CTR (Group) Limted Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 09086528

CTR (Group) Limted

Financial Statements

31 December 2024

CTR (Group) Limted

Financial Statements

Year ended 31 December 2024

Contents	Page

Officers and professional advisers	1

Strategic report	2

Director's report	5

Independent auditor's report to the members	7

Consolidated statement of comprehensive income	11

Consolidated statement of financial position	12

Company statement of financial position	13

Consolidated statement of changes in equity	14

Company statement of changes in equity	15

Consolidated statement of cash flows	16

Notes to the financial statements	17

CTR (Group) Limted

Officers and Professional Advisers

Director	M Fitzgerald

Registered office	Unit 30 Marchington Industrial Estate
	Stubby Lane
	Marchington
	Uttoxeter
	Staffordshire
	ST14 8LP

Auditor	Lindley & Co
	Chartered Certified Accountants & statutory auditor
	Suite 4 Europa House
	Europa Way
	Britannia Enterprise Park
	Lichfield
	Staffordshire
	WS14 9TZ

CTR (Group) Limted

Strategic Report

Year ended 31 December 2024

Introduction

2024 was a year of challenges, opportunities and reflection for CTR. The Group faced numerous external pressures, including global geopolitical instability, persistently high inflation, and a significant downturn in the reuse textile market. Despite this backdrop, CTR traded resiliently, positioning itself for 2025 with a strengthened business model and new opportunities for growth.

Acknowledgement and thanks

The Director wishes to express his sincere thanks to all associates, customers and stakeholders for their patience, hard work and understanding during 2024. Their commitment enabled CTR Group to continue doing what it does best - developing and delivering cohesive plans for the future.

Industry context and market challenges

During 2024, the challenges in the reuse textile market crystallised. The global wholesale price of second-hand clothing collapsed, halving compared with the previous year. Rising collection costs - including labour, insurance and rent - created further pressure on day-to-day trading. Despite these pressures, CTR ensured that all services remained unaffected and continued to comply fully with legal and environmental standards. The Director notes with regret that some organisations within the sector chose to disregard regulatory requirements, thereby gaining an unfair economic advantage and undercutting compliant operators. CTR remains committed to maintaining the highest standards of compliance and governance.

Financial and operational performance

Turnover in the collections business reduced by approximately 50% compared with the prior year. CTR responded by streamlining operations, reducing overheads, and developing an aggressive financial and business plan for 2025. Key initiatives include: - Establishing and strengthening strategic partnerships with retailers, wholesalers and distributors. - Acquiring a fourth facility in Corby, taking total footprint to over 150,000 sq ft with more than 100 associates. - Launching CTR Recover, a new waste management and material recovery division, to diversify revenue and reduce reliance on charity and collections arms.

Principal risks and uncertainties

The Director has identified the following principal risks and uncertainties: - Market Volatility: Fluctuations in global demand and pricing for reusable textiles. - Regulatory Compliance: Rising costs of maintaining compliance and potential penalties for non-compliance in the industry. - Supply Chain Pressures: Labour availability, transport costs and insurance. - Competitive Environment: Non-compliant operators offering higher prices to win work. - Foreign Expansion Risks: Currency fluctuations, regulatory differences and logistical complexities in European markets. Mitigation measures include diversifying revenue streams, maintaining robust compliance systems, forging long-term partnerships, and continuous market monitoring.

Key performance indicators (kpi's)

The Group measures its performance using a mixture of financial and non-financial KPIs, including: - Turnover by Business Division: Monitoring trends in collections, retail partnerships and CTR Recover. - Gross Margin %: Tracking profitability and cost-control effectiveness. - Compliance Metrics: Percentage of operations meeting regulatory and environmental standards. - Customer & Partner Retention Rates: Assessing the stability of relationships and contracts. - Operational Efficiency: Cost per tonne of textiles processed/collected.

Environmental and social responsibilities

CTR is committed to environmental stewardship and social responsibility. During 2024 the Group: - Maintained full compliance with environmental regulations. - Continued to promote textile reuse, recycling and recovery as a sustainable alternative to landfill. - Provided stable employment to over 100 associates, offering training and development opportunities. - Strengthened partnerships with retailers and charities to promote circular economy practices.

Future developments and outlook for 2025

The investments made in 2024 and the ongoing diversification strategy are expected to provide a positive contribution to Group revenues in 2025 and beyond. Key developments include: - Expansion into mainland Europe to deliver CTR's model across borders. - Further development of CTR Recover to maximise recycling, reuse and recovery opportunities. - Strengthening retailer partnerships to provide sustainable, measurable and commercial solutions. - Continuing to improve operational efficiency and compliance standards across all Group activities. The Director believes that 2025 will be a year of new opportunities, growth and successful delivery of our business plan, creating employment, enhancing stability and providing sustainable solutions for the Group and its partners.

Closing statement

Once again, the Director thanks all associates, customers, stakeholders and commercial partners for their ongoing support and collaboration as we work together towards our common goal - being the best in what we do.

This report was approved by the board of directors on 26 September 2025 and signed on behalf of the board by:

M Fitzgerald
Director

Registered office:

Unit 30 Marchington Industrial Estate

Stubby Lane

Marchington

Uttoxeter

Staffordshire

ST14 8LP

CTR (Group) Limted

Director's Report

Year ended 31 December 2024

The director presents his report and the financial statements of the group for the year ended 31 December 2024 .

Principal activities

The principal activity of the company during the year was that of a holding company

Director

The director who served the company during the year was as follows:

M Fitzgerald

Dividends

The director does not recommend the payment of a dividend.

Disclosure of information in the strategic report

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, information required by schedule 7 of the Large and Medium - sized companies and Groups (Accounts and Reports) Regulations 2008 has been included in the Strategic Report.

Director's responsibilities statement

The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 26 September 2025 and signed on behalf of the board by:

M Fitzgerald
Director

Registered office:

Unit 30 Marchington Industrial Estate

Stubby Lane

Marchington

Uttoxeter

Staffordshire

ST14 8LP

CTR (Group) Limted

Independent Auditor's Report to the Members of CTR (Group) Limted

Year ended 31 December 2024

Opinion

We have audited the financial statements of CTR (Group) Limted (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 of the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 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 director's 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 or the 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 director 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 director is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept 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 director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the group's and 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of any acts by the company that were not in line with the applicable laws and regulations, including fraud. Additionally, we gained an understanding of management's procedures relating to detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud. - We made enquiries of management, being those charged with governance, and reviewed correspondence with the company's solicitors around actual and potential litigation and claims. - We made enquiry of staff in compliance functions to identify any instances of non-compliance with laws and regulations. - We reviewed the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; - We performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. - We performed audit work over the risk of fraud in revenue recognition including substantive testing and analytical procedures, over the recording of revenue and testing of year end cut off. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Sandra kay Lindley

(Senior Statutory Auditor)

For and on behalf of

Lindley & Co

Chartered Certified Accountants & statutory auditor

Suite 4 Europa House

Europa Way

Britannia Enterprise Park

Lichfield

Staffordshire

WS14 9TZ

26 September 2025

CTR (Group) Limted

Consolidated Statement of Comprehensive Income

Year ended 31 December 2024

		2024	2023
			(restated)
Note		£	£
Turnover	4	30,033,427	36,612,045

Cost of sales	21,610,952	25,993,307
	-------------	-------------
Gross profit	8,422,475	10,618,738

Administrative expenses		7,552,295	9,306,802
		------------	-------------
Operating profit	5	870,180	1,311,936

Other interest receivable and similar income	9	637	16
Interest payable and similar expenses	10	347,268	257,539
		------------	-------------
Profit before taxation		523,549	1,054,413

Tax on profit	11	176,678	278,905
		---------	------------
Profit for the financial year and total comprehensive income		346,871	775,508
		---------	------------

Profit for the financial year attributable to:

The owners of the parent company	158,604	410,561
Non-controlling interests	188,267	364,947
	---------	---------
	346,871	775,508
	---------	---------

All the activities of the group are from continuing operations.

CTR (Group) Limted

Consolidated Statement of Financial Position

31 December 2024

	2024	2023
		(restated)
Note	£	£

Fixed assets

Intangible assets	12	469,401	819,401
Tangible assets	13	2,739,507	2,802,185
		------------	------------
		3,208,908	3,621,586

Current assets

Stocks	15	2,560,008	3,715,481
Debtors	16	7,883,924	6,417,397
Cash at bank and in hand		1,335,845	1,755,327
		-------------	-------------
		11,779,777	11,888,205

Creditors: amounts falling due within one year	17	8,385,255	8,820,922
		-------------	-------------
Net current assets		3,394,522	3,067,283
		------------	------------
Total assets less current liabilities		6,603,430	6,688,869

Creditors: amounts falling due after more than one year	18	1,220,701	1,653,718

Provisions	20	249,988	249,281
		------------	------------
Net assets		5,132,741	4,785,870
		------------	------------

Capital and reserves

Called up share capital	24	2	2
Profit and loss account		3,773,222	3,614,618
		------------	------------
Equity attributable to the owners of the parent company		3,773,224	3,614,620

Non-controlling interests	1,359,517	1,171,250
	------------	------------
	5,132,741	4,785,870
	------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 26 September 2025 , and are signed on behalf of the board by:

M Fitzgerald
Director

Company registration number: 09086528

CTR (Group) Limted

Company Statement of Financial Position

31 December 2024

	2024	2023
		(restated)
Note	£	£

Fixed assets

Tangible assets	13	1,795,008	2,479,207

Current assets

Debtors	16	2,411,367	2,091,291
Cash at bank and in hand		254,490	17,740
		------------	------------
		2,665,857	2,109,031

Creditors: amounts falling due within one year	17	2,320,853	2,089,056
		------------	------------
Net current assets		345,004	19,975
		------------	------------
Total assets less current liabilities		2,140,012	2,499,182

Creditors: amounts falling due after more than one year	18	314,649	1,007,851

Provisions	20	186,380	173,840
		------------	------------
Net assets		1,638,983	1,317,491
		------------	------------

Capital and reserves

Called up share capital	24	2	2
Profit and loss account		1,638,981	1,317,489
		------------	------------
Shareholders funds		1,638,983	1,317,491
		------------	------------

The profit for the financial year of the parent company was £ 321,492 (2023: £ 77,109 loss).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 26 September 2025 , and are signed on behalf of the board by:

M Fitzgerald
Director

Company registration number: 09086528

CTR (Group) Limted

Consolidated Statement of Changes in Equity

Year ended 31 December 2024

		Called up share capital	Profit and loss account	Equity attributable to the owners of the parent company	Non-controlling interests	Total
Note		£	£	£	£	£
At 1 January 2023		2	3,204,057	3,204,059	806,303	4,010,362

Profit for the year			410,561	410,561	364,947	775,508
		----	------------	------------	---------	------------
Total comprehensive income for the year		–	410,561	410,561	364,947	775,508

At 31 December 2023 (as previously reported)		2	3,560,756	3,560,758	1,171,250	4,732,008
Prior period adjustments	23	–	53,862	53,862	–	53,862
		----	------------	------------	------------	------------
At 31 December 2023 (restated)		2	3,614,618	3,614,620	1,171,250	4,785,870
		----	------------	------------	------------	------------

Profit for the year			158,604	158,604	188,267	346,871
		----	------------	------------	------------	------------
Total comprehensive income for the year		–	158,604	158,604	188,267	346,871

		----	------------	------------	------------	------------
At 31 December 2024		2	3,773,222	3,773,224	1,359,517	5,132,741
		----	------------	------------	------------	------------

CTR (Group) Limted

Company Statement of Changes in Equity

Year ended 31 December 2024

		Called up share capital	Profit and loss account	Total
Note		£	£	£
At 1 January 2023		2	1,394,598	1,394,600

Loss for the year			( 77,109)	( 77,109)
		----	------------	------------
Total comprehensive income for the year		–	( 77,109)	( 77,109)

At 31 December 2023 (as previously reported)		2	1,263,627	1,263,629
Prior period adjustments	23	–	53,862	53,862
		----	------------	------------
At 31 December 2023 (restated)		2	1,317,489	1,317,491
		----	------------	------------

Profit for the year			321,492	321,492
		----	------------	------------
Total comprehensive income for the year		–	321,492	321,492

		----	------------	------------
At 31 December 2024		2	1,638,981	1,638,983
		----	------------	------------

CTR (Group) Limted

Consolidated Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
		(restated)
	£	£

Cash flows from operating activities

Profit for the financial year	346,871	775,508

Adjustments for:
Depreciation of tangible assets	900,548	933,142
Amortisation of intangible assets	350,000	350,000
Impairment of intangible assets	–	280,500
Other interest receivable and similar income	( 637)	( 16)
Interest payable and similar expenses	347,268	257,539
(Gains)/loss on disposal of tangible assets	( 233,557)	109,652
Tax on profit/(loss)	176,678	278,905
Accrued expenses/(income)	335,838	( 236,974)

Changes in:
Stocks	1,155,473	( 1,028,418)
Trade and other debtors	( 1,466,527)	( 961,728)
Trade and other creditors	( 163,126)	559,692
	------------	------------
Cash generated from operations	1,748,829	1,317,802

Interest paid	( 347,268)	( 257,539)
Interest received	637	16
Tax paid	( 296,881)	( 339,353)
	------------	------------
Net cash from operating activities	1,105,317	720,926
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 1,142,599)	( 743,182)
Proceeds from sale of tangible assets	538,286	331,039
	------------	------------
Net cash used in investing activities	( 604,313)	( 412,143)
	------------	------------

Cash flows from financing activities

Proceeds from borrowings	( 154,694)	( 271,623)
Proceeds from loans from participating interests	( 536,417)	113,180
Payments of finance lease liabilities	( 229,375)	( 445,151)
	------------	------------
Net cash used in financing activities	( 920,486)	( 603,594)
	------------	------------

Net decrease in cash and cash equivalents	( 419,482)	( 294,811)
Cash and cash equivalents at beginning of year	1,755,327	2,050,138
	------------	------------
Cash and cash equivalents at end of year	1,335,845	1,755,327
	------------	------------

CTR (Group) Limted

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 30 Marchington Industrial Estate, Stubby Lane, Marchington, Uttoxeter, Staffordshire, ST14 8LP.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis, which places reliance on the continued support of the company's director and other group undertakings. Group undertakings are able to provide support to the parent company and other subsidiaries within the group in the form of amounts advanced to meet day to day trading expenses and operating costs should it be required. These amounts would be repayable on demand, however, the director has received assurance from the the group undertakings, that they would not seek such repayment until the company can do so without detriment to its cash flow or payment of other creditors. Therefore, the director believes that the group has adequate resources to continue its current operations and that it remains appropriate to prepare the financial statements on a going concern basis and the financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of CTR (Group) Limted and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Non-controlling interests

Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.

The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There were no judgements (apart from those involving estimations) made by management in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There were no key assumptions or other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its estimated useful life of 5 years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% straight line, 15 and 25% reducing balance
Fixtures and fittings	-	25% straight line, 15 and 25% reducing balance
Motor vehicles	-	15 and 25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

4. Turnover

Turnover arises from:

	2024	2023
		(restated)
	£	£
Sale of goods	30,033,427	36,612,045
	-------------	-------------

The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2024	2023
		(restated)
	£	£
United Kingdom	13,570,777	18,257,050
Overseas	16,462,650	18,354,995
	-------------	-------------
	30,033,427	36,612,045
	-------------	-------------

5. Operating profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
		(restated)
	£	£
Amortisation of intangible assets	350,000	350,000
Depreciation of tangible assets	900,548	931,450
(Gains)/loss on disposal of tangible assets	( 233,557)	109,652
Impairment of trade debtors	12,716	114,095
Operating lease rentals	1,688,098	2,035,831
Foreign exchange differences	( 6,828)	20,286
	------------	------------

6. Auditor's remuneration

	2024	2023
		(restated)
	£	£
Fees payable for the audit of the financial statements	17,000	30,500
	--------	--------

7. Staff costs

The average number of persons employed by the group during the year, including the director, amounted to:

	2024	2023
	No.	No.
Distribution staff	179	195
Administrative staff	44	43
	----	----
	223	238
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
		(restated)
	£	£
Wages and salaries	6,249,424	6,916,713
Social security costs	582,364	634,381
Other pension costs	112,839	119,503
	------------	------------
	6,944,627	7,670,597
	------------	------------

8. Director's remuneration

The director's aggregate remuneration in respect of qualifying services was:

	2024	2023
		(restated)
	£	£
Remuneration	88,830	87,508
Company contributions to defined contribution pension plans	1,321	1,321
	--------	--------
	90,151	88,829
	--------	--------

The number of directors who accrued benefits under company pension plans was as follows:

	2024	2023
		(restated)
	No.	No.
Defined contribution plans	1	1
	----	----

9. Other interest receivable and similar income

	2024	2023
		(restated)
	£	£
Interest on cash and cash equivalents	–	16
Other interest receivable and similar income	637	–
	----	----
	637	16
	----	----

10. Interest payable and similar expenses

	2024	2023
		(restated)
	£	£
Interest on banks loans and overdrafts	7,382	5,250
Interest on obligations under finance leases and hire purchase contracts	186,294	145,515
Interest on overdue taxation	64,276	6,674
Other interest payable and similar charges	89,316	100,100
	---------	---------
	347,268	257,539
	---------	---------

11. Tax on profit/(loss)

Major components of tax expense

	2024	2023
		(restated)
	£	£

Current tax:

UK current tax income	136,112	333,928
Adjustments in respect of prior periods	33,021	( 42,337)
	---------	---------
Total UK current tax	169,133	291,591

Foreign current tax income	6,838	( 17,406)
	---------	---------
Total current tax	175,971	274,185
	---------	---------

Deferred tax:

Origination and reversal of timing differences	707	4,720
	---------	---------
Tax on profit/(loss)	176,678	278,905
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 225 % (2023: 23.52 %).

	2024	2023
		(restated)
	£	£
Profit on ordinary activities before taxation	523,549	1,054,413
	---------	------------
Profit on ordinary activities by rate of tax	130,887	268,862
Adjustment to tax charge in respect of prior periods	22,346	( 42,337)
Effect of expenses not deductible for tax purposes	87,500	88,309
Effect of capital allowances and depreciation	3,358	132,284
Unused tax losses	( 32,299)	–
Effect of lease payments deductible for tax purposes	(41,952)	(150,807)
Overseas tax	6,838	(17,406)
	---------	------------
Tax on profit/(loss)	176,678	278,905
	---------	------------

12. Intangible assets

Group	Goodwill
	£
Cost
At 1 January 2024 (as restated) and 31 December 2024	1,787,732
	------------
Amortisation
At 1 January 2024	968,331
Charge for the year	350,000
	------------
At 31 December 2024	1,318,331
	------------
Carrying amount
At 31 December 2024	469,401
	------------
At 31 December 2023	819,401
	------------

The company has no intangible assets.

Goodwill was purchased on 1 December 2022 by CTR (Collections) Limited from R Almond and M Almond for £999,900. Goodwill is being written off over 5 years as per FRS102.

13. Tangible assets

Group	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024 (as restated)	2,384,174	70,537	3,182,166	5,636,877
Additions	1,021,780	12,822	107,997	1,142,599
Disposals	( 252,400)	–	( 533,268)	( 785,668)
	------------	--------	------------	------------
At 31 December 2024	3,153,554	83,359	2,756,895	5,993,808
	------------	--------	------------	------------
Depreciation
At 1 January 2024	1,310,719	14,676	1,509,297	2,834,692
Charge for the year	435,568	18,657	446,323	900,548
Disposals	( 173,477)	–	( 307,462)	( 480,939)
	------------	--------	------------	------------
At 31 December 2024	1,572,810	33,333	1,648,158	3,254,301
	------------	--------	------------	------------
Carrying amount
At 31 December 2024	1,580,744	50,026	1,108,737	2,739,507
	------------	--------	------------	------------
At 31 December 2023	1,073,455	55,861	1,672,869	2,802,185
	------------	--------	------------	------------

Company	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 January 2024 (as restated)	1,518,751	3,182,166	4,700,917
Additions	234,270	107,997	342,267
Disposals	( 252,400)	( 533,268)	( 785,668)
	------------	------------	------------
At 31 December 2024	1,500,621	2,756,895	4,257,516
	------------	------------	------------
Depreciation
At 1 January 2024	712,413	1,509,297	2,221,710
Charge for the year	275,414	446,323	721,737
Disposals	( 173,477)	( 307,462)	( 480,939)
	------------	------------	------------
At 31 December 2024	814,350	1,648,158	2,462,508
	------------	------------	------------
Carrying amount
At 31 December 2024	686,271	1,108,737	1,795,008
	------------	------------	------------
At 31 December 2023	806,338	1,672,869	2,479,207
	------------	------------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group	Plant and machinery	Motor vehicles	Total
	£	£	£
At 31 December 2024	797,665	1,027,445	1,825,110
	---------	------------	------------
At 31 December 2023	322,398	1,617,117	1,939,515
	---------	------------	------------

Company	Plant and machinery	Motor vehicles	Total
	£	£	£
At 31 December 2024	152,992	1,027,445	1,180,437
	---------	------------	------------
At 31 December 2023	316,066	1,617,117	1,933,183
	---------	------------	------------

14. Investments

Group	Shares in group undertakings
	£
Cost
At 1 January 2024 as restated and 31 December 2024	125
	----
Impairment
At 1 January 2024 as restated and 31 December 2024	125
	----

Carrying amount
At 1 January 2024 and 31 December 2024	–
	----
At 31 December 2023	–
	----

Company	Shares in group undertakings
	£
Cost
At 1 January 2024 as restated and 31 December 2024	125
	----
Impairment
At 1 January 2024 as restated and 31 December 2024	125
	----

Carrying amount
At 1 January 2024 and 31 December 2024	–
	----
At 31 December 2023	–
	----

Subsidiaries, associates and other investments

Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
CTR (Collections) Ltd	As CTR (Group) Limited	Ordinary	100
CTR (Europe) Limited	As CTR (Group) Limited	Ordinary	100
CTR (Enviro) Limited	As CTR (Group) Limited	Ordinary	100
CTR (Fulfillment) Limited	As CTR (Group) Limited	Ordinary	50
CTR Asset Management LimIted	5 Pywell Road	Ordinary	50
	Willowbrook Industrial Estate
	Corby
	NN17 5XJ
CTR (Grading) Ltd	As CTR (Group) Limited	Ordinary	100
CTR Recover Limited	As CTR (Group) Limited	Ordinary	100
Thrift Trading Limited (formally Salvatex Recycling Limited)	Unit 1 Brunel Road	Ordinary	100
	Earlstree Industrial Estate
	Corby
	NN17 4SL
CTR Germany GmbH	Venloer Strasse 310-316	Ordinary	50
	Koln
	Germany

15. Stocks

	Group		Company
	2024	2023	2024	2023
		(restated)	(restated)
	£	£	£	£
Raw materials and consumables	2,560,008	3,715,481	–	–
	------------	------------	----	----

16. Debtors

	Group		Company
	2024	2023	2024	2023
		(restated)	(restated)
	£	£	£	£
Trade debtors	5,382,314	3,873,400	850	15,600
Amounts owed by group undertakings	–	–	630,722	777,121
Amounts owed by undertakings in which the company has a participating interest	840,717	708,380	1,186,224	616,182
Prepayments and accrued income	1,134,107	1,233,521	473,126	560,178
Other debtors	526,786	602,096	120,445	122,210
	------------	------------	------------	------------
	7,883,924	6,417,397	2,411,367	2,091,291
	------------	------------	------------	------------

Included in debtors is an amount of £58,928 (2023 £nil) subject to a factoring agreement. The amount due to factors of £25,837 (2023 £nil) is included in creditors due within one year.

17. Creditors: amounts falling due within one year

	Group		Company
	2024	2023	2024	2023
		(restated)	(restated)
	£	£	£	£
Bank loans and overdrafts	327,840	299,220	10,500	10,771
Trade creditors	5,297,991	5,870,090	210,954	263,701
Amounts owed to group undertakings	–	–	857,523	702,749
Amounts owed to undertakings in which the company has a participating interest	–	536,417	–	–
Accruals and deferred income	736,405	400,567	214,802	75,973
Corporation tax	436,653	557,563	70,855	98,132
Social security and other taxes	472,657	170,277	195,927	33,377
Obligations under finance leases and hire purchase contracts	928,101	907,773	710,292	904,353
Other creditors	185,608	79,015	50,000	–
	------------	------------	------------	------------
	8,385,255	8,820,922	2,320,853	2,089,056
	------------	------------	------------	------------

The amount due to factors of £25,837 (2023 £nil) included in other creditors is secured by way of a charge over the group's assets.

18. Creditors: amounts falling due after more than one year

	Group		Company
	2024	2023	2024	2023
		(restated)	(restated)
	£	£	£	£
Bank loans and overdrafts	228,847	412,161	8,908	18,763
Obligations under finance leases and hire purchase contracts	741,854	991,557	305,741	989,088
Other loan	250,000	250,000	–	–
	------------	------------	---------	------------
	1,220,701	1,653,718	314,649	1,007,851
	------------	------------	---------	------------

On 11 September 2019 MEIF WM Debt LP registered a fixed and floating charge over the assets of CTR (Collections) Limited and CTR (Group) Limited. The amount due at the balance sheet date is £486,445 (2023 £549,135) of which £287,340 (2023 £228.824) is included in creditors due within one year.

19. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	Group		Company
	2024	2023	2024	2023
		(restated)	(restated)
	£	£	£	£
Not later than 1 year	928,101	907,773	710,292	904,353
Later than 1 year and not later than 5 years	741,854	991,557	305,741	989,088
	------------	------------	------------	------------
	1,669,955	1,899,330	1,016,033	1,893,441
	------------	------------	------------	------------

20. Provisions

Group	Deferred tax (note 21)
	£
At 1 January 2024 (as restated)	249,281
Additions	12,540
Charge against provision	( 11,833)
	---------
At 31 December 2024	249,988
	---------

Company	Deferred tax (note 21)
	£
At 1 January 2024 (as restated)	173,840
Additions	12,540
	---------
At 31 December 2024	186,380
	---------

21. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2024	2023	2024	2023
		(restated)	(restated)
	£	£	£	£
Included in provisions (note 20)	249,988	249,281	186,380	173,840
	---------	---------	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2024	2023	2024	2023
		(restated)	(restated)
	£	£	£	£
Accelerated capital allowances	393,355	249,281	186,380	216,902
Unused tax losses	( 143,367)	–	–	–
	---------	---------	---------	---------
	249,988	249,281	186,380	216,902
	---------	---------	---------	---------

22. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 112,839 (2023: £ 119,503 ).

23. Prior period errors

A prior year adjustment was made to correct the treatment of lease payments previously written off to the Statement of Income. A prior year adjustment has been made to recognise the assets and liabilities in the Statement of Financial Position and recognise depreciation and interest as a deduction in the Statement of Income. The resulting correction for the prior period were an increase in net assets of £53,862.

24. Called up share capital

Issued, called up and fully paid

	2024		2023
			(restated)
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

25. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	1,755,327	(419,482)	1,335,845
Debt due within one year	(1,743,410)	487,469	(1,255,941)
Debt due after one year	(1,403,718)	433,017	(970,701)
	------------	---------	------------
	( 1,391,801)	501,004	( 890,797)
	------------	---------	------------

26. Operating leases

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

	Group		Company
	2024	2023	2024	2023
		(restated)	(restated)
	£	£	£	£
Not later than 1 year	95,000	60,833	–	–
Later than 1 year and not later than 5 years	2,327,246	3,125,543	1,522,128	1,808,378
Later than 5 years	3,615,023	2,488,026	2,287,273	2,488,026
	------------	------------	------------	------------
	6,037,269	5,674,402	3,809,401	4,296,404
	------------	------------	------------	------------

27. Related party transactions

Group

Included in debtors is an amount of £840,717 (2023 £703,350) due from Reuseaworld Ltd, a company in which M Fitzgerald is a director.

28. Controlling party

The controlling party is M Fitzgerald who holds 100% of the issued share capital.