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REGISTERED NUMBER: 04114327 (England and Wales)

























Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Mil-tek UK Recycling and Waste Solutions
Ltd

Mil-tek UK Recycling and Waste Solutions
Ltd (Registered number: 04114327)






Contents of the Financial Statements
for the year ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 9

Mil-tek UK Recycling and Waste Solutions
Ltd

Company Information
for the year ended 31 December 2024







DIRECTORS: K Skannerup
J M Davies
B Wingfield





REGISTERED OFFICE: Catheralls Industrial Estate
Brookhill Way
Buckley
Flintshire
CH7 3PS





REGISTERED NUMBER: 04114327 (England and Wales)





ACCOUNTANTS: Bennett Brooks & Co Ltd
Chartered Accountants
Suite 1, First Floor
Coachworks Arcade
Northgate Street
Chester
Cheshire
CH1 2EY

Mil-tek UK Recycling and Waste Solutions
Ltd (Registered number: 04114327)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 125,000 150,000
Tangible assets 5 1,056,143 1,060,098
1,181,143 1,210,098

CURRENT ASSETS
Stocks 574,090 584,583
Debtors 6 202,138 168,271
Cash at bank and in hand 83,358 63,151
859,586 816,005
CREDITORS
Amounts falling due within one year 7 790,718 683,340
NET CURRENT ASSETS 68,868 132,665
TOTAL ASSETS LESS CURRENT LIABILITIES 1,250,011 1,342,763

CREDITORS
Amounts falling due after more than one year 8 (654,680 ) (780,553 )

PROVISIONS FOR LIABILITIES (205,174 ) (234,500 )
NET ASSETS 390,157 327,710

CAPITAL AND RESERVES
Called up share capital 10,020 10,020
Retained earnings 380,137 317,690
SHAREHOLDERS' FUNDS 390,157 327,710

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 25 March 2025 and were signed on its behalf by:





J M Davies - Director


Mil-tek UK Recycling and Waste Solutions
Ltd (Registered number: 04114327)

Notes to the Financial Statements
for the year ended 31 December 2024

1. STATUTORY INFORMATION

Mil-tek UK Recycling and Waste Solutions 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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

Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to a notable milestone.
Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Licences
The company has negotiated a licence for exclusive distribution rights to England & Wales. The rights are not deemed to have any diminution in value at the year end.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

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 systematic basis over its expected useful life as follows:

Machines - 5% per annum straight line
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


Mil-tek UK Recycling and Waste Solutions
Ltd (Registered number: 04114327)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

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.

Lessor income and assets
All income was received and all assets were let under operating lease agreements. The cost and accumulated depreciation of these assets are disclosed under the class heading 'Machines' in Note 4. All leased assets are owned by the company.

Share capital
Ordinary shares are classed as equity.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Distribution to equity holders
Dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 13 ) .

Mil-tek UK Recycling and Waste Solutions
Ltd (Registered number: 04114327)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2024
and 31 December 2024 250,000
AMORTISATION
At 1 January 2024 100,000
Amortisation for year 25,000
At 31 December 2024 125,000
NET BOOK VALUE
At 31 December 2024 125,000
At 31 December 2023 150,000

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
Machines machinery fittings
£    £    £   
COST
At 1 January 2024 1,565,751 28,204 8,730
Additions 30,870 - 860
Disposals - - -
At 31 December 2024 1,596,621 28,204 9,590
DEPRECIATION
At 1 January 2024 543,569 24,213 5,964
Charge for year 39,005 998 852
Eliminated on disposal - - -
At 31 December 2024 582,574 25,211 6,816
NET BOOK VALUE
At 31 December 2024 1,014,047 2,993 2,774
At 31 December 2023 1,022,182 3,991 2,766

Mil-tek UK Recycling and Waste Solutions
Ltd (Registered number: 04114327)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2024 44,199 23,356 1,670,240
Additions 18,950 - 50,680
Disposals (16,495 ) - (16,495 )
At 31 December 2024 46,654 23,356 1,704,425
DEPRECIATION
At 1 January 2024 17,055 19,341 610,142
Charge for year 8,435 2,467 51,757
Eliminated on disposal (13,617 ) - (13,617 )
At 31 December 2024 11,873 21,808 648,282
NET BOOK VALUE
At 31 December 2024 34,781 1,548 1,056,143
At 31 December 2023 27,144 4,015 1,060,098

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2024 27,704
Additions 18,950
At 31 December 2024 46,654
DEPRECIATION
At 1 January 2024 3,438
Charge for year 8,435
At 31 December 2024 11,873
NET BOOK VALUE
At 31 December 2024 34,781
At 31 December 2023 24,266

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 187,742 163,844
Other debtors 9,222 4,427
Directors' current accounts 1,033 -
Prepayments & accrued income 4,141 -
202,138 168,271

Mil-tek UK Recycling and Waste Solutions
Ltd (Registered number: 04114327)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 302,797 302,797
Hire purchase contracts 33,461 54,991
Trade creditors 271,530 180,081
Tax 22,642 4
Social security & other taxes 13,543 13,903
VAT 88,641 75,917
Other creditors 190 190
Due to group undertakings 100 -
Licence fees 25,000 25,000
Directors' current accounts 19,945 15,673
Pensions 1,369 1,534
Accrued expenses 11,500 13,250
790,718 683,340

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 292,019 312,854
Bank loans - 2-5 years 231,119 275,425
Bank Loans - >5 years - 21,194
Hire purchase contracts 31,542 46,080
Licence fees 100,000 125,000
654,680 780,553

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 825,935 912,270
Hire purchase contracts 65,003 101,071
890,938 1,013,341

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 2023
£    £   
J M Davies
Balance outstanding at start of year - -
Amounts advanced 1,033 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,033 -

Mil-tek UK Recycling and Waste Solutions
Ltd (Registered number: 04114327)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

11. RELATED PARTY DISCLOSURES

Included in closing trade creditors is a balance due of £240,168 (2023 £161,872) due to Mil-tek Denmark A/S, a company with common directors. The amount of invoices raised in the year totalled £341,624 (2023 £471,529)

Included in closing trade debtors is a balance due of £Nil (2023 £580) due from Mil-tek Denmark A/S, a company with common directors. The amount of invoices raised in the year totalled £32,449 (2023 £36,141)

In December 2019, the company agreed a ten year exclusivity licence for the UK market with Mil-tek Denmark A/S. The costs of the licence of £250,000 is payable in ten equal instalments starting December 2020. The amount outstanding at 31 December 2024 was £125,000.

Included in closing trade debtors is a balance due of £Nil (2023 £Nil) due from Mil-tek UK Rental Ltd, a company with common directors. The amount of invoices received in the year totalled £36,091 (2023 £102,963)

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Mil-tek UK Recycling and Waste Solutions
Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mil-tek UK Recycling and Waste Solutions Ltd for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Mil-tek UK Recycling and Waste Solutions Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mil-tek UK Recycling and Waste Solutions Ltd and state those matters that we have agreed to state to the Board of Directors of Mil-tek UK Recycling and Waste Solutions Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mil-tek UK Recycling and Waste Solutions Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Mil-tek UK Recycling and Waste Solutions Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mil-tek UK Recycling and Waste Solutions Ltd. You consider that Mil-tek UK Recycling and Waste Solutions Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Mil-tek UK Recycling and Waste Solutions Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bennett Brooks & Co Ltd
Chartered Accountants
Suite 1, First Floor
Coachworks Arcade
Northgate Street
Chester
Cheshire
CH1 2EY


25 March 2025