REGISTERED NUMBER: SC760362 (Scotland)

Audited Financial Statements for the Year Ended 31 December 2024

for

IR SPV3 Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

5,817,389

3,453,376

CURRENT ASSETS

Stocks

11,749

-

Debtors

5

1,343,977

1,859,276

Cash at bank

25,871

715,457

1,381,597

2,574,733

CREDITORS

Amounts falling due within one year

6

(2,599,261

)

(1,068,803

)

NET CURRENT (LIABILITIES)/ASSETS

(1,217,664

)

1,505,930

TOTAL ASSETS LESS CURRENT LIABILITIES

4,599,725

4,959,306

CREDITORS

Amounts falling due after more than one year

7

(7,000,000

)

(5,309,818

)

NET LIABILITIES

(2,400,275

)

(350,512

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(2,400,375

)

(350,612

)

(2,400,275

)

(350,512

)

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

IR SPV3 Ltd is a private limited company, limited by shares, domiciled in Scotland, registration number SC760362. The registered office is 100 Inchinnan Road, Bellshill Industrial Estate, Bellshill, United Kingdom, ML4 3NT.

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.

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.

Land and buildings

-

10% on cost

Plant and machinery etc

-

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.

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.

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 3 (2023 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

455,257

3,006,143

3,461,400

Additions

633,748

6,658,931

7,292,679

Impairments

-

(4,754,076

)

(4,754,076

)

At 31 December 2024

1,089,005

4,910,998

6,000,003

DEPRECIATION

At 1 January 2024

7,673

351

8,024

Charge for year

47,248

127,342

174,590

At 31 December 2024

54,921

127,693

182,614

NET BOOK VALUE

At 31 December 2024

1,034,084

4,783,305

5,817,389

At 31 December 2023

447,584

3,005,792

3,453,376

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

1,150

32,904

Amounts owed by group undertakings

404,500

287,894

Other debtors

938,327

1,538,478

1,343,977

1,859,276

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

489,945

1,002,970

Amounts owed to group undertakings

2,059,595

-

Taxation and social security

2,992

-

Other creditors

46,729

65,833

2,599,261

1,068,803

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Other creditors

7,000,000

5,309,818

8.	LEASING AGREEMENTS

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

31.12.24

31.12.23

£

£

Within one year

250,418

250,418

Between one and five years

1,001,672

1,001,672

In more than five years

876,463

1,126,881

2,128,553

2,378,971

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.