Company registration number 03290431 (England and Wales)
BLUE PHOENIX LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BLUE PHOENIX LIMITED
COMPANY INFORMATION
Directors
P C L Knight
S J Marriott
(Appointed 1 January 2024)
R Bentley
(Appointed 1 January 2024)
Company number
03290431
Registered office
1 Victoria Stables
Essex Way
Bourne
Lincolnshire
PE10 9JZ
Auditor
KPMG LLP
EastWest
Tollhouse Hill
Nottingham
NG1 5FS
Bankers
Lloyds Bank plc
Citymark
150 Fountainbridge
Edinburgh
EH3 9PE
Solicitors
Hegarty LLP
48 Broadway
Peterborough
PE1 1YW
BLUE PHOENIX LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 7
Statement of directors' responsibilities
8
Independent auditor's report to the members of Blue Phoenix Limited
9 - 12
Statement of comprehensive income
13
Balance sheet
14
Statement of changes in equity
15
Notes to the financial statements
16 - 28
BLUE PHOENIX LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Fair review of the business

The Construction Sector continued to show a downward trend during 2024, which resulted in an adverse affect on the Incinerator Bottom Ash Aggregate ("IBAA") markets. Despite this the business remained robust in its performance against the market and was still able to move significant volumes of IBAA, albeit at reduced selling prices. Metal prices rose during the year on average with volumes also increasing on previous years.

Overall turnover showed an increase of 3.8% from £78,276k to £81,226k over the previous period with Operating Profits similar to those in year 2023 at £17,380k (2023: £18,343k).

The health and well-being of its people is the Company’s number one priority, with strong emphasis on Health and Safety at all site. Due to this continued focus the Company continued with its excellent performance with no lost time incidents reported in the year with only one high severity incident. The focus for the future will be on measurement of leading indicators and behavioral safety.

The Environment Agency had reissued the Regulatory Position Statement (“RPS”) that governs the use and application of the Company’s recycled aggregate product, IBAA, in its current form with no major amendments, in January 2023. This latest version, RPS248 has been extended until September 2026. Industry bodies, of which the Company is a member, continue their dialogue with The Environment Agency with regards to seeking a more permanent regulatory regime for the use of IBAA.

Future developments

The Company continues to pursue opportunities for growth, actively looking to improve the efficiency of its processing plants both in terms of cost and separation of products. New IBA A processing contracts, and IBAA products are being explored, with the possibility of further new sites being built when long term contracts are secured to support such investment.

The Company has contracts to receive 1.5 million tonnes of IBA A for processing in 2025, with opportunities for additional amounts also being pursued.

Principal risks and uncertainties

Some of the company’s product selling prices are linked to wider supply and demand commodity pricing. The Company operates a through put model, and so some prices with rise and fall with their associated commodity benchmark. The Company does not take speculative positions on the future price of its commodity price linked products.

The Company uses financial instruments, which include cash and other items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company's working capital requirements and provide funding for capital expenditure where required.

The existence of these financial instruments exposes the Company to a number of financial risks, which are described in more detail below.

The Company policy throughout the year has been to manage these risks through the day to day involvement of management in business decisions. The directors review and agree policies for managing each of these risks.

BLUE PHOENIX LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

Liquidity risk The Company seeks to manage such risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Interest rate risk The Company finances its operations through retained profits, bank facilities and lease agreements. Competitive rates of interest are sought from the market when new interest bearing finance is brought into the business operation. The balance sheet includes trade debtors and creditors which do not attract interest. Foreign exchange risk While the Company trades predominately in Sterling, Euro cash flows are also managed. The Company seeks to firstly match common currency payments and receipts, taking into account future cash flow requirements, to minimise exposure to exchange rate movement and to minimise foreign exchange costs. Credit risk The principal credit risk arises from the Company's trade debtors. In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed on a regular basis with debt ageing and collection history, influencing insured limits agreed between the Company and credit insurers from time to time. Metal price risk The Company is exposed to fluctuations in metal prices, which can significantly impact revenue and profitability. To mitigate this risk, the Blue Phoenix BV Group actively manages exposure through external derivative arrangements designed to hedge against adverse price movements. Blue Phoenix Limited participates in this risk management strategy by entering into intercompany back to back derivative arrangements with Blue Phoenix BV, ensuring alignment with the Company’s Group’s overall hedging approach. During the current financial year, metal markets have experienced heightened volatility compared to prior periods. This increased fluctuation in prices has resulted in a fair value movement on derivative contracts, leading to a recognised loss of £5,313k in the financial statements.

On behalf of the board

R Bentley
Director
8 December 2025
BLUE PHOENIX LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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 the processing and marketing of incinerator bottom ash (IBA).

Directors

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

P C L Knight
D M York
(Resigned 1 January 2024)
S J Marriott
(Appointed 1 January 2024)
R Bentley
(Appointed 1 January 2024)
Results and dividends

The results for the year are set out on page 13.

Ordinary dividends were paid amounting to £27,566,330 (2023: £11,507,600). No additional dividend payments have been made post year end.

Section 172(1) Statement - Promoting the success of the company
Blue Phoenix Limited is a wholly owned subsidiary of Blue Phoenix Group (the "Group") and therefore is subject to and abides by all Group policies and procedures. The governance framework of the Group delegates authority for local decision making to the Company up to defined levels of cost and impact. Reports are regularly made to the Group Board by the business units about the strategy, performance and key decisions taken which provides the Group Board with assurance that proper consideration is given to stakeholder interests in decision making.
The Board and management of the Company places significant importance on the strength of its relationships with all its stakeholders to promote the sustainable success of the Company. In order to fulfil their duties, the Directors of the Company, and the Group itself take care to have regard to the likely consequences on all stakeholders of the decisions and actions which they take. Such considerations ensure the business is making decisions with a longer term view in mind and with the sustainable success of the business is at its core.
Where possible, decisions are carefully discussed with affected groups and are therefore fully understood and supported when taken. Details of the Company's key stakeholders and how we engage with them are set out below:
Shareholder
We rely on the support of our shareholder, and its opinions are important to us. We have an open dialogue with our shareholder through regular one-to-one meetings and reporting to the Group Board.
Discussions cover a wide range of topics including financial performance, strategy, outlook, governance and ethical practices.
Colleagues
We are enabled by our highly engaged colleagues and winning culture. Our people are key to the Company's success and we want them to be successful individually and as a team. There are many ways we engage with and listen to our people including colleague surveys, regular meetings, face-to-face briefings, and newsletters. Key areas of focus include business updates, new products and services, health and wellbeing, inclusivity programmes, development opportunities, pay and benefits. Regular reports about what is important to our colleagues are made to the Board ensuring consideration is given to colleague needs.
BLUE PHOENIX LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Customer
Our vision is to be the partner of choice for the energy from waste industry in the field of recycling IBA and the provider of quality recycled products to the construction and metals recovery industries. We build relationships with our customers and spend considerable time to understand their needs and views and listen to how we can improve our offer and service.
Suppliers
We build strong relationships with our suppliers to develop mutually beneficial and lasting partnerships. Engagement with suppliers is primarily through a series of interactions and formal reviews. Key areas of focus include innovation, product development, health and safety and sustainability.
Communities and the environment
We engage with the communities in which we operate to build trust and understand the local issues that are important to them. Key areas of focus include how we can support local causes and issues, create opportunities to recruit and develop local people and help to look after the environment. In consultation with our colleagues we select one main charity partner to work with across the business but also work with local charities and organisations at a site level to raise awareness and funds.
Government and regulators
We engage with the government and regulators through a range of industry consultations, forums, meetings and conferences to communicate our views to policy makers relevant to our business. Key areas of focus are compliance with laws and regulations, health and safety and product safety. The Board is updated on legal and regulatory developments and takes these into account when considering future actions.
Auditor

The auditor, KPMG LLP, have not be reappointed for a further term.

BLUE PHOENIX LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Energy and carbon report
2024
2023
2023
as restated*
Emissions of CO2 equivalent
Metric
Metric
Metric
Metric
Metric
Metric
tonnes
tonnes
tonnes
tonnes
tonnes
tonnes
Scope 1 - direct GHG emissions
- Energy, other
19.90
4.20
0.10
- Fuel combustion
594.20
569.20
263.50
614.10
573.40
263.60
Scope 2 - indirect GHG emissions
- Electricity purchased
1,653.80
1,451.10
260.40
Scope 3 - other indirect emissions
- Purchased goods
34.10
29.90
-
- Transport, logistics, upstream
1,891.70
1,884.10
-
- Transport, logistics, downstream
4,414.20
4,099.90
-
- OPEX
-
201.00
-
- CAPEX
9,456.70
845.00
-
- Business travel & commuting
-
424.00
125.50
- Fuel, energy related activities and HVO
471.00
- Waste generated in operation
5.00
- Mains Water supply
14.40
- Business travel
67.80
Total gross GHG emissions
18,064.60
9,508.40
1,207.70
Production (tn)
1,457,561.00
1,501,171.00
-
Intensity ratio
KG of GHG for 1 tonne IBA processed
8.50
6.30
0.86
BLUE PHOENIX LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Quantification and reporting methodology

Emission factors (EFs) have been sourced from the internationally recognised Ecoinvent 3.10 database. Wherever possible, EFs have been modelled in SimaPro using primary data when such data has been available.

Key assumptions

1. The EF for HVO (Hydrotreated Vegetable Oil) has been modelled using primary data from the production of HVO derived from used vegetable cooking oil.

2. Data quality and impact allocation have significantly improved in 2024, resulting in more robust assessments.

3. Environmental impacts in 2024 have been evaluated based more on operational and supply chain-specific data rather than relying on generic assumptions.

4. Distances between suppliers and clients (both upstream and downstream logistics) have been calculated using primary data.

5. CAPEX impacts in 2024 was nul because no direct investment for additional sustainability solutions.

Blue Phoenix Ltd follow the guidance set out in PAS 2060 White Paper which follows ISO 14000 series and PAS 2050 ‘the assessment of life cycle green house emissions of goods and services’. To ensure compliance with standards we follow ISO 14064-1 (measure) and EN 16001 (reduction) of GHG within the business. Each year we produce an externally audited report (2023, RSK plc were the authors) which is made available to our clients and customers.

The business involves all personnel at all levels for ideas towards a more sustainable future; with their involvement we are confident of achieving our goal.

* In 2024, the GHG reporting headings were updated to align with those used across the wider group. 2023 emissions data has been restated to ensure comparability.
BLUE PHOENIX LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the Company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the Company’s auditor is aware of that information.

On behalf of the board
R Bentley
Director
1 Victoria Stables
Essex Way
Bourne
Lincolnshire
PE10 9JZ
8 December 2025
BLUE PHOENIX LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -

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 they have elected to prepare the financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- assess the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

- use the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.

BLUE PHOENIX LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BLUE PHOENIX LIMITED
- 9 -
Opinion

We have audited the financial statements of (“the Company”) for the year ended 31 December 2023 which comprise the Statement of comprehensive income, Balance sheet, Statement of changes in equity and related notes, including the accounting policies in note 1.

In our opinion the financial statements:

- give a true and fair view of the state of the Company’s affairs as at 31 December 2023 and of its loss for the year then ended;

- have been properly prepared in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; 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 are described below. We have fulfilled our ethical responsibilities under, and are independent of the Company in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

G oing c oncern

The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Company or to cease its operations, and as they have concluded that the Company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

In our evaluation of the directors’ conclusions, we considered the inherent risks to the Company’s business model and analysed how those risks might affect the Company’s financial resources or ability to continue operations over the going concern period.

Our conclusions based on this work:

- we consider that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate;

- we have not identified, and concur with the directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for the going concern period.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Company will continue in operation.

BLUE PHOENIX LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BLUE PHOENIX LIMITED
- 10 -

Fraud and breaches of laws and regulations – ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

- Enquiring of directors as to the company’s high-level policies and procedures to prevent and detect fraud, including the company’s channel for “whistleblowing”, as well as whether they have knowledge of any actual, suspected or alleged fraud.

- Reading Board meeting minutes.

- Using analytical procedures to identify any unusual or unexpected relationships.

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries.

On this audit we do not believe there is a fraud risk related to revenue recognition because there are limited incentives, rationalisations and opportunities to fraudulently adjust revenue recognition.

We did not identify any additional fraud risks.

In determining the audit procedures we took into account the results of our evaluation and testing of the operating effectiveness of some of the Company-wide fraud risk management controls.

We also performed procedures including:

- Identifying journal entries and other adjustments for all full scope components to test based on risk criteria and comparing the identified entries to supporting documentation. These included journal entries with unusual characteristics compared to the total population with consideration to the end of period reporting and irregular amounts in the general ledger.

Identifying and responding to risks of material misstatement related to compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and other management (as required by auditing standards),and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, data protection laws, anti-bribery, employment law, regulatory capital and certain aspects of company legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

BLUE PHOENIX LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BLUE PHOENIX LIMITED
- 11 -

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

Strategic report and directors' report

The directors are responsible for the strategic report and the directors’ report. Our opinion on the financial statements does not cover those reports and we do not express an audit opinion thereon.

Our responsibility is to read the strategic report and the directors’ report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:

- we have not identified material misstatements in the strategic report and the directors’ report;

- in our opinion the information given in those reports for the financial year is consistent with the financial statements; and

- in our opinion those reports have been prepared in accordance with the Companies Act 2006.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required 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.

We have nothing to report in these respects.

Responsibilities of directors

As explained more fully in their statement set out on page 7, the directors are responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they 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 our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.

BLUE PHOENIX LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BLUE PHOENIX LIMITED
- 12 -

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the C ompany’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 C ompany and the C ompany’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

Thomas Atkinson (Senior Statutory Auditor)
For and on behalf of KPMG LLP
Statutory Auditor
Chartered Accountants
EastWest
Tollhouse Hill
Nottingham
NG1 5FS
8 December 2025
BLUE PHOENIX LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£'000
£'000
Turnover
3
81,226
78,276
Cost of sales
(52,838)
(49,938)
Gross profit
28,388
28,338
Administrative expenses
(11,008)
(9,995)
Operating profit
5
17,380
18,343
Other interest receivable and similar income
9
-
0
140
Interest payable and similar expenses
10
(43)
(72)
Realised and unrealised gains & losses on derivatives
4
(6,805)
(28)
Profit before taxation
10,532
18,383
Tax on profit
11
(2,899)
(4,557)
Profit for the financial year
7,633
13,826
BLUE PHOENIX LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 14 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
13
17,458
14,869
Current assets
Stocks
14
725
848
Debtors
15
15,746
27,047
Cash at bank and in hand
2,870
4,768
19,341
32,663
Creditors: amounts falling due within one year
16
(23,367)
(14,601)
Net current (liabilities)/assets
(4,026)
18,062
Total assets less current liabilities
13,432
32,931
Creditors: amounts falling due after more than one year
17
(119)
(782)
Provisions for liabilities
20
(1,527)
(430)
Net assets
11,786
31,719
Capital and reserves
Called up share capital
22
303
303
Capital redemption reserve
1,129
1,129
Profit and loss reserves
10,354
30,287
Total equity
11,786
31,719
The financial statements were approved by the board of directors and authorised for issue on 8 December 2025 and are signed on its behalf by:
R Bentley
Director
Company Registration No. 03290431
BLUE PHOENIX LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
Balance at 1 January 2023
303
1,129
27,969
29,401
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
13,826
13,826
Dividends
12
-
-
(11,508)
(11,508)
Balance at 31 December 2023
303
1,129
30,287
31,719
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
7,633
7,633
Dividends
12
-
-
(27,566)
(27,566)
Balance at 31 December 2024
303
1,129
10,354
11,786
BLUE PHOENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information

Blue Phoenix Limited is a private C ompany limited by shares incorporated in England and Wales. The registered office is 1 Victoria Stables, Essex Way, Bourne, Lincolnshire, PE10 9JZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the C ompany. Monetary a mounts in these financial statements are rounded to the nearest £1,000.

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

The Company's parent undertaking, Phoenix Advance Limited, includes the Company in its consolidated financial statements. The consolidated financial statements of Phoenix Advance Limited are available to the public and may be obtained from 1 Victoria Stables, Essex Way, Bourne, Lincolnshire, PE10 9JZ. In these financial statements, the Company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102 in respect of the following disclosure:

- Reconciliation of the number of shares outstanding from the beginning to end of the period;

- Cash Flow Statement and related notes; and

- Key Management Personnel compensation.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

1.2
Going concern

The Directors continue to adopt the going concern basis in preparing the financial statements which they consider to be appropriate for the following reasons.true

Forecasts have been prepared for the 12 months following the date of approval of these financial statements showing continued profitability and positive cash generation, even when taking into account reasonably possible downsides and pressure on the cost base. The forecasts indicate that the company expects significant capital expenditure over the next 12 months, which it plans to fund using its available cash reserves. It has signed an intercompany loan agreement post year end. These forecasts, in combination with the loan offered by the Blue Phoenix Group indicate that the company is expected to be able to operate within the level of its current cash position and available facilities and that the company will have sufficient funds to meet it's liabilities as they fall due for that period.

The company funds its working capital requirements from its available cash balances as well as holding company loan facilities (which holds a limit of £15m - more detail is given in note 16). These holding company loans (being from the Group headed by Blue Phoenix Group B.V., together the “Blue Phoenix Group”) are long term in nature, although can be recalled should the group breach its financial covenants, with these covenants being measured on a Blue Phoenix Group wide basis. The Directors consider the likelihood of such a recall of the holding company loans to be low.

The Directors have therefore made appropriate enquiries and reviewed the forecasts prepared by the Blue Phoenix Group. These forecasts indicate that the Blue Phoenix Group will be able to comply with the relevant covenants even in reasonably possible downside scenarios at the Blue Phoenix Group level. Consequently, the Directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

BLUE PHOENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.3
Turnover

Turnover represents income receivable from the processing and marketing of incinerator bottom ash in the period exclusive of Value Added Tax and trade discounts.

For all streams of income i.e. gate fees, management fees, sale of aggregates and metals, revenue is recognised when the product leaves the site for either processing (in the case of metals) or delivery to a customer.

One of the Company's income streams is the receipt of a tonnage fee from incinerator operators for taking IBA from them and thereby reducing their landfill burden. Owing to the nature and location of each site, some contracts provide for this fee to be paid on collection or delivery of the IBA to our processing site, whereas others provide for payment when the processed material leaves the site. The directors believe the most appropriate accounting policy is that revenue is recognised with the contractual position.

1.4
Research and development expenditure

Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same year unless the directors are satisfied as to the technical, commercial and financial viability of the individual projects. In this situation, the expenditure is capitalised and amortised over the period from which the Company is expected to benefit.

1.5
Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Where parts of an item of tangible fixed assets have different useful lives, they are accounted for as separate items of tangible fixed assets, for example land is treated separately from buildings.

Leases in which the entity assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. All other leases are classified as operating leases. Leased assets acquired by way of finance lease are stated on initial recognition at an amount equal to the lower of their fair value and the present value of the leased asset or, if lower, the present value of the minimum lease payments. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. Lease payments are accounted for as described at 1.10 below.

The Company assesses at each reporting date whether tangible fixed assets (including those leased under a finance lease) are impaired.

Depreciation is charged to the profit and loss account on a straight-line basis over the estimated useful lives of each part of an item of tangible fixed assets. Leased assets are depreciated over the shorter of the lease term and their useful lives. Land is not depreciated. The estimated useful lives are as follows:

Land
Not depreciated
Plant and equipment
5 - 10 years straight line
Fixtures and fittings
33.33% per annum straight line
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the first-in first-out principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of manufactured stocks and work in progress, cost where appropriate includes a share of overheads based on normal operating capacity.

BLUE PHOENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.7
Financial instruments

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price. Trade and other creditors are raised initially at transactions price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors.

Interest-bearing borrowings classified as basic financial instruments

Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.

Investments in ordinary shares

Investments in equity instruments are measured initially at fair value, which is normally the transaction price. Transaction costs are excluded if the investments are subsequently measured at fair value through profit and loss. Subsequent to initial recognition investments that can be measured reliably are measured at fair value with changes recognised in profit or loss. Other investments are measured at cost less impairment in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.

Derivative financial instruments and hedging

Derivative financial instruments and hedging in relation to intercompany metal price swaps are recognised at fair value. The gain or loss on remeasurement to fair value is recognised immediately and shown as a separate line in the Profit and Loss Account.

1.8
Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

BLUE PHOENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.9
Employee benefits

Defined contribution plans and other long term employees benefits

A defined contribution plan is a post-employment benefit plan under which the Company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

1.10
Expenses

Operating lease

Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease as an integral part of the total lease expense.

Finance lease

Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability using the rate implicit in the lease. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents are charged as expenses in the periods in which they are incurred.

Interest payable and Interest receivable

Interest payable and similar expenses include interest payable, finance expenses on shares classified as liabilities and finance leases recognised in profit or loss using the effective interest method, and unwinding of the discount on provisions.

Other interest receivable and similar income includes interest receivable on funds invested.

Interest income and interest payable are recognised in profit and loss as they accrue, using the effective interest method. Dividend income is recognised in the profit and loss account on the date the entity's right to receive payments is established.

1.11
Foreign exchange

Transactions in foreign currencies are translated to the Company's functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognised in the profit and loss account within administrative expenses.

1.12

Dividends

Final dividends are only provided if they have been declared before the balance sheet date.

BLUE PHOENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors believe that there are no judgements that have a significant effect on the financial statements and no estimates with a risk of material adjustment in the next year.

3
Turnover and other revenue
2024
2023
£'000
£'000
Turnover analysed by geographical market
United Kingdom and Eire
59,943
59,722
Europe
21,283
18,554
81,226
78,276
2024
2023
£'000
£'000
Other revenue
Interest income
-
140
4
Realised and unrealised gains & losses on derivatives

The (gains)/loss es on derivatives relates to metal price swaps with Blue Phoenix Group BV and is separately disclosed below operating profit on the face of the profit and loss account.

These swaps are related to the exposure of copper and aluminium prices that are allocated from group level to Blue Phoenix Limited.

The total of realised losses for the year were £1,436 k (2023: £1,126k gains).

The total of unrealised losses for the year were £5,369k (2023: £1,154k losses).

5
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£'000
£'000
Exchange losses
46
63
Research and development costs
15
47
Depreciation of owned tangible fixed assets
3,600
5,218
BLUE PHOENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the company
103
100
7
Employees

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

2024
2023
Number
Number
Management, including directors
38
37
Operational
112
112
Administration
37
31
Total
187
180

Their aggregate remuneration comprised:

2024
2023
£'000
£'000
Wages and salaries
9,359
8,359
Social security costs
1,087
945
Pension costs
656
583
11,102
9,887

8
Directors' remuneration
2024
2023
£'000
£'000
Remuneration for qualifying services
738
557
Company pension contributions to defined contribution schemes
60
33
Employee benefits
8
6
806
596

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (202 3 - 1).

BLUE PHOENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Directors' remuneration
(Continued)
- 22 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£'000
£'000
Remuneration for qualifying services
431
420
Company pension contributions to defined contribution schemes
30
33
Employee benefits
2
2
463
455
9
Interest receivable and similar income
2024
2023
£'000
£'000
Interest income
Other interest income
-
0
140
10
Interest payable and similar expenses
2024
2023
£'000
£'000
Other finance costs:
Interest on finance leases and hire purchase contracts
43
72
BLUE PHOENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
11
Taxation
2024
2023
£'000
£'000
Current tax
UK corporation tax on profits for the current year
1,803
4,714
Deferred tax
Origination and reversal of timing differences
1,096
(157)
Total tax charge
2,899
4,557

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£'000
£'000
Profit before taxation
10,532
18,383
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
2,633
4,596
Tax effect of expenses that are not deductible in determining taxable profit
3
2
Tax effect of income not taxable in determining taxable profit
(42)
(2)
Effect of change in corporation tax rate
-
0
(298)
Permanent capital allowances in excess of depreciation
-
0
(9)
Depreciation on assets not qualifying for tax allowances
305
268
Taxation charge for the year
2,899
4,557
12
Dividends
2024
2023
£'000
£'000
Interim paid
27,566
11,508

Following the year end, ordinary dividends amounting to £nil have been paid.

BLUE PHOENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
13
Tangible fixed assets
Land
Assets under construction
Plant and equipment
Fixtures and fittings
Total
£'000
£'000
£'000
£'000
£'000
Cost
At 1 January 2024
909
1,649
57,892
172
60,622
Additions
-
0
4,716
1,472
-
0
6,188
Transfers
-
0
(218)
218
-
0
-
0
At 31 December 2024
909
6,147
59,582
172
66,810
Depreciation and impairment
At 1 January 2024
-
0
-
0
45,581
172
45,753
Depreciation charged in the year
-
0
-
0
3,600
-
0
3,600
At 31 December 2024
-
0
-
0
49,181
172
49,352
Carrying amount
At 31 December 2024
909
6,147
10,401
-
0
17,458
At 31 December 2023
909
1,649
12,311
-
0
14,869
14
Stocks
2024
2023
£'000
£'000
Raw materials and consumables
725
848

The write-down of stocks to net realisable value amounted to £nil (2023: £nil). The reversal of write-downs amount to £nil (2023: £nil).

15
Debtors
2024
2023
Amounts falling due within one year:
Notes
£'000
£'000
Trade debtors
5,877
6,023
Amounts owed by group undertakings
8,903
19,942
Intercompany financial instruments
19
-
0
56
Prepayments and accrued income
966
1,026
15,746
27,047

All amounts owed by group undertakings are repayable on demand. No interest is charged in respect of these balances.

BLUE PHOENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
16
Creditors: amounts falling due within one year
2024
2023
Notes
£'000
£'000
Obligations under finance leases
18
532
450
Trade creditors
8,634
7,178
Amounts owed to group undertakings
3,206
611
Corporation tax
1,571
3,110
Other taxation and social security
374
376
Intercompany financial instruments
19
5,313
-
0
Accruals and deferred income
3,737
2,876
23,367
14,601

Amounts due to group undertakings are repayable on demand. No interest is charged in respect of these balances.

17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£'000
£'000
Obligations under finance leases
18
119
782

18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£'000
£'000
Within one year
532
450
In two to five years
119
782
651
1,232

Finance lease payments represent rentals payable by the Company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Finance lease and hire purchase creditors are secured on the assets concerned.

BLUE PHOENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
19
Financial instruments
2024
2023
£'000
£'000
Financial assets
Financial assets measured at amortised cost
17,650
25,966
Financial assets measured at fair value
-
56
17,650
26,022
Financial liabilities
Financial liabilities measured at amortised cost
(16,228)
(11,898)
Financial liabilties measured at fair value
(5,313)
-
(21,541)
(11,898)

Financial assets measured at amortised cost comprise cash and cash equivalents, trade debtors and amounts owed by related group undertakings.

Financial liabilities measured at amortised cost comprise bank loans, trade creditors, accruals, finance leases and amounts owed to related group undertakings.

The Financial assets/liabilities which are measured at fair value are metal price swaps. The fair value of metal price swaps is based on their listed market price as at the valuation date, if available. If a listed market price is not available, then fair value is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the Company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£'000
£'000
Accelerated capital allowances
1,527
430
2024
Movements in the year:
£'000
Liability at 1 January 2024
430
Charge to profit or loss
1,097
Liability at 31 December 2024
1,527
BLUE PHOENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
656
583

The C ompany 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.

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of £1 each
302,500
302,500
303
303

Ordinary £1 Shares confer one vote per share held.

23
Financial commitments, guarantees and contingent liabilities

At 31 December 2024, the Company had provided supply chain guarantees totalling £1,197,605 (2023: £1,197,605) and guarantees to the Environmental Agency totalling £294,364 (2023: £378,656).

24
Operating lease commitments

At the reporting end date the Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£'000
£'000
Within one year
1,658
2,685
Between two and five years
4,331
3,498
In over five years
1,688
2,056
7,677
8,239

During the year £3,344,416 was recognised as an expense in the profit and loss account in respect of operating leases (2023: £3,127,613).

25
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£'000
£'000
Acquisition of tangible fixed assets
540
1,611

Capital commitment is in relation to additional land at Widnes (2023: Johnsons Lane). Payment will only become due pending planning permission approval.

BLUE PHOENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
26
Events after the reporting date

There was a fire at the Cleveland plant post year end, it is expected that the plant will recommence processing by the end of August. IBA material continues to be received at the site and is being stock piled awaiting processing. The financial statements have not been amended in respect of this.

In November 2025, the company agreed a new formal intercompany loan facility with Blue Phoenix Group B.V. The financial statements have not been amended in respect of this.

27
Related party transactions
Transactions with related parties

As the C ompany is wholly owned, it is entitled to take advantage of the exemption available under FRS 102 from the disclosures relating to transactions with other group companies.

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts owed to related parties
£'000
£'000
Entities with control, joint control or significant influence over the company
3,206
612
2024
2023
Amounts owed by related parties
£'000
£'000
Entities with control, joint control or significant influence over the company
8,903
19,942

28
Ultimate controlling party

The immediate parent undertaking is Phoenix Advance Limited which owns 100% of the share capital in the company.

The directors consider the ultimate controlling party to be Hope Holdco B.V. by virtue of their majority shareholding in the equity of Blue Phoenix Holding B.V.

The smallest group for which group financial statements are prepared is that headed by Phoenix Advance Limited. Consolidated accounts for this group are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

The largest group in which the results of the Company are consolidated is that headed by Hope Holdco B.V., at the registered address, 2 Rue du Chateau d'Eau, 3364 Leudelange, the Netherlands.

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