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REGISTERED NUMBER: 02719545 (England and Wales)

Financial Statements for the Year Ended 31 March 2025

for

Mersey Waste Holdings Limited

Mersey Waste Holdings Limited (Registered number: 02719545)

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

Company Information | 1 |

Statement of Financial Position | 2 |

Notes to the Financial Statements | 3 |

Mersey Waste Holdings Limited

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | L C Worswick

| P A Norris

| H L Bell

| C J Kelsall

| D Mcnabb

| REGISTERED OFFICE: | 7th Floor No. 1

| Mann Island

| Liverpool

| L3 1BP

| REGISTERED NUMBER: | 02719545 (England and Wales)

| AUDITORS: | DJH Audit Limited

| Statutory Auditor

| 3rd Floor Pacific Chambers

| 11-13 Victoria Street

| Liverpool

| Merseyside

| L2 5QQ

| TAX ADVISER: | DJH Liverpool Limited

| 3rd Floor Pacific Chambers

| 11-13 Victoria Street

| Liverpool

| Merseyside

| L2 5QQ

Mersey Waste Holdings Limited (Registered number: 02719545)

Statement of Financial Position

31 March 2025

31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Investments | 4 | 1,100 |  | 1,100 |  |

CURRENT ASSETS

Debtors | 5 | 42,570 |  | 11,921 |  |

Cash and cash equivalents | 1,466,820 |  | 6,538,326 |  |

1,509,390 |  | 6,550,247 |  |

CREDITORS

Amounts falling due within one year | 6 | 22,193 |  | 65,258 |  |

NET CURRENT ASSETS | 1,487,197 |  | 6,484,989 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,488,297 |  | 6,486,089 |  |

PENSION LIABILITY | (167,330 | ) | (7,000 | ) |

NET ASSETS | 1,655,627 |  | 6,493,089 |  |

CAPITAL AND RESERVES

Called up share capital | 1 |  | 1 |  |

Other reserves | 167,000 |  | 3,082,784 |  |

Retained earnings | 1,488,626 |  | 3,410,304 |  |

SHAREHOLDERS' FUNDS | 1,655,627 |  | 6,493,089 |  |

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2025 and were signed on its behalf by:

C J Kelsall - Director

Mersey Waste Holdings Limited (Registered number: 02719545)

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Mersey Waste Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared in accordance with the requirements of International Accounting Standards (IAS) in conformity with the requirements of the Companies Act 2006. Practice is continuing to evolve on the application and interpretation of IFRS. Further standards may be issues by the International Accounting Standards Board (IASB), and standards currently in issue and endorsed may be subject to interpretations issued by IFRIC.

| The preparation of financial statements in compliance with adopted IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgements in applying the Company's accounting policies.The areas where significant judgements and estimates have been made in preparing the financial statements and their effect on the statement of financial position, statement of comprehensive income and statement of cash flows are disclosed in note 4.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Taxation

| Taxation for the year comprises current 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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Pensions

| Defined benefit scheme surpluses and deficits are measured at:

| - the fair value of plan assets at the reporting date; less

| - plan liabilities calculated using the projected unit credit method discounted to its present value; plus

| - unrecognised past service costs; less

| - the effect of minimum funding requirements agreed with scheme trustees.

| Any difference, between the expected return on assets and that actually achieved, and any changes in the liabilities over the year due to changes in assumptions or experiene within the scheme, are recognised in other comprehensive income in the period in which they arise.

| Past service costs are recognised directlly in income, unless the changes to the pension plan are conditional on the employees remaining in service for a specified period of time. In this case, the past service costs are amortised on a straight-line basis over the visiting period.

| Going concern

| After reviewing the company's expected future transactions, considering the back-to-back funding agreement in place with the parent company, and notwithstanding the loss for the year, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Mersey Waste Holdings Limited (Registered number: 02719545)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Basis of consolidation

| A subsidiary is an entity over which the group has the power to govern the financial operating policies to obtain economic benefit from their activities. Mersey Waste Holdings Limited owns 100% of the ordinary share capital of Mersey Waste Limited and MWH Associates Limited.

| Mersey Waste Holdings Limited has not prepared consolidated financial statements that includes the subsidiary undertakings on the grounds of materiality as both subsidiary companies are dormant and their results are consolidated within the financial statements of Mersey Recycling & Waste Authority.

| Capital contribution

| Where the company receives contributions from its ultimate parent undertaking which it is not required to repay, nor bear any servicing costs, these are treated as capital contributions and recognised directly within shareholders' equity.

| The following describes the nature and purpose of each reserve within equity:

| Retained earnings - Cumulative net gains and losses recognised in the company's statement of comprehensive income

| Other reserve - Capital contribution reserve

| Cash and cash equivalents

| Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

| Financial instruments

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

| Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual provision 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 receivables and cash and cash equivalents, are initially measured at transaction price, including transaction costs, and are then subsequently carried at amortised cost using the effective interest method, less provision for impairment, unless arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future lease receipts discounted at a market rate of interest.

| Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash

| equivalents, trade and other receivables due with the operating cycle fall into this category of financial instruments.

Mersey Waste Holdings Limited (Registered number: 02719545)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Impairment of financial assets

| Financial assets are assessed for indicators of impairment at each reporting date.

| 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 value 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.

| 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 residual interest in the assets of the company after the deduction of its liabilities.

| Basic financial instruments, which include trade and other payables are initially measured at their transaction price after transaction costs. When this constitute a financing transaction, whereby the debt instrument 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.

| Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

| Derecognition of financial instruments

| Derecognition of financial assets

| Financial assets are derecognised when their contractual right to future cash flows expire, or are settled, or when the company transfers the asset and substantially all of 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 company 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 company's contractual obligations expire, are discharged or cancelled.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2024 - NIL).

Mersey Waste Holdings Limited (Registered number: 02719545)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

4. | FIXED ASSET INVESTMENTS

Shares in |

group |

undertakings |

| £

| COST

| At 1 April 2024

| and 31 March 2025 | 1,100 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1,100 |  |

| At 31 March 2024 | 1,100 |  |

| The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Mersey Waste Limited

| Registered office: 7th Floor No.1, Mann Island, Liverpool, L3 1BP

| Nature of business: Dormant

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

31.3.25 | 31.3.24 |

| £ | £

| Aggregate capital and reserves | 100 |  | 100 |  |

| MWH Associates Limited

| Registered office: 7th Floor No.1, Mann Island, Liverpool, L3 1BP

| Nature of business: Dormant

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

31.3.25 | 31.3.24 |

| £ | £

| Aggregate capital and reserves | 1,000 |  | 1,000 |  |

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

31.3.25 | 31.3.24 |

| £ | £

| Amounts owed by controlling interests | 34,926 |  | - |  |

| Other debtors | 7,644 |  | 11,921 |  |

42,570 |  | 11,921 |  |

Mersey Waste Holdings Limited (Registered number: 02719545)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

31.3.25 | 31.3.24 |

| £ | £

| Trade creditors | 5,029 |  | 9,502 |  |

| Amounts owed to group undertakings | 1,100 |  | 1,100 |  |

| Amounts owed to participating interests | - |  | 33,295 |  |

| Other creditors | 16,064 |  | 21,361 |  |

22,193 |  | 65,258 |  |

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

| The Report of the Auditors was unqualified.

| Michael Forshaw BA FCA (Senior Statutory Auditor)

| for and on behalf of DJH Audit Limited

8. | EMPLOYEE BENEFIT OBLIGATIONS

| The company participates in 2 defined benefit pension schemes, the Local Government Pension Scheme ('Merseyside Pension Fund') and the LAWDC's Pension Fund Scheme.

| The pension cost relating to the schemes is assessed every three years in accordance with the advice of a qualified actuary using the projected unit method. The most recent formal valuations were as follows:

| The Local Government Pension Scheme ('Merseyside Pension Fund')

| Nature of Scheme: Defined Benefit

| Date of last full Actuarial Valuation: 31 March 2025

| The LAWDC Pension Scheme

| Nature of scheme: Defined Benefit

| Date of last full Actuarial Valuation: 31 March 2025

| The movement in both Schemes is split between operating charges and finance items, which are charged to the statement of income, and actuarial gains and losses, which are charged to the statement of comprehensive income.

| The numbers shown in this disclosure have been based on calculations carried out by a qualified independent actuary to take account of the requirements of IAS 19(R) in order to assess the liabilities of the Scheme at 31 March 2025. The Schemes' assets are stated at their market values at 31 March 2025.

| The valuation used for IAS 19(R) disclosures has been based on a full assessment of the liabilities of the Schemes as at 31 March 2025. The present values of the defined benefit obligation, the related current service cost and any past service costs were measured using the projected unit credit method. The defined benefit sections of both Schemes are closed to new entrants.

Mersey Waste Holdings Limited (Registered number: 02719545)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

| The amounts recognised in the balance sheet are as follows:

| Defined benefit |  |

| pension schemes |  |

|  | 31.3.25 |  |  | 31.3.24 |  |

| £ |  |  | £ |  |

| Present value of funded obligations |  | (6,464,000) |  |  | (7,427,640) |  |

| Fair value of plan assets |  | 8,397,000 |  |  | 8,716,000 |  |

|  | 1,933,000 |  |  | 1,288,360 |  |

| Present value of unfunded obligations |  | (85,000) |  |  | (93,000) |  |

| Surplus/(Deficit) |  | 1,848,000 |  |  | 1,195,360 |  |

| Impact of asset ceiling |  | (1,681,000) |  |  | (1,187,000) |  |

| Net Asset/(Liability) |  | 167,000 |  |  | 8,360 |  |

| The amounts recognised in profit or loss are as follows:

| Defined benefit |  |

| pension schemes |  |

|  | 31.3.25 |  |  | 31.3.24 |  |

| . |  | £ |  |  | £ |  |

| Net interest from net defined benefit asset/liability |  | (61,000 | ) |  | (58,000 | ) |

| Administration costs |  | 26,000 |  |  | 24,000 |  |

|  | 35,000 |  |  | 34,000 |  |

| Actual return on plan assets |  | 169,000 |  |  | 243,000 |  |

| Changes in the present value of the defined benefit obligation are as follows:

| Defined benefit |  |

| pension schemes |  |

|  | 31.3.25 |  |  | 31.3.24 |  |

| . |  | £ |  |  | £ |  |

| Opening defined benefit obligation |  | 7,520,640 |  |  | 7,812,773 |  |

| Interest cost |  | 354,000 |  |  | 365,000 |  |

| Administrative expenses |  | 26,000 |  |  | 24,000 |  |

| Benefits paid |  | (592,000 | ) |  | (631,000 | ) |

| Remeasurements: |  |

| Actuarial (gains)/losses from changes in demographic assumptions |  | (20,000 | ) |  | (89,000 | ) |

| Actuarial (gains)/losses from changes in financial assumptions |  | (689,000 | ) |  | (34,000 | ) |

| Experience (gains)/losses |  | (26,000 | ) |  | 72,867 |  |

|  | 6,573,640 |  |  | 7,520,640 |  |

Mersey Waste Holdings Limited (Registered number: 02719545)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

| Changes in the fair value of scheme assets are as follows:

| Defined benefit |  |

| pension schemes |  |

|  | 31.3.25 |  |  | 31.3.24 |  |

| . |  | £ |  |  | £ |  |

| Opening fair value of scheme assets |  | 8,716,000 |  |  | 8,890,000 |  |

| Contributions by employer |  | 130,000 |  |  | 131,000 |  |

| Interest on plan assets |  | 415,000 |  |  | 423,000 |  |

| Benefits paid |  | (592,000 | ) |  | (631,000 | ) |

| Remeasurements: |  |

| Return on plan assets (excluding interest income) |  | (166,000 | ) |  | 243,000 |  |

| Other remeasurement |  | (106,000 | ) |  | (340,000 | ) |

|  | 8,397,000 |  |  | 8,716,000 |  |

| The amounts recognised in other comprehensive income are as follows:

| Defined benefit |  |

| pension schemes |  |

|  | 31.3.25 |  |  | 31.3.24 |  |

| £ |  |  | £ |  |

| Actuarial (gains)/losses from changes in demographic assumptions |  | 20,000 |  |  | 89,000 |  |

| Actuarial (gains)/losses from changes in financial assumptions |  | 689,000 |  |  | 34,000 |  |

| Experience (gains)/losses |  | 26,000 |  |  | (72,867 | ) |

| Return on plan assets (excluding interest income) |  | (166,000 | ) |  | 243,000 |  |

| Impact of asset ceiling |  | (494,000 | ) |  | (1,187,000 | ) |

| Other remeasurement |  | (80,000 | ) |  | (340,000 | ) |

|  | (5,000 | ) |  | (1,233,867 | ) |

| The major categories of scheme assets as amounts of total scheme assets are as follows:

| Defined benefit |  |

| pension schemes |  |

|  | 31.3.25 |  |  | 31.3.24 |  |

| . |  | £ |  |  | £ |  |

| Equities |  | 3,663,000 |  |  | 3,857,000 |  |

| Bonds |  | 611,000 |  |  | 558,000 |  |

| Property |  | 815,000 |  |  | 835,000 |  |

| Cash |  | 187,000 |  |  | 385,000 |  |

| Other |  | 3,121,000 |  |  | 3,081,000 |  |

|  | 8,397,000 |  |  | 8,716,000 |  |

Mersey Waste Holdings Limited (Registered number: 02719545)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

| Principal actuarial assumptions at the Statement of Financial Position date:

|  | 31.3.25 |  |  | 31.3.24 |  |

| The Local Government Pension Scheme ('Merseyside Pension Fund') |  |

| Rate of increase in pensions in payment |  | 2.80% |  |  | 2.80% |  |

| Discount rate |  | 5.80% |  |  | 4.90% |  |

| Inflation assumption |  | 2.70% |  |  | 2.70% |  |

| Post retirement mortality assumptions: |  |

| Mortality table - male/female non-retired members |  | SAPS 4 /SAPS 4 middle |  |  | SAPS 3 / SAPS 3 middle |  |

| Improvements - male/female non-retired members |  | CMI 23 1.5% / CMI 23 1.5% |  |  | CMI 22 1.5% / CMI 22 1.5% |  |

| Weightings - male/female non-retired members |  | 114% / 103% |  |  | 115% / 103% |  |

| Additional parameters - male/female non-retired members |  | S=7.0, A=0W20=W21=0, W22=W23=15% |  |  | S7.0, A=0W20= W21=0,W22=25 % |  |

| Life expectancy at 65* - male/female non-retired members |  | 22.1 / 25.2 |  |  | 22.2 / 25.2 |  |

| *currently aged 45 |  |

| Mortality table - male/female retired members |  | SAPS 4 / SAPS 4 middle |  |  | SAPS 3 / SAPS 3 middle |  |

| Improvements - male/female retired members |  | CMI 23 1.5% / CMI 23 1.5% |  |  | CMI 22 1.5% / CMI 22 1.5% |  |

| Weightings - male/female retired members |  | 109% / 103% |  |  | 111% / 103% |  |

| Additional parameters - male/female retired members |  | S=7, A=0W20=W21=0, W22=W23=15% |  |  | S=7, A=0W20=W21= 0,W22=25% |  |

| Life expectancy at 65 - male/female retired members |  | 20.8 / 23.5 |  |  | 20.9 / 23.4 |  |

| The LAWDC Pension Fund Scheme |  |

| Rate of increase in pensions in payment |  | 2.80% |  |  | 2.75% |  |

| Discount rate |  | 5.80% |  |  | 4.85% |  |

| Inflation assumption |  | 3.15% |  |  | 3.10% |  |

| Life expectancy |  |

| Life expectancy at 65 - male/female retired members |  | 18.6 / 20.8 |  |  | 19.1 / 21.9 |  |

| Life expectancy at 65* - male/female non-retired members |  | 22.0 / 24.6 |  |  | 22.6 / 25.6 |  |

| *currently aged 45 |  |

| Longevity assumptions |  |

| For the male members for the year ended 31 March 2025, future improvements have been based on CMI 2023 model with smoothing (Sk parameter) set to 7, Initial rates (A parameter) set to 0.25%, and long-term rate of improvement (P parameter) set to 1.5%. For comparison, for male members for the year ended 31 March 2024, future improvements have been based on CMI 2020 model with smoothing (Sk parameter) set to 7, Initial rates (A parameter) set to 0.2%, and long-term rate of improvement (P parameter) set to 1.5%.

| For female members, for the year ended 31 March 2025, future improvements been determined using CMI 2023 model with smoothing (Sk parameter) set to 7, Initial rates (A parameter) set to 0.25%, and long-term rate of improvement (P parameter) set to 1.5%. For comparison, for female members for the year ended 31 March 2024, future improvements were based on CMI 2020 model with smoothing (Sk parameter) set to 7, Initial rates (A parameter) set to 0.6%, and long-term rate of improvement (P parameter) set to 1.5%.

Mersey Waste Holdings Limited (Registered number: 02719545)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

| Sensitivity of the liability value to changes in the principal assumptions

| Within the Merseyside Pension Fund, if the discount rate decreased by 0.5% from the rate assumed as detailed above, and all other assumptions remained consistent, the net surplus of the scheme, before any asset ceiling where accounted for, would decrease by £0.244m. An increase in the inflation rate of 0.25% from the rate used as detailed above, assuming all other assumptions remained the same, would result in a reduction in the net surplus of the fund, before accounting for any asset ceiling, of £0.126m. A 1 year increase in the life expectancy of both the retired and non-retired members from the assumed life expectancy of the members as detailed above, assuming all other assumptions remained the same, would result in a decrease to the net surplus position of the scheme by £0.125m.

| Within the LAWDC Pension Scheme, if the discount rate decreased by 0.5% from the rate assumed as detailed above, and all other assumptions remained consistent, the net surplus of the scheme would decrease by £0.101m. An increase in the inflation rate of 0.5% from the rate used as detailed above, assuming all other assumptions remained the same, would result in a reduction in the net surplus of the fund of £0.09m. A 1 year increase in the life expectancy of both the retired and non-retired members from the assumed life expectancy of the members as detailed above, assuming all other assumptions remained the same, would result in a decrease to the net surplus position of the scheme by £0.052m.

9. | RELATED PARTY DISCLOSURES

| The Company consider Merseyside Recycling and Waste Authority (MRWA) as being a related party by virtue of its shareholding in the Company.

| The following transactions took place during the year during the normal course of business:

| - Other expenses paid to MRWA were £47,906 (2024: £52,901 from MWRA)

| - Capital contributions received were £103,307 (2024: £130,863)

| At 31 March 2025, the amounts receivable from MRWA were £34,926 (2024: £33,295 payable).

| Whilst pension liabilities are included in the Statement of Financial Position, the ongoing contributions in respect of former employees are paid direct by MRWA to Veolia under the shareholder's agreement.