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REGISTERED NUMBER: 01169515 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2024

for

Glass Recycling (UK) Limited

Glass Recycling (UK) Limited (Registered number: 01169515)






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




Page

Company Information 1

Strategic Report 2 to 4

Report of the Directors 5 to 6

Independent Auditors' Report 7 to 9

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15 to 21


Glass Recycling (UK) Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Mr M J Durr
Mr T Sykes



SECRETARY: Mr T Sykes



REGISTERED OFFICE: 418 Carlton Road
Carlton
Barnsley
South Yorkshire
S71 3HX



REGISTERED NUMBER: 01169515 (England and Wales)



AUDITORS: Harris & Co Limited
Chartered Accountants & Statutory Auditor
Marland House
13 Huddersfield Road
Barnsley
South Yorkshire
S70 2LW



BANKERS: National Westminster Bank Plc
26 Market Hill
Barnsley
South Yorkshire
S70 2QU

Glass Recycling (UK) Limited (Registered number: 01169515)

Strategic Report
for the Year Ended 30 September 2024

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

REVIEW OF BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year-end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

During the year turnover decreased by £3.19m to £38.62m, which after the reduction in gross margin to 49.8% (2023: 66.7%) resulted in an overall decrease in gross profit of £8.67m to £19.22m (2023: £27.89m). Administrative expenses increased by £5.42m and consequently, profit before tax has decreased to £11.33m (2023: £24.00m). Profit after taxation and dividends of £6.63m has been retained to be added to reserves (2023: £17.02m).

The company continues to research and invest in new methods of recovery of waste products, reflecting increasing environmental concerns and legislation surrounding waste products and recycling. With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.

The company has a very strong balance sheet with substantial cash reserves and so is very well-positioned to withstand this disruption for the foreseeable future. Accordingly the directors have concluded that the company will remain solvent for at least the next 12 months and that there is no risk to the company's going concern status.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.

The board of directors is responsible for monitoring financial risk and for deciding where it would be appropriate to use financial instruments to manage this risk.

Exchange rate risk
As the company has minimal transactions in foreign currency, it is not significantly exposed to exchange rate risk.

Price risk
The company has no exposure to equity securities price risk, as it holds no listed or equity investments.

Credit risk
The company has implemented policies that require appropriate credit checks on potential customers before sales are made.

Liquidity risk
The company actively maintains sufficient cash and bank balances to ensure that the company has sufficient available funds for operations and any planned expansions.

Interest rate cash flow risk
The company has interest bearing assets, comprising bank and loan balances which earn interest at variable rates.

KEY PERFORMANCE INDICATORS
We consider that our key financial performance indicators are those that communicate the financial
performance of the company, these being turnover, operating profit, profits before and after tax retained profit, as noted in the review of business above.


Glass Recycling (UK) Limited (Registered number: 01169515)

Strategic Report
for the Year Ended 30 September 2024

SECTION 172(1) STATEMENT
Under section 172 of the Companies Act 2006, the directors act individually and collectively in good faith to promote the success of the Company, and in doing so have regard, amongst other matters, to the:

- likely consequences of any decision in the long term;
- interests of company employees;
- fostering strong business relationships with suppliers, customers and others;
- controlling the impact of the Company's operations on the community and the environment;
- maintaining a reputation for high standards of business conduct;
- acting fairly with members of the Company

The directors' regard to these matters to be embedded in their decision-making process, through the Company's business strategy, culture, employee and stakeholder engagement. The business strategy of the Company is focused on achieving success for the Company in the medium and long-term.

This strategy takes into account the impact of relevant factors and stakeholder interests on the Company's performance. The directors also identify principal risks facing the business and sets risk management objectives.

Long-term strategy
The Company's long-term strategy is to provide and deliver an end product, which precisely meets the demands of our customers, and more importantly, demands from the Public for a cleaner, safer environment for future generations.

The directors regard a reputation for high business standards and conduct as essential and takes due consideration for the financial performance, health and safety, human resource and efficiency of all operations to ensure appropriate decisions are taken assessing the implications for the business and all its stakeholders.

Engagement with employees
Our Company employs over 45 individuals at our main facility in Barnsley, as well as across various depots throughout the UK.

Glass Recycling UK firmly believe that every team member plays a crucial role in the ongoing success of the business. As such, the Company maintains open and constructive dialogue with employees, supporting both their personal growth and professional development.

We foster a culture of encouragement and achievement, and wherever possible, we prioritise internal career progression. Through training and development we believe in equipping our staff with the skills necessary to secure the long-term success of the organisation.

Engagement with suppliers, customers, and others in a business relationship with the Company
The directors acknowledge that successfully delivering the business strategy depends on cultivating strong, collaborative relationships with both customers and suppliers. The Company views these stakeholders as long-term partners and regularly evaluates their evolving priorities.

Glass Recycling UK is committed to building enduring relationships with both existing and prospective clients by gaining a deep understanding of their goals and service expectations. To achieve this, the Company promotes open, honest communication and strive to maintain constructive engagement across all business relationships.

The Company works with a diverse network of suppliers and uphold a commitment to fairness and transparency in all business interactions.

Glass Recycling UK has established procedures to ensure supplier due diligence, including assessments of internal governance practices, environmental compliance relevant to our industry, and adherence to policies on anti-bribery, data protection, and modern slavery. Robust systems are in place to ensure timely supplier payments.



Glass Recycling (UK) Limited (Registered number: 01169515)

Strategic Report
for the Year Ended 30 September 2024



Engagement with community and the environment
The directors' always have regard for the impact Glass Recycling UK's operations have in relation to health, safety, the environment and community and utilise external advisers where appropriate to uphold high standards.

In recent years, environmental considerations have led to greater awareness of the importance of conservation and the minimisation of waste. For more than three decades we have provided a service to local authorities and other responsible organisations through the siting of over 7000 bottle bins and more recently, specially-built bottle banks that are collected by our fleet of custom-built trucks.

ON BEHALF OF THE BOARD:





Mr T Sykes - Director


27 June 2025

Glass Recycling (UK) Limited (Registered number: 01169515)

Report of the Directors
for the Year Ended 30 September 2024

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

PRINCIPAL ACTIVITY
The principal activity of the Company in the year under review was that of the recycling and treatment of waste products.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2024 will be £1,795,000.

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

Mr M J Durr
Mr T Sykes

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The directors keep under review the quality of communication and business relationships with principal suppliers ensuring that they are able to react quickly to a changing market place and customer demands. The directors also ensure that as consumer demand changes and the business develops and evolves, regular updates are available for customers via the website, e-mail and other methods of communication.

STREAMLINED ENERGY AND CARBON REPORTING
This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 1 October 2023 to 30 September 2024, pursuant to the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the government's Streamlined Energy and Carbon Reporting (SECR) policy.

2024
Emissions of CO2 equivalent tCO2e

Gas 1,807
Electricity 1,426
Transport 637
3,870
Intensity ratio
tCO2e / £1m Turnover 100.213

Quantification and reporting methodology
This report has been compiled in line with the March 2019 BEIS 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance', and the EMA methodology for SECR Reporting. All measured emissions from activities which the organisation has financial control over are included as required under The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, unless otherwise stated in the exclusions statement.

Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m, the recommended ratio for the sector.

Measures taken to improve energy efficiency:
- reduce direct emissions from our core operations;
- capture and store our carbon emissions;
- maximise the amount of waste recycled;
- operate the most fuel efficient fleet of lorries available on the market


Glass Recycling (UK) Limited (Registered number: 01169515)

Report of the Directors
for the Year Ended 30 September 2024

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. This includes information that would have been included in the business review and the principal risks and uncertainties, as well as commentary on future developments, energy & carbon reporting, engagement with employees and fostering business relationships.

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;
-state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
-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, Harris & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr T Sykes - Director


27 June 2025

Independent Auditors' Report to the Members of
Glass Recycling (UK) Limited

Opinion
We have audited the financial statements of Glass Recycling (UK) Limited (the 'Company') for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 September 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 Auditors' Report 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.

Independent Auditors' Report to the Members of
Glass Recycling (UK) Limited


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 six, 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 an Auditors' Report 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of
irregularities, including fraud.

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- Enquiring of management, including obtaining and reviewing supporting documentation, concerning
the company's policies and procedures relating to:
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual,
suspected or alleged fraud;
- The internal controls established to mitigate risk related to fraud or non-compliance with laws &
regulations;
- Obtaining an understanding of the legal and regulatory frameworks that the company operates in,
focusing on those laws and regulations that had a direct effect on the financial statements or that had
a fundamental effect on the operations of the company. The key laws and regulations we considered
in this context included the UK Companies Act, tax legislation, data protection, anti bribery,
environmental regulations, employment and health & safety regulations.

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 Auditors' Report.

Independent Auditors' Report to the Members of
Glass Recycling (UK) Limited


Audit response to risks identified
Our procedures to respond to risks identified included the following:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with relevant laws and regulations;
- Enquiring of management concerning actual and potential litigation and claims;
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate
risk of material misstatement due to fraud; and
- In addressing the risk of fraud through management override of controls, testing the appropriateness
of journal entries and other adjustments; assessing the judgements used in accounting estimates to
assess whether these may be indicative of potential bias; and evaluating the business rationale of any
significant transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 an Auditors' Report 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.




Tom Garner CA CTA (Senior Statutory Auditor)
for and on behalf of Harris & Co Limited
Chartered Accountants & Statutory Auditor
Marland House
13 Huddersfield Road
Barnsley
South Yorkshire
S70 2LW

27 June 2025

Glass Recycling (UK) Limited (Registered number: 01169515)

Statement of Comprehensive
Income
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

TURNOVER 38,617,631 41,807,860

Cost of sales 19,402,300 13,920,607
GROSS PROFIT 19,215,331 27,887,253

Administrative expenses 10,846,343 5,426,439
8,368,988 22,460,814

Other operating income 4 9,100 -
OPERATING PROFIT 6 8,378,088 22,460,814

Interest receivable and similar income 3,038,857 1,662,831
11,416,945 24,123,645

Interest payable and similar expenses 7 91,113 120,850
PROFIT BEFORE TAXATION 11,325,832 24,002,795

Tax on profit 8 2,895,688 5,139,424
PROFIT FOR THE FINANCIAL YEAR 8,430,144 18,863,371

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

8,430,144

18,863,371

Glass Recycling (UK) Limited (Registered number: 01169515)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 16,573,833 14,085,627
Investment property 11 1,125,636 -
17,699,469 14,085,627

CURRENT ASSETS
Stocks 12 40,000 40,000
Debtors 13 14,553,291 12,407,261
Cash at bank and in hand 69,427,969 67,802,509
84,021,260 80,249,770
CREDITORS
Amounts falling due within one year 14 7,529,525 7,012,752
NET CURRENT ASSETS 76,491,735 73,237,018
TOTAL ASSETS LESS CURRENT
LIABILITIES

94,191,204

87,322,645

PROVISIONS FOR LIABILITIES 15 2,177,258 1,943,303
NET ASSETS 92,013,946 85,379,342

CAPITAL AND RESERVES
Called up share capital 16 108 108
Retained earnings 17 92,013,838 85,379,234
SHAREHOLDERS' FUNDS 92,013,946 85,379,342

The financial statements were approved by the Board of Directors and authorised for issue on 27 June 2025 and were signed on its behalf by:





Mr T Sykes - Director


Glass Recycling (UK) Limited (Registered number: 01169515)

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 106 68,363,363 68,363,469

Changes in equity
Issue of share capital 2 - 2
Dividends - (1,847,500 ) (1,847,500 )
Total comprehensive income - 18,863,371 18,863,371
Balance at 30 September 2023 108 85,379,234 85,379,342

Changes in equity
Dividends - (1,795,540 ) (1,795,540 )
Total comprehensive income - 8,430,144 8,430,144
Balance at 30 September 2024 108 92,013,838 92,013,946

Glass Recycling (UK) Limited (Registered number: 01169515)

Cash Flow Statement
for the Year Ended 30 September 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 13,201,263 24,581,165
Interest paid (91,113 ) (120,850 )
Tax paid (6,972,537 ) (2,279,150 )
Net cash from operating activities 6,137,613 22,181,165

Cash flows from investing activities
Purchase of tangible fixed assets (4,944,599 ) (3,838,581 )
Purchase of investment property (1,125,636 ) -
Sale of tangible fixed assets 313,646 409,516
Interest received 3,038,857 1,662,831
Net cash from investing activities (2,717,732 ) (1,766,234 )

Cash flows from financing activities
Amount introduced by directors 1,119 -
Share issue - 2
Equity dividends paid (1,795,540 ) (1,847,500 )
Net cash from financing activities (1,794,421 ) (1,847,498 )

Increase in cash and cash equivalents 1,625,460 18,567,433
Cash and cash equivalents at
beginning of year

2

67,802,509

49,235,076

Cash and cash equivalents at end of
year

2

69,427,969

67,802,509

Glass Recycling (UK) Limited (Registered number: 01169515)

Notes to the Cash Flow Statement
for the Year Ended 30 September 2024

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

2024 2023
£    £   
Profit before taxation 11,325,832 24,002,795
Depreciation charges 2,037,123 1,353,581
Loss on disposal of fixed assets 105,624 114,715
Finance costs 91,113 120,850
Finance income (3,038,857 ) (1,662,831 )
10,520,835 23,929,110
(Increase)/decrease in trade and other debtors (2,146,030 ) 3,577,445
Increase/(decrease) in trade and other creditors 4,826,458 (2,925,390 )
Cash generated from operations 13,201,263 24,581,165

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30/9/24 1/10/23
£    £   
Cash and cash equivalents 69,427,969 67,802,509
Year ended 30 September 2023
30/9/23 1/10/22
£    £   
Cash and cash equivalents 67,802,509 49,235,076


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/10/23 Cash flow At 30/9/24
£    £    £   
Net cash
Cash at bank and in hand 67,802,509 1,625,460 69,427,969
67,802,509 1,625,460 69,427,969
Total 67,802,509 1,625,460 69,427,969

Glass Recycling (UK) Limited (Registered number: 01169515)

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

1. STATUTORY INFORMATION

Glass Recycling (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 presentation and functional currency of the financial statements is the Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in compliance with FRS 102, 'The Financial Standard Applicable in the UK and the Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention modified to include certain items at fair value.

Going concern
The directors are involved in the day to day running of the business, monitor market trends and conditions and review monthly management accounts. Accordingly, the directors have a reasonable expectation that the company has adequate financial resources to continue in operational existence for the foreseeable future and so the financial statements are prepared on a going concern basis.

Significant judgements and estimates
The principal accounting policies applied in the preparation of these financial statements are set out below.

The significant judgements and estimates applied are:
-the useful lives and residual values of tangible fixed assets at the end of their useful lives;
-provisions for corporation tax and payroll taxes which are based on the directors' assessment
of the tax that is expected to be paid based on tax legislation enacted.

These policies, judgements and estimates have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover represents amounts earned on goods and services provided during the year and derives from the provision of goods falling within the company's ordinary activities. Turnover is recognised at the point the goods or services are delivered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 25 years
Plant and machinery - Straight line over 7 years and straight line over 3 years
Fixtures and fittings - Straight line over 7 years
Motor vehicles - Straight line over 5 years

All fixed assets are initially recorded at cost and land is not depreciated. Tangible assets held for rental purposes included in motor vehicles is depreciated over 10 years straight line.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Glass Recycling (UK) Limited (Registered number: 01169515)

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

3. 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.

Financial instruments
The company has adopted the provisions set out in sections 11 and 12 of FRS 102 in the recognition and measurement of financial instruments. All financial instruments are initially measured at the original transaction price, less associated costs. For subsequent measurement, basic financial instruments are measured at amortised cost in accordance with section 11 of FRS 102. Other financial instruments that are not considered basic and that are material to the financial statements are measured at fair value through profit or loss in accordance with section 12 of FRS 102.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 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.

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.

Major plant spares
The costs of major plant spares are charged to cost of sales as purchased.

4. OTHER OPERATING INCOME
2024 2023
£    £   
Rents received 9,100 -

Glass Recycling (UK) Limited (Registered number: 01169515)

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

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 5,443,530 2,013,224
Social security costs 697,704 222,086
Other pension costs 83,313 83,937
6,224,547 2,319,247

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

Production staff 34 43
Administrative staff and directors 12 12
46 55

2024 2023
£    £   
Directors' remuneration 3,619,167 166,307

Information regarding the highest paid director for the year ended 30 September 2024 is as follows:
2024
£   
Emoluments etc 3,540,797

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 38,139 30,307
Depreciation - owned assets 2,037,123 1,353,581
Loss on disposal of fixed assets 105,624 114,715
Auditors' remuneration 21,975 20,500
Taxation compliance services 1,650 1,500
Other non- audit services 22,739 21,264
Foreign exchange differences - 28,480

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other interest 91,113 120,850

Glass Recycling (UK) Limited (Registered number: 01169515)

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

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 2,658,957 4,998,507
Under/over provision 2,776 (177,057 )
Total current tax 2,661,733 4,821,450

Deferred tax 233,955 317,974
Tax on profit 2,895,688 5,139,424

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
£    £   
Profit before tax 11,325,832 24,002,795
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 22.008%)

2,831,458

5,282,535

Effects of:
Expenses not deductible for tax purposes 238,628 349,498
Capital allowances in excess of depreciation (177,174 ) (315,552 )
Adjustments to tax charge in respect of previous periods 2,776 (177,057 )

Total tax charge 2,895,688 5,139,424

9. DIVIDENDS

20242023
££

Interim dividends1,795,5401,847,500

Glass Recycling (UK) Limited (Registered number: 01169515)

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

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2023 7,666,317 17,430,551 490,960 2,949,963 28,537,791
Additions 1,763,161 1,172,620 - 2,008,818 4,944,599
Disposals - - - (574,806 ) (574,806 )
At 30 September 2024 9,429,478 18,603,171 490,960 4,383,975 32,907,584
DEPRECIATION
At 1 October 2023 1,406,546 10,529,962 456,498 2,059,158 14,452,164
Charge for year 259,472 1,523,196 8,976 245,479 2,037,123
Eliminated on disposal - - - (155,536 ) (155,536 )
At 30 September 2024 1,666,018 12,053,158 465,474 2,149,101 16,333,751
NET BOOK VALUE
At 30 September 2024 7,763,460 6,550,013 25,486 2,234,874 16,573,833
At 30 September 2023 6,259,771 6,900,589 34,462 890,805 14,085,627

Included in motor vehicles is an asset that is being held for the purpose of hiring out and generating income, with a carrying amount of £980k (2023: £nil).

11. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 1,125,636
At 30 September 2024 1,125,636
NET BOOK VALUE
At 30 September 2024 1,125,636

Investment property is held at fair value. The directors do not deem there to be any impairment of any of the property since its purchase during this financial period.

12. STOCKS
2024 2023
£    £   
Raw materials 40,000 40,000

13. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 6,181,045 7,496,551
Other debtors 75,000 75,000
VAT 386,005 -
Prepayments and accrued income 581,135 249,354
7,223,185 7,820,905

Glass Recycling (UK) Limited (Registered number: 01169515)

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

13. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Other debtors 7,330,106 4,586,356

Aggregate amounts 14,553,291 12,407,261

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,018,928 1,102,899
Corporation tax 588,575 4,899,379
Social security and other taxes 27,012 41,780
VAT - 344,569
Other creditors 38,873 143,785
Directors' current accounts 1,119 -
Accruals and deferred income 5,855,018 480,340
7,529,525 7,012,752

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 2,177,258 1,943,303

Deferred
tax
£   
Balance at 1 October 2023 1,943,303
Charge to Statement of Comprehensive Income during year 233,955
Balance at 30 September 2024 2,177,258

Other debtors include loans to third parties on which interest is being charged a market rate.

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,100 Ordinary 2p 102 102
50 Ordinary A 2p 1 1
50 Ordinary B 2p 1 1
50 Ordinary C 2p 1 1
50 Ordinary D 2p 1 1
50 Ordinary E 2p 1 1
50 Ordinary F 2p 1 1
108 108

Glass Recycling (UK) Limited (Registered number: 01169515)

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

17. RESERVES

Retained earnings represent the company's cumulative distributable reserves.

18. PENSION COMMITMENTS

20242023
Defined contributions schemes£   £   

Charge to profit and loss account83,31383,937

A defined contribution pension scheme is operated for all qualifying employees.

19. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 870,953 -

20. RELATED PARTY DISCLOSURES

Key management personnel of the entity
2024 2023
£    £   
Compensation 3,619,167 166,306

Other related parties
2024 2023
£    £   
Sales 2,000 -
Purchase of services 750 15,300

21. ULTIMATE CONTROLLING PARTY

The controlling party is Mr T Sykes.