Company No: 13414845 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	31.03.2025		31.03.2024
		£		£
				Restated - note 2
Fixed assets
Intangible assets	4	15,645		16,072
Tangible assets	5	3,436,233		1,418,538
Investments	6	204		0
		3,452,082		1,434,610
Current assets
Debtors	7	10,164,115		2,313,739
Cash at bank and in hand		239,906		1,403,446
		10,404,021		3,717,185
Creditors: amounts falling due within one year	8	( 1,395,936)		( 840,479)
Net current assets		9,008,085		2,876,706
Total assets less current liabilities		12,460,167		4,311,316
Creditors: amounts falling due after more than one year	9	( 6,959,438)		( 3,370,600)
Provision for liabilities		( 48,775)		( 48,775)
Net assets		5,451,954		891,941
Capital and reserves
Called-up share capital	10	1,813		1,501
Share premium account		7,566,500		1,788,312
Equity reserve		699,120		76,600
Capital redemption reserve		20		20
Profit and loss account		( 2,815,499 )		( 974,492 )
Total shareholders' funds		5,451,954		891,941

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Recycle IT Global Limited (registered number: 13414845) were approved and authorised for issue by the Board of Directors on 10 December 2025. They were signed on its behalf by:

Paul Andrew Nicholls Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Recycle IT Global Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Poseidon House, Neptune Park, Plymouth, PL4 0SJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The reporting period length for the comparative period covers the 10 months ending 31 March 2024, however, the current year covers the year to 31 March 2025. As a result the comparatives are not entirely comparable.

Prior year adjustment

Where material misstatements are found, the prior year figures are adjusted to allow comparability.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs	3 years straight line
Other intangible assets	15 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Leasehold improvements	20 years straight line
Plant and machinery	5 - 15 years straight line
Vehicles	3 years straight line
Office equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. 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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Convertible loan notes
The component parts of compound instruments issued by the Company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. On initial recognition, the financial liability component is recorded at its fair value. At the date of issue, in the case of a convertible bond denominated in the functional currency of the issuer that may be converted into a fixed number of equity shares, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in the equity reserve within equity and is not subsequently remeasured.

Transaction costs are apportioned between the liability and equity components of the convertible instrument based on their relative fair values at the date of issue. The portion relating to the equity component is charged directly against equity.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Prior year adjustment

The comparative information has been restated to correct an error in the classification of a loan in the prior year. Subsequently, an adjustment has been made to recognise the loan in its appropriate form.

		As previously reported		Adjustment		As restated
Year ended 31 March 2024		£		£		£
Accruals and deferred income		103,300		62,500		165,800
Other loans		2,232,938		(1,809,538)		423,400
Amounts owed to directors		0		2,000,000		2,000,000
Equity reserve		329,563		(252,963)		76,600

3. Employees

	Year ended 31.03.2025		Period from 01.06.2023 to 31.03.2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	25		10

4. Intangible assets

	Website costs		Other intangible assets		Total
	£		£		£
Cost
At 01 April 2024	8,349		8,090		16,439
Additions	3,000		0		3,000
At 31 March 2025	11,349		8,090		19,439
Accumulated amortisation
At 01 April 2024	266		101		367
Charge for the financial year	3,253		174		3,427
At 31 March 2025	3,519		275		3,794
Net book value
At 31 March 2025	7,830		7,815		15,645
At 31 March 2024	8,083		7,989		16,072

5. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£
Cost
At 01 April 2024	0		1,389,807		0		32,256		1,422,063
Additions	939,239		871,535		278,275		109,211		2,198,260
Disposals	0		0		0		( 325)		( 325)
At 31 March 2025	939,239		2,261,342		278,275		141,142		3,619,998
Accumulated depreciation
At 01 April 2024	0		0		0		3,525		3,525
Charge for the financial year	20,485		89,827		56,490		13,447		180,249
Disposals	0		0		0		( 9)		( 9)
At 31 March 2025	20,485		89,827		56,490		16,963		183,765
Net book value
At 31 March 2025	918,754		2,171,515		221,785		124,179		3,436,233
At 31 March 2024	0		1,389,807		0		28,731		1,418,538

6. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2024	0		0
Additions	204		204
At 31 March 2025	204		204
Carrying value at 31 March 2025	204		204
Carrying value at 31 March 2024	0		0

7. Debtors

	31.03.2025		31.03.2024
	£		£
Amounts owed by Group undertakings	9,609,776		2,267,998
Amounts owed by connected companies	216,071		0
Corporation tax	18,512		0
Other debtors	319,756		45,741
	10,164,115		2,313,739

8. Creditors: amounts falling due within one year

	31.03.2025		31.03.2024
	£		£
Trade creditors	372,594		33,664
Amounts owed to Group undertakings	3		0
Accruals and deferred income	408,300		165,800
Other taxation and social security	35,771		206,627
Obligations under finance leases and hire purchase contracts (secured)	222,358		0
Other creditors	356,910		434,388
	1,395,936		840,479

Obligations under hire purchase agreements are secured on the asset being purchased via the contract.

9. Creditors: amounts falling due after more than one year

	31.03.2025		31.03.2024
	£		£
Amounts owed to directors	2,000,000		2,000,000
Other loans	3,589,707		423,400
Obligations under finance leases and hire purchase contracts (secured)	773,571		0
Other creditors	596,160		947,200
	6,959,438		3,370,600

Obligations under hire purchase agreements are secured on the asset being purchased via the contract.

10. Called-up share capital

	31.03.2025		31.03.2024
	£		£
Allotted, called-up and fully-paid
17,981,440 A Ordinary shares shares of £ 0.0001 each (31.03.2024: 15,010,952 shares of £ 0.0001 each)	1,798		1,501
149,750 E Ordinary shares shares of £ 0.0001 each (31.03.2024: nil shares)	15		0
	1,813		1,501

In the financial year 2025 class A Ordinary shares shares were allotted with an aggregate nominal value of £297.025 and consideration of £5,528,498 was received.

In the financial year 2025 class E Ordinary shares shares were allotted with an aggregate nominal value of £14.975 and consideration of £250,000 was received.

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	31.03.2025		31.03.2024
	£		£
within one year	50,440		0
between one and five years	54,337		0
	104,777		0

12. Related party transactions

Transactions with entities in which the entity itself has a participating interest

	31.03.2025		31.03.2024
	£		£
Amounts owed by connected companies	216,071		0

At the year end, the company was owed £216,071 (2024: £Nil) to a company who share common directorships on their board.

During the year the Company has taken advantage of the exemption in section 1AC.35 of FRS 102 to not disclose related party transactions with wholly owned subsidiaries within the group.

Transactions with the entity's directors

	31.03.2025		31.03.2024
	£		£
Amounts owed to directors	2,000,000		2,000,000

During the year the directors maintained a loan account with the company. At the year-end the company owed directors £2,000,000 (2024: £2,000,000). The loan bears interest at 15% per annum and there are no set repayment terms.