Registered number: NI664032
FOR THE YEAR ENDED 31 DECEMBER 2024
REGEN WASTE HOLDINGS LIMITED
COMPANY INFORMATION
REGEN WASTE HOLDINGS LIMITED
CONTENTS
REGEN WASTE HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the strategic report for the year ended 31 December 2024.
The group's turnover increased by 11% during the year to £74.7m. Net profit after tax for the year ended 31 December 2024 was £2.4m compared to £7.9m in the prior year. During the year the group provided for an exceptional bad debt in relation to a related party to a value of £1,568,678. The group had net assets of £41.4m at 31 December 2024 compared to £39.0m in the prior year. The directors are satisfied with the group’s performance for the year.
The core risks associated with the group are finance and interest rate risk, liquidity and cash flow risk, credit risk, commodity price risk, and regulatory risk. The board reviews and agrees policies for the prudent management of these risks as follows:
Finance and Interest rate risk - The groups’s objective in relation to interest rate management is to minimise the impact of interest rate volatility on interest costs in order to protect recorded profitability. A long term strategy for the management of the exposure considers the amount of floating rate debt that is anticipated over the period and the sensitivity of the interest charge on this debt to changes in interest rates, and the resultant impact on reported profitability.
Liquidity and cash flow risk - The group's policy is to ensure that sufficient resources are available either from cash balances, cash flows and near cash liquid investments to ensure all obligations can be met when they fall due.
Credit risk - The group has no significant concentrations of credit risk. Customers who wish to trade on credit terms are subject to strict verification procedures in advance of credit being awarded and are continually being monitored.
Commodity Price Fluctuations Risk- The group's objective in relation to changes in commodity prices is to minimise the impact of fluctuation in order to protect the group's profitability. The group is continuously monitoring commodity prices and to ensure they can strategically put plans in place to mitigate this risk.
Regulatory Risk - The group strives to adhere to all laws and regulations on any political or environmental changes which may have an impact on the group.
Finance and Interest rate risk - The groups’s objective in relation to interest rate management is to minimise the impact of interest rate volatility on interest costs in order to protect recorded profitability. A long term strategy for the management of the exposure considers the amount of floating rate debt that is anticipated over the period and the sensitivity of the interest charge on this debt to changes in interest rates, and the resultant impact on reported profitability.
Liquidity and cash flow risk - The group's policy is to ensure that sufficient resources are available either from cash balances, cash flows and near cash liquid investments to ensure all obligations can be met when they fall due.
Credit risk - The group has no significant concentrations of credit risk. Customers who wish to trade on credit terms are subject to strict verification procedures in advance of credit being awarded and are continually being monitored.
Commodity Price Fluctuations Risk- The group's objective in relation to changes in commodity prices is to minimise the impact of fluctuation in order to protect the group's profitability. The group is continuously monitoring commodity prices and to ensure they can strategically put plans in place to mitigate this risk.
Regulatory Risk - The group strives to adhere to all laws and regulations on any political or environmental changes which may have an impact on the group.
The group believe that performance will continue to improve as a result of ongoing research and development.
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REGEN WASTE HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors use KPI's such as plant efficiency where they measure the tonnes processed versus the plant running hours. This allows the directors to identify whether the plant is operating as efficiently as possible. Weekly and monthly reporting of KPI's has been beneficial to the group when monitoring the business performance throughout the year.
The directors of Regen Waste Holdings Limited Group and the associated subsidiaries must act in accordance with their duties under the Companies Act 2006. This includes a fundamental duty to promote the success of the company for the benefits of its members as a whole. This duty has been central to the decision making process and outcomes for many years and will continue to play a significant part in the decision making. The information below describes how, in performing their duties during the year, the directors' have had regard to the matters set out in section 172(1) (a) to (f) and constitutes the Board's Section 172 Statement for the reporting period..
The board have approved an Environmental, Social & Governance (ESG) Strategy in addition to the company core values of integrity, trust, reliability, and partnership. All employees working for Regen Waste Holdings Limited Group including directors, are aware of these values and the board feel they represent the vision of the group. The Directors and management team periodically reviews the group’s strategy and regularly seeks updates on strategic issues which may impact the business.
Employees
Ensuring the health, safety and wellbeing of employees is the number one value at the core of Regen Waste Holdings Limited Group and the associated subsidiaries business operations, with the aim to provide a safe working environment where risks to health and safety are assessed and controlled. The Employee Manual outlines the policies and procedures that all employees must adhere to. The management approves the Manual and monitors safety performance on an ongoing basis. Our Social and Governance aspect of our ESG Policy outlines the vision of the company, including our emphasis on Work Life Balance, Well Being Initiatives, upskilling and education and Mental Health Awareness Training
Suppliers
The management recognises the key role suppliers play in ensuring Regen Waste Holdings Limited Group delivers a reliable service to customers: in supplying waste management services. The management ensures that contract management arrangements are in place throughout the duration of key supplier contracts. Management receive updates during the year on group's supplier payment practices. Along with other members of the management team, the directors oversee the relationships with key suppliers. The board seek an update on their ESG or equivalent regularly to ensure we meet our commitments to our own policy and those of our customers.
Customers
The group maintains strong communication with its customers by having regular update meetings. These meetings facilitate a detailed review of the group contracts to focus on maintaining strong relationships, which the directors feel is key to the continued success of the business
The board have approved an Environmental, Social & Governance (ESG) Strategy in addition to the company core values of integrity, trust, reliability, and partnership. All employees working for Regen Waste Holdings Limited Group including directors, are aware of these values and the board feel they represent the vision of the group. The Directors and management team periodically reviews the group’s strategy and regularly seeks updates on strategic issues which may impact the business.
Employees
Ensuring the health, safety and wellbeing of employees is the number one value at the core of Regen Waste Holdings Limited Group and the associated subsidiaries business operations, with the aim to provide a safe working environment where risks to health and safety are assessed and controlled. The Employee Manual outlines the policies and procedures that all employees must adhere to. The management approves the Manual and monitors safety performance on an ongoing basis. Our Social and Governance aspect of our ESG Policy outlines the vision of the company, including our emphasis on Work Life Balance, Well Being Initiatives, upskilling and education and Mental Health Awareness Training
Suppliers
The management recognises the key role suppliers play in ensuring Regen Waste Holdings Limited Group delivers a reliable service to customers: in supplying waste management services. The management ensures that contract management arrangements are in place throughout the duration of key supplier contracts. Management receive updates during the year on group's supplier payment practices. Along with other members of the management team, the directors oversee the relationships with key suppliers. The board seek an update on their ESG or equivalent regularly to ensure we meet our commitments to our own policy and those of our customers.
Customers
The group maintains strong communication with its customers by having regular update meetings. These meetings facilitate a detailed review of the group contracts to focus on maintaining strong relationships, which the directors feel is key to the continued success of the business
This report was approved by the board on 24 September 2025 and signed on its behalf.
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REGEN WASTE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Ordinary dividends were paid amounting to £Nil (2023: £Nil). The directors do not recommend payment of a further dividend.
The directors who served during the year were:
Regen Waste Holdings Limited Group is continuously carrying out research and development tasks in relation to opportunities for the future use of recycled by-products.
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 company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
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 company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
The group plans to continue its present activities and current trading levels. Employees are kept as fully informed as practical about any developments within the business.
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REGEN WASTE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Intensity ratio
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m of revenue. Tonnes of CO2e per £m revenue 78.9 (2023: 79.3)
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m of revenue. Tonnes of CO2e per £m revenue 78.9 (2023: 79.3)
Quantification and reporting methodology
The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £million of turnover, the recommended ratio for the sector.
Measures taken to improve energy efficiency
We are committed to responsible energy management and will practice energy efficiency throughout our organisation, wherever it's cost effective. We recognise that climate change is one of the most serious environmental challenges currently threatening the global community and we have a role to play in reducing greenhouse gas emissions.
We have implemented the policies below for the purpose of increasing the business energy efficiency in the relevant financial year:
• Energy reduction strategies
• Implemented and encouraged use of video conferencing
• Continued capital investment in new and energy efficient machinery
• Actively exploring the use of renewable sources of energy
The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £million of turnover, the recommended ratio for the sector.
Measures taken to improve energy efficiency
We are committed to responsible energy management and will practice energy efficiency throughout our organisation, wherever it's cost effective. We recognise that climate change is one of the most serious environmental challenges currently threatening the global community and we have a role to play in reducing greenhouse gas emissions.
We have implemented the policies below for the purpose of increasing the business energy efficiency in the relevant financial year:
• Energy reduction strategies
• Implemented and encouraged use of video conferencing
• Continued capital investment in new and energy efficient machinery
• Actively exploring the use of renewable sources of energy
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REGEN WASTE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There are no post balance sheet events requiring disclosure in the financial statements.
The auditors, AAB Group Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 24 September 2025 and signed on its behalf.
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REGEN WASTE HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and the Group 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 for the Group's financial statements 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 will continue in business.
The directors are 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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REGEN WASTE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REGEN WASTE HOLDINGS LIMITED
We have audited the financial statements of Regen Waste Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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 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 directors with respect to going concern are described in the relevant sections of this report.
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REGEN WASTE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REGEN WASTE HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Group strategic report or the Directors' report.
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REGEN WASTE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REGEN WASTE HOLDINGS LIMITED (CONTINUED)
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 Auditors' 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 Group 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 developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management.
Our procedures to respond to those risks identified included, but were not limited to:
•Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims.
•Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
•Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
•Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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REGEN WASTE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REGEN WASTE HOLDINGS LIMITED (CONTINUED)
This report is made solely to the Company's 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 Auditors' 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 Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
Dromalane Mill
The Quays
Newry
Northern Ireland
BT35 8QS
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REGEN WASTE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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REGEN WASTE HOLDINGS LIMITED
REGISTERED NUMBER: NI664032
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2025 .
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REGEN WASTE HOLDINGS LIMITED
REGISTERED NUMBER: NI664032
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2025 .
The notes on pages 18 to 39 form part of these financial statements.
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REGEN WASTE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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REGEN WASTE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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REGEN WASTE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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REGEN WASTE HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Regen Waste Holdings Limited ("the company") is a private limited company by shares domiciled and incorporated in Northern Ireland. The registered office is Unit 7 Shepherds Drive, Carnbane Industrial Estate, Newry, Co.Down, Northern Ireland, BT35 6JQ. The nature of the company's operations and its principal activities are set out in the Director's Report.
The group consists of Regen Waste Holdings Limited and all of its subsidiaries.
The subsidiary companies included in the financial statements are as follows:
1. Regen Waste Limited, a company incorporated in Northern Ireland, whose principal activity is the sorting, treatment and resale of mixed dry recyclables and mixed solid waste, is 100% owned by Regen Waste Holdings Limited.
2. Regen WTE Limited, a company incorporated in Northern Ireland, whose principal activity is the sorting, treatment and resale of mixed solid waste, is 100% owned by Regen Waste Holdings Limited.
3. Regen Waste (Ireland) Limited, a company incorporated in Ireland, whose principal activity is the sorting, treatment and resale of mixed dry recyclables and mixed solid waste, is 100% owned by Regen Waste Holdings Limited.
4. Re-Eng Limited, a company incorporated in Northern Ireland, a dormant company that has not traded during the year , is 100% owned by Regen Waste Holdings Limited.
5. CFR84 Limited, a company incorporated in Northern Ireland, a dormant company is 100% owned by Regen Waste Holdings Limited.
6. Regen Waste GB Limited, a company incorporated in England and Wales, a dormant company is 100% owned by Regen Waste Limited.
The above subsidiaries have accounting years ended 31 December 2024 and have been included in the consolidation.
The group consists of Regen Waste Holdings Limited and all of its subsidiaries.
The subsidiary companies included in the financial statements are as follows:
1. Regen Waste Limited, a company incorporated in Northern Ireland, whose principal activity is the sorting, treatment and resale of mixed dry recyclables and mixed solid waste, is 100% owned by Regen Waste Holdings Limited.
2. Regen WTE Limited, a company incorporated in Northern Ireland, whose principal activity is the sorting, treatment and resale of mixed solid waste, is 100% owned by Regen Waste Holdings Limited.
3. Regen Waste (Ireland) Limited, a company incorporated in Ireland, whose principal activity is the sorting, treatment and resale of mixed dry recyclables and mixed solid waste, is 100% owned by Regen Waste Holdings Limited.
4. Re-Eng Limited, a company incorporated in Northern Ireland, a dormant company that has not traded during the year , is 100% owned by Regen Waste Holdings Limited.
5. CFR84 Limited, a company incorporated in Northern Ireland, a dormant company is 100% owned by Regen Waste Holdings Limited.
6. Regen Waste GB Limited, a company incorporated in England and Wales, a dormant company is 100% owned by Regen Waste Limited.
The above subsidiaries have accounting years ended 31 December 2024 and have been included in the consolidation.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
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REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
In the parent company financial statements, the 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. Investments 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.
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.
The consolidated financial statements incorporate those of Regen Wate Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All financial statements are made up to 31st December 2024. 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 group.
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.
Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. In the group financial statements, associates are accounted for using the equity method.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
All financial statements are made up to 31st December 2024. 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 group.
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.
Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. In the group financial statements, associates are accounted for using the equity method.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
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REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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.
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REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, The method is outlined below.
Depreciation is provided on the following basis:
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.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
In 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
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REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At each reporting period end date, the group reviews the carrying amounts of its tangible 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.
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.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Page 23
REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic 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
Page 24
REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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.
Page 25
REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 balance sheet 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.
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 balance sheet 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.
Functional and presentation currency
Transactions and balances
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Page 26
REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Useful Economic lives of Tangible Assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
Impairment of Debtors
The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Recoverability of related party balances
The Company holds receivables from fellow group undertakings and related parties. Management assess the recoverability of these balances at each reporting date. This assessment requires significant judgement in evaluating:
• the financial performance and forecast cash flows of the debtor entities;
• the availability and intent of continued financial support from other Group companies; and
• the ability of the Group as a whole to generate sufficient resources to settle obligations.
Management considers that, based on the financial forecasts of the relevant entities and the overall strength of the Group, the receivables are recoverable and that any expected credit losses are not material.
Accruals
The company makes an estimate on the value of accruals. When assessing accruals the company considers the costs, volumes of materials held and historical experience.
An analysis of turnover by class of business and geographical market is not given, as in the opinion of the directors, this would be seriously prejudicial to the group's interest.
Page 27
REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 30
REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
During the year the group provided for a potential bad debt in relation to 2 related party debtors that they deem to be irrecoverable. The nature of the relationship is common control and ownership.
Page 31
REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Page 37
REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
Charge to profit or loss in respect of defined contribution schemes was £48,923 (2023: £143,856)
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held seperately from those of the group in an independently administered fund
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held seperately from those of the group in an independently administered fund
Page 38
REGEN WASTE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Key management includes the Board of Directors (executive and non-executive), all members of the company management team and the company secretary. There was no compensation paid or payable for key management services other than the directors remuneration as disclosed in note 8.
The company has availed of the exemption under FRS102 in relation to the disclosure of transactions with wholly owned group companies.
Regen Waste Holdings Limited have given a cross guarantee to Regen Waste Limited in respect of its borrowing facilities with Danske Bank.
As at 31 December 2024 the following amount was repayable to/from the directors:
Included within Other debtors are amounts of £64,330 (2023: £52,047) owing from the directors.
Included within Other creditors are amounts of £172,376 (2023: £163.446) owing to the directors.
The maximum outstanding balance in relation to the above director advances during the year ended 31 December 2024 were £48,739 (2023: £229,816 ), £24,297 (2023: £15,063) and £Nil (2023: £214,416) in relation to director 1, director 2 and director 3 respectively.
We confirm that these amounts are interest free, unsecured and repayable on demand.
Included within Trade debtors are amounts of £5,595 (2023: £207,231) owing from related parties, after a provision for doubtful debts of £325,373.
Included in Other debtors are balances owed by related parties through common directorship totalling £6,803,232 (2023: £6,910,024), after a provision for doubtful debts of £1,243,305
Included within trade creditors are amount of £137,000 (2023: £116,200) owing to related parties.
Amounts due to/from related parties through common directorship hold an annual interest rate of 3.5%, are unsecured and payable/repayable on demand.
Included within administrative expenses is rent paid of £1,337,500 (2023: £935,334) to a related party, being related by virtue of common ownership and directors.
The company has availed of the exemption under FRS102 in relation to the disclosure of transactions with wholly owned group companies.
Regen Waste Holdings Limited have given a cross guarantee to Regen Waste Limited in respect of its borrowing facilities with Danske Bank.
As at 31 December 2024 the following amount was repayable to/from the directors:
Included within Other debtors are amounts of £64,330 (2023: £52,047) owing from the directors.
Included within Other creditors are amounts of £172,376 (2023: £163.446) owing to the directors.
The maximum outstanding balance in relation to the above director advances during the year ended 31 December 2024 were £48,739 (2023: £229,816 ), £24,297 (2023: £15,063) and £Nil (2023: £214,416) in relation to director 1, director 2 and director 3 respectively.
We confirm that these amounts are interest free, unsecured and repayable on demand.
Included within Trade debtors are amounts of £5,595 (2023: £207,231) owing from related parties, after a provision for doubtful debts of £325,373.
Included in Other debtors are balances owed by related parties through common directorship totalling £6,803,232 (2023: £6,910,024), after a provision for doubtful debts of £1,243,305
Included within trade creditors are amount of £137,000 (2023: £116,200) owing to related parties.
Amounts due to/from related parties through common directorship hold an annual interest rate of 3.5%, are unsecured and payable/repayable on demand.
Included within administrative expenses is rent paid of £1,337,500 (2023: £935,334) to a related party, being related by virtue of common ownership and directors.
As at 31 December 2024, the group had entered into capital commitments in relation to Freehold Land and Buildings at an estimated value of £2.5m (2023: £8.5m).
The ultimate controlling parties are Aidan, Colin and Joseph Doherty.
The directors, on behalf of the company, have entered into a Limited Liability Agreement with their auditors, dated 1 May 2025. The auditor's liability is limited to an amount which is considered fair and reasonable. This has been disclosed in line with company's legislation.
Page 39