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REGISTERED NUMBER: 06911552 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

TERRACYCLE UK LIMITED

TERRACYCLE UK LIMITED (REGISTERED NUMBER: 06911552)






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


TERRACYCLE UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: T Szaky
R B Perl
J Tremblin





REGISTERED OFFICE: Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1HD





REGISTERED NUMBER: 06911552 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

TERRACYCLE UK LIMITED (REGISTERED NUMBER: 06911552)

BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 60,294 50,818
60,294 50,818

CURRENT ASSETS
Stocks 52,706 51,661
Debtors 6 2,909,064 2,337,064
Cash at bank 800,585 1,617,451
3,762,355 4,006,176
CREDITORS
Amounts falling due within one year 7 1,820,385 2,312,644
NET CURRENT ASSETS 1,941,970 1,693,532
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,002,264

1,744,350

PROVISIONS FOR LIABILITIES - 10,399
NET ASSETS 2,002,264 1,733,951

CAPITAL AND RESERVES
Called up share capital 9 2 2
Share premium 10 115,034 115,034
Retained earnings 10 1,887,228 1,618,915
SHAREHOLDERS' FUNDS 2,002,264 1,733,951

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 17 April 2025 and were signed on its behalf by:





T Szaky - Director


TERRACYCLE UK LIMITED (REGISTERED NUMBER: 06911552)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Terracycle 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.

The trading address of the company is TNS House, Westgate, Hanger Lane, London, W5 1UA.

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 company has obtained a letter of support from its parent company, TerraCycle Inc. (incorporated in USA). The directors of TerraCycle Inc. have provided a commitment to provide any financial support which may be necessary in order that the company can meet its liabilities, as they fall due, for a period in excess of 12 months and 1 day from the date on which the audit report is signed. As a result of this commitment the directors have continued to adopt the going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of FRS 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 relates to the provision of various waste management, collection and processing services.

Turnover is recognised net of value added tax upon provision of the service, and where applicable,fees are deferred and recognised in line with the underlying contractual documentation.

Intangible assets
Intangible assets are initially recognised at cost. Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Patents and licences- Straight line over 10 years


Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Between 1 and 4 years
Plant and machinery - Straight line over 3 years
Fixtures and fittings - Straight line over 3 years
Computer equipment - straight line over 3 - 5 years

Tangible fixed assets are recognised at initial cost, less depreciation as calculated in line with the above.

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

The cost of stocks held is measured on a moving average basis.

TERRACYCLE UK LIMITED (REGISTERED NUMBER: 06911552)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

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.

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 including any lease incentives are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

TERRACYCLE UK LIMITED (REGISTERED NUMBER: 06911552)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Share-based payments
The company has claimed exemption from disclosing the details around the options in place in full on the basis the disclosures are included in the parent company's financial statements.

Certain employees of the company participate in group share-based payment plans that are administered and settled by the ultimate parent company, TerraCycle Inc. The schemes in place in the current and prior year had fully vested at the year-end date and accordingly, there is no impact on the current year company financial statements.

As at 31 December 2024, several employees have been provided with incentive based compensation under the group Restricted Stock Unit Plan.These annual grants are provided subject to forfeiture if the employee leaves the Company for any reason before a Liquidity Event. At the time of a Liquidity Event, each unit will pay to the employee (in cash or stock, depending on the nature of the transaction), an amount equivalent to the consideration paid to shareholders for each Common Share. As at 31 December 2024, no such event has occurred and therefore there is no impact on the current year financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 89 (2023 - NIL ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2024
and 31 December 2024 3,289
AMORTISATION
At 1 January 2024
and 31 December 2024 3,289
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

TERRACYCLE UK LIMITED (REGISTERED NUMBER: 06911552)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 9,550 1,095 37,166 133,884 181,695
Additions - - 21,282 30,210 51,492
Disposals (9,550 ) - (27,450 ) - (37,000 )
At 31 December 2024 - 1,095 30,998 164,094 196,187
DEPRECIATION
At 1 January 2024 9,550 1,095 28,270 91,962 130,877
Charge for year - - 3,546 37,071 40,617
Eliminated on disposal (9,550 ) - (18,553 ) (7,498 ) (35,601 )
At 31 December 2024 - 1,095 13,263 121,535 135,893
NET BOOK VALUE
At 31 December 2024 - - 17,735 42,559 60,294
At 31 December 2023 - - 8,896 41,922 50,818

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 1,149,195 1,135,453
Amounts owed by group undertakings 1,436,365 1,008,389
Other debtors 323,504 193,222
2,909,064 2,337,064

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 108,820 84,344
Amounts owed to group undertakings - 100,820
Social security and other taxes 102,386 117,109
VAT 83,750 172,497
Deferred income 1,106,073 1,214,753
Accrued expenses 419,356 623,121
1,820,385 2,312,644

TERRACYCLE UK LIMITED (REGISTERED NUMBER: 06911552)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.24 31.12.23
£    £   
Within one year 207,774 34,995
Between one and five years 831,096 -
In more than five years 398,234 -
1,437,104 34,995

9. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
2 Ordinary shares £1 2 2

10. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2024 1,618,915 115,034 1,733,949
Profit for the year 268,313 268,313
At 31 December 2024 1,887,228 115,034 2,002,262

11. AUDIT REPORT INFORMATION

The Report of the Auditors was unqualified.

Emma Crowley (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-

"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."

TERRACYCLE UK LIMITED (REGISTERED NUMBER: 06911552)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

12. RELATED PARTY DISCLOSURES

Transactions between the Company and its related parties are disclosed below:

Fellow subsidiaries not wholly owned
2024 2023
£   £   
Recharge of expenses paid on behalf of other entity174,509149,641
Recharge of expenses paid by another entity- 2,467
Amounts owed by related parties at year end565,848511,099
Amounts owed to related parties at year end21,29555,104


13. ULTIMATE PARENT COMPANY

TerraCycle NL Holdings BV (incorporated in Netherlands) is regarded by the directors as being the company's immediate parent.

TerraCycle Inc (incorporated in USA) is regarded by the directors as being the company's ultimate parent company. This is the largest group in which the results of the company are consolidated.
TerraCycle NL Holdings BV is the smallest group in which the results of the company are consolidated and are publicly available at TerraCycle NL Holdings BV, Nieuwe Gracht 74, 2011NJ Haarlem, Netherlands.