Company registration number 14773333 (England and Wales)
ECONATION RECYCLING (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ECONATION RECYCLING (UK) LIMITED
COMPANY INFORMATION
Directors
Mr O A Ogunjimi
Mr T Osunsade
Company number
14773333
Registered office
5 Dock Yard Road
Off Oilsites Road
Ellesmere Port
CH65 4EF
Auditor
Champion Accountants LLP
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
Bankers
The Access Bank UK Limited
ECONATION RECYCLING (UK) LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Statement of financial position
7 - 8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 28
ECONATION RECYCLING (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of crushing PET bottles into hot-washed flakes to be used in producing recycled PET bottles in the following grades:

- Hot wash flakes (Natural)

- Hot wash flakes (Blue)

- Hot wash flakes (Mix)

Results and dividends

The results for the year are set out on page 6.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr O A Ogunjimi
Mr T Osunsade
Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

- settle the terms of payment with suppliers when agreeing the terms of each transaction;

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

- pay in accordance with the company's contractual and other legal obligations.

Trade creditors of the company at the year end were equivalent to 54 days' purchases, based on the average daily amount invoiced by suppliers during the year.

Post reporting date events

There were no significant developments since the end of the accounting period which could have a material effect that has not been adequately provided for in the financial statements.

Auditor

In accordance with the company's articles, a resolution proposing that Champion Accountants LLP be reappointed as auditor of the company will be put at a General Meeting.

ECONATION RECYCLING (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the 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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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 of the profit or loss of the company for that period. In preparing these financial statements, International Accounting Standard 1 requires that directors:

- properly select and apply accounting policies;

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

- make an assessment of the company's ability to continue as a going concern.

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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

- so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

- the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

On behalf of the board
Mr O A Ogunjimi
Director
3 October 2025
ECONATION RECYCLING (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ECONATION RECYCLING (UK) LIMITED
- 3 -
Opinion

We have audited the financial statements of Econation Recycling (UK) Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

- have been properly prepared in accordance with UK adopted international accounting standards; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter

We draw attention to the Going Concern section within Accounting Policies (Note 1.3), to the financial statements, which sets out the factors considered by the directors in concluding that the going concern basis of preparation is appropriate. That section also explains the uncertainties, including continued operating losses should sales forecasts not be achieved, which may impact the company’s financial performance and cash flows. It further acknowledges that there remains a risk that additional adverse circumstances could arise which might affect the company’s ability to continue beyond 12 months. Our opinion is not modified in respect of this matter.

Conclusions relating to going concern

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 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The 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.

ECONATION RECYCLING (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ECONATION RECYCLING (UK) LIMITED (CONTINUED)
- 4 -

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit is considered capable of detecting irregularities, including fraud

The responsibility for the prevention and detection of irregularities, including fraud, lies with the directors and with those charged with governance. The objectives of our audit in respect of irregularities and fraud are to assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient, appropriate audit evidence regarding the assessed risks and to respond appropriately to fraud or suspected fraud identified during the audit.

ECONATION RECYCLING (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ECONATION RECYCLING (UK) LIMITED (CONTINUED)
- 5 -
Audit procedures

We determine significant applicable laws and regulations through discussion with those charged with governance and our own knowledge of the industry and design audit procedures to help identify instances of non-compliance with those laws and regulations that may have a material effect on the financial statements.

Our approach is to consider the legal and regulatory frameworks directly applicable to the financial statements reporting framework (UK-adopted IFRS and the Companies Act 2006) and the relevant tax compliance regulations in the UK; the nature of the industry; the business performance and the key drivers for management remuneration; the control environment and the procedures in place to address identified risks, including management override, non-compliance with laws and regulations and to prevent and detect fraud or irregularity. We communicate identified laws and regulations throughout our team and remain alert to any indications of non-compliance throughout the audit.

Our procedures are designed to provide reasonable assurance that the financial statements are free from material misstatement or error and include: enquiries of management and of staff in key compliance functions; review of minutes of meetings of those charged with governance; review and testing of manual journals and significant transactions outside the normal course of business; review of financial statement disclosures and testing to supporting documentation; performance of analytical procedures.

We are not responsible for preventing non-compliance and due to the inherent limitations of an audit, as described above, the audit cannot be relied upon to detect all instances of non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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 auditor's 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.

Mr Andrew Hopwood BSc (Hons) FCA (Senior Statutory Auditor)
For and on behalf of Champion Accountants LLP
3 October 2025
Chartered Accountants
Statutory Auditor
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
ECONATION RECYCLING (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Year
Period
ended
ended
31 December
31 December
2024
2023
Notes
£
£
Revenue
3
196,649
10,558
Cost of sales
(359,880)
(5,796)
Gross (loss)/profit
(163,231)
4,762
Distribution costs
(11,961)
-
0
Administrative expenses
(791,972)
(267,717)
Operating loss
4
(967,164)
(262,955)
Investment revenues
7
4,455
-
0
Finance costs
8
(260,907)
(1,696)
Loss before taxation
(1,223,616)
(264,651)
Income tax expense/(income)
9
(27,969)
45,529
Loss and total comprehensive income for the year
(1,251,585)
(219,122)
Earnings per share
10
Basic and diluted
(12,515.85)
(2,191.22)

The notes on pages 11 to 28 form part of these financial statements.

ECONATION RECYCLING (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
Notes
£
£
Non-current assets
Goodwill
11
20,000
20,000
Property, plant and equipment
12
941,626
785,051
Other receivables
15
249,192
219,192
Deferred tax asset
22
-
0
45,529
1,210,818
1,069,772
Current assets
Inventories
14
53,072
78,785
Trade and other receivables
15
354,134
292,266
Current tax recoverable
17,607
-
0
Cash and cash equivalents
30,045
212,346
454,858
583,397
Current liabilities
Trade and other payables
20
560,692
164,795
Lease liabilities
21
71,496
58,154
632,188
222,949
Net current (liabilities)/assets
(177,330)
360,448
Non-current liabilities
Borrowings
17
856,909
-
0
Lease liabilities
21
254,262
362,990
1,111,171
362,990
Net (liabilities)/assets
(77,683)
1,067,230
Equity
Called up share capital
24
100
100
Other components of equity
25
1,392,924
1,286,252
Retained earnings
(1,470,707)
(219,122)
Total equity
(77,683)
1,067,230
ECONATION RECYCLING (UK) LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
The financial statements were approved by the board of directors and authorised for issue on 3 October 2025 and are signed on its behalf by:
Mr O A Ogunjimi
Mr T Osunsade
Director
Director
Company registration number 14773333 (England and Wales)
ECONATION RECYCLING (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Other components of equity
Retained earnings
Total
Notes
£
£
£
£
Balance at 31 March 2023
-
-
-
0
-
Period ended 31 December 2023:
Loss and total comprehensive income
-
-
(219,122)
(219,122)
Transactions with owners:
Issue of share capital
24
100
-
-
100
Deposit for shares
25
-
1,286,252
-
0
1,286,252
Balance at 31 December 2023
100
1,286,252
(219,122)
1,067,230
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(1,251,585)
(1,251,585)
Transactions with owners:
Deposit for shares
25
-
106,672
-
0
106,672
Balance at 31 December 2024
100
1,392,924
(1,470,707)
(77,683)
ECONATION RECYCLING (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
29
(615,187)
(907,595)
Interest received
4,455
-
0
Income taxes paid
(47)
-
0
Net cash outflow from operating activities
(610,779)
(907,595)
Investing activities
Purchase of intangible assets
-
0
(20,000)
Purchase of property, plant and equipment
(316,485)
(363,907)
Repayment of loans
85,044
219,192
Net cash used in investing activities
(231,441)
(164,715)
Financing activities
Proceeds from issue of shares
-
0
100
Proceeds for deposit for shares
106,672
1,286,252
Proceeds from borrowings
856,909
106,195
Repayment of borrowings
-
(106,195)
Reduction of lease liabilities
(95,386)
-
0
Interest paid
(32,245)
(1,696)
Non-cash adjustment to lease liability
52,631
-
0
Non-cash adjustment to loan note interest
(228,662)
-
Net cash generated from financing activities
659,919
1,284,656
Net (decrease)/increase in cash and cash equivalents
(182,301)
212,346
Cash and cash equivalents at beginning of year
212,346
-
0
Cash and cash equivalents at end of year
30,045
212,346
ECONATION RECYCLING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Econation Recycling (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Dock Yard Road, Off Oilsites Road, Ellesmere Port, CH65 4EF. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Reporting period

These financial statements cover the year ended 31 December 2024. The comparative financial statements covered the shortened period from the date of incorporation, which was 31 March 2023 to 31 December 2023. Hence, the comparative amounts are not entirely comparable.

1.2
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

The financial statements have been prepared on a going concern basis. In reaching this conclusion the directors have prepared cash flow forecasts for at least 12 months from the date of approval of these financial statements. These forecasts demonstrate that sufficient funds are available through continued support via the holding company in respect of funding already in place, combined with future revenue growth. Since the year end, a further £500,000 of equity has been provided to this end and turnover has been increasing. Forecasts show a positive EBITDA and positive cash flow being achieved by the end of 2025, with a 50% uplift in monthly sales (compared to the December 2025) forecast from January 2026. true

The forecasts of these sales targets, both being achieved and being sustained, create uncertainty in respect of the company’s future financial performance and cash flows. The directors acknowledge that, as with any company, there also remains a risk that adverse circumstances could arise which might impact the company’s ability to continue beyond 12 months.

The directors are satisfied that the upturn in sales in 2025 and the projected continued upturn in monthly sales into 2026 mean that the company will have adequate financial resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis. The financial statements do not include any adjustments that would be required should the going concern basis prove to be inappropriate.

1.4
Revenue

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The company recognises revenue when it transfers control of a product or service to a customer.

The company recognises revenue from the following major sources:

- Sale of hot-washed flakes

- Sale of preforms

- Trading income from facilitating supply between PET supplier and buyer

ECONATION RECYCLING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.5
Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less impairment losses.

The gain on a bargain purchase is recognised in profit or loss in the period of the acquisition.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not subsequently reversed.

The directors have considered an impairment of goodwill but don't consider its value at 31 December 2024 to be materially different from its value in the accounts. Therefore no impairment has been made in the year.

1.6
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. The cost of self- constructed assets includes the costs of materials and direct labour. Properties in the course of construction for production, supply or administrative purposes, or for purposes not yet determined, are carried at cost, less any recognised impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalised in accordance with the company's accounting policy.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
48 months on cost
Plant and equipment
5 years on cost, 10 years on cost of hot-wash plant
Office equipment
48 months and 60 months on cost
Right-of-use assets
5 years on cost

Self-constructed assets and properties in the course of construction are depreciated when the assets are ready for their intended use. They are accounted for as "Capital work in progress". Borrowing costs of £nil (2023: £nil) were capitalised as there were no qualifying borrowing arrangements.

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

Right-of-use assets relate to the premises that the company occupies.

1.7
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible 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.

ECONATION RECYCLING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -

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.

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.

1.8
Inventories

Inventories are stated at the lower of cost and net realisable value using the Weighted Average Method. Cost represents the cost of acquisition from the suppliers. Net realisable value represents the estimated selling price for inventories less estimated cost to make the sale.

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

ECONATION RECYCLING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -

The company always recognises lifetime expected credit losses for trade receivables, contract assets and lease receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. For all other financial instruments, the Group recognises lifetime expected credit losses when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12-month expected credit losses. Lifetime expected credit losses represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month expected credit losses is the portion of lifetime expected credit losses associated with the possibility of a default event in the next 12 months.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.11
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ECONATION RECYCLING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

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 inventories or non-current 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.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. The percentage contribution by staff and employer are 8% and 10% respectively in line with Pensions Reform Act 2014.

1.16
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

ECONATION RECYCLING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the dates when the fair value was determined. Non-monetary items of historic cost, that are denominated in foreign currency, are translated at the date of the original transaction, and are not re-translated. Any exchange differences are included in the income statement for the year.

2
Adoption of new and revised standards and changes in accounting policies
Standards which are in issue but not yet effective

At the date of authorisation of these financial statements, there were a number of Standards and Interpretations, which have not yet been applied in these financial statements, were in issue but not yet effective. These include IFRS 18 "Presentation and Disclosure in Financial Statements".

The directors do not believe that the adoption of these Standards and Interpretations would have a material impact on the financial statements of the company. The directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the financial statements when the relevant standards and interpretations come into effect.

ECONATION RECYCLING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
3
Revenue
2024
2023
£
£
Revenue analysed by class of business
Sale of preforms
-
9,363
Trading income
11,561
1,195
Hot washed flakes
174,117
-
Tolling income
10,971
-
196,649
10,558
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
196,649
10,558
4
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
10,064
(6,713)
Depreciation of property, plant and equipment
107,279
-
Cost of inventories recognised as an expense
108,541
5,796
Write downs of inventories recognised as an expense
101,878
-
0
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
9,500
5,000
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Factory
5
4
Admin/office
2
2
Total
7
6
ECONATION RECYCLING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
253,849
83,923
Social security costs
25,359
8,918
Pension costs
4,138
876
283,346
93,717
7
Investment income
2024
2023
£
£
Interest income
Financial instruments measured at amortised cost:
Bank deposits
4,408
-
0
Other interest income on financial assets
47
-
0
Total interest revenue
4,455
-
0
Income above relates to assets held at amortised cost, unless stated otherwise.
8
Finance costs
2024
2023
£
£
Interest on bank overdrafts and loans
-
1,696
Interest on mezzanine notes
228,662
-
0
Interest on lease liabilities
32,245
-
Total interest expense
260,907
1,696
9
Income tax expense
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(17,560)
-
0
Deferred tax
Origination and reversal of temporary differences
45,529
(45,529)
Total tax charge/(credit)
27,969
(45,529)
ECONATION RECYCLING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Income tax expense
(Continued)
- 19 -

The charge for the year can be reconciled to the loss per the income statement as follows:

2024
2023
£
£
Loss before taxation
(1,223,616)
(264,651)
Expected tax credit based on a corporation tax rate of 25.00% (2023: 25.00%)
(305,904)
(66,163)
Effect of expenses not deductible in determining taxable profit
-
0
20,634
Unutilised tax losses carried forward
378,622
136,391
Permanent capital allowances in excess of depreciation
(54,256)
(90,977)
Depreciation on assets not qualifying for tax allowances
(18,426)
-
Research and development tax credit
(17,560)
-
Deferred tax movement
45,529
(45,529)
Provisions
(36)
115
Taxation charge/(credit) for the year
27,969
(45,529)
10
Earnings per share
2024
2023
Number
Number
Number of shares
Weighted average number of ordinary shares for basic earnings per share
100
100
2024
2023
Earnings
£
£
Continuing operations
Loss for the period from continued operations
(1,251,585)
(219,122)
2024
2023
£ per share
£ per share
Basic and diluted earnings per share
From continuing operations
(12,515.85)
(2,191.22)

Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of shares outstanding during the year.

ECONATION RECYCLING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
11
Intangible assets
Goodwill
£
Cost
At 31 March 2023
-
0
Additions
20,000
At 31 December 2023
20,000
At 31 December 2024
20,000
Carrying amount
At 31 December 2024
20,000
At 31 December 2023
20,000
12
Property, plant and equipment
Capital work in progress
Plant and equipment
Fixtures and fittings
Office equipment
Right-of-use assets
Total
£
£
£
£
£
£
Cost
At 31 March 2023
-
0
-
0
-
0
-
0
-
0
-
Additions
363,907
-
0
-
0
-
0
421,144
785,051
At 31 December 2023
363,907
-
0
-
0
-
0
421,144
785,051
Additions
202,224
86,250
-
0
28,011
-
0
316,485
Remeasurement
-
0
-
0
-
0
-
0
(52,631)
(52,631)
Work in progress completed
(363,907)
355,807
8,100
-
0
-
0
-
At 31 December 2024
202,224
442,057
8,100
28,011
368,513
1,048,905
Accumulated depreciation and impairment
At 31 March 2023 and 1 January 2024
-
0
-
0
-
0
-
0
-
0
-
0
Charge for the year
-
0
28,363
2,023
3,191
73,702
107,279
At 31 December 2024
-
0
28,363
2,023
3,191
73,702
107,279
Carrying amount
At 31 December 2024
202,224
413,694
6,077
24,820
294,811
941,626
At 31 December 2023
363,907
-
-
-
421,144
785,051
ECONATION RECYCLING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
13
Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the company. The Company uses publicly available financial information and its own trading records to rate its major customers. The Company's exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved by the risk management committee annually.

Trade receivables consist of a large number of customers, spread across diverse industries and geographical areas. Ongoing credit evaluations are performed on the financial condition of accounts receivable and, where appropriate, credit guarantee insurance cover is purchased.

The Company does not have any significant credit risk exposure to any single counterparty or any company of counterparties having similar characteristics. The Company defines counterparties as having similar characteristics if they are related entities.

The credit risk on liquid funds and non-derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies.

The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the company's maximum exposure to credit risk as no collateral or other credit enhancements are held.

14
Inventories
2024
2023
£
£
Raw materials
47,056
78,785
Finished goods
6,016
-
53,072
78,785
15
Trade and other receivables
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Trade receivables
45,564
-
0
-
-
VAT recoverable
7,793
50,005
-
-
Amounts owed by related parties
65,542
14,567
-
0
-
0
Other receivables
-
0
-
0
249,192
219,192
Prepayments
235,235
227,694
-
-
354,134
292,266
249,192
219,192

Included in o ther receivables above, is £249,192 relating to a loan to an employee that is re payable in two years and is interest free. It is recognised at nominal value as any discounting to fair value would be immaterial.

ECONATION RECYCLING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
16
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

17
Borrowings
Non-current
2024
2023
£
£
Borrowings held at amortised cost:
Loans from prospective parent
856,909
-

On 7 February 2025 the company became a 100% owned subsidiary of EcoNation Recycling (Mauritius) Limited, the shares previously being held on behalf of that company by the now ultimate controlling party, Cardinalstone Capital GP Limited.

The borrowings shown above are money introduced into the company by EcoNation Recycling (Mauritius) Limited in the form of Mezzanine Notes. Interest has been charged on this borrowing accordingly.

18
Liquidity risk

The following table details the remaining contractual maturity for the company's financial liabilities with agreed repayment periods. The contractual maturity is based on the earliest date on which the company may be required to pay. It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts.

Less than 1 year
More than 1 year
Total
£
£
£
At 31 December 2023
Trade and other payables
164,795
-
164,795
Lease liabilities
58,154
362,990
421,144
222,949
362,990
585,939
At 31 December 2024
Trade and other payables
560,692
-
560,692
Lease liabilities
71,496
254,262
325,758
632,188
254,262
886,450
ECONATION RECYCLING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Liquidity risk
(Continued)
- 23 -
Liquidity risk management

Liquidity risk is the risk that the company is unable to meet its current and future cash flow obligations as and when they fall due, or can only do so at excessive cost. This includes the risk that the company is unable to meet settlement obligations to the acquiring banks due to failure of an issuing bank to pay.

Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the company's short, medium and long-term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

To mitigate the risk, back-up liquidity facilities are in place with a syndicate consisting of high credit, quality financial institutions, in addition to the company's own liquid investments.

19
Market risk

Market risk is the risk that the fair values of financial instruments will fluctuate because of changes in the market prices. The financial instruments held by the company that are affected by market risk are principally the non-derivative financial instruments which include investment in equity, trade and other receivables, cash and cash equivalents and trade and other payables.

Interest rate risk

The Company actively monitors interest rate exposures on its investment portfolio so as to minimise the effect of interest rate fluctuations on the income statement. The Company's exposures to interest rates on financial assets and financial liabilities are detailed in the liquidity risk management section.

20
Trade and other payables
2024
2023
£
£
Trade payables
69,000
40,118
Amounts owed to related parties
220,485
80,072
Accruals
260,900
30,652
Social security and other taxation
10,307
13,953
560,692
164,795

Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs. The company has financial risk management policies in place as well as efficient and effective treasury management policies to ensure that all payables are paid within the pre-agreed credit terms.

The directors consider that the carrying amount of trade and other payables approximates to their fair value.

ECONATION RECYCLING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
21
Lease liabilities
2024
2023
Maturity analysis
£
£
Within one year
71,496
58,154
In two to five years
254,262
362,990
Total undiscounted liabilities
325,758
421,144

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
£
£
Current liabilities
71,496
58,154
Non-current liabilities
254,262
362,990
325,758
421,144
2024
2023
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
32,245
-

Lease liabilities were measured using the interest rate implicit in the lease agreements. This is calculated as a 4% fixed interest rate plus the Barclays Bank base rate, as specified in the lease contract. This element equated to 4.75% as at 31 December 2024 so a total rate of 8.75% was used as the discount rate.

22
Deferred taxation
Assets
2024
2023
£
£
Deferred tax balances
-
0
45,529
ECONATION RECYCLING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Deferred taxation
(Continued)
- 25 -

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

ACAs
Tax losses
Provisions
Total
£
£
£
£
Balance at 1 January 2023
-
0
-
0
-
-
Deferred tax movements in prior year
Credit/(charge) to profit or loss
(90,977)
136,391
115
45,529
Asset at 1 January 2024
(90,977)
136,391
115
45,529
Deferred tax movements in current year
Credit/(charge) to profit or loss
(70,720)
25,342
(151)
(45,529)
Liability at 31 December 2024
-
0
-
0
-
-
0
Asset at 31 December 2024
(161,697)
161,733
(36)
-

Deferred tax assets and liabilities are offset in the financial statements only where the company has a legally enforceable right to do so.

23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
4,138
876

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

24
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100

The Company has one class of ordinary shares which carry no right to fixed income.

ECONATION RECYCLING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
25
Other components of equity
2024
2023
£
£
At the beginning of the year
1,286,252
-
Additions
106,672
1,286,252
At the end of the year
1,392,924
1,286,252

This relates to investment capital injected into the business for operational set up. The initial funding provided into equity was completed this year with additional funding being recognised as mezzanine notes under borrowings. Since the year end, additional funding of £500,000 as equity has been received.

26
Capital risk management

The Company manages its capital to ensure that the company will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of equity. The Company's overall strategy remains unchanged from 2023.

The capital structure of the Company consists of equity attributable to equity holders of the Company, comprising issued capital, reserves and retained earnings.

Equity includes all capital and reserves of the Company that are managed as capital.

The company is not subject to any externally imposed capital requirements.

27
Events after the reporting date

On 7 February 2025, the Company became a 100% owned subsidiary of EcoNation Recycling (Mauritius) Limited. The shares were previously held on behalf of that company by the now ultimate controlling party, Cardinalstone Capital GP Limited.

Since the year end, the Company has also received additional equity funding of £500,000, which has strengthened the Company’s capital base and liquidity position.

These events occurred after the reporting date and therefore have not been recognised in these financial statements. They are, however, considered material for users’ understanding of the Company’s financial position.

28
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Other related parties
220,485
80,072
ECONATION RECYCLING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
28
Related party transactions
(Continued)
- 27 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Prospective parent company
100
100
Other related parties
65,442
14,467
65,542
14,567
29
Cash absorbed by operations
2024
2023
£
£
Loss for the year before income tax
(1,223,616)
(264,651)
Adjustments for:
Finance costs
260,907
1,696
Investment income
(4,455)
-
0
Depreciation and impairment of property, plant and equipment
107,279
-
Movements in working capital:
Decrease/(increase) in inventories
25,713
(78,785)
Increase in trade and other receivables
(176,912)
(730,650)
Increase in trade and other payables
395,897
164,795
Cash absorbed by operations
(615,187)
(907,595)
30
Analysis of changes in net debt
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
212,346
(182,301)
30,045
212,346
(182,301)
30,045
Borrowings excluding overdrafts
-
(856,909)
(856,909)
Obligations under finance leases
(421,144)
95,386
(325,758)
(208,798)
(943,824)
(1,152,622)
ECONATION RECYCLING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
30
Analysis of changes in net debt
(Continued)
- 28 -
31 March 2023
Cash flows
31 December 2023
Prior year:
£
£
£
Cash at bank and in hand
-
212,346
212,346
Obligations under finance leases
-
-
(421,144)
-
212,346
(208,798)
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