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REGISTERED NUMBER: 02415498 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 March 2025

for

Total Waste Management Limited

| Total Waste Management Limited (Registered number: 02415498) |

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

| Strategic Report | 1 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |

| Income Statement | 8 |

| Other Comprehensive Income | 9 |

| Balance Sheet | 10 |

| Statement of Changes in Equity | 11 |

| Cash Flow Statement | 12 |

| Notes to the Cash Flow Statement | 13 |

| Notes to the Financial Statements | 14 |

| Total Waste Management Limited (Registered number: 02415498) |

Strategic Report

for the Year Ended 31 March 2025

The director presents his report with the financial statements of the company for the year ended 31 March 2025.

REVIEW OF BUSINESS

During 2024–2025, the ferrous and non-ferrous scrap metal recycling market remained broadly stable, supported by demand from construction, manufacturing, and investment in green infrastructure.

Ferrous scrap prices experienced limited volatility, while non-ferrous metals, particularly copper and aluminium, benefited from stronger demand linked to electrification trends.

The business recorded a reduction in turnover during the period, primarily reflecting lower sales volumes. EBITDA increased year-on-year, driven by cost-control measures and operational efficiencies implemented across the business, which partially mitigated the impact of lower revenue on overall profitability.

Key performance indicators

| 2025 |  | 2024 |  |

Turnover increase/(decrease) |  | (32.35%) |  | (8.19%) |  |

Gross profit margin |  | 23.42% |  | 19.18% |  |

EBITDA |  | £2,250,271 |  | £1,214,582 |  |

PRINCIPAL RISKS AND UNCERTAINTIES

The director has set out below the principal risks facing the business. Where possible, processes are in place to monitor and mitigate such risks.

Regulatory and Environmental Factors

The industry has been increasingly shaped by regulatory requirements designed to reduce environmental impact, improve traceability, and support circular-economy goals. Compliance with these rules has become a competitive differentiator, particularly for companies that can demonstrate high standards in waste handling, emissions reduction, and responsible recycling.

Operational Challenges and Opportunities

Labour shortages, increased energy costs, and variable international demand have created operational pressures. However, advancements in sorting technology, automation, vehicle telematics, and improved downstream recovery systems have presented opportunities to enhance efficiency and margins. Businesses adopting technological change are positioning themselves favourably for the future.

FUTURE DEVELOPMENTS

To remain competitive, companies will need to maintain flexibility in sourcing, continue investing in sustainable practices, and adopt modern processing technologies. Total Waste Management is well-placed to grow in this environment due to its forward-thinking ESG initiatives, operational capabilities, and commitment to best practice.

| Total Waste Management Limited (Registered number: 02415498) |

Strategic Report

for the Year Ended 31 March 2025

ESG PRIORITIES AND TOTAL WASTE MANAGEMENT'S LEADERSHIP IN THE SECTOR

Environmental, Social and Governance (ESG) considerations have become central to the scrap-metal recycling industry. Customers, investors, and regulators now expect clear evidence of sustainable practices, ethical material handling, and community responsibility. ESG is no longer optional - it is a core requirement for maintaining trust and winning contracts.

Total Waste Management has taken several proactive steps to embrace ESG demands and position itself as a responsible industry leader:

Environmental Commitments

- Significant reductions in on-site emissions through improved machinery efficiency and optimised logistics routes.

- Greater segregation processes to maximise recovery rates and minimise landfill output.

- Investment in cleaner fleet operations, including lower-emission vehicles and enhanced driver-efficiency monitoring.

Social Responsibility

- Continued investment in staff training, health and safety compliance, and upskilling programmes.

- Strengthened community engagement through local employment and transparent operational practices.

- Improved welfare standards across sites with updated safety procedures and new welfare facilities.

Governance Enhancements

- Implementation of more robust internal auditing and compliance frameworks.

- Increased transparency in material sourcing, chain of custody, and customer reporting.

- Adoption of digital systems to ensure data accuracy, accountability, and traceability.

These improvements not only align with sector-wide ESG expectations but also reinforce the company's commitment to responsible recycling and operational excellence. Total Waste Management's position in the market has been strengthened as customers increasingly favour suppliers who demonstrate environmental integrity and social responsibility.

FINANCIAL INSTRUMENTS

The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are only conducted in sterling. The company does not enter into any hedging transactions.

ON BEHALF OF THE BOARD:

J G Widdowson - Director

13 January 2026

| Total Waste Management Limited (Registered number: 02415498) |

Report of the Directors

for the Year Ended 31 March 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of scrap metal and waste merchant.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

J G Widdowson has held office during the whole of the period from 1 April 2024 to the date of this report.

Other changes in directors holding office are as follows:

G D Kettel - appointed 25 November 2024

L G Payne - appointed 10 October 2024

G D Kettel ceased to be a director after 31 March 2025 but prior to the date of this report.

STRATEGIC REPORT

The Directors have chosen in accordance with S414c of the Companies Act to set out in the strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch 7 to be contained in the Directors' report. It has done so in respect of future developments and financial instruments.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | 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's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Gravita Essex Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J G Widdowson - Director

13 January 2026

Report of the Independent Auditors to the Members of

Total Waste Management Limited

Qualified Opinion

We have audited the financial statements of Total Waste Management Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion except for the possible effects of the matter described in the basis for qualified opinion section of our report the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit 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 Qualified opinion

No formal stock take took place at the 31st March 2025 and thus we did not observe the counting of physical inventories at the year end. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 March 2025 which are included in the balance sheet at £1,587,007 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 qualified 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 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

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors but does not include the financial statements and our Report of the Auditors thereon.

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. As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £1,587,007 held at 31st March 2025. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Total Waste Management Limited

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:

We have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

We were unable to determine whether adequate accounting records have been kept.

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

- returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Total Waste Management Limited

Auditors' 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 a Report of the Auditors 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the scrap metal sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and employment legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation; and

- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Report of the Independent Auditors to the Members of

Total Waste Management Limited

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 we are required to state to them in a Report of the Auditors 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.

Jennifer Cessini FCCA (Senior Statutory Auditor)

for and on behalf of Gravita Essex Limited

Chartered Certified Accountants and

Statutory Auditors

Treviot House

186-192 High Road

Ilford

Essex

IG1 1LR

14 January 2026

| Total Waste Management Limited (Registered number: 02415498) |

Income Statement

for the Year Ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 41,491,997 |  | 61,335,926 |  |

Cost of sales | (31,774,333 | ) | (49,571,898 | ) |

GROSS PROFIT | 9,717,664 |  | 11,764,028 |  |

Distribution costs | (3,955,150 | ) | (6,930,568 | ) |

Administrative expenses | (5,172,161 | ) | (4,438,174 | ) |

OPERATING PROFIT | 4 | 590,353 |  | 395,286 |  |

Interest receivable and similar income | 56 |  | 16,184 |  |

590,409 |  | 411,470 |  |

Interest payable and similar expenses | 5 | (395,979 | ) | (414,604 | ) |

PROFIT/(LOSS) BEFORE TAXATION | 194,430 |  | (3,134 | ) |

Tax on profit/(loss) | 6 | - |  | 24,396 |  |

PROFIT FOR THE FINANCIAL YEAR | 194,430 |  | 21,262 |  |

| Total Waste Management Limited (Registered number: 02415498) |

Other Comprehensive Income

for the Year Ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 194,430 |  | 21,262 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 194,430 |  | 21,262 |  |

| Total Waste Management Limited (Registered number: 02415498) |

Balance Sheet

31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 7 | 1,519,900 |  | - |  |

Tangible assets | 8 | 8,664,136 |  | 8,650,938 |  |

Investments | 9 | 100 |  | 1,900,000 |  |

10,184,136 |  | 10,550,938 |  |

CURRENT ASSETS

Stocks | 10 | 1,587,007 |  | 2,583,865 |  |

Debtors | 11 | 4,250,258 |  | 4,508,506 |  |

Cash at bank and in hand | 226,814 |  | 463,977 |  |

6,064,079 |  | 7,556,348 |  |

CREDITORS

Amounts falling due within one year | 12 | (9,537,961 | ) | (10,567,685 | ) |

NET CURRENT LIABILITIES | (3,473,882 | ) | (3,011,337 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,710,254 |  | 7,539,601 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (3,691,851 | ) | (4,715,628 | ) |

PROVISIONS FOR LIABILITIES | 17 | (1,663,314 | ) | (1,663,314 | ) |

NET ASSETS | 1,355,089 |  | 1,160,659 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 300 |  | 300 |  |

Share premium | 19 | 912,054 |  | 912,054 |  |

Retained earnings | 19 | 442,735 |  | 248,305 |  |

SHAREHOLDERS' FUNDS | 1,355,089 |  | 1,160,659 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 13 January 2026 and were signed on its behalf by:

J G Widdowson - Director

| Total Waste Management Limited (Registered number: 02415498) |

Statement of Changes in Equity

for the Year Ended 31 March 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 April 2023 | 300 |  | 227,043 |  | 912,054 |  | 1,139,397 |  |

Changes in equity

Profit for the year | - |  | 21,262 |  | - |  | 21,262 |  |

Total comprehensive income | - |  | 21,262 |  | - |  | 21,262 |  |

Total transactions with owners, recognised directly in equity | - |  | - |  | - |  | - |  |

Balance at 31 March 2024 | 300 |  | 248,305 |  | 912,054 |  | 1,160,659 |  |

Changes in equity

Profit for the year | - |  | 194,430 |  | - |  | 194,430 |  |

Total comprehensive income | - |  | 194,430 |  | - |  | 194,430 |  |

Total transactions with owners, recognised directly in equity | - |  | - |  | - |  | - |  |

Balance at 31 March 2025 | 300 |  | 442,735 |  | 912,054 |  | 1,355,089 |  |

| Total Waste Management Limited (Registered number: 02415498) |

Cash Flow Statement

for the Year Ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (652,029 | ) | 2,251,695 |  |

Interest paid | (239,279 | ) | (2,555 | ) |

Tax paid | - |  | (69,977 | ) |

Tax refund | 202,110 |  | 132,059 |  |

Net cash from operating activities | (689,198 | ) | 2,311,222 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (1,113,297 | ) | (1,966,733 | ) |

Purchase of fixed asset investments | - |  | (1,900,000 | ) |

Sale of tangible fixed assets | 463,631 |  | 386,905 |  |

Interest received | 56 |  | 1,931 |  |

Net cash from investing activities | (649,610 | ) | (3,477,897 | ) |

Cash flows from financing activities

Loan repayments in year | (466,667 | ) | (451,253 | ) |

Related party movements | 654,863 |  | 995,738 |  |

Capital repayments in year | (696,904 | ) | (1,433,079 | ) |

Amount introduced by directors | (228,265 | ) | 2,011,749 |  |

Amount withdrawn by directors | - |  | (182,681 | ) |

Interest Paid | - |  | (282,088 | ) |

Interest element of hire purchase paid | (156,700 | ) | (129,961 | ) |

Invoice discounting | 1,975,141 |  | - |  |

Net cash from financing activities | 1,081,468 |  | 528,425 |  |

Decrease in cash and cash equivalents | (257,340 | ) | (638,250 | ) |

Cash and cash equivalents at beginning of year | 2 | 463,977 |  | 1,102,227 |  |

Cash and cash equivalents at end of year | 2 | 206,637 |  | 463,977 |  |

| Total Waste Management Limited (Registered number: 02415498) |

Notes to the Cash Flow Statement

for the Year Ended 31 March 2025

1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit/(loss) before taxation | 194,430 |  | (3,134 | ) |

| Depreciation charges | 1,260,349 |  | 798,971 |  |

| Loss/(profit) on disposal of fixed assets | 28,248 |  | (100,520 | ) |

| Impairment loss | 389,767 |  | - |  |

| Finance costs | 395,979 |  | 414,604 |  |

| Finance income | (56 | ) | (16,184 | ) |

2,268,717 |  | 1,093,737 |  |

| Decrease/(increase) in stocks | 996,858 |  | (723,547 | ) |

| Increase in trade and other debtors | (590,970 | ) | (263,995 | ) |

| (Decrease)/increase in trade and other creditors | (3,326,634 | ) | 2,145,500 |  |

| Cash generated from operations | (652,029 | ) | 2,251,695 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 March 2025

| 31/3/25 |  | 1/4/24

£ | £ |

| Cash and cash equivalents | 226,814 |  | 463,977 |  |

| Bank overdrafts | (20,177 | ) | - |  |

206,637 |  | 463,977 |  |

| Year ended 31 March 2024

| 31/3/24 |  | 1/4/23

£ | £ |

| Cash and cash equivalents | 463,977 |  | 1,118,728 |  |

| Bank overdrafts | - |  | (16,501 | ) |

463,977 |  | 1,102,227 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1/4/24 | Cash flow | At 31/3/25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 463,977 |  | (237,163 | ) | 226,814 |  |

| Bank overdrafts | - |  | (20,177 | ) | (20,177 | ) |

463,977 |  | (257,340 | ) | 206,637 |  |

| Debt

| Finance leases | (2,282,166 | ) | 696,904 |  | (1,585,262 | ) |

| Debts falling due within 1 year | (200,000 | ) | (1,775,141 | ) | (1,975,141 | ) |

| Debts falling due after 1 year | (266,667 | ) | 266,667 |  | - |  |

(2,748,833 | ) | (811,570 | ) | (3,560,403 | ) |

| Total | (2,284,856 | ) | (1,068,910 | ) | (3,353,766 | ) |

| Total Waste Management Limited (Registered number: 02415498) |

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Total Waste Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

| Registered number: | 02415498

| Registered office: | Hovefields Avenue

| Burnt Mills Industrial Estate

| Basildon

| Essex

| SS13 1EB

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

| Preparation of consolidated financial statements

| The financial statements contain information about Total Waste Management Limited as an individual company and does not contain consolidated financial information as the parent of a group.This is due to the subsidiaries being immaterial to the group.

| Significant judgements and estimates

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

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

| The directors consider that there are no other significant judgements or estimates in the preparation of these financial statements.

| Turnover

| Turnover represents the total invoice value, excluding value added tax. Sales of scrap metal are recognised as turnover based on delivery date of goods.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of five years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Short leasehold | - | Straight line over life of lease

| Improvements to property | - | 20% on cost

| Plant and machinery | - | 25% on reducing balance and Straight line over 20 years

| Fixtures and fittings | - | 25% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Stocks

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

| Total Waste Management Limited (Registered number: 02415498) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

| Debtors & creditors

| Short term debtors are measured at transaction price, less any impairment. Short term creditors are measured at transaction price.

| Cash and cash equivalents

| Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

| Going concern

| The balance sheet at the end of the year recorded net current liabilities. However, the director believes that sufficient financial resources are available to the company to enable it to continue trading into the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

3. | TURNOVER

| The turnover and profit (2024 - loss) before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 33,300,691 |  | 53,585,237 |  |

| Europe | 197,631 |  | 865,605 |  |

| Rest of World | 7,993,675 |  | 6,885,084 |  |

41,491,997 |  | 61,335,926 |  |

| Total Waste Management Limited (Registered number: 02415498) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

4. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Other operating leases | 542,117 |  | 594,397 |  |

| Depreciation - owned assets | 703,784 |  | 570,313 |  |

| Depreciation - assets on hire purchase contracts | 176,566 |  | 228,657 |  |

| Loss/(profit) on disposal of fixed assets | 28,248 |  | (100,520 | ) |

| Goodwill amortisation | 380,000 |  | - |  |

| Auditors' remuneration | 32,000 |  | 32,000 |  |

| Foreign exchange differences | 43,909 |  | 6,069 |  |

| Hire of plant and machinery | 1,229,783 |  | 1,297,717 |  |

| Impairment Losses | 399,567 |  | - |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 2,140 |  | - |  |

| Bank loan interest | 213,876 |  | 266,084 |  |

| Loan interest | 23,263 |  | 18,559 |  |

| Hire purchase | 156,700 |  | 129,961 |  |

395,979 |  | 414,604 |  |

6. | TAXATION

| Analysis of the tax credit

| The tax credit on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Deferred tax | - |  | (24,396 | ) |

| Tax on profit/(loss) | - |  | (24,396 | ) |

| Reconciliation of total tax credit included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit/(loss) before tax | 194,430 |  | (3,134 | ) |

| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 48,608 |  | (784 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 111,747 |  | 39,988 |  |

| Income not taxable for tax purposes | (5,500 | ) | - |  |

| Capital allowances in excess of depreciation | - |  | (193,469 | ) |

| Depreciation in excess of capital allowances | 392,119 |  | - |  |

| Utilisation of tax losses | (546,974 | ) | 154,265 |  |

| Deferred tax | - |  | (24,396 | ) |

| Total tax credit | - |  | (24,396 | ) |

| .

| Total Waste Management Limited (Registered number: 02415498) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

7. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| Reclassification/transfer | 1,899,900 |  |

| At 31 March 2025 | 1,899,900 |  |

| AMORTISATION

| Amortisation for year | 380,000 |  |

| At 31 March 2025 | 380,000 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1,519,900 |  |

8. | TANGIBLE FIXED ASSETS

| Improvements |

| Short |  | to |  | Plant and

| leasehold |  | property |  | machinery

£ | £ | £ |

| COST

| At 1 April 2024 | 323,027 |  | 1,653,867 |  | 9,758,232 |  |

| Additions | - |  | 972,740 |  | 296,277 |  |

| Disposals | - |  | - |  | (840,884 | ) |

| At 31 March 2025 | 323,027 |  | 2,626,607 |  | 9,213,625 |  |

| DEPRECIATION

| At 1 April 2024 | 83,531 |  | 946,784 |  | 2,692,726 |  |

| Charge for year | 29,548 |  | 319,278 |  | 369,587 |  |

| Eliminated on disposal | - |  | - |  | (418,433 | ) |

| At 31 March 2025 | 113,079 |  | 1,266,062 |  | 2,643,880 |  |

| NET BOOK VALUE

| At 31 March 2025 | 209,948 |  | 1,360,545 |  | 6,569,745 |  |

| At 31 March 2024 | 239,496 |  | 707,083 |  | 7,065,506 |  |

| Total Waste Management Limited (Registered number: 02415498) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

8. | TANGIBLE FIXED ASSETS - continued

| Fixtures |

| and |  | Motor |

| fittings |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 434,152 |  | 1,077,365 |  | 13,246,643 |  |

| Additions | 25,875 |  | 90,535 |  | 1,385,427 |  |

| Disposals | - |  | (187,555 | ) | (1,028,439 | ) |

| At 31 March 2025 | 460,027 |  | 980,345 |  | 13,603,631 |  |

| DEPRECIATION

| At 1 April 2024 | 259,629 |  | 613,035 |  | 4,595,705 |  |

| Charge for year | 46,502 |  | 115,435 |  | 880,350 |  |

| Eliminated on disposal | - |  | (118,127 | ) | (536,560 | ) |

| At 31 March 2025 | 306,131 |  | 610,343 |  | 4,939,495 |  |

| NET BOOK VALUE

| At 31 March 2025 | 153,896 |  | 370,002 |  | 8,664,136 |  |

| At 31 March 2024 | 174,523 |  | 464,330 |  | 8,650,938 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Improvements |

| to |  | Plant and |  | Motor |

| property |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 April 2024 | 46,610 |  | 3,170,981 |  | 431,400 |  | 3,648,991 |  |

| Disposals | - |  | (470,000 | ) | - |  | (470,000 | ) |

| Transfer to ownership | - |  | - |  | (146,400 | ) | (146,400 | ) |

| At 31 March 2025 | 46,610 |  | 2,700,981 |  | 285,000 |  | 3,032,591 |  |

| DEPRECIATION

| At 1 April 2024 | 13,517 |  | 345,688 |  | 208,684 |  | 567,889 |  |

| Charge for year | 9,322 |  | 118,260 |  | 48,984 |  | 176,566 |  |

| Transfer to ownership | - |  | - |  | (119,620 | ) | (119,620 | ) |

| At 31 March 2025 | 22,839 |  | 463,948 |  | 138,048 |  | 624,835 |  |

| NET BOOK VALUE

| At 31 March 2025 | 23,771 |  | 2,237,033 |  | 146,952 |  | 2,407,756 |  |

| At 31 March 2024 | 33,093 |  | 2,825,293 |  | 222,716 |  | 3,081,102 |  |

| Total Waste Management Limited (Registered number: 02415498) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

9. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 April 2024 | 1,900,000 |  |

| Reclassification/transfer | (1,899,900 | ) |

| At 31 March 2025 | 100 |  |

| NET BOOK VALUE

| At 31 March 2025 | 100 |  |

| At 31 March 2024 | 1,900,000 |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| UK Waste Recycling Ltd

| Registered office: Hovefields Avenue, Basildon, Essex, England, SS13 1EB

| Nature of business: Treatment and disposal of non-hazardous waste

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| During the year, the trade and assets of UK Waste Recycling Ltd were hived up into the company. The subsidiary remains a wholly owned subsidiary of the Company, although it is now dormant.

10. | STOCKS

2025 | 2024 |

£ | £ |

| Raw materials | 1,587,007 |  | 2,583,865 |  |

11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 3,208,950 |  | 3,023,096 |  |

| Amounts owed by related parties | 143,276 |  | 128,488 |  |

| Other debtors | 31,108 |  | 32,796 |  |

| Tax | 34,425 |  | 236,534 |  |

| VAT | 134,678 |  | 29,537 |  |

| Prepayments and accrued income | 697,821 |  | 1,058,055 |  |

4,250,258 |  | 4,508,506 |  |

| The debts that were subject to invoice discounting at the year end amounted to £1,975,141 ( 2024:0).

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 14) | 20,177 |  | 200,000 |  |

| Other loans (see note 14) | 1,975,141 |  | - |  |

| Hire purchase contracts (see note 15) | 543,411 |  | 633,205 |  |

| Trade creditors | 4,043,329 |  | 8,569,401 |  |

| Amounts owed to related parties | 19,651 |  | - |  |

| Other creditors | 500,000 |  | 11,327 |  |

| Directors' loan accounts | 974,790 |  | 403,055 |  |

| Accruals and deferred income | 1,461,462 |  | 750,697 |  |

9,537,961 |  | 10,567,685 |  |

| Total Waste Management Limited (Registered number: 02415498) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans (see note 14) | - |  | 266,667 |  |

| Hire purchase contracts (see note 15) | 1,041,851 |  | 1,648,961 |  |

| Amounts owed to related parties | 2,650,000 |  | 2,000,000 |  |

| Directors' loan accounts | - |  | 800,000 |  |

3,691,851 |  | 4,715,628 |  |

14. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 20,177 |  | - |  |

| Bank loans | - |  | 200,000 |  |

| Invoice Discounting | 1,975,141 |  | - |  |

1,995,318 |  | 200,000 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | - |  | 266,667 |  |

15. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 543,411 |  | 633,205 |  |

| Between one and five years | 1,041,851 |  | 1,648,961 |  |

1,585,262 |  | 2,282,166 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 1,336,442 |  | 1,394,353 |  |

| Between one and five years | 2,954,935 |  | 3,832,182 |  |

| In more than five years | 2,960,361 |  | 3,417,036 |  |

7,251,738 |  | 8,643,571 |  |

| Total Waste Management Limited (Registered number: 02415498) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

16. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | - |  | 466,667 |  |

| Hire purchase contracts | 1,585,262 |  | 2,282,166 |  |

| Invoice discounting | 1,975,141 |  | - |  |

3,560,403 |  | 2,748,833 |  |

| Bank loans are secured by way of a debenture over all fixed assets of the company.

| Hire purchase contracts are secured over the fixed assets of the company, which are subject to hire purchase.

17. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 1,663,314 |  | 1,663,314 |  |

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 1,663,314 |  |

| Balance at 31 March 2025 | 1,663,314 |  |

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 300 | Ordinary | £1 | 300 |  | 300 |  |

19. | RESERVES

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 April 2024 | 248,305 |  | 912,054 |  | 1,160,359 |  |

| Profit for the year | 194,430 |  | 194,430 |  |

| At 31 March 2025 | 442,735 |  | 912,054 |  | 1,354,789 |  |

20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Amounts Advanced |  | 228,265 |  | 196,933 |  |

| Amounts Repaid |  | (- | ) | (2,011,749 | ) |

| Total Waste Management Limited (Registered number: 02415498) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

21. | ULTIMATE CONTROLLING PARTY

| The company is controlled by J Widdowson by virtue of The Gary Widdowson Family Settlement Trust 2004 holding 51% of the issued share capital in which he is a 50% beneficiary and also him holding another 39% personally.