REGISTERED NUMBER: 11769985 (England and Wales)

EV RECYCLING LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A Victoria

G Kostopoulos

G Heald

J Bates

REGISTERED OFFICE:

Treharne Workshops

Llanelli Gate

Dafen

Llanelli

Carmarthenshire

SA14 8LQ

REGISTERED NUMBER:

11769985 (England and Wales)

AUDITORS:

Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

FIXED ASSETS

Tangible assets

5

133,289

9,185

CURRENT ASSETS

Stocks

352,814

-

Debtors

6

33,577

-

Cash at bank and in hand

48,953

2,349

435,344

2,349

CREDITORS

Amounts falling due within one year

7

712,242

17,156

NET CURRENT LIABILITIES

(276,898

)

(14,807

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(143,609

)

(5,622

)

PROVISIONS FOR LIABILITIES

-

(216

)

ACCRUALS AND DEFERRED INCOME

8

(28,818

)

(4,561

)

NET LIABILITIES

(172,427

)

(10,399

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(172,527

)

(10,499

)

(172,427

)

(10,399

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 December 2025 and were signed on its behalf by:

A Victoria - Director

1.	STATUTORY INFORMATION

EV Recycling Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

The directors implemented a strategic plan to enhance their presence within the battery recycling market. As part of this plan, losses for the year ended 31 December 2024 were anticipated and the company received financial support from group entities to meet their obligations as they fall due. The directors expect losses to continue to be made in the next financial year, although efforts are being made to improve performance as the company establishes themselves within this market.

The company also holds licences and equipment that enables fellow group entities to perform their principal activities. This has been provided to fellow group entities by way of an in-kind contribution, therefore no expenses have been recharged between group entities.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover from the sale of recycled materials is recognised at the point when control of the goods passes to the customer, which is usually on delivery.

Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other receivables and payables, amounts due to and from related parties.

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Debt instruments like loans and other receivables and payables are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying value and the present value of estimated cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount recognised in the balance sheet when there is an 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. At each reporting date non-financial assets not carried at fair value, such as property, plant and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less costs to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments held within a deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Government grants

Government grants are recorded initially as deferred income and recognised in the income statement in line with the expense to which they contribute. For grants in respect of the purchase of plant and equipment, the deferred income is released over the life of the related asset.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

18,371

Additions

154,435

At 31 December 2024

172,806

DEPRECIATION

At 1 January 2024

9,186

Charge for year

30,331

At 31 December 2024

39,517

NET BOOK VALUE

At 31 December 2024

133,289

At 31 December 2023

9,185

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,347

-

Other debtors

32,230

-

33,577

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

23,419

67

Amounts owed to group undertakings

660,442

11,058

VAT

-

306

Other creditors

300

300

Accrued expenses

13,450

5,425

Deferred government grants

14,631

-

712,242

17,156

8.	ACCRUALS AND DEFERRED INCOME

2024

2023

£

£

Deferred government grants

28,818

4,561

Grants are accounted for under the accruals model as permitted by FRS102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of the grant is included in creditors as deferred income.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Llinos Williams (Senior Statutory Auditor)

for and on behalf of Bevan Buckland LLP

In forming our opinion on the financial statements which is not modified, we have considered the adequacy of the disclosure in the full financial statements concerning the company's ability to continue as a going concern.

The company is reporting net liabilities at the period end and continues to be dependent on the parent company for it's financial support. However in the event financial support was not available from the Parent company, then the company may not be able to continue in existence for the foreseeable future. Due to the uncertainty surrounding the continuation of group support, a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.

The financial statements do not include the adjustments that would result if the company were unable to continue as a going concern.

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11.	ULTIMATE CONTROLLING PARTY

ATCDT Corporation is the ultimate parent company as they own 100% of the share capital in EV Recycling Limited. There is no deemed ulitimate controlling party.