REGISTERED NUMBER: 10907168 (England and Wales)

Audited Financial Statements for the Year Ended 31 December 2024

for

RRR Polymers Limited

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

993,700

930,052

CURRENT ASSETS

Stocks

773,299

466,939

Debtors

5

937,031

385,790

Cash at bank

12,695

32,299

1,723,025

885,028

CREDITORS

Amounts falling due within one year

6

(6,647,837

)

(5,347,954

)

NET CURRENT LIABILITIES

(4,924,812

)

(4,462,926

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,931,112

)

(3,532,874

)

CREDITORS

Amounts falling due after more than one year

7

(7,665

)

(251,902

)

NET LIABILITIES

(3,938,777

)

(3,784,776

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(3,938,877

)

(3,784,876

)

(3,938,777

)

(3,784,776

)

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

S McGladrigan - Director

1.	STATUTORY INFORMATION

RRR Polymers Limited is a private company, limited by shares, domiciled in England, registration number 10907168. The registered office is Unit 1, 5/5a Mill Hill, North West Industrial Estate, Peterlee, SR8 2HR.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group members.

Turnover

Turnover represents net invoiced sales of goods and services in respect of waste plastic recycling, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost, 25% on cost, 20% on cost and 14% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Government grants

Grants are recognised in income when the grant proceeds are received or receivable provided that the terms of the grant do not impose future performance-related conditions. If the terms of a grant do impose performance-related conditions on the recipient, the grant is only recognised in income when the performance-related conditions are met. Any grants that are received before the revenue recognition criteria are met are recognised in the entity’s financial statements as a liability.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price. Work in progress includes process cost in addition to purchase price.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Going concern

As the company is going through development in the early stages of its life cycle and incurring significant costs in excess of income, it has a net liability position at the year-end. The parent company has guaranteed the debts due by the company for twelve months from the balance sheet signing date and all debts due to the parent company are subordinate to all other creditors. It is therefore the assessment of the Board of Directors that the company can meet all debts as they fall due and accounts have been prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2023 - 36 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

1,618,317

Additions

319,299

At 31 December 2024

1,937,616

DEPRECIATION

At 1 January 2024

688,265

Charge for year

255,651

At 31 December 2024

943,916

NET BOOK VALUE

At 31 December 2024

993,700

At 31 December 2023

930,052

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

45,503

124,608

Other debtors

891,528

261,182

937,031

385,790

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

645,049

649,296

Amounts owed to group undertakings

5,841,884

3,118,575

Taxation and social security

81,206

62,996

Other creditors

69,698

1,507,087

6,647,837

5,347,954

Amounts owed to group undertakings are subordinated to all other creditors due by RRR Polymers Limited.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

7,665

17,384

Other creditors

-

234,518

7,665

251,902

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

57,500

57,500

Between one and five years

100,625

158,125

158,125

215,625

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

The Report of the Auditors was unqualified.

Greig Brown (Senior Statutory Auditor)

for and on behalf of Drummond Laurie CA

10.	ULTIMATE PARENT ENTITY

Impact Recycling Limited is regarded by the directors as being the company's ultimate parent.

Impact Recycling Limited is registered in Scotland under registration number SC489143 and its registered office is 100 Inchinnan Road, Bellshill Industrial Estate, Bellshill, ML4 3NT.