Company No: SC226505 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.12.2024		31.12.2023
		£		£
Fixed assets
Tangible assets	3	171,138		253,650
		171,138		253,650
Current assets
Stocks	4	1,745,082		2,421,570
Debtors	5	4,230,227		1,733,715
Cash at bank and in hand	6	5,486,433		2,150,471
		11,461,742		6,305,756
Creditors: amounts falling due within one year	7	( 6,783,935)		( 1,744,082)
Net current assets		4,677,807		4,561,674
Total assets less current liabilities		4,848,945		4,815,324
Provision for liabilities	8	( 27,186)		( 42,798)
Net assets		4,821,759		4,772,526
Capital and reserves
Called-up share capital	9	4		4
Share premium account		771,598		771,598
Profit and loss account		4,050,157		4,000,924
Total shareholder's funds		4,821,759		4,772,526

The notes on pages 11 - 17 form part of these financial statements.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Allglass Reprocessors (UK) Limited (registered number: SC226505) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Palle Nordahl Director

27 August 2025

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Allglass Reprocessors (UK) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. Its company registration number is SC226505. The address of the Company's registered office is 49 Burnbrae Road, Linwood, Paisley, PA3 3BD, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

The principal activity of the company continued to be the manufacture and sale of glass beads.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and consider that there are no material uncertainties that may cast doubt on the company’s going concern status.

This conclusion is based on the directors considering a number of factors. Specifically, the Geveko Group has undertaken a review of the Company’s performance and strategic important to the group and have concluded that it will continue to support it the Company for a period of at least 12 months. In addition, the Company has net current assets of £4.7m (including intercompany receivables of £3.8m) and has made a positive EBITDA for the period to 31 July 2025. Furthermore, the parent company, Geveko Group AB, has provided a letter of support stating its intent to provide ongoing support to enable the company to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. Management has concluded that there is sufficient headroom from a liquidity perspective for the parent to provide such support.

Based on this assessment, the directors continue to adopt the going concern basis in preparing the financial statements

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	5 years straight line
Plant and machinery etc.	2 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 method 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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 payments 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	31.12.2024		31.12.2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	21		24

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 January 2024	59,991		2,911,909		2,971,900
Additions	0		23,279		23,279
At 31 December 2024	59,991		2,911,909		2,971,900
Accumulated depreciation
At 01 January 2024	59,991		2,658,259		2,718,250
Charge for the financial year	0		82,512		82,512
At 31 December 2024	59,991		2,740,771		2,800,762
Net book value
At 31 December 2024	0		171,138		171,138
At 31 December 2023	0		253,650		253,650

4. Stocks

	31.12.2024		31.12.2023
	£		£
Raw materials	1,062,920		305,678
Finished goods	682,162		2,115,892
	1,745,082		2,421,570

5. Debtors

	31.12.2024		31.12.2023
	£		£
Trade debtors	275,387		233,480
Amounts owed by Group undertakings	3,798,706		1,391,610
Prepayments	18,208		17,039
Other debtors	137,926		91,586
	4,230,227		1,733,715

Amounts owed by group undertakings are interest free and repayable on demand. The bad debt provision for the year was £1,000 (2023: £1,000).

6. Cash and cash equivalents

	31.12.2024		31.12.2023
	£		£
Cash at bank and in hand	5,486,433		2,150,471
Less: Bank overdrafts	( 5,789,808)		( 403,126)
	(303,375)		1,747,345

7. Creditors: amounts falling due within one year

	31.12.2024		31.12.2023
	£		£
Bank overdrafts	5,789,808		403,126
Trade creditors	729,025		891,754
Amounts owed to Group undertakings	0		244,859
Accruals	210,153		186,619
Taxation and social security	54,949		17,724
	6,783,935		1,744,082

Amounts owed to group undertakings are interest free and payable on demand.

8. Deferred tax

	31.12.2024		31.12.2023
	£		£
At the beginning of financial year	( 42,798)		( 67,934)
Charge to the profit and loss account	15,612		25,136
At the end of financial year	( 27,186)		( 42,798)

The deferred taxation balance is made up as follows:

	31.12.2024		31.12.2023
	£		£
Accelerated capital allowances	( 27,186)		( 42,798)

9. Called-up share capital

	31.12.2024		31.12.2023
	£		£
Allotted, called-up and fully-paid
2 Ordinary A shares of £ 1.00 each	2		2
2 Ordinary B shares of £ 1.00 each	2		2
	4		4

Share classes rank pari passu and have equal rights to votes, dividends and capital.

Reserves

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

Includes all current and prior periods retained profits and losses.

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	31.12.2024		31.12.2023
	£		£
within one year	164,000		178,140
between one and five years	369,000		533,000
	533,000		711,140

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	31.12.2024		31.12.2023
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	3,251		7,093

11. Contingencies

Contingent liabilities

The company's assets have been offered as security for group borrowings. Specifically, the company is jointly and severally liable with Geveko Markings Denmark A/S, AB Geveko (Sweden), Geveko Holdings AB (Sweden) and Geveko Markings Inc for the group's banking arrangements with Danske Bank.

12. Related party transactions

The company has taken exemption under Section 33.1A of FRS 102 from disclosing related party transactions between two or more 100% members of the same group.

13. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2024 was unqualified.

The audit report was signed by Peter Cattermole BA FCA (Senior Statutory Auditor) on behalf of Xeinadin Audit Limited.

14. Ultimate controlling party

The company's parent undertaking is AB Geveko (Sweden). The smallest group for which consolidated financial statements are drawn up is AB Geveko (Sweden). The largest group for which consolidated financial statements are drawn up is Geveko Group AB (Sweden) and the address from which consolidated accounts can be obtained is 291 22 Kristianstad, Sweden. The ultimate controlling party is Greylock Investments SLP (Jersey).