REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
TERRACYCLE UK LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
The trading address of the company is TNS House, Westgate, Hanger Lane, London, W5 1UA. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 January 2024 |
and 31 December 2024 |
AMORTISATION |
At 1 January 2024 |
and 31 December 2024 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 83,750 | 172,497 |
Deferred income |
Accrued expenses |
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 |
Between one and five years |
In more than five years |
9. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
value: | £ | £ |
Ordinary shares | £1 | 2 | 2 |
10. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2024 | 1,733,949 |
Profit for the year |
At 31 December 2024 | 2,002,262 |
11. | AUDIT REPORT INFORMATION |
The Report of the Auditors was unqualified. |
for and on behalf of |
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 entity | 174,509 | 149,641 |
Recharge of expenses paid by another entity | - | 2,467 |
Amounts owed by related parties at year end | 565,848 | 511,099 |
Amounts owed to related parties at year end | 21,295 | 55,104 |
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. |