Binn Group Holdings Limited

	Page
Company Information	1
Strategic Report	2—3
Directors' Report	4—6
Independent Auditor's Report	7—10
Consolidated Statement of Comprehensive Income	11
Consolidated Balance Sheet	12—13
Company Balance Sheet	14
Consolidated Statement of Changes in Equity	15
Company Statement of Changes in Equity	16
Consolidated Statement of Cash Flows	17
Notes to the Consolidated Statement of Cash Flows	18
Company Statement of Cash Flows	19
Notes to the Company Statement of Cash Flows	20
Notes to the Financial Statements	21—35

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Strategic Report

For The Year Ended 31 March 2025

Strategic Report

The directors present their strategic report for the year ended 31 March 2025.

Review of the Business

Binn Group Holdings Limited is the parent company and is a holding company. The company also holds an interest in Paprec Energies Binn Limited, the entity that is constructing an Energy from Waste ('EfW') facility at Binn Ecopark, Glenfarg which commenced in October 2023. The EfW facility will process up to 95,000 tonnes per annum of residual waste destined for landfill, generating around 8.6MW of electricity for use both on-site or via the national grid as well as heat outputs as hot water or steam for use with the Ecopark or further afield. Currently the construction of the new facility is behind schedule, and it is anticipated that the new facility will be ready for commissioning in 2028.

Binn Group Limited is the main trading company within the group. The company's core activities include the provision of waste management services, recycling and recovery of materials and scrap metal trading. The company has continued to grow organically within a highly competitive industry despite the uncertain economic climate within the UK. Residual municipal waste from Binn Group Limited continues to be diverted to energy from waste facilities as we remain fully committed to diverting waste from landfill. The company invested in new state-of-the-art processing and recycling equipment at Binn Farm, Glenfarg which became fully operational in September 2024.

Binn Farm Limited continues to generate a good return in respect of the land it owns. These profits will assist with Binn Group's ongoing commitment to seek innovative ways that make good business sense whilst reducing the environmental impact and increasing regional and national self-sufficiency in the waste management, renewable energy and food industries.

In the period under review the group's profit before tax was £4,266,783 (2024: £2,250,946), with this year's results boosted by £1,772,575 as a result of a revaluation and impairment review which was completed in August 2025. But for this revaluation and impairment review the group's profit before tax figure would have been £2,494,208, an increase of 10.81% on the previous year. The Board are pleased with the results achieved.

Principal Risks and Uncertainties

Risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls which are consistently applied throughout Binn Group. All policies are subject to Board approval and ongoing review by management. Compliance with all regulation and legal requirements is a high priority for the group.

The group has developed a framework for identifying the risks that the business is exposed to and their impact on economic capital. The process is risk based and uses individual Capital Assessment principles to manage our capital requirements and to ensure we have the financial strength and capital adequacy to support the growth of the business and to meet the requirements of our clients, customers and regulators.

The principal risks from our principal activities arise from:

- Our market: potential adverse impact on financial performance of a detrimental change to the competitive and/or economic environment;

- Operating in a regulated environment: the implication of levies or other financial penalties of a breach of regulation; and

- Our people: the detrimental effect of a loss in key personnel.

In addition the group is exposed to financial risks arising primarily from the investments that it holds. These risks are discussed in the section of the directors' report dealing with financial instruments and risk management. Our business strategies are approved by the Board and communicated clearly throughout the business through policy statements and guidelines.

Future Developments

The group completed its acquisition of the business and assets of R Finnie Skip Hire in Inverness on 1 April 2025. We are excited to expand our business in the Highlands and look forward to growing our presence in the region in the years ahead.

The group is continuing to explore business acquisition opportunities that align with our overall strategy to further enhance growth and profitability.

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Binn Group Holdings Limited

Strategic Report (continued)

For The Year Ended 31 March 2025

KEY PERFORMANCE INDICATORS

The Board monitors the progress of the group by reference to the following key performance indicators:

	2025	2024	2023
Turnover	£26,068,997	£24,202,431	£20,912,348
EBITDA	£6,872,976	£4,269,383	£3,374,130
EBITDA as a percentage of turnover	26.36%	17.64%	16.13%

On behalf of the board

Mr D D Sanderson

Director

16 December 2025

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Binn Group Holdings Limited

Company No. SC482469

Directors' Report For The Year Ended 31 March 2025

Directors' Report

The directors present their report and the financial statements for the year ended 31 March 2025.

Change of Company Name

On 24 March 2025 the company changed its name from Binn Group Limited to Binn Group Holdings Limited .

Principal Activity

The group's principal activity continues to be that of waste management services and recycling through one of its subsidiary companies, Binn Group Limited. The group also owns freehold land used for environmental purposes, used by the subsidiary company mentioned earlier as well as other third parties. All environmental land is owned by Binn Farm Limited, a subsidiary company.

Dividends

Interim dividends per share on the A Ordinary shares were paid as follows:

£0.011458	4 April 2024
£0.011458	3 May 2024
£0.022916

No further dividends will be paid on these shares as they have been cancelled during the year.

Interim dividends per share on the Ordinary shares were paid as follows:

£0.002708	8 April 2024
£0.002708	6 May 2024
£0.002708	6 June 2024
£0.002708	8 July 2024
£0.002708	6 August 2024
£0.002708	6 September 2024
£0.002708	7 October 2024
£0.002708	6 November 2024
£0.002708	6 December 2024
£0.002708	6 January 2025
£0.002708	6 February 2025
£0.002708	6 March 2025
£0.032500

The directors recommend that no final dividend be paid on these shares.

Interim dividends per share on the B Ordinary shares were paid as follows:

£28,000.00	4 December 2024
£28,000.00

The directors recommend that no final dividend be paid on these shares.

The value of dividends paid amounted to £475,167 .

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Binn Group Holdings Limited

Directors' Report (continued)

For The Year Ended 31 March 2025

Financial Instruments

Treasury operations and financial instruments

The group's operations expose it to a variety of financial risks that include the effects of changes in debt market prices, credit risk, liquidity risk and inherent rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs. The group does not use derivative financial instruments to manage interest rate costs and a such, no hedge accounting is applied.

Given the size of the group, the directors have not delegated responsibility of managing financial risk management to a sub-committee of the Board. The policies set by the board of directors are implemented by the group's finance department.

Liquidity risk

The group actively maintains a mixture of long-term and short-term debt finance that is designed to ensure that the group has sufficient funds available for operations and planned expansions.

Interest rate risks

The group has both interest bearing assets and interest bearing liabilities. Interest bearing assets include cash balances which earns interest at a fixed rate. The group has a policy of maintaining debt at fixed rate to ensure certainty of future interest and cash flows. The directors will revisit the appropriateness of this policy should the group's operations change in size or nature.

Price risk

The group is exposed to commodity price risk as a result of its operations. However, given the size of the group's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors shall revisit the appropriateness of this policy should the company's operations change in size or nature. The group has no exposure to equity securities price risk as it holds no list or other equity investments.

Credit risk

The group has implemented policies that require appropriate credit checks on potential customers before sales are made. Where debt finance is utilised, this is subject to pre-approval by the board of directors and such approval is limited to financial institutions with an AA rating or better. The amount of exposure to any individual counterparty is subject to a limit, which is reassessed annually by the board.

Business risk

Business risk is contained because the group's business is well diversified across retail, new build, trade and commercial sectors. The group has much greater business diversity than any of its major competitors. However we are aware that unforeseen events could arise that might affect the individual market sectors in which we operate, but our overall assessment is that such events are unlikely in the short and medium term.

Directors

The directors who held office during the year were as follows:

Mr A MacGregor
Mr D D Sanderson
Mr B Harkins
Mr I J Morrison	Appointed	11/02/2025
Mr J M MacGregor
Mr G G MacGregor	Appointed	01/04/2025

Post Balance Sheet Events

Information relating to events since the end of the year is given in the notes to the financial statements.

Purchase of Own Shares

One of the shareholders wished to sell a proportion of their shareholding, however in order to preserve the family ownership the company agreed to buy these shares back. As a result, the company purchased 480,000 A Ordinary £1 shares, representing 100% of the A Ordinary share capital allotted, issued and fully paid at the time of purchase, for the consideration of £636,000.

Matters covered in the Strategic Report

The group has chosen to set out in the review of the business information required to be stated in relation to the director's report, specifically, likely future developments of the business.

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Binn Group Holdings Limited

Directors' Report (continued)

For The Year Ended 31 March 2025

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). 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 the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, Nuvo Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr D D Sanderson

Director

16 December 2025

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Independent Auditor's Report

to the Members of

Binn Group Holdings Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Binn Group Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2025 and of the group's profit/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

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

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 and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Binn Group Holdings Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records or returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4—6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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Independent Auditor's Report (continued)

to the Members of

Binn Group Holdings Limited

Auditor's Responsibilities for the Audit of the Financial Statements

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

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

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, focusing on provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks identified include:

- UK GAAP

- Companies Act 2006

- Corporation Tax legislation

- VAT legislation

We gained an understanding of how the company is complying with these laws and regulations by:

- enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims;

- enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;

- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussions with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. The following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

- reviewing the level of and reasoning behind the company's procurement of legal and professional services;

- performing audit procedures over the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business and reviewing judgements made by the management in their calculation of accounting estimates for potential management bias.

Our audit procedures were designed to respond to the risk of material misstatement in the financial statements, recognising that the risk of not detecting a material risk due to fraud is higher than the risk of not detecting one resulting from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use Of Our Report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Brown (Senior Statutory Auditor)

for and on behalf of Nuvo Audit Limited , Statutory Auditor

16 December 2025

...CONTINUED

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Independent Auditor's Report (continued)

to the Members of

Binn Group Holdings Limited

Nuvo Audit Limited

First Floor, Sterling House

Outrams Wharf

Little Eaton

Derby

DE21 5EL

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Binn Group Holdings Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 March 2025

Consolidated Statement of Comprehensive Income

		2025	2024
	Notes	£	£
TURNOVER	3	26,068,997	24,202,431
Cost of sales		(19,908,783 )	(18,992,647 )

GROSS PROFIT		6,160,214	5,209,784

Administrative expenses		(2,538,199 )	(3,644,580 )
Other operating income		738,892	628,511

OPERATING PROFIT	5	4,360,907	2,193,715
Income from participating interests		275,000	230,000
Profit on disposal of fixed assets		95,235	40,596
Other interest receivable and similar income	10	17,393	11,263
Interest payable and similar charges	11	(481,753 )	(224,628 )

PROFIT BEFORE TAXATION		4,266,782	2,250,946
Tax on Profit	12	(1,095,345 )	(509,481 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		3,171,437	1,741,465
OTHER COMPREHENSIVE INCOME FOR THE YEAR		-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		3,171,437	1,741,465

The notes on pages 18 to 35 form part of these financial statements.

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Binn Group Holdings Limited

Consolidated Balance Sheet

As At 31 March 2025

Consolidated Balance Sheet

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	13		79,689		96,297
Tangible Assets	14		18,681,809		12,197,742
Investments	15		250,250		250,250

			19,011,748		12,544,289
CURRENT ASSETS
Stocks	16	122,789		131,957
Debtors	17	5,912,138		7,003,812
Cash at bank and in hand		1,242,943		1,801,107

		7,277,870		8,936,876
Creditors: Amounts Falling Due Within One Year	18	(7,963,551 )		(7,135,792 )

NET CURRENT ASSETS (LIABILITIES)			(685,681 )		1,801,084

TOTAL ASSETS LESS CURRENT LIABILITIES			18,326,067		14,345,373

Creditors: Amounts Falling Due After More Than One Year	19		(6,221,468 )		(5,396,389 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(2,499,862 )		(1,404,517 )

NET ASSETS			9,604,737		7,544,467

CAPITAL AND RESERVES
Called up share capital	23		16		480,016
Revaluation reserve	29		64,319		64,319
Capital redemption reserve			800,000		320,000
Non distributable reserve			3,634,611		1,586,926
Group reconstruction relief	29		608,635		608,635
Profit and Loss Account			4,497,156		4,484,571

SHAREHOLDERS' FUNDS			9,604,737		7,544,467

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Binn Group Holdings Limited

Consolidated Balance Sheet (continued)

As At 31 March 2025

The financial statements were approved by the board of directors on 16 December 2025 and were signed on its behalf by:

Mr D D Sanderson

Director

The notes on pages 18 to 35 form part of these financial statements.

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Binn Group Holdings Limited

Company Balance Sheet

As At 31 March 2025

Company Balance Sheet

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Investments	15		1,050,265		1,050,266

			1,050,265		1,050,266
CURRENT ASSETS
Debtors	17	4,547,120		4,004,041
Cash at bank and in hand		483,591		305,033

		5,030,711		4,309,074
Creditors: Amounts Falling Due Within One Year	18	(4,353,625 )		(1,884,594 )

NET CURRENT ASSETS (LIABILITIES)			677,086		2,424,480

TOTAL ASSETS LESS CURRENT LIABILITIES			1,727,351		3,474,746

Creditors: Amounts Falling Due After More Than One Year	19		(851,417 )		(2,644,657 )

NET ASSETS			875,934		830,089

CAPITAL AND RESERVES
Called up share capital	23		16		480,016
Capital redemption reserve			800,000		320,000
Profit and Loss Account			75,918		30,073

SHAREHOLDERS' FUNDS			875,934		830,089

The financial statements were approved by the board of directors on 16 December 2025 and were signed on its behalf by:

Mr D D Sanderson

Director

The notes on pages 18 to 35 form part of these financial statements.

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Binn Group Holdings Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 March 2025

Consolidated Statement of Changes in Equity

	Share Capital	Revaluation reserve	Capital Redemption	Non distributable reserve
	£	£	£	£
As at 1 April 2023	640,016	64,319	160,000	1,586,926
Profit for the year and total comprehensive income	-	-	-	-

Dividends paid	-	-	-	-
Purchase of own shares	(160,000 )	-	160,000	-

As at 31 March 2024 and 1 April 2024	480,016	64,319	320,000	1,586,926


Profit for the year and total comprehensive income	-	-	-	-

Dividends paid	-	-	-	-
Purchase of own shares	(480,000 )	-	480,000	-
Movements in other reserves	-	-	-	2,047,685
Transfer to/from Other Reserves	-	-	-	-

As at 31 March 2025	16	64,319	800,000	3,634,611

	Group reconstruction relief	Profit and Loss Account	Total
	£	£	£
As at 1 April 2023	608,635	3,644,106	6,704,002
Profit for the year and total comprehensive income	-	1,741,465	1,741,465

Dividends paid	-	(689,000)	(689,000)
Purchase of own shares	-	(212,000 )	(212,000)

As at 31 March 2024 and 1 April 2024	608,635	4,484,571	7,544,467


Profit for the year and total comprehensive income	-	3,171,437	3,171,437

Dividends paid	-	(475,167)	(475,167)
Purchase of own shares	-	(636,000 )	(636,000)
Movements in other reserves	-	-	2,047,685
Transfer to/from Other Reserves	-	(2,047,685)	(2,047,685)

As at 31 March 2025	608,635	4,497,156	9,604,737

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Binn Group Holdings Limited

Company Statement of Changes in Equity

For The Year Ended 31 March 2025

Company Statement of Changes in Equity

	Share Capital	Capital Redemption	Profit and Loss Account	Total
	£	£	£	£
As at 1 April 2023	640,016	160,000	49,039	849,055
Profit for the year and total comprehensive income	-	-	882,034	882,034

Dividends paid	-	-	(689,000)	(689,000)
Purchase of own shares	(160,000 )	160,000	(212,000 )	(212,000)

As at 31 March 2024 and 1 April 2024	480,016	320,000	30,073	830,089


Profit for the year and total comprehensive income	-	-	1,157,012	1,157,012

Dividends paid	-	-	(475,167)	(475,167)
Purchase of own shares	(480,000 )	480,000	(636,000 )	(636,000)

As at 31 March 2025	16	800,000	75,918	875,934

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Binn Group Holdings Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	4,219,189	3,183,902
Interest paid		(481,753 )	(224,628 )
Tax paid		(205,892 )	-

Net cash generated from operating activities		3,531,544	2,959,274

Cash flows from investing activities
Purchase of tangible assets		(7,173,414 )	(2,479,320 )
Proceeds from disposal of tangible assets		404,811	408,148
Purchase of investment in subsidiary undertaking		-	(160,000 )
Proceeds from disposal of investment in subsidiary undertaking		-	160,000
Purchase of other fixed asset investments		-	(200 )
Interest received		17,393	11,263
Dividends received		275,000	230,000

Net cash used in investing activities		(6,476,210 )	(1,830,109 )

Cash flows from financing activities
Purchase/redemption of own shares		(636,000 )	(212,000 )
Equity dividends paid		(475,167 )	(689,000 )
Proceeds from new bank borrowings		846,000	-
Repayment of bank borrowings		-	(243,552 )
Proceeds from new other loans		-	189,542
Repayment of other loans		(271,848)	-
Repayment of finance leases		3,197,128	86,329
Amount introduced by directors		338,303	526,623
Amount withdrawn by directors		(611,914)	(381,039)

Net cash generated from/(used in) financing activities		2,386,502	(723,097 )



(Decrease)/increase in cash and cash equivalents		(558,164 )	406,068
Cash and cash equivalents at beginning of year	2	1,801,107	1,395,039

Cash and cash equivalents at end of year	2	1,242,943	1,801,107

Page 17

Page 18

Binn Group Holdings Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	3,171,437	1,741,465
Adjustments for:
Tax on profit	1,095,345	509,481
Interest expense	481,753	224,628
Interest income	(17,393 )	(11,263 )
Income from participating interests	(275,000)	(230,000)
Amortisation of intangible assets	16,608	99,249
Depreciation of tangible assets	2,152,346	1,735,156
Impairment of tangible assets	275,110	-
Profit on disposal of tangible assets	(95,235)	(40,596)
Profit on revaluation of fixed assets	(2,047,685)	-
Movements in working capital:
Decrease/(increase) in stocks	9,168	(42,399 )
Decrease/(increase) in trade and other debtors	1,365,285	(1,836,220 )
(Decrease)/increase in trade and other creditors	(1,912,550 )	1,034,401

Net cash generated from operations	4,219,189	3,183,902

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	1,242,943	1,801,107

3. Analysis of changes in net debt

	As at 1 April 2024	Cash flows	As at 31 March 2025
	£	£	£
Cash at bank and in hand	1,801,107	(558,164)	1,242,943
Finance leases	(3,836,953)	(3,197,128)	(7,034,081)
Debts falling due within one year	(510,766 )	(2,397,547)	(2,908,313 )
Debts falling due after more than one year	(3,096,961)	1,823,395	(1,273,566)

	(5,643,573)	(4,329,444)	(9,973,017)

Page 18

Page 19

Binn Group Holdings Limited

Company Statement of Cash Flows

For The Year Ended 31 March 2025

Company Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash (used in)/generated from operations	1	(796,565 )	196,276
Interest paid		(32,186 )	-

Net cash (used in)/generated from operating activities		(828,751 )	196,276

Cash flows from investing activities
Purchase of investment in subsidiary undertaking		-	(160,000 )
Proceeds from disposal of investment in subsidiary undertaking		1	160,001
Purchase of other fixed asset investments		-	(200 )
Interest received		6,475	-
Dividends received		1,266,000	994,000

Net cash generated from investing activities		1,272,476	993,801

Cash flows from financing activities
Purchase/redemption of own shares		(636,000 )	(212,000 )
Equity dividends paid		(475,167 )	(689,000 )
Proceeds from new bank borrowings		846,000	-
Repayment of bank borrowings		-	(243,552 )

Net cash used in financing activities		(265,167 )	(1,144,552 )



Increase in cash and cash equivalents		178,558	45,525
Cash and cash equivalents at beginning of year	2	305,033	259,508

Cash and cash equivalents at end of year	2	483,591	305,033

Page 19

Page 20

Binn Group Holdings Limited

Notes to the Company Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Company Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash (used in)/generated from operations

	2025	2024
	£	£
Profit for the financial year	1,157,012	882,034
Adjustments for:
Interest expense	32,186	-
Interest income	(6,475 )	-
Income from shares in group undertakings	(991,000)	(764,000)
Income from participating interests	(275,000)	(230,000)
Movements in working capital:
(Increase)/decrease in trade and other debtors	(543,079 )	32,589
(Decrease)/increase in trade and other creditors	(170,209 )	275,653

Net cash (used in)/generated from operations	(796,565 )	196,276

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	483,591	305,033

3. Analysis of changes in net debt

	As at 1 April 2024	Cash flows	As at 31 March 2025
	£	£	£
Cash at bank and in hand	305,033	178,558	483,591
Debts falling due within one year	(238,919 )	(2,639,240)	(2,878,159 )
Debts falling due after more than one year	(2,644,657)	1,793,240	(851,417)

	(2,578,543)	(667,442)	(3,245,985)

Page 20

Page 21

Binn Group Holdings Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

Binn Group Holdings Limited is a private company, limited by shares, incorporated in Scotland, registered number SC482469 . The registered office is 5 Atholl Crescent, Edinburgh, EH3 8EJ.

The presentation currency of the financial statements is the Pound Sterling (£).

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Significant judgements and estimations

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.

2.3. Turnover

Revenue represents amounts received and receivable, net of VAT and trade discounts, for goods and services in the ordinary course of business. Revenue from supplying services is recognised when those services are completed and invoiced. Revenue from the sale of recycling materials is recognised when the materials have been despatched and invoiced.

2.4. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. Goodwill is amortised over its expected useful life which is estimated to be 10 years.

2.5. Tangible Fixed Assets and Depreciation

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Assets held under finance leases are depreciated in the same way as owned assets.

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% on cost and land not depreciated
Leasehold	2% on cost, 5% on cost and 10% on cost
Plant & Machinery	10% on cost, 16% SLM and 20% on cost
Motor Vehicles	16% SLM, 20% on cost, 25% on cost and 33% on cost
Fixtures & Fittings	20% on cost

Land, included within long leasehold, is considered to have an infinite useful life and is therefore not depreciated.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within administrative expenses in the profit and loss account.

Freehold property reclassified from investment property on consolidation is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement.

Page 21

Page 22

Binn Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Investment Properties

Investment property is included at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. Deferred taxation is provided on these adjustments at the rate expected to apply when the property is sold.

No depreciation is provided for in respect of investment properties in accordance with FRS 102. Such properties are held for their investment potential and not for consumption within the business. This is a departure from the Companies Act 2006 which requires all properties to be depreciated and the directors consider that to depreciate them would not enable the financial statements to give a true and fair view. Investments properties are stated at their fair value at the balance sheet date.

2.7. Investments

Fixed asset investments that are not listed on a recognised stock exchange are carried at historical cost less any provision for impairment in their value.

2.8. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.9. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

2.10. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.11. Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

Page 22

Page 23

Binn Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.12. Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable. The company also makes contributions to personal pension funds for certain employees who are not in the company's defined contribution scheme.

2.13. Government Grant

Grants are credited to deferred revenue. Based on the accruals model, grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

A government grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs, is recognised in profit or loss of the period in which it becomes receivable.

2.14. Joint Ventures

Interests are accounted for using the equity method and are initially recognised at cost. The carrying amount is increased or decreased to recognise the company's share of profits or losses after the acquisition date. Distributions received reduce the carrying amount of the investment.

3. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Metal	3,869,522	3,935,913
Recharges	41,627	40,596
Recycling- sale of materials	600,784	452,663
Waste Management Services	21,557,064	19,773,259

	26,068,997	24,202,431

4. Other Operating Income

	2025	2024
	£	£
Royalties and similar income	60,940	49,343
Commission income	240,080	241,404
Rental income	279,331	157,825
Other operating income	158,541	179,939

	738,892	628,511

5. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	57,752	4,465
Depreciation of tangible fixed assets - owned	259,373	566,836
Depreciation of tangible fixed assets - finance leases and hire purchase contracts	1,892,973	1,168,320
Amortisation of intangible fixed assets	16,608	99,249
Impairment losses - tangible fixed assets	275,110	-

Page 23

Page 24

Binn Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

6. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	17,110	15,402

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	5,578,629	5,208,912
Social security costs	574,724	534,483
Other pension costs	325,952	334,884

	6,479,305	6,078,279

8. Average Number of Employees

Group

Average number of employees, including directors, during the year was as follows:

	2025	2024
Office and administration	11	10
Sales, marketing and distribution	7	7
Directors	6	6
Operations	116	122

	140	145

Company

Average number of employees, including directors, during the year was: NIL (2024: NIL)

9. Directors' remuneration

	2025	2024
	£	£
Emoluments	310,078	315,513
Company contributions to money purchase pension schemes	67,714	68,525

	377,792	384,038

The number of directors to whom retirement benefits were accruing was as follows:

	2025		2024
Money purchase pension schemes	3		3

Information regarding the highest paid director was as follows:

Page 24

Page 25

Binn Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

	2025	2024
	£	£
Emoluments	112,864	126,013
Company contributions to money purchase pension schemes	25,000	9,603

	137,864	135,616

10. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	17,393	11,263
Dividends from shares in participating interests	275,000	230,000

	292,393	241,263

11. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	142,952	68,859
Finance charges payable under finance leases and hire purchase contracts	338,801	155,769

	481,753	224,628

12. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	-	-	205,892
Deferred Tax
Deferred taxation			1,095,345	303,589


Total tax charge for the period			1,095,345	509,481


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			4,266,782	2,250,946

Tax on profit at 25% (UK standard rate)			1,066,696	562,737
Goodwill/depreciation not allowed for tax			542,238	458,601
Expenses not deductible for tax purposes			17,352	11,053
Tax losses utilised			-	(190,020 )
Capital allowances			(1,645,610 )	(580,448 )
Short term timing differences			1,095,345	303,589

...CONTINUED

Page 25

Page 26

Binn Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Dividends from companies	(68,751 )	(57,500 )
Tax losses unutilised carried forward	623,805	11,618
Revenue exempt from taxation	(535,730 )	(10,149 )

Total tax charge for the period	1,095,345	509,481

13. Intangible Assets

Group

	Goodwill
	£
Cost
As at 1 April 2024	1,366,000

As at 31 March 2025	1,366,000

Amortisation
As at 1 April 2024	1,269,703
Provided during the period	16,608

As at 31 March 2025	1,286,311

Net Book Value
As at 31 March 2025	79,689

As at 1 April 2024	96,297

Company

The company had no intangible fixed assets as at 31 March 2025 or 31 March 2024.

14. Tangible Assets

Group

	Land & Property
	Freehold	Leasehold	Plant & Machinery	Motor Vehicles
	£	£	£	£
Cost or Valuation
As at 1 April 2024	5,027,647	1,795,488	6,964,819	6,336,485
Additions	660,000	16,290	4,941,145	1,554,241
Disposals	-	-	(1,053,933 )	(473,745 )
Revaluation	2,047,685	-	-	-

As at 31 March 2025	7,735,332	1,811,778	10,852,031	7,416,981

Depreciation
As at 1 April 2024	148,799	843,067	3,972,165	2,974,479
Provided during the period	11,160	115,836	924,882	1,096,321
Impairment losses	275,110	-	-	-
Disposals	-	-	(819,008 )	(399,094 )

As at 31 March 2025	435,069	958,903	4,078,039	3,671,706

Net Book Value
As at 31 March 2025	7,300,263	852,875	6,773,992	3,745,275

As at 1 April 2024	4,878,848	952,421	2,992,654	3,362,006

Page 26

Page 27

Binn Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025


	Fixtures & Fittings	Total
	£	£
Cost or Valuation
As at 1 April 2024	152,650	20,277,089
Additions	1,738	7,173,414
Disposals	-	(1,527,678 )
Revaluation	-	2,047,685

As at 31 March 2025	154,388	27,970,510

Depreciation
As at 1 April 2024	140,837	8,079,347
Provided during the period	4,147	2,152,346
Impairment losses	-	275,110
Disposals	-	(1,218,102 )

As at 31 March 2025	144,984	9,288,701

Net Book Value
As at 31 March 2025	9,404	18,681,809

As at 1 April 2024	11,813	12,197,742

Included within freehold property is land of £5,340,117 (2024: £3,654,689) which is not depreciated.

Included within long leasehold is land of £10,000 (2024: £10,000) which is not depreciated.

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Plant & Machinery	5,034,428	2,027,485
Motor Vehicles	3,454,222	3,054,710

	8,488,650	5,082,195

Page 27

Page 28

Binn Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Cost or valuation as at 31 March 2025 represented by:

	Land & Property
	Freehold	Leasehold	Plant & Machinery	Motor Vehicles
	£	£	£	£
At cost	5,687,647	1,811,778	10,852,031	7,416,981
At valuation	2,047,685	-	-	-

	7,735,332	1,811,778	10,852,031	7,416,981


	Fixtures & Fittings	Total
	£	£
At cost	154,388	25,922,825
At valuation	-	2,047,685

	154,388	27,970,510

Freehold property was valued on an open market basis on 08 August 2025 by Knight Frank.

If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:

	Land & Property
	Freehold
	£
Cost	3,008,246
Accumulated depreciation and impairment	435,069

Carrying amount	2,573,177

Company

The company had no tangible fixed assets as at 31 March 2025 or 31 March 2024.

15. Investments

Group

	Joint Ventures	Other	Total
	£	£	£
Cost
As at 1 April 2024	250,050	200	250,250

As at 31 March 2025	250,050	200	250,250

Provision
As at 1 April 2024	-	-	-

As at 31 March 2025	-	-	-

Net Book Value
As at 31 March 2025	250,050	200	250,250

As at 1 April 2024	250,050	200	250,250

Page 28

Page 29

Binn Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Company

	Subsidiaries	Joint Ventures	Other	Total
	£	£	£	£
Cost
As at 1 April 2024	800,016	250,050	200	1,050,266
Disposals	(1 )	-	-	(1 )

As at 31 March 2025	800,015	250,050	200	1,050,265

Provision
As at 1 April 2024	-	-	-	-

As at 31 March 2025	-	-	-	-

Net Book Value
As at 31 March 2025	800,015	250,050	200	1,050,265

As at 1 April 2024	800,016	250,050	200	1,050,266

Subsidiaries

Details of the group's subsidiaries as at 31 March 2025 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Binn Group Limited	Scotland	Ordinary and A Ordinary	100.00%	-
Binn Waste Management Limited	Scotland	Ordinary	100.00%	-
Binn Environmental Limited	Scotland	Ordinary	100.00%	-
Binn Renewable Energy Limited	Scotland	Ordinary	100.00%	-
Binn Organics Limited	Scotland	Ordinary	100.00%	-
Binn Eco Park Limited	Scotland	Ordinary	100.00%	-
Binn Skips Limited	Scotland	Ordinary	100.00%	-
Binn Farm Limited	Scotland	Ordinary	-	100.00%
Binn Group (Inverness) Limited	Scotland	Ordinary	-	100.00%

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

	Capital and Reserves	Profit/(loss)
	£	£
Binn Group Limited	5,438,923	695,525
Binn Waste Management Limited	(1,131,652 )	(8,052 )
Binn Environmental Limited	609,314	50,500
Binn Renewable Energy Limited	(96,641 )	(325 )
Binn Organics Limited	(5,519 )	(500 )
Binn Eco Park Limited	(14,627 )	(500 )
Binn Skips Limited	1	-
Binn Farm Limited	4,214,987	1,087,855
Binn Group (Inverness) Limited	1,000	-

Joint Ventures

Details of the group's joint ventures as at 31 March 2025 are as follows:

Page 29

Page 30

Binn Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Glenfarg Organics Limited	Scotland	Ordinary	50%	-

The group share of Glenfarg Organics Limited is as follows:

	2025	2024
Turnover	298,172	259,206

Profit before tax	348,420	331,585
Taxation	(87,133)	(82,896)
Profit after tax	261,287	248,689

Share of assets
Fixed assets	1,875,000	1,875,000
Current assets	165,376	177,225

Share of liabilties
Liabilties due within one year	(147,048)	(145,183)
Liabilties due after one year or more	(401,500)	(401,500)

Share of net assets	1,491,828	1,505,542

Included within the Joint Venture is investment property which comprises the In-Vessel Composting Building. The fair value of the investment property has been arrived at on the basis of a valuation carried out in March 2017 by CKD Galbraith Chartered Surveyors who are not connected. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors consider this value to remain appropriate.

16. Stocks

	2025	2024
	£	£
Materials	122,789	131,957

17. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	2,923,262	3,114,500	-	1,567
Prepayments and accrued income	486,128	516,942	9,750	6,000
Other debtors	1,960,532	3,103,765	1,370,907	1,355,159
VAT	-	-	3,179	-
Directors' loan accounts	542,216	268,605	-	-
Amounts owed by group undertakings	-	-	3,163,284	2,641,315

	5,912,138	7,003,812	4,547,120	4,004,041

Page 30

Page 31

Binn Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

18. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	2,086,179	1,537,525	-	-
Trade creditors	1,367,568	2,000,411	7,200	41,900
Bank loans and overdrafts	2,878,159	238,919	2,878,159	238,919
Other loans	30,154	271,847	-	-
Corporation tax	-	205,892	-	-
Other taxes and social security	139,456	143,613	-	-
VAT	509,274	668,326	-	82,844
Other creditors	59,455	638,841	-	-
Accruals and deferred income	893,306	1,430,418	6,810	5,965
Amounts owed to group undertakings	-	-	1,461,456	1,514,966

	7,963,551	7,135,792	4,353,625	1,884,594

Binn Group Holdings Limited was advanced a loan of £3,568,837 during the year to March 2021. The loan is repayable in 60 monthly instalments. The rate of interest is payable at 2.02% over the Bank of England base rate. The loan was obtained as part of an exercise to refinance the debt of all the companies within the Binn Group.

19. Creditors: Amounts Falling Due After More Than One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	4,947,902	2,299,428	-	-
Bank loans	851,417	2,644,657	851,417	2,644,657
Other loans	422,149	452,304	-	-

	6,221,468	5,396,389	851,417	2,644,657

Binn Group Holdings Limited was advanced a loan of £600,000 in May 2024. The loan is repayable in 60 monthly instalments. The rate of interest is 2.00% per annum over the Bank of England base rate.

Binn Group Holdings Limited was advanced a loan of £600,000 in August 2024. The loan is repayable in 60 monthly instalments. The rate of interest is 2.50% per annum over the Bank of England base rate.

Of the creditors falling due after more than one year, the following amounts are due after more than five years,

	Group
	2025	2024
	£	£
Other loans	301,535	331,689

Of the creditors the following amounts are secured,

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	3,729,576	2,883,576	3,729,576	2,883,576
Other Creditors	51,434	535,966	-	-

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Binn Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

There is a cross guarantee between the company and its subsidiaries in favour of HSBC Bank plc.

A floating charge is held by the bank over the whole assets of the company.

The company holds a Group Class Guarantee Facility of £318,000 with HSBC Bank plc.

The company has granted a Guarantee for £240,675 in favour of Perth and Kinross Council.

There is a bond and floating charge held over the whole assets of Binn Group Limited.

The invoice factoring advance is secured over £1,753,696 (2024: £1,899,006) of Binn Group Limited trade debtors under an Invoice Factoring Agreement with HSBC.

There is standard security in relation to Binn Farm Limited, granted under the terms of the Irritancy Protection Agreement, in favour of Lohmann Tierzucht UK Limited.

There is standard security in relation to Binn Farm Limited, granted under the terms of the Irritancy Protection Agreement, in favour of Earnside Energy Limited.

There is a standard security in relation to Binn Farm Limited, granted under the terms of the Grid Connection Direct Agreement Grant, in favour of Earnside Energy Limited.

20. Loans

An analysis of the maturity of loans is given below:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Amounts falling due within one year or on demand:
Bank loans	2,878,159	238,919	2,878,159	238,919
Other loans	30,154	271,847	-	-

	2,908,313	510,766	2,878,159	238,919

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Amounts falling due between one and five years:
Bank loans	851,417	2,644,657	851,417	2,644,657
Other loans	120,614	120,615	-	-

	972,031	2,765,272	851,417	2,644,657

	Group
	2025	2024
	£	£
Amounts falling due after more than five years:
Other loans	301,535	331,689

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Binn Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

21. Obligations Under Finance Leases and Hire Purchase

	Group
	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	2,086,179	1,537,525
Later than one year and not later than five years	4,947,902	2,299,428

	7,034,081	3,836,953

	7,034,081	3,836,953

22. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 April 2024	1,404,517	1,404,517
Additions	1,095,345	1,095,345

Balance at 31 March 2025	2,499,862	2,499,862

23. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
5,666,667 Ordinary Shares of £ 0.000001 each	6	6
480,000 Ordinary A shares of £ 1.000000 each	-	480,000
10 Ordinary B shares of £ 1.000000 each	10	10

	16	480,016


Shares disposed during the period:	£
480,000 Ordinary A shares of £ 1.000000 each	(480,000)

Holders of Ordinary shares are entitled to attend and vote at general meetings of the company.

Holders of 'A' Ordinary shares are entitled to receive notice of all general meetings but are not entitled to attend or vote.

Holders of 'B' Ordinary shares are entitled to receive notice of all general meetings but are not entitled to attend or vote.

All Shares rank pari passu as by number of shares held (not by the amounts paid up theron) as regards capital distributions but the company may declare and pay differing levels of dividends on each separate class of share, in such amounts and in such proportions to the holders of the Ordinary shares, the 'A' Ordinary shares and 'B' Ordinary shares respectively, as the directors may from time to time determine.

24. Capital Commitments

	2025	2024
	£	£
At the end of the period	-	2,555,000

At the end of the period, the group and company had capital commitments contracted for but not provided in these financial statements

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Binn Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

25. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	59,640	97,160
Later than one year and not later than five years	2,535	62,175

	62,175	159,335

26. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £325,952 (2024: £334,884).

At the balance sheet date contributions of £39,950 (2024: £55,437) were due to the fund and are included in creditors.

27. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 April 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2025
	£	£	£	£	£
Mr Allan MacGregor	134,302	317,606	(180,800 )	-	271,108
Mr John MacGregor	134,302	294,308	(157,502 )	-	271,108

The above loans are unsecured, interest free and repayable on demand.

28. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	475,167	689,000

29. Reserves

Group

	Revaluation Reserve	Fair Value Reserve
	£	£
As at 1 April 2024	64,319	608,635

As at 31 March 2025	64,319	608,635

30. Post Balance Sheet Events

In the post year end period a subsidiary has received a favourable judgement in settlement and conclusion of a previously ongoing legal dispute. This will be accounted for in the next accounting period.

A revaluation of investment properties was completed on 8 August 2025 which has resulted in the upwards revaluation of investment properties held by a subsidiary. This revaluation has been accounted for at year end.

On 01 April 2025, Binn Group (Inverness) Limited purchased the business and assets of R Finnie Skip Hire for £2,000,000. This has been partially funded by obtaining bank loans amounting to £1,750,000 in the post year end period.

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Binn Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

31. Related Party Disclosures

Key management personnel (including directors) received compensation of £758,407 (2024: £902,554) during the year.

During the year the company transacted with a company related through common control. As at 31 March 2025 there is a balance of £1,242,427 (2024: £1,129,708) due from Binn Agricultural Limited to the company. The loan is interest free and repayable on demand.

During the year the company purchased from one of the Directors, 480,000 A Ordinary £1 shares, for the consideration of £636,000 (2024: 160,000 A Ordinary £1 shares, for the consideration of £212,000).

During the year Binn Farm Limited granted a loan to a partnership under common control of the directors. As at 31 March

2025 balance of £55,000 (2024: £40,000) remains oustanding in respect of loans owed to Binn Farm Limited.

During the year the company transacted with a company related through common control. As at 31 March 2025 there is a

balance of £655 (2024: £655) due from Binn Recycling to the company. The loan is interest free and repayable on demand.

32. Controlling Parties

The company is ultimately controlled by the MacGregor family by virtue of their shareholding in the company.

33. Subsidiary Companies Audit Exemption

The following subsidiaries are entitled to exemption from audit under Section 479A of the Companies Act 2006:

Binn Farm Limited (Registered number SC076439)

Binn Waste Management Limited (Registered number SC349258)

Binn Environmental Limited (Registered number SC482445)

Binn Renewable Energy Limited (Registered number SC375446)

Binn Organics Limited (Registered number SC381942)

Binn Eco Park Limited (Registered number SC360017)

Page 35