The directors present their Strategic Report and the consolidated audited financial statements of Greenbottle Limited ("Greenbottle") and its subsidiaries for the year ended 31 December 2024.
Following an exceptional 2023, The directors are pleased to report an EBITDA result of £6.2m, for the year ended 31 December 2024 (2023 - £8.9m), reflecting a year of more normalized trading. Throughout 2024, Slicker successfully adapted to evolving market dynamics, pivoting internally to strengthen operational resilience while maintaining exceptional customer service standards. Focus remained firmly on innovation, regulatory compliance, and delivering measurable value for both the planet and our customers, aligning our commercial growth with our broader environmental and societal responsibilities.
Slickers core mission, delivering value for planet, was further embedded during 2024 through targeted sustainability initiatives. By investing in people, optimising processes, and cultivating purposeful partnerships, we continued to build not only environmental value but long-term commercial resilience.
Customer growth extended across multiple sectors, reinforcing our position beyond our core waste lubricating oil expertise. Highlights included securing a major Total Waste Management contract and the successful re-signing of several significant key accounts, a testament to the strength of Slickers service offering and reputation in the marketplace.
Within Slicker, colleagues have worked diligently to strengthen relationships with strategic partners, including Big Oil, who share our commitment to both compliance and climate impact, supporting our ambition to lead the industry in responsible, circular solutions.
| Year Ended 31 December 2024 | Year Ended 31 December 2023 |
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Turnover (£’000) | 56,489 | 62,664 |
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EBITDAE (£’000) | 6,937 | 8,587 |
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(Loss) profit after tax (£’000) | (6,932) | 2,421 |
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Average number of employees | 245 | 262 |
In 2024, Slicker achieved a record year for total waste oil volumes handled across the business, a 29% increase on 2023. This increase reflects improvements in our operations and the ongoing support from our growing customer base. While total export volumes to the Avista Green re-refinery in Denmark saw a slight year-on-year decline, this was primarily due to timing and strategic decisions and will be recovered in 2025.
The combined operations of Slicker and Avista Green exemplify a fully integrated international circular economy model, aligning closely with the original intent of the Waste Oil Directive (1975). This closed-loop system ensures that Slicker’s customers receive formal assurance that their hazardous waste is being managed in full compliance with regulatory requirements. Furthermore, customers of Avista Green benefit from the provision of Quality Conformance Certification, Technical Data Sheets, and Safety Data Sheets that fully comply with EU REACH and CLP regulations, reinforcing our commitment to environmental stewardship and regulatory excellence.
A key highlight of 2024 was Slicker Recycling being honoured with the prestigious King’s Award for Enterprise in International Trade. This accolade recognises the company’s exceptional short-term growth in overseas sales over the past three years and stands as a testament to our continued commitment to excellence on the global stage. The award reinforces Slicker’s position as an industry leader in the collection, management, and re-refining of used lubricating oil, a vital circular process that enables high-quality recycled base oil to be returned into global supply chains across multiple sectors. It also reflects the strength of our international partnerships and our dedication to delivering sustainable, value-driven solutions for customers at home and abroad.
Following the 2023 acquisition of Oil Monster, Slicker completed the full integration of the business in Q4 2024. This milestone brought together the teams under a unified structure, with the Oil Monster manager assuming expanded responsibilities across both Customer Services and Telesales. This integration has enhanced internal collaboration and improved service delivery across the combined customer base. With the additional resource of newly deployed vehicles, we are now actively developing Oil Monster’s customer relationships by introducing a wider range of Slicker services, creating opportunities for cross-selling and further strengthening customer value.
The fuel supply division of Regroup delivered another strong performance in 2024, despite continued downward pressure on world fuel prices, which impacted margins across the sector. This margin compression was partially mitigated by growth in non-fuel-related revenue streams, reflecting a successful diversification strategy. Looking ahead to 2025, the division remains focused on strategic initiatives aimed at enhancing our product offering through the development of new fuel blends and expanding the geographical reach of our broader service portfolio.
Operations
In 2024, Slicker expanded its fleet with the delivery of 23 new vehicles; three waste oil tankers, eleven workshop waste box vans, and nine articulated lorries, representing a total investment of £3.2 million. This strategic investment underscores our ongoing commitment to improving operational efficiency, driver safety, and customer service.
The new waste oil vehicles were developed with direct input from our transport team, following a visit to the AVG re-refinery in Denmark. This collaboration led to a number of industry-first modifications focused on improving safety, efficiency, and serviceability. A key feature is the new hydraulic system, which improves access to critical components such as the cargo pump, making routine servicing and repairs more straightforward and helping to reduce vehicle downtime. Driver safety and comfort have also been prioritised. An electrically operated hose reel, positioned at the rear of the vehicle, significantly reduces manual handling, while ground-level electric gauges provide clear visual indicators of tank fill levels. This removes the need for drivers to access the top of the tank, thereby reducing the risks associated with working at height and enhancing overall operational safety.
Designed with circular economy principles in mind, these tankers are the first of their kind in the UK market to feature such bespoke modifications. Additional features such as larger pumps to increase loading speeds, optimised collection volumes, and improved ergonomics deliver faster collections with minimal disruption to customers. All vehicles are ADR-compliant, reinforcing our commitment to the highest standards of environmental and safety compliance.
While a significant portion of the new fleet has been deployed, several waste oil vehicles remain on order due to manufacturer and fitting delays. These remaining units are expected to be delivered in 2025. Once in full operation, the upgraded fleet is anticipated to deliver measurable benefits, including improved collection performance data, enhanced customer KPIs, and cost savings through increased efficiency and reduced downtime.
In Q4 2024, Slicker launched the first phase of its tank telemetry programme with a selection of key customers, a pioneering move that not only enhances the visibility, efficiency, and responsiveness of our nationwide used oil collection service, but also positions Slicker as an industry leader, setting new standards in tank telemetry and driving innovation across the sector. This digital solution, developed in collaboration with both major and regional oil partners, allows customers and Slicker to monitor waste oil tank capacity in real time via a simple, user-friendly dashboard. By providing accurate, live data on tank levels, the system reduces the need for manual checks, optimises collection scheduling, and minimises the risk of overflows or costly emergency collections.
The introduction of telemetry not only strengthens operational efficiencies but also aligns closely with Slicker’s commitment to promoting the circular economy. By refining waste collection through data-led decision making, we can further reduce unnecessary vehicle movements, cut emissions, and improve overall sustainability, delivering value for both planet and customer.
Given the nature of Slicker’s operations, we recognise the inherent Health, Safety and Environmental (HSE) risks to our colleagues, contractors, customers, and the wider public. In response, maintaining and continually improving robust HSE standards remains central to our operational philosophy and corporate responsibility.
In 2024, Slicker successfully recertified its ISO9001:2015, ISO14001:2015, and ISO45001:2018 accreditations, reaffirming our ongoing commitment to the highest standards of compliance, safety, and environmental stewardship.
Slicker retained several key accreditations in 2024, including SafeContractor, RISQS, and Achilles, as well as continued to maintain membership with both the Environmental Services Association (ESA) and the British Safety Council, all of which reinforces reinforcing our trusted status with clients and partners across regulated and high-risk sectors.
A notable achievement in Q4 2024 was securing the Fleet Operator Recognition Scheme (FORS) Bronze accreditation, a UK-wide benchmark for safety, efficiency, and environmental performance in fleet operations. This milestone not only recognises our ongoing focus on vehicle and driver safety but also paves the foundation for future progression to higher FORS accreditation levels.
As part of our commitment to continuous improvement and professional development under FORS, we introduced a new training initiative for drivers in 2024. Through the Road Skills Online platform, all drivers now participate in regular Toolbox Talks covering a broad range of topics, including public safety, legal compliance, driving performance, and personal wellbeing. This ensures that our fleet teams are equipped not only with technical knowledge, but also with the awareness needed to operate safely and responsibly in all environments.
Slicker continues to embed a strong culture of engagement around all EHS matters, supported by open communication channels and active involvement from both senior management and frontline teams. Performance against key EHS targets is reviewed monthly at Executive Team level, ensuring robust oversight and enabling a proactive approach to continuous improvement across the business.
Strategic Partnerships
The partnership between Slicker Recycling and Technology Minerals Plc continued positively throughout 2024, and into 2025. While there were no significant new developments during the year, both parties remain engaged in maintaining and optimising the operational readiness of the Wolverhampton lithium-ion battery recycling facility. Collaboration has continued around refining commercial EV waste offerings, ensuring the infrastructure remains robust and ready to scale as market demand grows.
Development and future outlook
As we look into the future, Slicker is acutely aware of the long-term changes shaping our industry, particularly the gradual decline in waste lubricating oil volumes driven by the transition away from internal combustion engines (mainly automotive vehicles, due to Labour reinstating the 2030 deadline for banning sales of new petrol and diesel cars). This transition toward a circular, low-carbon economy underscores Slicker’s forward-thinking approach and commitment to building a more balanced, resilient, and future-ready operating model, ensuring we remain a trusted leader.
The outlook for 2025, presents new challenges. Falling base oil and fuel oil prices are expected to put pressure on trading conditions and industry margins. Nevertheless, Slickers continued diversification efforts are yielding results: notably, 70% of the Group’s UK revenue in 2024 (2023: 63%) was generated from business activities outside of waste lubricating oil sales, the Slicker ‘Arks’.
These business areas, spanning Total Waste Management, hazardous waste solutions, fuel sales and sustainable recycling services, are central to our strategy for long-term resilience and growth in a decarbonising economy. As demand shifts, the strength of these divisions is becoming increasingly critical in helping customers meet environmental targets and regulatory requirements, while reinforcing Slicker’s role as a forward-thinking, full-spectrum environmental services provider.
The Executive Board recognises that as the UK progresses toward its commitment to achieving carbon neutrality by 2050, the climate agenda remains at the forefront of both public expectation and regulatory development. In response, Slicker continues to strengthen its position as a leader in sustainable waste management, aligning closely with major waste reforms that will reshape the industry over the coming years.
Our strategy remains firmly focused on sustainable growth, underpinned by continued investment in circular economy principles and innovative technologies that reduce environmental impact. This includes the rollout of our tank telemetry programme to optimise collections, the expansion of our bespoke fleet for improved efficiency, and ongoing collaboration with Avista Green to provide a truly closed-loop re-refining model at an international scale.
Looking ahead, we anticipate further legislative changes and market pressures to drive greater demand for transparency, traceability, and carbon accountability in waste handling. Slicker is well-positioned to meet these challenges through a clear, adaptable strategy that balances compliance, customer value, and environmental leadership. With data-led insights, an evolving service offering, and a strong focus on customer performance metrics, we aim to continue setting the standard for responsible waste oil management in the UK and beyond.
A key part of this advocacy is ensuring that customers are equipped with transparent information about the final destination of their waste oil. With growing concerns around greenwashing in the market, Slicker is committed to helping customers make fully informed, responsible decisions when choosing a waste management partner. As a recognised thought leader in the sector, Executive Chairman Mark Olpin has continued to represent the business at high-profile industry conferences throughout 2024, introducing the Value for Planet concept. Marks contributions have focused on promoting responsible waste management, the environmental benefits of true recycling, and the critical need to address carbon emissions.
Sustainability through Environmental, Social and Governance (ESG) practices and the Circular Economy remain a key consideration for all projects.
The Group Executive Team is responsible for the day-to-day management and control of risk, ensuring that risk-taking activity remains within the Group’s defined appetite. Through clear leadership, the guides colleagues across the business in proactively identifying, assessing and responding to potential threats and uncertainties.
The Directors recognise that the execution of the Groups strategy is subject to a range of internal and external challenges. These principal risks and uncertainties, which could impact operational, financial, or reputational performance, include but are not limited to:
Regulatory and Compliance Risk:
The Group operates in a highly regulated industry where changes to environmental legislation, waste classifications, and permitting requirements are frequent and can have a material impact on operations. To address this, the Group relies on their highly experienced and qualified compliance team, supported by specialist external advisers when required. This team actively monitors regulatory developments, ensures adherence to legal obligations, and implements timely mitigation strategies through robust policies and procedures. This proactive approach helps safeguard the business from non-compliance, operational disruption, and reputational damage.
Credit and liquidity risk:
The Group’s sources of funding is currently sourced from its operating cash flow, bank borrowings and invoice financing facility. There is a guarantee and right of set-off between the Company and certain other Group undertakings in respect of bank borrowings.
Pricing risk:
The selling price of used lubricating oil is influenced by fluctuations in the Platts and base oil indices. This exposure has been mitigated by aligning feedstock acquisition pricing with the same indices.
Foreign exchange risk:
As the Platts index is denominated in US Dollars and all export sales are conducted in GBP, the Group uses natural hedging to minimise the impact of currency fluctuations.
Competitor risk:
Despite the continued pressure from a new market entrant, the Group remains focused on its core strengths and long-term strategy. Our dedication to quality, safety, and sustainability continues to differentiate Slicker in the marketplace. While price competition has intensified, we are leveraging our established reputation, operational excellence, and reliable services to reinforce customer relationships and maintain market leadership. The Executive Board believes we remain well positioned to stay ahead of such competition while upholding our core principles.
Going concern
Having reviewed the Group’s outlook, The Directors are confident that there is adequate resources and funding in place to ensure that the company can continue in operation and be able to pay all debts as they fall due. Therefore, the Directors consider it appropriate to adopt a going concern basis in preparing these financial statements.
Section 172 of the Companies Act 2006 requires Directors to take into consideration the interests of stakeholders in their decision making. Our statement below sets out how the Directors have discharged their section 172 duty.
As a leader in UK sustainable resource management, Slicker recognises that strong governance and ethical leadership are essential to its role in enabling climate action and advancing the circular economy. By helping customers move waste further up the hierarchy, we support meaningful emissions reductions across industries and society.
Slicker remains committed to maintaining a culture of openness, accountability, and integrity. All stakeholders: including customers, suppliers, colleagues and regulators have to be able to see and experience ethical behaviour in our operations. Our core value of driving sustainability is underpinned by full legal compliance and robust waste management practices, reinforced through colleague accountability and external professional audits.
The Executive Management Team meet monthly to review strategic delivery, performance, and risk. Independent advice is regularly sought to ensure we remain aligned with emerging industry trends and regulatory developments. Our Executive Board structure, with a 50:50 gender split, promotes diverse perspectives and effective decision-making, with senior leaders across all business areas contributing insights and reporting on key issues.
The interests of the Company’s colleagues
The Directors recognise that Slicker’s success depends on attracting, developing, and retaining our people, our most valuable asset. With a team of over 200 colleagues nationwide, Slicker is committed to ensuring they all remain informed, engaged, and aligned with our ‘value for planet’ vision. Regular communications, including colleague Roadshows and our quarterly Slicker Standard newsletter, help foster this connection.
In 2024, we strengthened employee engagement through the formation of two dedicated colleague groups: the Slicker Safety Rep Team and the Driver Council Team. These forums support two-way communication, enabling actionable feedback and promoting a culture of openness and continuous improvement.
Slicker became an accredited Living Wage Employer during the year, reinforcing our commitment to fair pay, talent retention, and competitive compensation. We continued to invest in colleague development through training, qualifications, and career progression, with 4.5% of the workforce receiving internal promotions in 2024.
Creating the right culture remains essential to delivering our long-term purpose, motivated people drive business performance.
The need to foster the Company’s business relationships with customers and suppliers
Slicker continues to prioritise meaningful engagement with its customers and suppliers through transparent communication and environmental leadership. Building on last year’s creative campaign, the company’s promotional video “Think Different”, which presents the story of waste oil recycling from a child’s perspective has gained significant recognition across the industry. In 2024, the video was honoured with three prestigious awards at the EVCOM Clarion Awards: a Gold award for Brand Communication, and two Bronze awards for Environmental Impact and Education & Training. The campaign was also recognised at the EVCOM London Film Awards, further reinforcing its success in conveying the importance of responsible waste oil management.
The video’s core message, emphasising the environmental and operational benefits of re-refining used lubricating oil, has resonated strongly with both existing and prospective customers. It has helped raise awareness about the role of recycling in supporting the circular economy and environmental protection, while strengthening Slicker’s position as a trusted, values-driven partner in the waste management sector.
Operational customer focus is central to at Slicker, being measured via the high levels of customer satisfaction and business retention. The average score in 2024 for customer service was 94% (2023: 92.4%).
Slicker works with a broad network of trusted and reliable suppliers and contractors, many of whom we have built long-standing, collaborative relationships with. These partnerships are key to maintaining consistent service quality and supporting the Company’s operational goals.
Slicker maintains a robust due diligence procedures for all new suppliers, with a strong focus on ethical standards and compliance with our commitments under the Modern Slavery Act. In 2024, we initiated a review of our Modern Slavery Policy, with improvements underway to enhance oversight and implement more rigorous vetting across our supply chain. This includes increased scrutiny of indirect suppliers to ensure alignment with our ethical and legal obligations.
Effectively managing inflationary pressures and cost volatility within the supply chain also remains a priority. By maintaining open, constructive relationships with suppliers, Slicker continues to navigate these challenges and ensure value for both the business and its customers.
Community and Environmental considerations
At Slicker, social responsibility, environmental stewardship, and inclusivity are embedded in the way we operate. The Directors continue to place a strong emphasis on fostering a diverse and supportive workplace culture, where equality of opportunity is ensured regardless of age, gender, race, disability, or sexual orientation.
Our commitment to local communities is reflected in the creation of skilled jobs across multiple UK regions. To help develop future talent, Slicker has continued to grow its Apprentice Programme, offering young people meaningful career opportunities and hands-on experience across various parts of the business.
Looking ahead, the company is actively advancing its sustainability and ethical credentials. In 2024, management continued its pursuit of the B-Corp certification, demonstrating our ambition to balance purpose with profit, and reinforcing accountability in our environmental and social practices.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2024.
The results for the year are set out on pages 14 to 15.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
On 24 November 2025, the Company announced a new minority shareholder, Dr Andreas Weinberger.
Dr Weinberger, a German entrepreneur, will also join the executive board of Slicker Recycling Limited, bringing significant experience in the circular economy, particularly in waste oil collection and re-refining. During his tenure as Chief Executive Officer and Chairman of AVISTA Oil AG, Dr Weinberger played a key role in the development of the international re-refining industry.
Ormerod Rutter were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
We have audited the financial statements of Greenbottle Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and the group, we identified the principal risks of non-compliance with laws and regulations including those that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, and the extent to which non-compliance might have a material effect on the financial statements.
Audit procedures performed included discussions with management, review of board meeting minutes, testing of journals, designing and performing audit procedures and challenging assumptions and judgements made by management in relation to accounting estimates.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £189,175 (2023 - £10,468,843 loss).
Greenbottle Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 40 Queen Anne Street, London, W1G 9EL.
The group consists of Greenbottle Limited and all of its subsidiaries.
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 company. Monetary amounts in these financial statements are rounded to the nearest £000.
The financial statements have been prepared under the historical cost convention, modified to include include investment properties at fair value. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company Greenbottle Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, 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.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its 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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
The results and cashflows of operations whose functional currency is not pound sterling are translated at the average rates of exchange during the year and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and on foreign currency borrowing to the extent that they hedge the group's investment in such operations, are reported in other comprehensive income (attributable to non-controlling interests as appropriate).
In the application of the group’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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Property, plant and equipment are depreciated over their useful life taking into account, where appropriate, residual values. Assessment of useful lives and residual values are performed annually, taking into account factors such as technological innovation, maintenance programmes, market information and management considerations. In assessing the residual values, the remaining life of the asset, its projected disposal value and future market conditions are taken into account. Details on property, plant and equipment can be found in note 15.
Provision is made to cover anticipated costs in relation to the restoration of a number of sites following sale or completion of activities. Detail on environmental provision can be found in note 26.
Exceptional costs of £967,000 (2023 - £Nil) have been incurred during the year in connection with a one-off strategic review to assess future development paths for the company and group.
During the prior year, a loan of £11,670,000 was waived between the parent company, Greenbottle Limited and a subsidiary, Greenbottle Re-Refining Limited. In August 2024, Greenbottle Re-Refining Limited and its subsidiaries were disposed of and the results of its operations are included as discontinued operations in the current year financial statements.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
None of the directors received any remuneration for their qualifying services to the company. The emoluments of directors is disclosed in the financial statements of Slicker Recycling Limited, a subsidiary undertaking.
During the year retirement benefits were accruing to no Directors (2023 - no directors) in respect of defined contribution pension schemes.
Of the charge to current tax in relation to discontinued operations, £0 relates to tax on profits and £0 arose on disposal.
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:
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.
More information on impairment movements in the year is given in note 13.
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
More information on impairment movements in the year is given in note 13.
Investment property comprises the land and buildings in Wolverhampton. The fair value of the investment property has been arrived at on the basis of the net book value transferred from fixed assets, the fair value was assessed by comparing to the anticipated carrying value based on normal commercial property rental yields achieved in the same location.
Details of the company's subsidiaries at 31 December 2024 are as follows:
On 30 August 2024, the group disposed of its investment in Greenbottle Re-Refining (UK) Limited. Greenbottle Re-Refining (UK) Limited held the group's 67% interests in Hydrodec Inc, Hydrodec of North America LLC, Szoka Properties LLC, Cleveland Industrial Recycling LLC and Cleveland Green Management LLC.
Details of joint ventures at 31 December 2024 are as follows:
The long-term loans are secured by fixed and floating charges over the assets of the company and the group.
During the year, the UK group undertook a refinancing programme, the proceeds of which were used to repay existing loan balances. In addition, loan balances that were part of the Greenbottle Re-Refining Limited ("GBRR") group exited the group when the GBRR group was disposed of in August 2024.
Bank loans as at 31 December 2024 comprise of:
a £10,000,000 (2023 - £Nil) loan balance, bearing interest at base plus 5.25%, interest being repayable on a monthly basis and the loan principal being paid in full on the fifth anniversary of the loan
a £9,000,000 (2023 - £Nil) loan balance, bearing interest at base rate plus 4.75% and repayable over 5 years. The
an amount of £524,000 (2023 - £1,131,000) owing under a factoring facility
See note 35 for details of loans from related parties.
In the prior year, bank and other loan balances included:
mortgages of £1,782,000 repayable over 20 years and bearing interest at 4% p.a.
a loan of £3,185,000 repayable over 6 years and subject to interest at 5.1% p.a.
a loan of £393,000 repayable within one year and subject to interest at 8.5% p.a.
Coronavirus Business Interruption Scheme (CBILS) loans totalling £3,113,000 which were repayable over 6 years and subject to interest at 4.1% p.a. after expiry of the initial 12 month interest free period
Finance lease payments represent rentals payable by the company or group 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. The average lease term is 2 to 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Provisions relate to anticipated costs in relation to the restoration of a number of sites following sale or completion of activities.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Deferred income is included in the financial statements as follows:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Slicker Recycling Limited and Greenbottle Re-refining (UK) Limited ("GBRR") were initially acquired by Andrew Black on 4 March 2016 and subsequently transferred to Greenbottle Limited on 13 April 2016. Merger accounting has been used to account for this transaction and the 'Merger Reserve' represents the difference between the consideration paid and net assets transferred.
In August 2024,the company disposed of its interest in GBRR Limited and its subsidiary undertakings. The merger reserve arising on the original acquisition of GBRR was £999,000, and this amount was transferred from the merger reserves to the profit and loss reserves following the disposal.
Other reserves
During 2020, a director's shares in Slicker Recycling Limited, a subsidiary undertaking, vested. The shares issued to the director by Slicker Recycling Limited were subsequently exchanged for 25 ordinary shares in Greenbottle Limited which were issued during the year. The £10,000 included in other reserves represents the difference between the amount receivable by the group in respect of the shares issued by Slicker Recycling Limited and the nominal value of the shares issued by Greenbottle Limited in exchange for new shares in Slicker Recycling Limited.
Share premium account
This represents the amount by which shares have been issued at a price greater than nominal value less issue costs.
Profit and loss reserves
This represents the accumulated realised earning from the prior and current periods as reduced by losses and dividends from time to time.
On 30 August 2024 the group disposed of its 100% holding in Greenbottle Re-Refining (UK) Limited and its subsidiary undertakings:
Hydrodec Inc;
Hydrodec of North America LLC;
Szoka Properties LLC;
Cleveland Industrial Recycling LLC; and
Cleveland Green Management LLC.
Included in these financial statements are operating losses of £364,000 arising from the company's interests in Greenbottle Re-Refining (UK) Limited and its subsidiary undertakings up to the date of its disposal.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The operating leases represent three leases to third parties. The leases are negotiated over terms of between five and ten years,
At the reporting end date the group had contracted with tenants for the following minimum lease payments:
Amounts contracted for but not provided in the financial statements:
As at 31 December 2023, the Group had committed to purchasing Motor Vehicles amounting to £3,650,000 (2022 - £1,251,000).
Entities in which the group has a participating interest
The following transactions were made during the year with entities in which the company and the group has a participating interest:
Balance due from related parties at the year end: £1,289,000 (2023 - £1,072,000) - included within Other debtors
The group supplies waste oil to Avista Green ApS, a company in which the group has a 49% interest in. The total value of the sales was £16,424,000 (2023 - £16,116,000).
At the year-end, amounts due to directors totalled £15,685,000 (2023 - £28,735,000) and are included within Other borrowings due within 1 year.
The loan is interest free and is payable on demand. During the year, £13,050,000 of the loan was repaid, primarily out of the proceeds of new loans advanced to the group.