IRIS Accounts Production v25.2.0.378 08087441 Board of Directors 1.1.24 31.12.24 31.12.24 24.6.25 true false true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh080874412023-12-31080874412024-12-31080874412024-01-012024-12-31080874412022-12-31080874412023-01-012023-12-31080874412023-12-3108087441ns15:EnglandWales2024-01-012024-12-3108087441ns14:PoundSterling2024-01-012024-12-3108087441ns10:Director12024-01-012024-12-3108087441ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3108087441ns10:SmallEntities2024-01-012024-12-3108087441ns10:Audited2024-01-012024-12-3108087441ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3108087441ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3108087441ns10:FullAccounts2024-01-012024-12-310808744112024-01-012024-12-3108087441ns10:Director22024-01-012024-12-3108087441ns10:Director32024-01-012024-12-3108087441ns10:Director42024-01-012024-12-3108087441ns10:RegisteredOffice2024-01-012024-12-3108087441ns5:CurrentFinancialInstruments2024-12-3108087441ns5:CurrentFinancialInstruments2023-12-3108087441ns5:Non-currentFinancialInstruments2024-12-3108087441ns5:Non-currentFinancialInstruments2023-12-3108087441ns5:ShareCapital2024-12-3108087441ns5:ShareCapital2023-12-3108087441ns5:RetainedEarningsAccumulatedLosses2024-12-3108087441ns5:RetainedEarningsAccumulatedLosses2023-12-3108087441ns5:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3108087441ns5:PatentsTrademarksLicencesConcessionsSimilar2024-01-012024-12-3108087441ns5:PlantMachinery2024-01-012024-12-3108087441ns5:IntangibleAssetsOtherThanGoodwill2023-12-3108087441ns5:IntangibleAssetsOtherThanGoodwill2024-12-3108087441ns5:IntangibleAssetsOtherThanGoodwill2023-12-3108087441ns5:PlantMachinery2023-12-3108087441ns5:PlantMachinery2024-12-3108087441ns5:PlantMachinery2023-12-3108087441ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-12-3108087441ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-01-012024-12-3108087441ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-12-3108087441ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-12-3108087441ns5:CostValuation2023-12-3108087441ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3108087441ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3108087441ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-12-3108087441ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-12-3108087441ns5:FinanceLeasesns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3108087441ns5:FinanceLeasesns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3108087441ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-12-3108087441ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3108087441ns5:FinanceLeasesns5:BetweenOneFiveYears2024-12-3108087441ns5:FinanceLeasesns5:BetweenOneFiveYears2023-12-3108087441ns5:HirePurchaseContracts2024-12-3108087441ns5:HirePurchaseContracts2023-12-3108087441ns5:FinanceLeases2024-12-3108087441ns5:FinanceLeases2023-12-3108087441ns5:WithinOneYear2024-12-3108087441ns5:WithinOneYear2023-12-3108087441ns5:BetweenOneFiveYears2024-12-3108087441ns5:BetweenOneFiveYears2023-12-3108087441ns5:MoreThanFiveYears2024-12-3108087441ns5:MoreThanFiveYears2023-12-3108087441ns5:AllPeriods2024-12-3108087441ns5:AllPeriods2023-12-31
REGISTERED NUMBER: 08087441 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

THE FURNITURE RECYCLING GROUP LIMITED

THE FURNITURE RECYCLING GROUP LIMITED (REGISTERED NUMBER: 08087441)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THE FURNITURE RECYCLING GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Mr N S Oettinger
Mr R A Eaves
Mr S Beaumont
Mr C H C Van Hemert





REGISTERED OFFICE: Greenbank Works
Gladstone Street
Blackburn
BB1 3ES





REGISTERED NUMBER: 08087441 (England and Wales)





AUDITORS: Christian Douglass Accountants Limited
Chartered Accountants
Statutory Auditor
2 Jordan Street
Knott Mill
Manchester
M15 4PY

THE FURNITURE RECYCLING GROUP LIMITED (REGISTERED NUMBER: 08087441)

BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 9,347 22,996
Tangible assets 5 1,837,481 881,864
Investments 6 100 100
1,846,928 904,960

CURRENT ASSETS
Stocks 26,205 37,891
Debtors 7 2,269,266 2,018,682
Cash at bank and in hand 277,197 1,775,313
2,572,668 3,831,886
CREDITORS
Amounts falling due within one year 8 2,429,290 2,223,978
NET CURRENT ASSETS 143,378 1,607,908
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,990,306

2,512,868

CREDITORS
Amounts falling due after more than one
year

9

(242,402

)

(153,925

)

PROVISIONS FOR LIABILITIES (98,775 ) (214,258 )
NET ASSETS 1,649,129 2,144,685

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,649,029 2,144,585
SHAREHOLDERS' FUNDS 1,649,129 2,144,685

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 June 2025 and were signed on its behalf by:





Mr N S Oettinger - Director


THE FURNITURE RECYCLING GROUP LIMITED (REGISTERED NUMBER: 08087441)

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

1. STATUTORY INFORMATION

The Furniture Recycling Group Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08087441 and it is registered at Greenbank Works, Gladstone Street, Blackburn, BB1 3ES.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements and trading performance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The year to 31 December 2024 was one of both growth and operational challenge. The company achieved a 15% increase in revenue, rising to £9 million, reflecting growing demand for responsible mattress disposal and sustainable product recovery.

During the year, the company undertook a number of site relocations and improvements to better support future growth. Unfortunately, in April 2024, one of the operating sites was destroyed in a fire, which temporarily affected capacity and resulted in reduced profit levels. However, the business demonstrated strong resilience, underpinned by a committed workforce, strong balance sheet and support from our customers and shareholders. Recovery was swift, and operations returned to normal by the third quarter, allowing the company to end 2024 strongly, with positive momentum continuing into 2025.

The directors believe there is significant potential to further increase the UK's rate of mattress recycling, both through organic growth and strategic partnerships. Investment in site infrastructure and capacity is planned, alongside initiatives to improve operational efficiency.

Preparation of consolidated financial statements
The financial statements contain information about The Furniture Recycling Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents the amount derived from the provision of goods and services, and is stated after trade discounts, other sales taxes and net of VAT. Sales are recognised when the company considers that it has fulfilled its obligations to the customer which in respect of the sale of goods is on despatch.

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

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost, 20% on cost, 15% on cost and 10% on cost

Tangible fixed assets are stated at historical invoice cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure directly attributable to bringing the asset to the location and condition necessary for operation by the company.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is determined from purchase invoice cost and reported on a first in first out basis.

Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the cost of realisation and, where appropriate, the cost of conversion from their existing state to a finished condition.

Provision is made where necessary for obsolete, slow-moving and defective stocks.

THE FURNITURE RECYCLING GROUP LIMITED (REGISTERED NUMBER: 08087441)

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

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 120 (2023 - 114 ) .

THE FURNITURE RECYCLING GROUP LIMITED (REGISTERED NUMBER: 08087441)

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2024 31,754
Additions 1,395
At 31 December 2024 33,149
AMORTISATION
At 1 January 2024 8,758
Charge for year 15,044
At 31 December 2024 23,802
NET BOOK VALUE
At 31 December 2024 9,347
At 31 December 2023 22,996

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 1,209,554
Additions 1,680,389
Disposals (750,913 )
At 31 December 2024 2,139,030
DEPRECIATION
At 1 January 2024 327,690
Charge for year 191,224
Eliminated on disposal (217,365 )
At 31 December 2024 301,549
NET BOOK VALUE
At 31 December 2024 1,837,481
At 31 December 2023 881,864

THE FURNITURE RECYCLING GROUP LIMITED (REGISTERED NUMBER: 08087441)

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

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2024 370,153
Additions 235,949
Disposals (85,300 )
At 31 December 2024 520,802
DEPRECIATION
At 1 January 2024 87,694
Charge for year 53,589
Eliminated on disposal (32,186 )
At 31 December 2024 109,097
NET BOOK VALUE
At 31 December 2024 411,705
At 31 December 2023 282,459

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 100
NET BOOK VALUE
At 31 December 2024 100
At 31 December 2023 100

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 1,335,696 1,015,641
Amounts owed by group undertakings 461,246 461,523
Other debtors 472,324 541,518
2,269,266 2,018,682

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Hire purchase contracts and finance leases (see note 10)
111,849

69,308
Trade creditors 523,294 297,057
Amounts owed to group undertakings 1,193,505 1,185,104
Taxation and social security 157,127 180,418
Other creditors 443,515 492,091
2,429,290 2,223,978

THE FURNITURE RECYCLING GROUP LIMITED (REGISTERED NUMBER: 08087441)

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

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.24 31.12.23
£    £   
Hire purchase contracts and finance leases (see note 10)
242,402

153,925

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Net obligations repayable:
Within one year 106,798 65,220 5,051 4,088
Between one and five years 225,458 131,929 16,944 21,996
332,256 197,149 21,995 26,084

Non-cancellable
operating leases
31.12.24 31.12.23
£    £   
Within one year 756,257 292,794
Between one and five years 1,936,615 361,121
In more than five years 1,971,813 -
4,664,685 653,915

11. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Hire purchase contracts and finance leases 354,251 223,233

Obligations under hire purchase and finance lease contracts are secured on the assets concerned.

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mrs Deborah Burton F.C.A. (Senior Statutory Auditor)
for and on behalf of Christian Douglass Accountants Limited

13. ULTIMATE PARENT UNDERTAKING

The company's parent undertaking is Brosen Limited. The company's ultimate parent undertaking is RetourMatras Holding B.V. a company registered in The Netherlands. RetourMatras Holding B.V. heads the smallest and largest group, including the company, for which group accounts are drawn up. Copies of the group accounts can be obtained from Goudseweg 181e, 2411 HK, Bodegraven, The Netherlands.