Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-3189false2024-01-01false85falsefalse 02798579 2024-01-01 2024-12-31 02798579 2023-01-01 2023-12-31 02798579 2024-12-31 02798579 2023-12-31 02798579 2023-01-01 02798579 c:Director1 2024-01-01 2024-12-31 02798579 c:Director1 2024-12-31 02798579 c:Director2 2024-01-01 2024-12-31 02798579 c:Director3 2024-01-01 2024-12-31 02798579 c:RegisteredOffice 2024-01-01 2024-12-31 02798579 d:Buildings 2024-01-01 2024-12-31 02798579 d:Buildings 2024-12-31 02798579 d:Buildings 2023-12-31 02798579 d:Buildings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02798579 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 02798579 d:Buildings d:LongLeaseholdAssets 2024-12-31 02798579 d:Buildings d:LongLeaseholdAssets 2023-12-31 02798579 d:PlantMachinery 2024-01-01 2024-12-31 02798579 d:PlantMachinery 2024-12-31 02798579 d:PlantMachinery 2023-12-31 02798579 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02798579 d:MotorVehicles 2024-01-01 2024-12-31 02798579 d:MotorVehicles 2024-12-31 02798579 d:MotorVehicles 2023-12-31 02798579 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02798579 d:FurnitureFittings 2024-01-01 2024-12-31 02798579 d:FurnitureFittings 2024-12-31 02798579 d:FurnitureFittings 2023-12-31 02798579 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02798579 d:ComputerEquipment 2024-01-01 2024-12-31 02798579 d:ComputerEquipment 2024-12-31 02798579 d:ComputerEquipment 2023-12-31 02798579 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02798579 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02798579 d:CurrentFinancialInstruments 2024-12-31 02798579 d:CurrentFinancialInstruments 2023-12-31 02798579 d:Non-currentFinancialInstruments 2024-12-31 02798579 d:Non-currentFinancialInstruments 2023-12-31 02798579 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 02798579 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02798579 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 02798579 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02798579 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 02798579 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 02798579 d:ReportableOperatingSegment2 2024-01-01 2024-12-31 02798579 d:ReportableOperatingSegment2 2023-01-01 2023-12-31 02798579 d:ShareCapital 2024-01-01 2024-12-31 02798579 d:ShareCapital 2024-12-31 02798579 d:ShareCapital 2023-01-01 2023-12-31 02798579 d:ShareCapital 2023-12-31 02798579 d:ShareCapital 2023-01-01 02798579 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 02798579 d:RetainedEarningsAccumulatedLosses 2024-12-31 02798579 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02798579 d:RetainedEarningsAccumulatedLosses 2023-12-31 02798579 d:RetainedEarningsAccumulatedLosses 2023-01-01 02798579 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 02798579 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02798579 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 02798579 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 02798579 c:OrdinaryShareClass1 2024-01-01 2024-12-31 02798579 c:OrdinaryShareClass1 2024-12-31 02798579 c:OrdinaryShareClass1 2023-12-31 02798579 c:FRS102 2024-01-01 2024-12-31 02798579 c:Audited 2024-01-01 2024-12-31 02798579 c:FullAccounts 2024-01-01 2024-12-31 02798579 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02798579 d:WithinOneYear 2024-12-31 02798579 d:WithinOneYear 2023-12-31 02798579 d:BetweenOneFiveYears 2024-12-31 02798579 d:BetweenOneFiveYears 2023-12-31 02798579 d:MoreThanFiveYears 2024-12-31 02798579 d:MoreThanFiveYears 2023-12-31 02798579 d:HirePurchaseContracts d:WithinOneYear 2024-12-31 02798579 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 02798579 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-12-31 02798579 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 02798579 2 2024-01-01 2024-12-31 02798579 4 2024-01-01 2024-12-31 02798579 7 2024-01-01 2024-12-31 02798579 d:JointVenture1 2024-01-01 2024-12-31 02798579 d:JointVenture1 1 2024-01-01 2024-12-31 02798579 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-12-31 02798579 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-12-31 02798579 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-12-31 02798579 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 02798579 d:LeasedAssetsHeldAsLessee 2024-12-31 02798579 d:LeasedAssetsHeldAsLessee 2023-12-31 02798579 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 02798579


BRITANIACREST RECYCLING LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
BRITANIACREST RECYCLING LIMITED
 
 
COMPANY INFORMATION


Directors
R Foss (resigned 1 April 2025)
G Beelaerts 
L Valaize 




Registered number
02798579



Registered office
26 Reigate Road
Hookwood

Horley

Surrey

RH6 0HJ




Independent auditors
Wellers
Accountants & Statutory Auditors

1 Vincent Square

London

SW1P 2PN





 
BRITANIACREST RECYCLING LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditors' Report
6 - 9
Profit and Loss Account
10
Balance Sheet
11 - 12
Statement of Changes in Equity
13
Notes to the Financial Statements
14 - 32


 
BRITANIACREST RECYCLING LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report for the year ended 31 December 2024.
 

Business review
 
The company’s principal activity is the operating of two waste transfer stations where waste is sorted and then disposed of. 
The performance of the company in the year continued to be affected by a tough economic environment that has had adverse repercussions for the construction sector and the company’s business more broadly.
Despite a slowing down of inflation, revenues fell by 8.4% (£2m) versus 2023, although they remained above £22 million.
Despite the company maintaining its strict cost control and monitoring of expenditure, it  was subject to higher tipping costs over the 12-month period. Disruption in the export of waste in the second quarter forced the company to send more waste to landfill. Fuel costs remained stable. However, the company was obliged to hire in more contractors and machinery in the second half of the year to complete works needed to comply with planning [requirements], and permits, for drainage works and to provide temporary cover due to machine breakdowns. 
The directors anticipate that the company’s performance will improve and specifically that continued scrutiny of costs will help them come down and that a significant increase in prices in early April of 2025 should help to maintain revenues at the current level. 
The company continues to aim to have zero residual waste going into landfill. 

Page 1

 
BRITANIACREST RECYCLING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
There are a number of potential risks and uncertainties which could have a material impact on the company's performance and could cause actual results to differ materially from expected and historical results.
1. Exposure to bad debts
The directors minimise exposure to this risk by regular management reviews of trade debts and the creditworthiness of key customers.
2. Economic recession/worsening financial markets
The company operates with low fixed overheads so it is able to respond quickly to changes in the economic environment and it has no reliance on external finance.
The company has non-complex financial instruments which consist of bank balances, trade debtors, other debtors, trade creditors and other creditors. The main purpose is to ensure funds are in place to provide sufficient working capital for the company's current and future operations.
3. Liquidity/Cashflow risk
The company actively manages its bank balances daily to ensure that it has sufficient funds to meet operational requirements.
Trade creditor liquidity risk is managed by ensuring that sufficient funds are available to meet the company’s payment obligations.
4. Credit risk
The directors minimise the exposure to this risk by regular management reviews of trade debts and the creditworthiness of key customers.
5. Health and safety
It is the company's policy to comply with the terms of the Health and Safety at Work Act 1974, and subsequent legislation, and to provide and maintain a healthy and safe working environment.
The health and safety objective of the company is to minimise the number of instances of occupational accidents and illnesses and ultimately achieve an accident-free workplace.
The company takes its health and safety obligations very seriously and manages this risk via a Health and Safety Committee which meets on a quarterly basis to review procedures, incidents and the company's response to changes in legislation.

Page 2

 
BRITANIACREST RECYCLING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024

Key performance indicators
 
The Directors consider the following to be key performance indicators:
Turnover
Turnover fell to £22 million compared to £24 million in 2023. Considering the economic environment, this is in line with expectations.
Gross profit margin
The gross profit margin has seen a minor decrease for the year to 35.5% (2023: 37.0%). Disruption in the waste export market together with additional costs incurred in hiring of machinery and contractors was the main driver.
Debtor days
Debtor days have decreased slightly to 39 (2023: 42) as a result of further improved debtor management.
Waste recycling
The company aims to recycle at least 90% of the waste entering its transfer station and in 2024, while this rate was achieved on its main site, it was not achieved on its second site because of the above-mentioned waste export disruption.


This report was approved by the board and signed on its behalf.



................................................
G Beelaerts
Director

Date: 30 April 2025

Page 3

 
BRITANIACREST RECYCLING LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the period ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the Company was that of recovery of sorted materials.

Results and dividends

The loss for the period, after taxation, amounted to £246,190 (2023 - profit £15,559,922).

Dividends totalling £1,024,384 (2023 - £17,464,190) were declared for the period ended 31 December 2024.

Directors

The directors who served during the period were:

R Foss (resigned 1 April 2025)
G Beelaerts 
L Valaize 

Page 4

 
BRITANIACREST RECYCLING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsWellerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
G Beelaerts
Director

Date: 30 April 2025

Page 5

 
BRITANIACREST RECYCLING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRITANIACREST RECYCLING LIMITED
 

Opinion


We have audited the financial statements of Britaniacrest Recycling Limited (the 'Company') for the period ended 31 December 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 31 December 2024 and of its loss for the period 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 United Kingdom, including the Financial Reporting Council'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.


Page 6

 
BRITANIACREST RECYCLING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRITANIACREST RECYCLING LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 4, 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 is 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.


Page 7

 
BRITANIACREST RECYCLING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRITANIACREST RECYCLING LIMITED (CONTINUED)


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.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. We also evaluated the commercial objectives of the Company and assessed managements incentives and opportunities for fraudulent manipulation of results. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity:
• UK Financial Reporting Standards
• Company Law
• Tax and Pensions Legislation
• Health and Safety and Employment Law
• Anti-corruption and Bribery Law
• The Environment Act 2021
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal expenses for evidence of disputes or litigation; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances and transactions which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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.


Page 8

 
BRITANIACREST RECYCLING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRITANIACREST RECYCLING LIMITED (CONTINUED)


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 2006Our 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.





Ross Andrews (Senior Statutory Auditor)
for and on behalf of
Wellers
Accountants & Statutory Auditors
1 Vincent Square
London
SW1P 2PN

30 April 2025
Page 9

 
BRITANIACREST RECYCLING LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2024


2024
2023
Note
£
£

  

Turnover
 4 
22,088,302
24,124,082

Cost of sales
  
(14,245,075)
(15,203,696)

Gross profit
  
7,843,227
8,920,386

Administrative expenses
  
(8,059,804)
(7,816,000)

Operating (loss)/profit
 5 
(216,577)
1,104,386

Income from shares in group undertakings
  
-
14,633,958

Interest receivable and similar income
 9 
16,795
49,008

Interest payable and similar expenses
 10 
(85,648)
(75,603)

(Loss)/profit before tax
  
(285,430)
15,711,749

Tax on (loss)/profit
 11 
39,240
(151,827)

(Loss)/profit for the financial period
  
(246,190)
15,559,922

The notes on pages 14 to 32 form part of these financial statements.

Page 10

 
BRITANIACREST RECYCLING LIMITED
REGISTERED NUMBER: 02798579

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
5,422,217
5,946,945

Investments
 15 
50
50

  
5,422,267
5,946,995

Current assets
  

Debtors: amounts falling due within one year
 16 
2,809,028
3,915,539

Cash at bank and in hand
 17 
258,703
1,125,890

  
3,067,731
5,041,429

Creditors: amounts falling due within one year
 18 
(3,205,252)
(4,250,751)

Net current (liabilities)/assets
  
 
 
(137,521)
 
 
790,678

Total assets less current liabilities
  
5,284,746
6,737,673

Creditors: amounts falling due after more than one year
 19 
(432,974)
(576,087)

Provisions for liabilities
  

Deferred tax
 21 
(153,600)
(192,840)

  
 
 
(153,600)
 
 
(192,840)

Net assets
  
4,698,172
5,968,746


Capital and reserves
  

Called up share capital 
 22 
11,000
11,000

Profit and loss account
  
4,687,172
5,957,746

  
4,698,172
5,968,746


Page 11

 
BRITANIACREST RECYCLING LIMITED
REGISTERED NUMBER: 02798579
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
G Beelaerts
Director

Date: 30 April 2025

The notes on pages 14 to 32 form part of these financial statements.

Page 12

 
BRITANIACREST RECYCLING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
11,000
7,862,014
7,873,014


Comprehensive income for the year

Profit for the year
-
15,559,922
15,559,922
Total comprehensive income for the year
-
15,559,922
15,559,922


Contributions by and distributions to owners

Dividends: Equity capital
-
(17,464,190)
(17,464,190)


Total transactions with owners
-
(17,464,190)
(17,464,190)



At 1 January 2024
11,000
5,957,746
5,968,746


Comprehensive income for the period

Loss for the period
-
(246,190)
(246,190)
Total comprehensive income for the period
-
(246,190)
(246,190)


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,024,384)
(1,024,384)


Total transactions with owners
-
(1,024,384)
(1,024,384)


At 31 December 2024
11,000
4,687,172
4,698,172


The notes on pages 14 to 32 form part of these financial statements.

Page 13

 
BRITANIACREST RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

1.


Statutory information

Britaniacrest Recycling Limited is a private Company, limited by shares, incorporated and registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page.
The presentation currency of the financial statements is the Pound Sterling (£).
All amounts in the financial statements have been rounded to the nearest £5.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland":
  - the requirements of Section 7 Statement of Cash Flows
This information is included in the consolidated financial statements of Qair International SAS as at 31 December 2024. These financial statements can be obtained from Qair International SAS, 109, rue du Faubourg Saint-Honoré, 75008, Paris, France.

The following principal accounting policies have been applied:

Page 14

 
BRITANIACREST RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.2

Turnover

Turnover is recognised to the extent that is probable that the economic benefit will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be meet before turnover is recognised:
Recognition of turnover by turnover stream
Turnover includes sales generated from the use of the recycling facilities, the hire of skips to third parties and the resale of recycled waste with scrap value.
Turnover in respect of waste collection is recognised at the date the waste is delivered to the recycling facility. 
Turnover in respect of skip hire is recognised at the date the equipment is made available for use.
Turnover in respect of waste re-sale is recognised at the date of delivery to the customer.
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
 - the Company has transferred the significant risks and rewards of ownership to the buyer;
 - the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
 - the amount of revenue can be measured reliably;
 - it is probable that the Company will receive the consideration due under the transaction; and
 - the costs incurred or to be incurred in respect of the transaction can be measured reliably.
 

 
2.3

Going concern

The directors of the Company are of the opinion that the accounts have been prepared on a going
concern.
The Company meets its day-to-day working capital requirements through its cash reserves and longer term investment demands using sources of group and external finance.  The Company's forecasts and projections, taking account of reasonable changes in trading performance, show that the Company is able to meet its day to day liabilities as they arise, using existing facilities or support of the wider group.
Taking account of the above, the Directors believe the Company has adequate resources to continue in operational existence for the foreseeable future and accordingly, continue to adopt the going concern basis for these financial statements.

Page 15

 
BRITANIACREST RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Hire purchase and leasing commitments

Where assets are financed by leasing agreements that give rights approximately to ownership (finance leases), the assets are treated as if they has been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to profit or loss over the shorter of estimated useful economic life and the term of the lease.

Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to profit or loss over the term of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

 
BRITANIACREST RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 17

 
BRITANIACREST RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Improvements to property
-
25% Straight line
Long-term leasehold property
-
3% Straight line
Plant and machinery
-
10% - 25% Straight line
Motor vehicles
-
25% Straight line
Fixtures and fittings
-
25% Straight line
Computer equipment
-
25% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 18

 
BRITANIACREST RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Holiday pay accrual

Previously a liability was recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. There is no longer a holiday pay accrual as the holiday entitlement is now on a use it or lose it basis. 

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 19

 
BRITANIACREST RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the Directors have made the following judgments:
Determining whether leases entered into by the Company either as a lessor or a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Determining whether there are indicators of impairment of the Company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. At each reporting period date, the Company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
Other key sources of estimations uncertainty:
Tangible fixed assets are depreciated over their useful lives taking into accounts residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance routines are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. 


4.


Turnover

The turnover and profit before taxation are attributable to the one principal activity of the Company.


An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales of goods
338,123
303,810

Sales of services
21,750,179
23,820,272

22,088,302
24,124,082


All turnover arose within the United Kingdom.


5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
1,000,327
1,008,341

Depreciation - owned assets
750,587
524,001

Depreciation - assets held under finance lease
542,352
440,901

Profit/loss on sale of tangible assets
(89,904)
(132,083)

Page 20

 
BRITANIACREST RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
22,000
20,000

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,566,837
3,781,017

Social security costs
384,991
398,958

Cost of defined contribution scheme
90,434
56,362

4,042,262
4,236,337


The average monthly number of employees, including the directors, during the period was as follows:


        2024
        2023
            No.
            No.







Directors
3
3



Employees
82
86

85
89


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
100,000
100,000

100,000
100,000


Page 21

 
BRITANIACREST RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
16,795
49,008

16,795
49,008


10.


Interest payable and similar expenses

2024
2023
£
£


Loans from group undertakings
33,382
17,235

Hire purchase interest
52,266
58,368

85,648
75,603


11.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(39,240)
151,827

Total deferred tax
(39,240)
151,827

Page 22

 
BRITANIACREST RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard effective rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(285,430)
15,711,749


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(71,358)
3,927,937

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(20,726)
(31,756)

Capital allowances for period/year in excess of depreciation
69,251
(982,524)

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
(36)
(940)

Short-term timing difference leading to an increase (decrease) in taxation
(39,240)
151,827

Non-taxable income
-
(3,658,490)

Unrelieved tax losses carried forward
22,869
745,773

Total tax charge for the period/year
(39,240)
151,827


Factors that may affect future tax charges

The Company has tax losses carried forward from previous periods, which can be utilised to offset future taxable profits. These losses have been applied to reduce the current period's tax charge. Once these losses are fully utilised, the Company's future tax charges may increase.


12.


Dividends

2024
2023
£
£


Ordinary shares of £1 each
1,024,384
17,464,190

1,024,384
17,464,190

Page 23

 
BRITANIACREST RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

13.

Exceptional items

2024
2023
        £
        £
Gains arising on inter-group transactions

-

14,633,958
 

-

14,633,958
 

As a result of a restructuring exercise in 2023, the Company sold intellectual property and rights to use a cash generating unit to a Group Company, resulting in the recognition of above gains on disposal.

Page 24
 


 
BRITANIACREST RECYCLING LIMITED


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


14.


Tangible fixed assets






Improvements to property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 January 2024
664,924
334,651
9,207,636
5,185,000
17,270
236,275
15,645,756


Additions
5,082
-
72,406
705,919
392
133
783,932


Disposals
(3,580)
-
(1,261,506)
(519,604)
(287)
-
(1,784,977)



At 31 December 2024

666,426
334,651
8,018,536
5,371,315
17,375
236,408
14,644,711



Depreciation


At 1 January 2024
193,570
11,155
5,181,421
4,100,068
13,406
199,190
9,698,810


Charge for the period on owned assets
117,966
8,366
628,328
524,680
1,255
12,344
1,292,939


Disposals
(3,207)
-
(1,259,971)
(505,790)
(287)
-
(1,769,255)



At 31 December 2024

308,329
19,521
4,549,778
4,118,958
14,374
211,534
9,222,494



Net book value



At 31 December 2024
358,097
315,130
3,468,758
1,252,357
3,001
24,874
5,422,217



At 31 December 2023
471,354
323,496
4,026,214
1,084,932
3,864
37,085
5,946,945

Page 25
 
BRITANIACREST RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

           14.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
175,540
219,425

Motor vehicles
1,182,218
1,061,898

1,357,758
1,281,323


15.


Fixed asset investments





Investment in joint ventures

£



Cost or valuation


At 1 January 2024
50



At 31 December 2024
50





Joint venture


The following was a joint venture of the Company:


Name

Registered office

Holding

West Sussex Britaniacrest Seneca Partnership Limited
1 Hand Axe Yard, 277a Gray's Inn Road, London, WC1X 8BD
50%

Page 26

 
BRITANIACREST RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

16.


Debtors

2024
2023
£
£


Trade debtors
2,356,172
2,792,376

Amounts owed by group undertakings
904
-

Other debtors
4,965
456,703

Prepayments and accrued income
446,987
666,460

2,809,028
3,915,539



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
258,703
1,125,890

258,703
1,125,890


Page 27

 
BRITANIACREST RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,572,148
2,857,754

Amounts owed to group undertakings
738,000
625,000

Corporation tax
21,573
-

Other taxation and social security
217,156
121,477

Obligations under finance lease and hire purchase contracts
571,615
513,939

Other creditors
39,065
63,850

Accruals and deferred income
45,695
68,731

3,205,252
4,250,751


The following liabilities were secured:

2024
2023
£
£



Obligations under finance lease and hire purchase contracts
571,615
513,939

571,615
513,939

Details of security provided:

The finance lease and hire purchase liabilities shown above have been secured against the underlying assets.

Page 28

 
BRITANIACREST RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
432,974
576,087

432,974
576,087


The following liabilities were secured:

2024
2023
£
£



Obligations under finance lease and hire purchase contracts
432,974
576,087

432,974
576,087

Details of security provided:

The finance lease and hire purchase liabilities shown above have been secured against the underlying assets.


20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
571,615
513,939

Between 1-5 years
423,974
576,087

995,589
1,090,026

Page 29

 
BRITANIACREST RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

21.


Deferred taxation




2024


£






At beginning of year
(192,840)


Charged to profit or loss
39,240



At end of year
(153,600)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(922,242)
(938,613)

Tax losses carried forward
768,642
745,773

(153,600)
(192,840)


The Company has recognised a deferred tax provision of £922,242 resulting from accelerated capital allowances. These accelerated capital allowances will be unwound over the useful life of these assets.
The Company has recognised a deferred tax asset of £768,642 resulting from tax losses of £3,074,567. These losses will be utilised against future profits.


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



11,000 (2023 - 11,000) Ordinary shares of £1.00 each
11,000
11,000



23.


Pension commitments

The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £90,434 (2023 - £56,362). Contributions totaling £18,009 (2023 - £18,339) were payable to the fund at the balance sheet date and are included in creditors.

Page 30

 
BRITANIACREST RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

24.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
750,000
750,000

Later than 1 year and not later than 5 years
750,000
750,000

Later than 5 years
23,031,250
23,781,250

24,531,250
25,281,250


25.


Related party transactions


2024
2023
£
£

Profit and loss transactions
Charges to profit and loss received from Group Companies
293,382
267,234
Credits to profit and loss on transactions with Group Companies
-
14,633,958
Charges to profit and loss received from Companies under common control
1,727,007
1,782,000
Balance Sheet amounts
Amounts owed from/  (to) Group Companies disclosed in trade creditors
-
-
Amounts owed to Companies under common control
(300,000)
(300,000)
Amounts owed (to) / from Group Companies in respect of advances
(738,000)
(625,000)

Interest at a rate of SONIA + 5% is charged on inter-group loans. 
The Directors are considered to be the key management and disclosure of the Director's remuneration is given in note 8.


26.


Detail of securities and undertakings

A fixed and floating charge is secured over the fixed and current assets of Britaniacrest Recycling Limited in respect of a loan advanced to the Company's immediate parent, which is ultimately underwritten by way of guarantee from the company's consolidating parent, Qair International SAS. To this end, the directors are satisfied that the existence of the charge does not pose trading risks to this entity. 
Details regarding the terms of the loan, the covenants and the balance outstanding are disclosed in the accounts of Qair Env Holding BCR Ltd, which are available from the public register. 
 

Page 31

 
BRITANIACREST RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

27.


Controlling party

The immediate parent undertaking of the Company is Qair Env Holding BCR Ltd.
The ultimate controlling party is Captain Watt, an entity incorporated in France. The registered office address of Captain Watt is Domaine de Patau Chemin de Maussac, 34420 Villeneuve-lès-Béziers, Paris, France.

 
Page 32