appointed 19 April 2024

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Hardcastle Burton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D C Palmer-Jones - Director


20 December 2024

Report of the Independent Auditors to the Members of
Ellgia Recycling Ltd

Opinion
We have audited the financial statements of Ellgia Recycling Ltd (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 June 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.

Report of the Independent Auditors to the Members of
Ellgia Recycling Ltd


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 three, 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:

Our approach was as follows:-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that related to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations in the jurisdictions that the company operates.

In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being those relating to the environment and occupational health and safety.

We obtained an understanding to how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of Board minutes and any correspondence received from regulatory bodies.

We assessed the susceptivity of the company's financial statements to material misstatement, including how fraud might occur by meeting with management from various parts of the business to understand the systems and controls of the company.

Based on our understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved enquiries with management corroborated with a review of board minutes to ascertain whether there were any transactions or disclosures not already included in the accounts.

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.

Report of the Independent Auditors to the Members of
Ellgia Recycling Ltd


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.




Denise Lindsell FCA (Senior Statutory Auditor)
for and on behalf of Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

6 January 2025

Ellgia Recycling Ltd (Registered number: 07664851)

Income Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   

TURNOVER - -
OPERATING PROFIT - -

Income from shares in group undertakings 4,085,000 -
PROFIT BEFORE TAXATION 4,085,000 -

Tax on profit 4 - -
PROFIT FOR THE FINANCIAL YEAR 4,085,000 -

Ellgia Recycling Ltd (Registered number: 07664851)

Other Comprehensive Income
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   

PROFIT FOR THE YEAR 4,085,000 -


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

4,085,000

-

Ellgia Recycling Ltd (Registered number: 07664851)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Investments 6 3,762,737 3,762,737

CREDITORS
Amounts falling due within one year 7 3,762,232 5,527,232
NET CURRENT LIABILITIES (3,762,232 ) (5,527,232 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

505

(1,764,495

)

CAPITAL AND RESERVES
Called up share capital 9 155 155
Retained earnings 10 350 (1,764,650 )
SHAREHOLDERS' FUNDS 505 (1,764,495 )

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2024 and were signed on its behalf by:





D C Palmer-Jones - Director


Ellgia Recycling Ltd (Registered number: 07664851)

Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 155 (1,764,650 ) (1,764,495 )

Changes in equity
Balance at 30 June 2023 155 (1,764,650 ) (1,764,495 )

Changes in equity
Dividends - (2,320,000 ) (2,320,000 )
Total comprehensive income - 4,085,000 4,085,000
Balance at 30 June 2024 155 350 505

Ellgia Recycling Ltd (Registered number: 07664851)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Ellgia Recycling Ltd 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Ellgia Recycling Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Ellgia Holdings Limited, Unit 7 Lancaster Way Business Park, Ely, Cambridgeshire, CB6 3NW.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors, 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.

Basic financial liabilities
Basic financial liabilities, including creditors and loans that are classified as debt, 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.

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.


Ellgia Recycling Ltd (Registered number: 07664851)

Notes to the Financial Statements - continued
for the Year Ended 30 June 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.

Going concern
The company shows net assets at 30 June 2024 of £505 (2023: net liabilities £1,764,495). As a result of cash generated from continued profitability across the group the directors are of the opinion the company will continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the accounts.

Borrowing costs
Inter-bearing loans are recorded at the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis on the profit or loss account using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 30 June 2024 nor for the year ended 30 June 2023.

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

30.6.24 30.6.23
£    £   
Directors' remuneration - -

4. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 30 June 2024 nor for the year ended 30 June 2023.

Ellgia Recycling Ltd (Registered number: 07664851)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. DIVIDENDS
30.6.24 30.6.23
£    £   
A Ordinary shares of £0.00001 each
Interim 1,506,494 -
B Ordinary shares of £0.00001 each
Interim 813,506 -
2,320,000 -

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 3,762,737
NET BOOK VALUE
At 30 June 2024 3,762,737
At 30 June 2023 3,762,737

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Ellgia Limited
Registered office: Unit 7 Lancaster Way Business Park, Ely, Cambridgeshire, CB6 3NW
Nature of business: Wholesale of waste and scrap
%
Class of shares: holding
Ordinary Shares 100.00

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Amounts owed to group undertakings 3,762,232 5,527,232

8. SECURED DEBTS

There is a cross guarantee with the groups bankers over the trade and assets of this company.

Ellgia Recycling Ltd (Registered number: 07664851)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
NIL A Ordinary £0.00 001 - 100
(30.6.23 -
10,000,000 )
NIL B Ordinary £0.00 001 - 54
(30.6.23 -
5,384,000 )
NIL C Ordinary £1 - 1
(30.6.23 - 1 )
15,484,000 Ordinary £0.00 001 155 -
155 155

On 19 April 2024, the 1 C ordinary share with a nominal value of £1 was sub-divided into 100,000 C ordinary shares with a nominal value of £0.00001 per share.

Subsequently on 19 April 2024, 10,000,000 A ordinary shares, 5,384,000 B ordinary shares and 100,000 C ordinary shares were re-designated into 15,484,000 Ordinary shares with a nominal value of £0.00001 per share.

10. RESERVES
Retained
earnings
£   

At 1 July 2023 (1,764,650 )
Profit for the year 4,085,000
Dividends (2,320,000 )
At 30 June 2024 350

11. RELATED PARTY DISCLOSURES

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.

12. ULTIMATE CONTROLLING PARTY

The immediate parent company is Ellgia Holdings Limited, a company incorporated in England and Wales. The ultimate parent company is Icon Infrastructure LLP. The largest and smallest group of undertakings for which group accounts have been drawn up for the year ended 30 June 2024 is that headed by Ellgia Holdings Limited and copies are available from the Registrar of Companies (www.companieshouse.gov.uk).

The ultimate controlling party is Mr P Malan.