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REGISTERED NUMBER: 08268641 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 September 2024

for

Monoworld Group Plc

Monoworld Group Plc (Registered number: 08268641)






Contents of the Consolidated Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive Income 7

Consolidated Statement of Financial Position 8

Company Statement of Financial Position 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Statement of Cash Flows 12

Notes to the Consolidated Statement of Cash Flows 13

Notes to the Consolidated Financial Statements 14


Monoworld Group Plc

Company Information
for the Year Ended 30 September 2024







DIRECTORS: N Ruparelia
D Ruparelia



SECRETARY: N Ruparelia



REGISTERED OFFICE: 180 Irchester Road
Rushden
Northamptonshire
NN10 9QU



REGISTERED NUMBER: 08268641 (England and Wales)



SENIOR STATUTORY AUDITOR: Raza Effendi MBA FCA



AUDITORS: KJA Kilner Johnson Ltd (Statutory Auditors)
Network House
Stubs Beck Lane
Cleckheaton
BD19 4TT

Monoworld Group Plc (Registered number: 08268641)

Group Strategic Report
for the Year Ended 30 September 2024

The directors present their strategic report of the company and the group for the year ended 30 September 2024.

REVIEW OF BUSINESS
Monoworld Group is proud to announce another wing to their continuous success story. It is the development of Sterling Polymers Limited since 2021 from concept to commission, a £25m investment into the UK Infrastructure, creating around 100 new local roles, handling post-consumer and post-industrial packaging film back into recycled polymers. This will be UK's first flexible packaging and re-processing plant of this type whilst the facilities at the site have potential for further expansion over the coming years. This level of investment highlights our commitment to sustainability in recycling of plastic and also to the local area.

The group serves diverse and growing markets for its waste recycling activities from multiple sites as a fully licenced operator. Market conditions are affected by global and economic factors in the commodities sector, which have impacted on trading conditions and business levels. In general terms there is an increased demand for recyclable products and services which provides future opportunities for growth.

The group continues to actively seek fresh opportunities to broaden its presence its established markets as well as trying to enter new markets. This includes up to date processes to bring about a continual improvement in product specification and the Directors are confident that this will enable further growth in the group. The group have invested heavily in a new processing plant which when fully operational will significantly increase production capacity.

The performance of the group in 2024 has produced good results, given current market conditions.

The group's key financial and other performance indicators during the year were as follows:

Unit 2024 2023
as restated
Turnover £m 24.4 15.6
Gross profit margin % 24.6 33.6
Net profit margin % 1.2 15.6

The group considers its non financial key performance indicators to be the percentage of repeat business received from customers and the average tonnage of material type recycled.

PRINCIPAL RISKS AND UNCERTAINTIES
The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to board approval and ongoing review by management. Compliance with regulations, legal and ethical standards is a high priority for the group and the Directors and finance department take on an important oversight role in this regard.

The principal risk for the group's key business arises from inaccurate pricing, foreign currency fluctuations and inaccurate timing of container shipping to overseas customers.

ON BEHALF OF THE BOARD:





N Ruparelia - Director


23 June 2025

Monoworld Group Plc (Registered number: 08268641)

Report of the Directors
for the Year Ended 30 September 2024

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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of waste recycling.

DIVIDENDS
No distributions are to be made in respect of the year ended 30 September 2024 (nil -2023).

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

N Ruparelia
D Ruparelia

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS
The auditors, KJA Kilner Johnson Ltd (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N Ruparelia - Director


23 June 2025

Report of the Independent Auditors to the Members of
Monoworld Group Plc

Opinion
We have audited the financial statements of Monoworld Group Plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 30 September 2024 and of the group's 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 group 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 group's and the parent 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, except for the matter noted below.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

We would like to draw your attention to Note 25 in the financial statements, "Post Balance Sheet Events," which outlines an incident that occurred on 23 May 2025.

A fire incident originated and impacted one of the Group's facilities in Rushden, Northamptonshire. This has led to a temporary disruption in operations, and at this stage it is not possible to quantify the impact on costs and profitability. We understand that external enquiries are still being undertaken and until these are concluded, it is not possible to assess the impact on the Group's operations. As a result, a material uncertainty exists. Our opinion is not modified in this respect.

Key audit matters
Except for the matter described in the material uncertainty related to going concern section, we have determined that there are no other key audit matters to be communicated in our report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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
Monoworld Group Plc


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 group's and the parent 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 group or the parent 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.

While planning our audit, we have made enquiries of management and those charged with governance around any actual or potential litigation and claims against the company for non-compliance with specific laws and regulations. The same has been done in respect of any instances of fraud or irregularities. The responses received have been communicated with the engagement team at the planning stage.

We have not been informed of any specific laws or regulatory related issues that could materially impact the financial statements in addition to this, there has been no suspected fraud or irregularities reported to us.

While planning our audit the engagement partner selected appropriately trained staff to be engaged in the audit and the team are allocated based on their competence and capabilities.

The audit work undertaken is a substantive work based audit approach, reviewing to source documentation where appropriate and includes a review and walkthrough of the systems which management have put in place. These tests are directional. Therefore, they are designed in a way to maximise audit effectiveness and the possible identification of any material fraud, irregularities, or instances of systems and procedure breaches. Our testing did not identify any issues that requires any additional reporting.

These tests and other areas of our audit work are designed to enhance our ability to detect cases of material fraud and certain irregularities. It should be noted that our audit is carried out using a material based approach and therefore does not test every transaction, as such it would not detect all instances of irregularities and specifically fraud which is inherently more difficult to detect.

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
Monoworld Group Plc


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.




Raza Effendi MBA FCA (Senior Statutory Auditor)
for and on behalf of KJA Kilner Johnson Ltd (Statutory Auditors)
Network House
Stubs Beck Lane
Cleckheaton
BD19 4TT

27 June 2025

Monoworld Group Plc (Registered number: 08268641)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 30 September 2024

2024 2023
as restated
Notes £    £   

TURNOVER 24,387,448 28,424,903

Cost of sales 18,387,568 18,865,638
GROSS PROFIT 5,999,880 9,559,265

Administrative expenses 5,155,809 4,682,261
844,071 4,877,004

Other operating income 20,755 1,042
OPERATING PROFIT 864,826 4,878,046

Interest receivable and similar income 429,903 456,672
1,294,729 5,334,718

Interest payable and similar expenses 4 721,191 403,196
PROFIT BEFORE TAXATION 5 573,538 4,931,522

Tax on profit 6 285,433 499,425
PROFIT FOR THE FINANCIAL YEAR 288,105 4,432,097

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

288,105

4,432,097
Prior year adjustment 8 795,955 (508,943 )
TOTAL COMPREHENSIVE INCOME SINCE
LAST ANNUAL REPORT

1,084,060

3,923,154

Profit attributable to:
Owners of the parent 288,105 4,432,097

Total comprehensive income attributable to:
Owners of the parent 1,880,015 3,414,211

Monoworld Group Plc (Registered number: 08268641)

Consolidated Statement of Financial Position
30 September 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 78,670 121,753
Tangible assets 10 29,330,071 29,524,501
Investments 11
Interest in associate 3 3
29,408,744 29,646,257

CURRENT ASSETS
Stocks 12 5,801,106 2,947,302
Debtors 13 12,767,221 14,478,288
Prepayments and accrued income 1,901,418 1,422,975
Cash at bank 2,842,458 1,670,067
23,312,203 20,518,632
CREDITORS
Amounts falling due within one year 14 11,161,804 9,042,742
NET CURRENT ASSETS 12,150,399 11,475,890
TOTAL ASSETS LESS CURRENT
LIABILITIES

41,559,143

41,122,147

CREDITORS
Amounts falling due after more than one year 15 (7,784,210 ) (8,039,716 )

PROVISIONS FOR LIABILITIES 19 (2,110,463 ) (1,706,066 )
NET ASSETS 31,664,470 31,376,365

CAPITAL AND RESERVES
Called up share capital 20 6,578,572 6,578,572
Revaluation reserve 21 - 4,488,543
Fair value reserve 21 4,488,543 -
Retained earnings 21 20,597,355 20,309,250
SHAREHOLDERS' FUNDS 31,664,470 31,376,365

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2025 and were signed on its behalf by:





N Ruparelia - Director


Monoworld Group Plc (Registered number: 08268641)

Company Statement of Financial Position
30 September 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 7,949,101 7,949,101
7,949,101 7,949,101

CURRENT ASSETS
Debtors 13 9,819,449 9,938,962
Cash at bank 12,969 13,808
9,832,418 9,952,770
CREDITORS
Amounts falling due within one year 14 10,294,696 10,410,202
NET CURRENT LIABILITIES (462,278 ) (457,432 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,486,823

7,491,669

CREDITORS
Amounts falling due after more than one year 15 745,000 745,000
NET ASSETS 6,741,823 6,746,669

CAPITAL AND RESERVES
Called up share capital 20 6,578,572 6,578,572
Retained earnings 21 163,251 168,097
SHAREHOLDERS' FUNDS 6,741,823 6,746,669

Company's loss for the financial year (4,846 ) (5,020 )

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2025 and were signed on its behalf by:





N Ruparelia - Director


Monoworld Group Plc (Registered number: 08268641)

Consolidated Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up Fair
share Retained Revaluation value Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 October 2022 6,578,572 16,386,096 4,488,543 - 27,453,211
Prior year adjustment - (508,943 ) - - (508,943 )
As restated 6,578,572 15,877,153 4,488,543 - 26,944,268

Changes in equity
Total comprehensive income - 3,636,142 - - 3,636,142
Balance at 30 September 2023 6,578,572 19,513,295 4,488,543 - 30,580,410
Prior year adjustment - 795,955 - - 795,955
As restated 6,578,572 20,309,250 4,488,543 - 31,376,365

Changes in equity
Total comprehensive income - 288,105 (4,488,543 ) 4,488,543 288,105
Balance at 30 September 2024 6,578,572 20,597,355 - 4,488,543 31,664,470

Monoworld Group Plc (Registered number: 08268641)

Company Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 6,578,572 173,017 6,751,589
Prior year adjustment - 100 100
As restated 6,578,572 173,117 6,751,689

Changes in equity
Total comprehensive income - (5,020 ) (5,020 )
Balance at 30 September 2023 6,578,572 168,097 6,746,669

Changes in equity
Total comprehensive income - (4,846 ) (4,846 )
Balance at 30 September 2024 6,578,572 163,251 6,741,823

Monoworld Group Plc (Registered number: 08268641)

Consolidated Statement of Cash Flows
for the Year Ended 30 September 2024

2024 2023
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (1,932,834 ) 5,947,564
Interest paid (721,191 ) (403,196 )
Tax paid (13,965 ) (1,144,765 )
Net cash from operating activities (2,667,990 ) 4,399,603

Cash flows from investing activities
Purchase of tangible fixed assets (733,118 ) (10,081,301 )
Sale of tangible fixed assets - 89,554
Interest received 429,903 8,963
Net cash from investing activities (303,215 ) (9,982,784 )

Cash flows from financing activities
New loans in year - 7,500,000
Loan repayments in year (178,305 ) -
Capital repayments in year (94,738 ) (6,014,775 )
Amount introduced by directors 750,630 430,320
Amount withdrawn by directors (815,711 ) (619,150 )
Associated company loan transfers 2,434,374 160,687
Employee loans (1,649 ) -
Retentions held 405,509 -
Net cash from financing activities 2,500,110 1,457,082

Decrease in cash and cash equivalents (471,095 ) (4,126,099 )
Cash and cash equivalents at beginning of year 2 313,553 4,439,652

Cash and cash equivalents at end of year 2 (157,542 ) 313,553

Monoworld Group Plc (Registered number: 08268641)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 30 September 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
as restated
£    £   
Profit before taxation 573,538 4,931,522
Depreciation charges 970,631 972,750
Profit on disposal of fixed assets - (42,384 )
Finance costs 721,191 403,196
Finance income (429,903 ) (456,672 )
1,835,457 5,808,412
Increase in stocks (2,853,804 ) (202,287 )
(Increase)/decrease in trade and other debtors (1,066,706 ) 3,402,651
Increase/(decrease) in trade and other creditors 152,219 (3,061,212 )
Cash generated from operations (1,932,834 ) 5,947,564

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 2,842,458 1,670,067
Bank overdrafts (3,000,000 ) (1,356,514 )
(157,542 ) 313,553
Year ended 30 September 2023
30.9.23 1.10.22
as restated
£    £   
Cash and cash equivalents 1,670,067 4,439,652
Bank overdrafts (1,356,514 ) -
313,553 4,439,652


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank 1,670,067 1,172,391 2,842,458
Bank overdrafts (1,356,514 ) (1,643,486 ) (3,000,000 )
313,553 (471,095 ) (157,542 )
Debt
Finance leases (205,096 ) 94,738 (110,358 )
Debts falling due within 1 year (294,922 ) - (294,922 )
Debts falling due after 1 year (7,939,689 ) 178,306 (7,761,383 )
(8,439,707 ) 273,044 (8,166,663 )
Total (8,126,154 ) (198,051 ) (8,324,205 )

Monoworld Group Plc (Registered number: 08268641)

Notes to the Consolidated Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Monoworld Group Plc is a private company , registered in England and Wales. The company's registered number and registered office address can be found on the General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated financial statements include the results of the Company and all its subsidiary undertakings made up to the same accounting date. All intra-Group balances, transactions, income and expenses are eliminated in full on consolidation. The results of subsidiary undertakings acquired or disposed of during the period are included or excluded from the consolidated income statement from the effective date of acquisition or disposal.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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

Turnover includes the value of the packaging recovery notes sold in the period and the fair value of amounts held as at the end of the financial period.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 4% straight line, 2% straight line and 2.5% straight line
Plant and machinery - 25% reducing balance, 20% straight line and 10% straight line

Investments in associates
Investments in associate undertakings are recognised at cost.

Monoworld Group Plc (Registered number: 08268641)

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

2. ACCOUNTING POLICIES - continued

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 determined using the weighted average cost method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
as restated
£    £   
Wages and salaries 3,941,061 3,493,506
Social security costs 309,250 209,857
Other pension costs 49,005 34,798
4,299,316 3,738,161

The average number of employees during the year was as follows:
2024 2023
as restated

Production 74 58
Administration and support 13 13
87 71

2024 2023
as restated
£    £   
Directors' remuneration 43,009 40,046

Monoworld Group Plc (Registered number: 08268641)

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

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
as restated
£    £   
Bank interest 180,864 16,118
Bank loan interest 534,329 373,743
Hire purchase interest 5,893 8,315
HMRC late payment interest - 4,372
Other loan interest 105 648
721,191 403,196

5. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2024 2023
as restated
£    £   
Hire of plant and machinery 63,602 42,379
Depreciation - owned assets 927,548 929,665
Profit on disposal of fixed assets - (42,384 )
Goodwill amortisation 43,083 43,083
Auditors' remuneration 14,970 9,500
Foreign exchange differences 287,542 553,492

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
as restated
£    £   
Current tax:
UK corporation tax - 300,000
(Over)/under provision (118,964 ) (13,267 )
Total current tax (118,964 ) 286,733

Deferred tax 404,397 212,692
Tax on profit 285,433 499,425

Monoworld Group Plc (Registered number: 08268641)

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

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
as restated
£    £   
Profit before tax 573,538 4,931,522
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
22 %)

143,385

1,084,935

Effects of:
Expenses not deductible for tax purposes 13,926 -
Capital allowances in excess of depreciation - (485,119 )
Depreciation in excess of capital allowances 26,108 -
Adjustments to tax charge in respect of previous periods 102,014 (13,267 )
Other tax effect - (87,124 )



Total tax charge 285,433 499,425

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. PRIOR YEAR ADJUSTMENT

The group has amended its accounting policies to recognise the fair value of packaging recovery notes held as at the end of the financial period, and reflected in accrued income. This has resulted in a prior year adjustment of £795,955 in the group financial statements.

During the previous year, it was discovered that the entire share capital of Sterling Polymers Ltd, a company not previously consolidated as part of the Group, and which was legally held by Seema Ruparelia, was held in trust for Monoworld Group Plc. The company was previously not considered to be part of the Group, and its results and financial position had not been consolidated in the accounts to 30 September 2021 and 30 September 2022. The opening balances as at 1 October 2021 have therefore been restated to reflect the correct position that Sterling Polymers Ltd was owned and controlled by Monoworld Group Plc since its incorporation on 14 April 2021, and Companies House has been updated to reflect this also.

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 423,334
AMORTISATION
At 1 October 2023 301,581
Amortisation for year 43,083
At 30 September 2024 344,664
NET BOOK VALUE
At 30 September 2024 78,670
At 30 September 2023 121,753

Monoworld Group Plc (Registered number: 08268641)

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

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 October 2023 17,571,280 17,764,820 1,161 - 35,337,261
Additions 13,476 703,966 610 15,066 733,118
Reclassification/transfer 2,343,636 (2,343,636 ) - - -
At 30 September 2024 19,928,392 16,125,150 1,771 15,066 36,070,379
DEPRECIATION
At 1 October 2023 901,359 4,910,878 523 - 5,812,760
Charge for year 140,575 784,904 293 1,776 927,548
At 30 September 2024 1,041,934 5,695,782 816 1,776 6,740,308
NET BOOK VALUE
At 30 September 2024 18,886,458 10,429,368 955 13,290 29,330,071
At 30 September 2023 16,669,921 12,853,942 638 - 29,524,501

Included in cost or valuation of land and buildings is freehold land at Monoworld Business Park, Bedford, Sanders Lodge Industrial Estate, Rushden and Ward Recycling, Hartlepool of £2,400,397 (2023 - £2,400,397) which is not depreciated.

Cost or valuation at 30 September 2024 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2021 11,295,052 - - - 11,295,052
Cost 8,633,340 16,125,150 1,771 15,066 24,775,327
19,928,392 16,125,150 1,771 15,066 36,070,379

Freehold land and buildings were valued on an open market basis basis on 10 September 2021 by Colliers .

11. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
£   
COST
At 1 October 2023
and 30 September 2024 3
NET BOOK VALUE
At 30 September 2024 3
At 30 September 2023 3

Monoworld Group Plc (Registered number: 08268641)

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

11. FIXED ASSET INVESTMENTS - continued

Company
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 October 2023
and 30 September 2024 7,949,100 1 7,949,101
NET BOOK VALUE
At 30 September 2024 7,949,100 1 7,949,101
At 30 September 2023 7,949,100 1 7,949,101

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Monoworld Limited
Registered office: 180 Irchester Road, Rushden, Northamptonshire, NN10 9QU
Nature of business: Waste recycling
%
Class of shares: holding
Ordinary 100.00

Monoworld Recycling Limited
Registered office: 180 Irchester Road, Rushden, Northamptonshire, NN10 9QU
Nature of business: Waste recycling
%
Class of shares: holding
Ordinary 100.00

Monoworld Polymers Limited
Registered office: 180 Irchester Road, Rushden, Northamptonshire, NN10 9QU
Nature of business: Waste recycling
%
Class of shares: holding
Ordinary 100.00

Sterling Polymers Limited
Registered office: 180 Irchester Road, Rushden, Northamptonshire, NN10 9QU
Nature of business: Waste Recycling
%
Class of shares: holding
Ordinary 100.00


For the year ending 30 September 2024 Monoworld Group Plc has provided a guarantee to Monoworld Limited, Monoworld Recycling Limited, Monoworld Polymers Limited and Sterling Polymers Limited under section 479C of the Companies Act 2006.

For the year ended 30 September 2024 the following subsidiaries are entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary accounts:

Monoworld Limited

Monoworld Recycling Limited

Monoworld Polymers Limited

Sterling Polymers Limited

Monoworld Group Plc (Registered number: 08268641)

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

12. STOCKS

Group
2024 2023
as restated
£    £   
Finished goods 5,801,106 2,947,302

13. DEBTORS

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Amounts falling due within one year:
Trade debtors 3,690,338 3,176,247 - -
Bad debt provision (848,832 ) (848,832 ) - -
Amounts owed by group undertakings - - 6,259,413 6,259,413
Amounts owed by participating interests 5,661,705 12,068,744 3,560,036 3,640,549
Other debtors 15,307 82,129 - 39,000
Tax 132,929 - - -
VAT 143,108 - - -
8,794,555 14,478,288 9,819,449 9,938,962

Amounts falling due after more than one year:
Amounts owed by participating interests 3,972,666 - - -

Aggregate amounts 12,767,221 14,478,288 9,819,449 9,938,962

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Bank loans and overdrafts (see note 16) 3,294,922 1,651,436 - -
Hire purchase contracts (see note 17) 87,531 105,069 - -
Trade creditors 6,033,300 4,522,450 - -
Amounts owed to group undertakings - - 9,709,537 9,760,963
Social security and other taxes 83,012 71,023 - -
VAT - 30,557 - -
Other creditors 728,588 1,108,639 4,001 3,000
Pension creditor 11,049 - - -
Directors' loan accounts 581,158 646,239 581,158 646,239
Accruals and deferred income 342,244 907,329 - -
11,161,804 9,042,742 10,294,696 10,410,202

Monoworld Group Plc (Registered number: 08268641)

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

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Bank loans (see note 16) 7,016,383 7,194,689 - -
Preference shares (see note 16) 745,000 745,000 745,000 745,000
Hire purchase contracts (see note 17) 22,827 100,027 - -
7,784,210 8,039,716 745,000 745,000

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 3,000,000 1,356,514 - -
Bank loans 294,922 294,922 - -
3,294,922 1,651,436 - -
Amounts falling due between one and two years:
Bank loans - 1-2 years 294,921 294,921 - -
Amounts falling due between two and five years:
Bank loans - 2-5 years 884,763 884,763 - -
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Preference shares 745,000 745,000 745,000 745,000
Repayable by instalments
Bank loans more 5 yr by instal 5,836,699 6,015,005 - -

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
745,000 Redeemable Preference £1 745,000 745,000

Monoworld Group Plc (Registered number: 08268641)

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

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
as restated
£    £   
Net obligations repayable:
Within one year 87,531 105,069
Between one and five years 22,827 100,027
110,358 205,096

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
as restated
£    £   
Bank loans 7,311,305 7,489,611
Hire purchase contracts 110,358 205,096
7,421,663 7,694,707

Royal Bank of Scotland Plc hold a fixed charge over the group's freehold properties.

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
as restated
£    £   
Deferred tax 2,110,463 1,706,066

Group
Deferred
tax
£   
Balance at 1 October 2023 1,706,066
Charge to Statement of Comprehensive Income during year 404,397
Balance at 30 September 2024 2,110,463

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
6,578,572 Ordinary £ 1 6,578,572 6,578,572

Monoworld Group Plc (Registered number: 08268641)

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

21. RESERVES

Group
Fair
Retained Revaluation value
earnings reserve reserve Totals
£    £    £    £   

At 1 October 2023 19,513,295 4,488,543 - 24,001,838
Prior year adjustment 795,955 795,955
20,309,250 24,797,793
Profit for the year 288,105 288,105
Revaluation transfer - (4,488,543 ) 4,488,543 -
At 30 September 2024 20,597,355 - 4,488,543 25,085,898

Company
Retained
earnings
£   

At 1 October 2023 168,097
Deficit for the year (4,846 )
At 30 September 2024 163,251


22. ULTIMATE PARENT

During the current and previous period the group was under the control of D Ruparelia, N Ruparelia and S Ruparelia.

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

2024 2023
as restated
£    £   
N Ruparelia
Balance outstanding at start of year - 4,931
Amounts advanced 26,081 -
Amounts repaid (26,081 ) (4,931 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

24. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2024 2023
as restated
£    £   
Amount due from related party 4,526,941 6,197,095

Monoworld Group Plc (Registered number: 08268641)

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

24. RELATED PARTY DISCLOSURES - continued

Other related parties
2024 2023
as restated
£    £   
Amount due from related party 5,107,430 5,423,939

25. POST BALANCE SHEET EVENTS

On the 23 May 2025, one of the Group's facilities in Rushden, Northamptonshire suffered a significant fire. The directors are satisfied that the incident originated from an accidental source and are assessing the costs and losses, as well as reviewing procedures to prevent further recurrence.

The group has suffered losses of stock, building damage and a pause of operations. As a result, the directors anticipate results for the year end 30 September 2025 will show reduced turnover and profitability.

The group anticipates that the plant and processing lines will return to full operation in 2025 and that activity and profitability thereafter will return to normal levels assuming the outcomes of all regulatory enquiries are satisfactory.