Company registration number 03280384 (England and Wales)
WASTECARE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
WASTECARE GROUP LIMITED
COMPANY INFORMATION
Directors
Mr P T Hunt
Mr M D Kidney
Mrs R M Hunt
Mr M Stoneman
Company number
03280384
Registered office
Argent House
Tyler Close
Normanton
West Yorkshire
United Kingdom
WF6 1RL
Auditor
BHP LLP
New Chartford House
Centurion Way
Cleckheaton
West Yorkshire
BD19 3QB
Bankers
National Westminster Bank Plc
2/3 Upper Street
Islington
London
United Kingdom
N1 0QF
WASTECARE GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 9
Directors' report
10
Directors' responsibilities statement
11
Independent auditor's report
12 - 14
Group statement of comprehensive income
15
Group statement of financial position
16
Company statement of financial position
17 - 18
Group statement of changes in equity
19
Company statement of changes in equity
20
Group statement of cash flows
21
Notes to the financial statements
22 - 43
WASTECARE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Objectives

Our objective is to provide commercial and industrial organisations a one-stop-solution for collecting and treating hazardous and specialist waste streams. Waste is an unwanted biproduct of a process or activity. Our aim is to recover value from our customers’ waste, while at the same time minimise the environmental impact of collection, treatment and recovery.

By focusing on our core values of environmental best practice, quality of service and best value, we aim to be our customers’ preferred choice for managing most forms of hazardous and specialist waste streams, across the UK. This is achieved through continual improvement, innovation and investment, with the aim to maximise reuse, recover value and recycle, while all but eliminating landfill.

Financial Highlights and KPIs (£m)
2019/20
2020/21
2021/22
2022/23
2023/24
2024/25
Turnover
57.6
49.5
56.1
61.2
63.5
65.1
Operating Cashflow
7.5
6.9
5.3
5.2
5.7
3.4
Profit Before Tax
2.8
4.4
2.2
3.0
2.9
4.2
Net Assets
23.7
27.5
28.3
32.0
34.1
36.4
EBITDA
6.7
9.1
7.2
7.9
7.0
7.9
WASTECARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

Financial Performance

Despite the recent inflationary pressures and a lacklustre economy over the last year we have experienced steady growth with Net Revenue growing 4.3% to £54.7m and PBIT growing 40.6% to £4.6m Net Revenue is our internal measure of Sales Revenue less Rebates to customers. Our headcount decreased by 11, to 433, while the payroll cost increased by £0.4m to £16.0m. Despite the challenges, we have been able to strengthen our management team over the last year, with a number of high calibre individuals joining the business. Our focus is to invest and advance in our own talent while we invite candidates that demonstrate the right values rather simply on experience and qualifications.

Group turnover increased by £1.5m to £65.1m over the year. Capital expenditure reached £5.3m for the year. Before any revaluations our Fixed Assets increased by £1.7m. Overall, the business generated £3.4m cash from operations.

Over the year we continued our investments in both our Service and Recycling Centres. This included £0.8m in our Liverpool treatment facility, £0.2m investment in our Elland Battery Recycling facility and £0.3m in a new plastics recovery process in Packcare, our industrial packaging plant. In essence, over the last year, we have continued our focus on consolidating our existing business operations, improving both performance and standards. To ensure all our colleagues understand and support the essential pillars of success, we have focused our investment and training around.

• Health and Safety

• Service Quality

• Productivity

Collection events and volumes have increased by 10% on client collections and 9% on recycled and recovered tonnage. During the year we launched the UK’s first national service for collecting and processing e-cigarette (vapes). With over 9,000 collection sites already established we expect this market to grow, despite the Government’s endeavour to ban disposable vapes. D uring the year 1,427 new collection points were added to our service. Customer retention has remained high with virtually no losses from our regular clients. Keeping to our policy of offering a low cost, reliable service, maximising customer rebates from reuse, recycling and recovery, while minimising landfill, continues to be the foundation of our success.

Wastecare Compliance plc has been successful in winning several new members, through the year, by being the only Producer Compliance Scheme to publish our evidence prices for the year ahead. At the same time, as a Group we generate the majority of our members evidence from the batteries, packaging and WEEE that we collect from our customers. In this way we are in a unique position to control and know our future costs, removing the risks and being able to offer the lowest cost of compliance.

Despite the economic challenges the Board is pleased with the overall financial performance of Wastecare Group Limited. During the year we have returned £10.3m to our customers from the waste streams we have recycled and recovered, repeating the value we returned in 2023/4

Health and Safety remains the highest priority for the Board, Management and Employees across the Group. Our accident frequency rate (AFR) is continuously monitored, and improvement actions are implemented. This has resulted in a year-on-year reduction of 18% and an AFR significantly better than the wider sector.

Our focus is to all but eliminate landfill throughout the business. This work has been ongoing with less than 1% of the volume of inbound material being disposed of rather than reused, recycled or recovered.

The business is committed to continual investment in R&D for new technology and developing our capabilities. A number of R&D projects are currently under construction and will be completed within the next Financial Year. These include a new and expanded portable battery treatment process, a full scale vape recovery process and a secondary fuel process that will reduce our dependency on natural gas requirement by over 40%.

The key to our success is dependent on the quality, commitment and hard work of all our colleagues. I would like to take this opportunity to thank everyone who has contributed to the Group’s continued success.

WASTECARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Key Performance Indicators
2019/20
2020/21
2021/22
2022/23
2023/24
2024/25
Operating Profit (PBIT)
£3.3m
£4.9m
£2.7m
£3.5m
£3.2m
£4.6m
Operating Cash Flow in year
£7.5m
£6.9m
£5.3m
£5.2m
£5.7m
£3.4m
Waste Recycled and Recovered (T)
99,405
67,221
78,714
76,358
68,794
74,817
Number of active collection points
44,301
34,225
37,780
36,309
36,342
38,708
Number of client collections
215,665
158,951
172,442
159,895
159,988
175,480

Market Place

Over the last 12 months the UK economy has continued to be, at best, lethargic. We believe that it is now generally accepted that this doesn’t appear to be a cyclical downturn in our economy, rather it is further evidence that an increasing number in the working age population across the country are seeing little merit in, or incentive to work. This dilemma appears to have infected many Western economies. Add to this the tumultuous impact of President Trump, the next few years are likely to be challenging. Perhaps perversely, we see a challenging economic climate as an opportunity to demonstrate the benefits of providing a low cost recovery solution that returns real value to our customers, combined with the highest environmental standards. We strongly believe the loyalty of our customers is testament to the high quality of our service and the value we provide. We have attracted a number of significant new accounts, through the year. As the waste management sector continues to consolidate, we are confident our growth will continue for many years to come.

An additional factor that influences our financial performance is our collection and recycling capacity throughout the UK. As a company we aim to process as much as we can ourselves, or use UK providers, and only in extreme cases rely on recyclers on the Continent. We are continuing to invest in expanding our process capability to ensure we provide our customers a comprehensive, cost efficient and reliable recycling and recovery solution.

Environmental Impact and SECR

Our primary function is to recover resources from waste. It should go without saying that this is only beneficial to the wider environment if there is a net energy saving. The Companies Act (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 implement the government's policy on Streamlined Energy and Carbon Reporting (SECR). The regulation came into effect on 1 April 2019 and the Company is required to report the emissions and energy consumption for this year to 31st March 2025 to coincide with the financial reporting period. Following a total company usage methodology 7,953 Te CO2e was produced. As an intensity measure the Directors consider CO2e production per pound of profit before tax to be most appropriate. 1.7kg per Pound of PBIT was produced in the year and the company aims to lower this where possible in the future.

WASTECARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
2024/25
2023/24
Gas
Kwh
16,174,963
13,318,275
CO2e Factor
0.1825
0.1829
CO2e
2,952,416
Kg
2,436,312
Kg
Final
2,952
Te
2,436
Te
Electricity
Kwh
3,286,028
3,427,533
CO2e Factor
0.2049
0.225
CO2e
673,406
Kg
771,174
Kg
Final
673
Te
771
Te
Diesel
Litres Used
1,767,269
1,666,704
CO2e Factor
2.4796
2.6594
CO2e
4,307,733
Kg
4,432,383
Kg
Final
4,308
Te
4,432
Te
EV
Miles
290,000
203,672
CO2e Factor
0.0676
0.0893
CO2e
19,607
Kg
19,005
Kg
Final
20
Te
19
Te
TOTAL
Total CO2e
7,953
Te
7,658
Te
PBIT £m
4.6
3.2
Intensity (kg/£)
1.7
2.4
WASTECARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

Business strategy

The growth and success of the Wastecare Group has been as a result of putting our clients at the centre of our operation combined with continuous investment in innovative technology. This has enabled us to combine a deep understanding of our clients’ requirements with a uniquely flexible service that can be tailored for virtually any organisation, while focusing on providing a high-quality service, great value, minimizing waste and maximizing recoverable value.

The core of our business is the national network of regional Service Centres, providing an efficient collection service for most commercial and public sector organisations. Whilst organic growth is our main focus, strategically advantageous acquisitions in the past have enabled the company to offer a wider range of services to an increasing range of industrial and commercial sectors. The Board are confident that the Government’s Resources and Waste Strategy and the adoption of the Circular Economy Package has set a framework for the sector to develop and invest in new capacity and technologies.

The Directors believe that organic growth will continue to be achieved through increasing the range of compatible services that we offer to both existing and new clients whilst maintaining the strong features of a one-stop solution for hazardous and challenging waste. In addition to this growth we c omplet ed the purchase of Cleaneco Group in August 2 025, which will substantially expand our packaging division and add aerosol recovery and product destruction to our portfolio.

We are continuing to expand our solar energy generation with an array at our Liverpool facility, to be completed in Q 3 2025. Building on the success we have experienced from our in-house electricity generation we expect to reduce our energy dependency by 60% by 2027.

Principle risks and uncertainties

The Waste Management sector is highly regulated. A continuing challenge faced by Wastecare Group centres around developing solutions to the changes in legislation across the market segments in which we operate. We are mindful of our responsibility to guide our clients through the maze of legislation to help ensure they are compliant, as well as making sure we handle all types of waste safely, whilst adopting environmental best practice. We manage the impact of legislative changes within the waste industry, on both our business and our customers by ensuring that we are actively involved and affiliated with a range of organisations representing the interests of the waste industry. While the direction of travel is basically a given, we believe the UK government will slow the rate of change, while economic pressures remain high.

The demands of our customers and the challenges we face day to day continue to evolve. Our infrastructure and operational models are well suited to handle ongoing changes in regulations and challenges to meet ever greater demands in environmental standards. We are committed to continue re-investing our profits to extend the reach of the business whilst keeping borrowings within a tight limit.

It is our mission to provide all our clients, regardless of size, best value at all times, offering the most competitive prices for virtually all types of hazardous and challenging waste streams. This means that we can offer great value through a fully scalable business model that ensures the Group can safely invest for the future whilst managing our risks.

WASTECARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
Managing Risk

The Board regularly review the potential risks to the business. These are subdivided to safety, environmental, regulatory compliance, commercial and financial risk. The Board maintains a register of potential risks, taking account of macro market movements, regulatory changes as well as Health & Safety performance, operational changes, customer retention and general performance. Wastecare has in place contingency plans should the business suffer a material setback. The management team are responsible for maintaining a Group wide improvement plan which aims to ensure risks are minimised whilst at the same time the key objectives of the business are realised.

CSR

Wastecare is committed to conducting its business operations in an open and responsible manner. We recognise the need to continually improve our operations to reduce our impact on the environment, as well as improve our processes to ensure the safety and welfare of our colleagues. We aim to be a good neighbour, at each of our sites, whilst minimising, the impact of our operations on the wider community. We are committed to minimising landfill, avoiding the export of waste, reducing our Carbon footprint and becoming self- sufficient in energy use, including providing fuel for our transport fleet. We are committed to helping the waste management sector in developing regulations and policy as well as taking an active role with Government departments and the Environment Agency.

Employees

Our employees are our greatest asset. The average total workforce in 2024/25 was 433, an decrease of 2.5% on the previous year. Virtually everyone within the business is now eligible to performance enhanced remuneration. Every recruit is subject to a minimum two-week induction process and are provided with a company handbook, a personalised training programme along with a regular assessment regime. Work instructions, method statements and risk assessments are all available via an internal Intranet accessible by all within the business. Under the auspices of the Wastecare Academy all personnel undergo a regular review of their performance with their line manager, as well as develop a plan for their future development.

We continue to be impressed by the dedication, hard work and commitment of our colleagues throughout the business. They continue to strive to improve the service to our customers, flexing to the frequently changing demands of both our customers and the regulatory regime. The ‘can do’ attitude of my colleagues is key to delivering on our clients’ expectations. The adage, a company is only as good as the people, is certainly true in our case.

WASTECARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
Sector Reviews

Wastecare Ltd

Wastecare Ltd, established in 1982, remains the foundation of the Group, providing a unique waste management solution to industry and commerce via a nationwide collection service along with a sustainable permitted recycling, recovery and reuse solutions, with full traceability, for most types of hazardous and difficult waste. With 1 4 regional service and recycling centres across the UK and a fleet of over 160 collection vehicles, we collect, treat and recycle over 1,000 different types of hazardous and “difficult” waste from over 35,000 sites both in the private and public sectors.

Divisions within Wastecare include.

· Data destruction

· Domestic appliance recycling and reuse

· High temperature recovery for clinical and pharmaceutical waste

· Industrial chemical and effluent treatment

· IT and electronic equipment refurbishment and reuse

· Laboratory and chemical smalls treatment

· Metal decontamination and recovery

· On-site shredding and destruction

· Precious metal recovery

· Used cooking oil processing to supply the bio-fuel market.

Our Zero to Landfill policy delivers maximum recycling and recovery throughout its operation, returning real value to its customers. Utilising our national transport fleet and licensed waste management facilities enable Wastecare to provide clients a cost effective, one- stop solution for all types of industrial packaging and associated waste. Our Avonmouth facility provides the only licensed thermal treatment process dedicated to steel drums and metal packaging in the UK.

WasteCare Compliance Plc

Established in 2007, the company was the first WEEE compliance scheme to be approved by the Environment Agency. The scheme was established to meet the needs of all electrical and electronic producers who supply equipment both to businesses and consumers. It is now the largest scheme by membership, an achievement that has been achieved by providing an outstanding service to our members whilst offering exceptional value for money. In 2010 we launched BatteryBack, again the first portable battery producer compliance scheme. Along with Packcare, our packaging producer compliance scheme, we remain the only compliance evidence that publishes fixed prices in advance. This is made possible, because we are generating the evidence through our own AATFs and ABTOs, from the WEEE, batteries and packaging collected from our customers and processed in-house, within the Group.

WASTECARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
Directors' statement of compliance with duty to promote the success of the Group

The Board of Directors of WasteCare Group Limited consider that both individually and together for the year ended 31 March 202 5 they have acted in the way they consider, in good faith, would be the most likely to promote the success of the Group for the benefit of its members as a whole and having regard to the matters set out in s172 (1)(a-f) as below:

a) The likely consequences of any decision in the long term;

b) The interests of the Group’s employees;

c) The need to foster the Group’s business relationships with suppliers, customers and others;

d) The impact of the Group’s operations on the community and the environment;

e) The desirability of the Group maintaining a reputation for high standards of business conduct; and

f) The need to act fairly between members of the Group.

The directors make decisions by taking their legal duty into account and also the priorities and requirements of the stakeholders.

a) The likely consequences of any decision in the long term

The directors have regard to the likely consequences of their decisions on the long-term objectives and sustainability of the Group, its stakeholders and the community whilst also preserving its values and culture. With this in mind, when a dividend is proposed it is important to confirm the availability of distributable reserves whilst also considering cash requirements for future investment and without prejudicing the position of other creditors. We are a business built on our standards and reputation and would not take a decision which would have a detrimental impact on this whether in the short term or the long term. We are dedicated to ensuring we maintain our culture whilst achieving our purpose.

b) The interests of the Group’s employees

Our employees are key, so it is very important that they have the right attitude and the drive to create ideas and set high standards. All employees are encouraged to be honest and regular discussions are held with employees. The directors make an effort to visit our locations to talk to the employees which gives them the opportunity to hear their ideas and see first-hand where any improvements can be made.

c) The need to foster the Group’s business relationships with suppliers, customers and others

We carry out our business with similar-minded people who we like and build on this to forge strong and lasting partnerships which is important for our long-term success.

d) The impact of the Group’s operations on the community and the environment

We are proud to be part of the local and wider communities. It is our aim to create opportunities to recruit and develop local people and to understand the local issues that are important to the community and what we can do to support it.

e) The desirability of the Group maintaining a reputation for high standards of business conduct

All new employees get a New Starter Pack which documents our history, standards, equal opportunities and training programme (among other things). All employees have easy access to our Operating Procedures and Codes of Conduct and understand the requirement for them to comply with the Group’s high standards of business conduct at all times. Any issues of non-compliance with any of our policies can be dealt with in confidence.

WASTECARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -

On behalf of the board

Mr P T Hunt
Director
16 September 2025
WASTECARE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Results and dividends

The results for the year are set out on page 15.

Ordinary dividends were paid amounting to £81,632. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P T Hunt
Mr M D Kidney
Mrs R M Hunt
Mr M Stoneman
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The Group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr P T Hunt
Director
16 September 2025
WASTECARE GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -

The directors are responsible for preparing the Annual 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 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK 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 group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WASTECARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WASTECARE GROUP LIMITED
- 12 -
Opinion

We have audited the financial statements of WasteCare Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial year 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.

WASTECARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WASTECARE GROUP LIMITED
- 13 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the group through discussions with management, and from our commercial knowledge and experience of the sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environments and health and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

WASTECARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WASTECARE GROUP LIMITED
- 14 -

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation; and

• enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed those laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Use of our report

This report is made solely to the group 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 auditor's 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 group members as a body, for our audit work, for this report, or for the opinions we have formed.

Ann Brown (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
New Chartford House
Centurion Way
Cleckheaton
West Yorkshire
BD19 3QB
16 September 2025
WASTECARE GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
2025
2024
Notes
£
£
Turnover
3
65,077,356
63,535,623
Cost of sales
(49,488,758)
(49,527,293)
Gross profit
15,588,598
14,008,330
Administrative expenses
(11,035,843)
(10,824,271)
Other operating income
30,000
76,137
Operating profit
4
4,582,755
3,260,196
Interest receivable and similar income
8
22,146
44,150
Interest payable and similar expenses
9
(385,029)
(338,375)
Amounts written off investments
10
-
(60,000)
Profit before taxation
4,219,872
2,905,971
Tax on profit
11
(923,368)
(412,578)
Profit for the financial year
27
3,296,504
2,493,393
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 22 to 43 form part of these financial statements.

WASTECARE GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 16 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
14
376,734
609,215
Tangible assets
15
31,324,008
29,406,359
31,700,742
30,015,574
Current assets
Stocks
18
8,897,196
8,119,158
Debtors
19
15,834,181
14,312,118
Cash at bank and in hand
653,182
2,620,628
25,384,559
25,051,904
Creditors: amounts falling due within one year
20
(13,734,984)
(15,116,261)
Net current assets
11,649,575
9,935,643
Total assets less current liabilities
43,350,317
39,951,217
Creditors: amounts falling due after more than one year
21
(6,124,322)
(5,627,615)
Provisions for liabilities
Deferred tax liability
24
832,747
258,713
(832,747)
(258,713)
Net assets
36,393,248
34,064,889
Capital and reserves
Called up share capital
26
37,298
37,875
Share premium account
27
537,839
537,839
Revaluation reserve
27
5,556,854
5,556,854
Capital redemption reserve
27
45,139
44,562
Profit and loss reserves
27
30,216,118
27,887,759
Total equity
36,393,248
34,064,889

The notes on pages 22 to 43 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 16 September 2025 and are signed on its behalf by:
16 September 2025
Mr P T Hunt
Director
Company registration number 03280384 (England and Wales)
WASTECARE GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
31 March 2025
- 17 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
15
18,922,983
19,139,546
Investments
16
4,439,219
4,439,219
23,362,202
23,578,765
Current assets
Debtors
19
3,307,146
3,603,113
Cash at bank and in hand
21,106
12,595
3,328,252
3,615,708
Creditors: amounts falling due within one year
20
(1,456,904)
(871,194)
Net current assets
1,871,348
2,744,514
Total assets less current liabilities
25,233,550
26,323,279
Creditors: amounts falling due after more than one year
21
(4,791,192)
(5,448,573)
Provisions for liabilities
Deferred tax liability
24
(11,732)
(13,394)
11,732
13,394
Net assets
20,454,090
20,888,100
Capital and reserves
Called up share capital
26
37,298
37,875
Share premium account
27
537,839
537,839
Revaluation reserve
27
5,556,854
5,556,854
Capital redemption reserve
27
45,139
44,562
Profit and loss reserves
27
14,276,960
14,710,970
Total equity
20,454,090
20,888,100

The notes on pages 22 to 43 form part of these financial statements.

WASTECARE GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 18 -

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £534,135 (2024 - £341,856 profit).

The financial statements were approved by the board of directors and authorised for issue on 16 September 2025 and are signed on its behalf by:
16 September 2025
Mr P T Hunt
Director
Company registration number 03280384 (England and Wales)
WASTECARE GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2023
37,925
537,839
5,556,854
44,512
25,791,459
31,968,589
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
-
2,493,393
2,493,393
Dividends
12
-
-
-
-
(397,093)
(397,093)
Redemption of shares
26
(50)
-
-
50
-
-
0
Balance at 31 March 2024
37,875
537,839
5,556,854
44,562
27,887,759
34,064,889
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
-
3,296,504
3,296,504
Dividends
12
-
-
-
-
(81,632)
(81,632)
Redemption of shares
26
(577)
-
-
577
(886,513)
(886,513)
Balance at 31 March 2025
37,298
537,839
5,556,854
45,139
30,216,118
36,393,248

The notes on pages 22 to 43 form part of these financial statements.

WASTECARE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2023
37,925
537,839
5,556,854
44,512
14,766,207
20,943,337
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
-
-
341,856
341,856
Dividends
12
-
-
-
-
(397,093)
(397,093)
Redemption of shares
26
(50)
-
-
50
-
-
0
Balance at 31 March 2024
37,875
537,839
5,556,854
44,562
14,710,970
20,888,100
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
-
534,135
534,135
Dividends
12
-
-
-
-
(81,632)
(81,632)
Redemption of shares
26
(577)
-
-
577
(886,513)
(886,513)
Balance at 31 March 2025
37,298
537,839
5,556,854
45,139
14,276,960
20,454,090

The notes on pages 22 to 43 form part of these financial statements.

WASTECARE GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
34
4,153,698
6,331,577
Interest paid
(385,029)
(338,375)
Income taxes paid
(385,990)
(280,457)
Net cash inflow from operating activities
3,382,679
5,712,745
Investing activities
Purchase of tangible fixed assets
(5,337,777)
(2,343,439)
Proceeds from disposal of tangible fixed assets
278,584
272,723
Proceeds from disposal of investment property
-
85,898
Interest received
22,146
44,150
Net cash used in investing activities
(5,037,047)
(1,940,668)
Financing activities
Redemption of shares
(886,513)
-
Proceeds from borrowings
2,735,286
-
Repayment of borrowings
-
(21,645)
Repayment of bank loans
(669,787)
(601,459)
Payment of finance leases obligations
(1,410,432)
(932,544)
Dividends paid to equity shareholders
(81,632)
(397,093)
Net cash used in financing activities
(313,078)
(1,952,741)
Net (decrease)/increase in cash and cash equivalents
(1,967,446)
1,819,336
Cash and cash equivalents at beginning of year
2,620,628
801,292
Cash and cash equivalents at end of year
653,182
2,620,628

The notes on pages 22 to 43 form part of these financial statements.

WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
1
Accounting policies
Company information

WasteCare Group Limited (the 'company' is a private limited company limited by shares incorporated in England and Wales. The company's registration number is 03280384.

The address of its registered office and principal place of business is Argent House, Tyler Close, Normanton, England, WF6 1RL.

The principal activity of the group is the collection, treatment and recycling of commercial and industrial waste streams, and the provision of compliance recycling schemes.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 23 -
1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Wastecare Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 24 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
10% straight line basis
Plant and equipment
10% to 33% straight line basis
Fixtures and fittings
20% to 33% straight line basis
Motor vehicles
20% straight line basis

Freehold land and assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

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.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 25 -
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 26 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 27 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 28 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the group in independently administered funds.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

Critical judgements and estimates in applying the group's accounting policies

The critical judgements and estimates that have had the most significant effect on amounts recognised in the financial statements.

Assessing indicators of impairment

In assessing whether there have been any indicators of impaired assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability.

Determining residual values and useful economic lives of tangible fixed assets

The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

Judgement is applied by m anagement when determining the residual values for all fixed assets, particularly property, plant & equipment. When determining the residual value, management aim to assess the amount that the company would currently obtain for the disposal of the asset if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

Stock valuation

The Company holds various categories of stock in the form of waste electrical equipment along with other items held or materials salvaged from the normal operation of the Company’s business activities. This stock is held at the lower of cost and net realisable value, with net realisable value being the amount recoverable less any future costs to incur. In calculating the values of particular items held by the Company, judgement and estimation is required in both attributing direct costs to each stock line and assessing the recoverable amount. Management use the most up to date and relevant information in making this assessment at the balance sheet date.

Compliance scheme income - accrued income and deferred income

The scheme income received by the Group is not coterminous to the financial year end therefore revenue is accrued and deferred in order to correctly recognise revenue when the agreed services have been provided. There is some estimation involved in assessing what the total scheme income will be for the full calendar year when calculating the required accrued and deferred income.

WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 30 -
Battery compliance scheme - stock valuation and associated 'costs to treat' accrual

Stock is valued at the lower of cost and net realisable value, with net realisable value being the amount recoverable less any future costs to incur. In calculating the net realisable value, management are r equired to estimate the amount that can be recovered from the waste battery stock through selling evidence of recycled batteries to the Group's scheme members. A Pound Sterling value per tonne is calculated based on historic sales. In calculating future costs to incur, management are required to estimate the future costs of sorting and treating the waste batteries held against which they have sold evidence. The value of this obligation is also held on the balance sheet as a 'costs to treat accrual'. There is a high level of estimation involved in calculating these costs to incur which will depend on the way in which the obligation is fulfilled. The Group will either pay a third party to recycle batteries in accordance with all applicable regulations or fulfil the obligation through its own recycling plant. Management estimate the total cost of doing this, incorporating any directly attributable staffing costs, a reasonable allocation of appropriate overheads along with third party costs of recycling battery types that cannot be recycled inhouse. Management uses all relevant historic and current information available in making this estimation. Going forwards, changes in the efficiency of the in-house recycling process, any regulatory changes or changes to third party recycling costs may impact on the estimated ‘costs to treat accrual’ and the performance of future periods.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sales of goods
65,077,356
63,535,623
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
60,406,604
61,582,728
Rest of Europe
4,670,752
1,952,895
65,077,356
63,535,623
2025
2024
£
£
Other revenue
Interest income
22,146
44,150
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
2,776,600
2,800,295
Depreciation of tangible fixed assets held under hire purchase contracts
570,355
785,186
Profit on disposal of tangible fixed assets
(205,409)
(167,708)
(Profit)/loss on disposal of investment property
-
0
8,987
Amortisation of intangible assets
232,481
232,481
Operating lease charges
1,827,473
398,683
WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
19,600
19,000
Audit of the financial statements of the company's subsidiaries
54,800
53,000
74,400
72,000
For other services
Taxation compliance services
15,600
15,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Production
221
248
-
-
Administration and support
92
85
-
-
Other departments
120
111
-
-
Total
433
444
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
13,889,320
13,695,899
-
0
-
0
Social security costs
1,387,316
1,342,206
-
-
Pension costs
740,098
555,512
-
0
-
0
16,016,734
15,593,617
-
0
-
0
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
270,157
248,226
Company pension contributions to defined contribution schemes
178,850
95,044
449,007
343,270
WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Directors' remuneration
(Continued)
- 32 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
110,989
72,979
Company pension contributions to defined contribution schemes
27,600
4,340

During the year retirement benefits were accruing to 2 directors (2024 - 3) in respect of defined contribution pension schemes.

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
22,146
20,189
Other interest income
-
23,961
Total income
22,146
44,150
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
223,342
261,958
Interest on invoice finance arrangements
35,869
39,966
Interest on finance leases and hire purchase contracts
108,952
36,451
Other interest
16,866
-
Total finance costs
385,029
338,375
10
Amounts written off investments
2025
2024
£
£
Other gains and losses
-
(60,000)
WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
684,376
1,027,548
Adjustments in respect of prior periods
(335,042)
(352,349)
Total current tax
349,334
675,199
Deferred tax
Origination and reversal of timing differences
574,034
(262,621)
Total tax charge
923,368
412,578

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
4,219,872
2,905,971
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,054,968
726,493
Tax effect of expenses that are not deductible in determining taxable profit
5,539
61,368
Tax effect of utilisation of tax losses not previously recognised
-
0
(2,304)
Adjustments in respect of prior years
(335,042)
(352,349)
Other permanent differences
15,031
-
0
Deferred tax adjustments in respect of prior years
4,898
-
0
Amortisation of goodwill
58,120
58,120
Remeasurement of deferred tax for changes in tax rates
-
0
(128,082)
Fixed asset differences
119,854
49,332
Taxation charge
923,368
412,578
WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 34 -
12
Dividends
2025
2024
2025
2024
Recognised as distributions to equity holders:
Per share
Per share
Total
Total
£
£
£
£
Ordinary shares
Interim paid
2.19
8.70
81,632
324,293
Ordinary F shares
Interim paid
-
130.00
-
72,800
Total dividends
Interim dividends paid
81,632
397,093
13
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Fixed asset investments
16
-
60,000
Recognised in:
Amounts written off investments
-
60,000

The impairment losses in respect of financial assets are recognised in other gains and losses in the income statement.

WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 35 -
14
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
2,324,806
Amortisation and impairment
At 1 April 2024
1,715,591
Amortisation charged for the year
232,481
At 31 March 2025
1,948,072
Carrying amount
At 31 March 2025
376,734
At 31 March 2024
609,215
The company had no intangible fixed assets at 31 March 2025 or 31 March 2024.

15
Tangible fixed assets
Group
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
25,543,421
437,557
11,613,706
1,076,395
11,591,106
50,262,185
Additions
486,947
797,192
662,078
93,614
3,297,946
5,337,777
Disposals
(4,658)
(3,800)
(15,250)
-
0
(1,575,415)
(1,599,123)
Transfers
3,409
(264,371)
267,657
3,305
(10,000)
-
0
At 31 March 2025
26,029,119
966,578
12,528,191
1,173,314
13,303,637
54,000,839
Depreciation and impairment
At 1 April 2024
2,733,316
-
0
7,353,434
1,012,452
9,756,624
20,855,826
Depreciation charged in the year
698,413
-
0
1,297,366
28,311
1,322,865
3,346,955
Eliminated in respect of disposals
(2,572)
-
0
(9,750)
-
0
(1,513,628)
(1,525,950)
Transfers
-
0
-
0
(31)
3,031
(3,000)
-
0
At 31 March 2025
3,429,157
-
0
8,641,019
1,043,794
9,562,861
22,676,831
Carrying amount
At 31 March 2025
22,599,962
966,578
3,887,172
129,520
3,740,776
31,324,008
At 31 March 2024
22,810,105
437,557
4,260,272
63,943
1,834,482
29,406,359
WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
15
Tangible fixed assets
(Continued)
- 36 -
Company
Freehold land and buildings
£
Cost
At 1 April 2024 and 31 March 2025
19,928,885
Depreciation and impairment
At 1 April 2024
789,339
Depreciation charged in the year
216,563
At 31 March 2025
1,005,902
Carrying amount
At 31 March 2025
18,922,983
At 31 March 2024
19,139,546

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2025
2024
2025
2024
£
£
£
£
Motor vehicles
2,595,246
675,544
-
0
-
0

Land with the fair value of £13,739,748 has been included within Freehold property.

16
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
4,439,219
4,439,219
WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
16
Fixed asset investments
(Continued)
- 37 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
6,094,014
Impairment
At 1 April 2024 and 31 March 2025
1,654,795
Carrying amount
At 31 March 2025
4,439,219
At 31 March 2024
4,439,219
17
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
WasteCare Limited
Argent House, Tyler Close, Normantoin, West Yorkshire, WF6 1RL
Collection, treatment and recycling of commercial and industrial ewaste streams
Ordinary Shares
100.00
WasteCare Compliance Plc
Argent House, Tyler Close, Normantoin, West Yorkshire, WF6 1RL
Provision of battery, waste electrical and packaging compliance recycling schemes
Ordinary Shares
100.00
18
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
1,639,883
1,736,955
-
-
Finished goods and goods for resale
7,257,313
6,382,203
-
0
-
0
8,897,196
8,119,158
-
-
WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 38 -
19
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
10,491,864
10,990,078
-
0
-
0
Corporation tax recoverable
-
0
111,745
-
0
-
0
Amounts owed by group undertakings
-
-
3,204,579
3,510,151
Other debtors
929,589
883,124
102,567
92,962
Prepayments and accrued income
4,412,728
2,327,171
-
0
-
0
15,834,181
14,312,118
3,307,146
3,603,113

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

20
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
22
572,614
585,020
572,614
585,020
Obligations under finance leases
23
815,785
525,915
-
0
-
0
Trade creditors
4,175,339
4,723,420
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
635,508
-
0
Corporation tax payable
311,672
460,073
124,132
234,631
Other taxation and social security
1,607,620
1,424,990
-
-
Other creditors
233,126
123,277
50
3,813
Accruals and deferred income
6,018,828
7,273,566
124,600
47,730
13,734,984
15,116,261
1,456,904
871,194

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Hire purchase creditors are secured on the assets to which they relate including assets held by group companies.

The invoice discounting facility is secured by fixed and floating charges over the company's assets. This facility was not utilised at the year-end.

21
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
22
4,791,192
5,448,573
4,791,192
5,448,573
Obligations under finance leases
23
1,333,130
179,042
-
0
-
0
6,124,322
5,627,615
4,791,192
5,448,573
WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
21
Creditors: amounts falling due after more than one year
(Continued)
- 39 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
2,116,000
3,041,595
2,116,000
3,041,595
22
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
5,363,806
6,033,593
5,363,806
6,033,593
Payable within one year
572,614
585,020
572,614
585,020
Payable after one year
4,791,192
5,448,573
4,791,192
5,448,573

The long-term loans are secured by fixed and floating charges over the assets of the group.

The invoice discounting facility is secured by fixed and floating charges over the assets of the group.

Loans repayable by January 2036

These loans are repaid at £25,150 per month and incur interest at a rate of 2.9% per annum.

Loans repayable by June 2032

These loans are repaid £92,000 per quarter and incur interest at a rate of 5.03% per annum.

23
Finance lease and hire purchase obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under hire purchase agreements:
Within one year
815,784
525,915
-
0
-
0
In two to five years
1,333,131
179,042
-
0
-
0
2,148,915
704,957
-
-

Hire purchase creditors are secured on the assets to which they relate including assets held by group companies.

WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 40 -
24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
880,024
328,929
Tax losses
(13,526)
(19,062)
Short term timing differences
(33,751)
(51,154)
832,747
258,713
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
(11,732)
(13,394)
Group
Company
2025
2025
Movements in the year:
£
£
Liability/(Asset) at 1 April 2024
258,713
(13,394)
Charge to profit or loss
574,034
1,662
Liability/(Asset) at 31 March 2025
832,747
(11,732)
25
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
740,098
555,512

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

The pension cost charge represents contributions payable by the group to the fund and amounted to £740,098 (2024 - £555,512). Contributions totalling £66,197 (2024 - £61,465) were payable to the fund at the reporting date and are included in creditors.

WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 41 -
26
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
37,275
37,275
37,275
37,275
Ordinary A shares of 1p each
333
1,000
3
10
Ordinary B shares of 1p each
1,000
1,500
10
15
Ordinary C shares of 1p each
1,000
1,500
10
15
Ordinary F shares of £1 each
-
560
-
560
39,608
41,835
37,298
37,875

The 'Ordinary shares' and 'Ordinary F shares' of £1 each have full voting, dividend and capital distribution rights. The Ordinary 'A', 'B' and 'C' Shares of 1p each have full voting rights but confer no right to dividend. In the event of a sale of the company specific rights are attached to these shares. No shares in the company are redeemable.

The following shares were repurchased in the year.

Share class | Date | Shares | Consideration
A Ordinary | 02-Apr-24 | 334 | £ 130,000
A Ordinary | 24-Oct-24 | 333 | £ 130,000
B Ordinary | 22-Oct-24 | 500 | £ -
C Ordinary | 22-Oct-24 | 500 | £ -
F Ordinary | 02-Apr-24 | 560 | £ 626,513
Total |  |  | £ 886,513

The equivalent amount has been added to the Capital Redemption Reserve.

27
Reserves
Share premium

This reserve records the amount above the nominal value received for shares issued.

Revaluation reserve

This reserve records the gains and losses recognised on revaluation of freehold properties.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Profit & loss account

This reserve represents cumulative retained profits and losses net of dividends declared.

WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 42 -
28
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
483,528
592,016
-
-
Between two and five years
1,178,393
1,129,457
-
-
In over five years
1,343,604
1,309,000
-
-
3,005,525
3,030,473
-
-
29
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£
£
£
£
Acquisition of tangible fixed assets
3,926,464
2,114,900
-
-

These relates to Motor Vehicles, Plant & Machinery and Land & Building Upgrades.

30
Related party transactions

At 31 March 2025 the company owed £nil to shareholders (2024 - £3,763)

31
Directors' transactions

During the year the company paid dividends of £81,632 (2024 - £324,293) to the directors.

At 31 March 2025 the group was owed £172,491 by the directors (2024 - £62,781 owed to the directors).

32
Controlling party

The Company was controlled throughout the period by P T Hunt by virtue of his ownership (direct and indirect) of the majority of the Company's issued share capital.

33
Post Balance Sheet Events (Non-Adjusting)

On 8th August 2025 the group acquired 100% of the share capital of the CleanEco Group Limited and it's subsidiaries.

WASTECARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 43 -
34
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
3,296,504
2,493,393
Adjustments for:
Taxation charged
923,368
412,578
Finance costs
385,029
338,375
Investment income
(22,146)
(44,150)
Gain on disposal of tangible fixed assets
(205,411)
(167,708)
(Gain)/loss on disposal of investment property
-
0
8,987
Amortisation and impairment of intangible assets
232,481
232,481
Depreciation and impairment of tangible fixed assets
3,346,955
3,585,481
Other gains and losses
-
60,000
Movements in working capital:
Increase in stocks
(778,038)
(401,094)
Increase in debtors
(1,514,704)
(450,330)
(Decrease)/increase in creditors
(1,510,340)
263,564
Cash generated from operations
4,153,698
6,331,577
35
Analysis of changes in net debt - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
2,620,628
(1,967,446)
653,182
Borrowings excluding overdrafts
(6,033,593)
669,787
(5,363,806)
Obligations under finance leases
(704,957)
(1,443,958)
(2,148,915)
(4,117,922)
(2,741,617)
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