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Registered number: 03310108
Verto Recycle Limited
Financial statements
Information for filing with the registrar
For the year ended 31 January 2025
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Verto Recycle Limited
Registered number: 03310108
Balance Sheet
As at 31 January 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
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Verto Recycle Limited
Registered number: 03310108
Balance Sheet (continued)
As at 31 January 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 14 form part of these financial statements.
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Verto Recycle Limited
Notes to the Financial Statements
For the year ended 31 January 2025
Verto Recycle 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.
The principal activity of the company in the year under review was that of IT recycling, computer sales, installation and data destruction
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Cameo Holdings Limited as at 31 January 2025 and these financial statements may be obtained from Companies House.
The financial statements have been prepared on a going concern basis. The directors have made an assessment of the company’s ability to continue as a going concern and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis of accounting in preparing the financial statements.
In making this assessment, the directors have considered the company’s current financial position, forecast cash flows, and available financing facilities, together with the potential impact of any significant uncertainties. Based on these considerations, the directors are satisfied that the company will be able to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements.
Accordingly, the financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.
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Verto Recycle Limited
Notes to the Financial Statements
For the year ended 31 January 2025
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from repairs, parts, and other sales is recognised at the point when control of goods or services passes to the customer, typically on completion of the repair or upon delivery of goods.
Hardware sales are recognised when control transfers to the customer, usually on delivery or, where installation is a significant element, upon completion of installation.
Revenue from recycling services is recognised either over time as the service is performed or at the point of completion, depending on when the customer obtains the benefit.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Verto Recycle Limited
Notes to the Financial Statements
For the year ended 31 January 2025
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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Verto Recycle Limited
Notes to the Financial Statements
For the year ended 31 January 2025
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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Furniture, fixtures and equipment
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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.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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Verto Recycle Limited
Notes to the Financial Statements
For the year ended 31 January 2025
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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
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Verto Recycle Limited
Notes to the Financial Statements
For the year ended 31 January 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company 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 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 or are discharged or cancelled.
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The average monthly number of employees, including directors, during the year was 15 (2024 - 20).
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Verto Recycle Limited
Notes to the Financial Statements
For the year ended 31 January 2025
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Verto Recycle Limited
Notes to the Financial Statements
For the year ended 31 January 2025
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Furniture, fixtures and equipment
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Charge for the year on financed assets
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Verto Recycle Limited
Notes to the Financial Statements
For the year ended 31 January 2025
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Freehold investment property
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The company disposed of its investment property during the year for proceeds of £173,036. The carrying amount of the property at the date of disposal was £60,000, resulting in a gain on disposal of £113,036, which has been recognised in the profit and loss account under Other operating income.
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Prepayments and accrued income
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Cash and cash equivalents
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Verto Recycle Limited
Notes to the Financial Statements
For the year ended 31 January 2025
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Secured creditors
Barclays Bank Plc hold a fixed and floating charge over the undertaking and all property and assets present and future. This includes goodwill, book debts, uncalled capital, building fixtures and fixed plant and machinery.
Some of the loans carry a personal guarantee from the directors.
Amounts owed to group undertakings are interest-free, unsecured, and repayable on demand.
Hire purchase creditors are secured against the assets to which they relate.
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Secured creditors
Barclays Bank Plc hold a fixed and floating charge over the undertaking and all property and assets present and future. This includes goodwill, book debts, uncalled capital, building fixtures and fixed plant and machinery.
Some of the loans carry a personal guarantee from the directors.
Hire purchase creditors are secured against the assets to which they relate.
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Verto Recycle Limited
Notes to the Financial Statements
For the year ended 31 January 2025
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Revaluation reserve
The revaluation reserve relates to unrealised gains arising on the revaluation of investment property in accordance with FRS 102.
Other reserves
The capital contribution reserve represents amounts contributed to the Company by its shareholders that are treated as capital in nature. These contributions do not give rise to additional share capital and are not distributable.
Profit and loss account
The profit and loss account reserve represents the cumulative retained earnings of the Company, being profits and losses recognised in the statement of comprehensive income, less dividends paid and other appropriations.
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Verto Recycle Limited
Notes to the Financial Statements
For the year ended 31 January 2025
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £9,188 (2024 - £12,023) . Contributions totalling £1,781 (2024 - £1,727) were payable to the fund at the balance sheet date and are included in creditors.
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Related party transactions
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The company has taken advantage of provisions available under section 33 of FRS 102 and has not disclosed transactions and balances with companies that are 100% owned within the group controlled by its ultimate parent company.
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The immediate and ultimate parent undertaking is Cameo Holdings Limited, a company registered in England and Wales, company number 13836822. Cameo Holdings Limited's registered office is Unit 1 Estley Green Industrial Estate, Box Road, Broughton Astley, Leicester, England, LE9 6TJ.
The company prepares consolidated financial statements which are available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, C14 3UZ.
The ultimate controlling party is L Horton-Walker by virtue of his ownership of 100% of the issued share capital of Cameo Holdings Limited.
The auditors' report on the financial statements for the year ended 31 January 2025 was qualified.
The qualification in the audit report was as follows:
The auditor’s report on the full financial statements for the year ended 31 January 2025 contained a qualified opinion. The qualification arose because the auditor was unable to attend the physical inventory count at the year-end and could not obtain sufficient appropriate audit evidence regarding the existence and condition of inventories by alternative means.
The audit report was signed on 17 November 2025 by John Glover (senior statutory auditor) on behalf of Hurst Accountants Limited.
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