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Registered number: 13270472 N&P Crayford MRF Limited Annual Report and Financial Statements For the year ended 30 September 2025
N&P Crayford MRF Limited Company Information
Directors | J Jennissen
| L Jennissen
Registered number | 13270472
Registered office | Century Wharf
| Crayford Creek
| Dartford
| Kent
| DA1 4QG
Independent auditor | Kreston Reeves Audit LLP
| Statutory Auditor
| 37 St Margaret's Street
| Canterbury
| Kent
| CT1 2TU
N&P Crayford MRF Limited Contents
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 5
Independent Auditors' Report | 6 - 9
Statement of Income and Retained Earnings | 10
Balance Sheet | 11
Notes to the Financial Statements | 12 - 27
N&P Crayford MRF Limited Strategic Report For the year ended 30 September 2025
Introduction
The Directors present their Strategic Report of N+P Crayford MRF Limited (the “Company”) for the year ended 30 September 2025.
Business review
N&P Crayford MRF Limited exhibited strong performance in 2025 and continued to provide excellent service to its customers. Going forward as part of N+P Group, the entity will be undertaking further investments to increase its processing capacity and exploring new opportunities for the business.
Principal risks and uncertainties
The Company is exposed to the following principal risks: Economic conditions: The waste recycling industry is sensitive to economic conditions. If the economy weakens, there could be a decrease in demand for recycled products, which could impact revenue. In addition Crayford primarily focus on sorting mixed recycling streams. However, the rise of source-segregated recycling could pose a long-term challenge to attracting materials. Despite this, given the current demand, the risk appears minimal. Changes in government regulations: The waste recycling industry is also subject to government regulations. If there are changes in government regulations, it could impact revenue, costs or our ability to operate. We constantly monitor these so we can proactively manage this risk and minimise impact. Competition: The waste recycling industry is competitive. If new competitors enter the market, it could impact our market share. Labour shortages: The waste recycling industry is facing labour shortages. If we are unable to attract and retain qualified employees, it could impact our operations. We address this by leveraging our strong relationships with agency workforces, and N+P has stayed aligned with inflationary increases in the labour market. Liquidity risk: The Company actively manages its cash resources to ensure it has sufficient funds to meet both its operational and capital expenditure requirements. Additionally the company and the group have committed financing arrangements in place, which serve to minimises financial risk. Credit risk: Credit risk is the risk of a counterparty defaulting on its contractual obligations resulting in financial loss to the Company. The Company continuously monitors customer balances and takes action when they exceed credit terms while also conducting credit checks on new customers.
Financial key performance indicators
The company utilises the following key performance indicators Gross Profit: This is a measure of the facilities operating performance. In the accounting period ended 30 September 2025 the Company achieved a gross profit margin of 46%, vs 49% for 2024. Earnings before interest, tax, depreciation and amortisation (EBITDA): In the accounting period ended 30 September 2025 the Company achieved an EBITDA of £13,679,503 vs £9,631,107 for 2024.
Other key performance indicators
In addition to the four key areas outlined above being economic conditions, changes in regulations, competition and the labour market, we will also track the following key performance indicator (KPI) to measure our progress: Recycling capacity: We track how many tonnes of materials we process through the plant each year, with a minimum target of 300,000 tonnes per calendar year. In the accounting period 2025 we achieved a run of 398,909 tonnes (2024 - 339,395 tonnes), which is significantly above this target. Page 1
N&P Crayford MRF Limited Strategic Report (continued) For the year ended 30 September 2025
Directors' statement of compliance with duty to promote the success of the Company
The UK Companies Act 2006 requires the directors to explain how they have considered the interests of key stakeholders and the broader matters set out in section 172(1) of the Companies Act when performing their duty to promote the success of the company. This section of the strategic report therefore comprises the director’s section 172(1) statement and its statement on engagement with supplier, customers and others. When making decisions each director ensures that they act in a way they consider, in good faith, would most likely promote the success of the company and the Group for the benefit of its members as a whole and in doing so the directors have regard to the: ∙Likely consequences of any decision in the long term: Given the company’s principal activities, the directors take a long-term approach to its decision making to ensure that the company is able to deliver its strategy of creating long term sustainable value for its stakeholder. The directors review the financial and operating performance (including dedicated attention to environment, health and safety performance). The Board also reviews key risks and opportunities in presentation, proposals and business cases. ∙The interest of the company employees: Empowering our people, collaborating with partners and working together as a diverse and inclusive team helps us adapt to a fast-changing world, while adding value to our enterprise. The directors recognise that is plant operators are fundamental to the delivery of its operations. The well being and safety of employees are of paramount importance. ∙The need to foster the company’s business relationship with suppliers, customers, regulators and others: Suppliers/customers: The main suppliers to the company are the waste providers. A high proportion of the suppliers are on medium to long term contracts. The customers are off takers of the recyclates and remaining unprocessed waste. The company works diligently to ensure a high level of service is delivered to and by our suppliers and customers. Regulators: The company has ongoing interaction with the environmental agency and ensures it complies with and fulfils all its obligations ∙The impact of the Company’s operations on the community and environment: The company’s primary value is ‘safety first’ which encompasses the view that a safe, healthy and risk aware workplace improves well-being of employees, customers and the local communities. The Company recovers by-products from recycled waste that would otherwise end up in landfill, supporting our transition to a more circular economy. The group ensures it is in compliance with environmental regulation. Going concern The directors do not consider any adjustment to the reported financial information to be required in relation to this and no post balance event as a result have been identified. The going concern basis of preparation is considered appropriate for the preparation of the financial statements as per page 12. This report was approved by the board and signed on its behalf.
L Jennissen Director
Date: 3 February 2026
Page 2
N&P Crayford MRF Limited Directors' Report For the year ended 30 September 2025 The Directors present their report and the financial statements for the year ended 30 September 2025.
Directors' responsibilities statement
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards 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's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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. 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 and other information included in Directors' Reports may differ from legislation in other jurisdictions.
Principal activity
The Company's principal activity is waste sorting and recycling services.
Results and dividends
The profit for the year, after taxation, amounted to £8,217,148 (2024 - £5,633,727). During the year the Company has paid dividends of £8,705,665 (2024 - £5,900,000). No further dividend is recommended by the directors (2024 - £NIL).
Directors
The Directors who served during the year were:
J Jennissen
L Jennissen
Future developments
In terms of future developments the company is actively exploring investment opportunities and operational improvements to increase the recycling yield of the plant. Page 3
N&P Crayford MRF Limited Directors' Report (continued) For the year ended 30 September 2025
Greenhouse gas emissions, energy consumption and energy efficiency action
The Company's greenhouse gas emissions and energy consumption are as follows:
|  |  |  | 2025 | 2024
Energy consumption used to calculate emissions - MWH | 4425 | 4189
Emissions resulting from the purchase of the electricity by the Company for its own use, including the purposes of transport (in tonnes of CO2 equivalent) | 783 | 868
We have used the GHG Protocol Corporate Accounting and Reporting Standard and emission factors from the UK Governments GHG Conversion factors for Company reporting 2025 to calculate the above disclosures. In 2025, the Company implemented significant initiatives to reduce greenhouse gas emissions. Starting April, we transitioned from diesel to Hydrotreated Vegetable Oil (HVO) across our operations, achieving up to 90% reduction in CO2 emissions compared to diesel, amounting to an estimated 2,000 tonnes of CO2 savings annually. Additionally, we switched to a local supplier for baling wire, eliminating the need to ship approximately 900 tonnes of steel from Spain to the UK each year, resulting in an estimated 37 tonnes of CO2 emissions reduction from transport. These measures reflect our continued commitment to sustainability and lowering our carbon footprint.
Matters covered in the Strategic Report
To comply with the Companies Act 2006 the Company provides in the Strategic Report, a review of the development and performance of the company during the year, including key performance indicators, consideration of the Company's financial instruments, engagement with employees, engagement with suppliers, customers and others, and a description of the principal risks and uncertainties facing the company.
Disclosure of information to auditors
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end. Page 4
N&P Crayford MRF Limited Directors' Report (continued) For the year ended 30 September 2025
Auditors
The audit registration of Kreston Reeves LLP was transferred to Kreston Reeves Audit LLP on 6 October 2025. Kreston Reeves Audit LLP were formally appointed as auditor to the company on 6 October 2025. Under section 487(2) of the Companies Act 2006, Kreston Reeves Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
L Jennissen Director
Date: 3 February 2026
Page 5
N&P Crayford MRF Limited Independent Auditors' Report to the Members of N&P Crayford MRF Limited
Opinion
We have audited the financial statements of N&P Crayford MRF Limited (the 'Company') for the year ended 30 September 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet 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, 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 the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 30 September 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 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 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 United Kingdom, including the Financial Reporting Council'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 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. 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 course of 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. Page 6
N&P Crayford MRF Limited Independent Auditors' Report to the Members of N&P Crayford MRF Limited (continued)
Opinion 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 the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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 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, or 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; 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 3, 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 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.
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 an Auditors' 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Capability of the audit in detecting irregularities, including fraud Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. Page 7
N&P Crayford MRF Limited Independent Auditors' Report to the Members of N&P Crayford MRF Limited (continued) We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journals to manipulate revenue recognition. Audit procedures performed by the engagement team included: ∙Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and ∙Assessment of identified fraud risk factors; and ∙Challenging assumptions and judgements made by management in its significant accounting estimates; and ∙Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and ∙Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and ∙Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors. ∙Conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Page 8
N&P Crayford MRF Limited Independent Auditors' Report to the Members of N&P Crayford MRF Limited (continued)
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 an Auditors' 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. Mark Attwood FCCA (Senior Statutory Auditor) for and on behalf of Kreston Reeves Audit LLP Statutory Auditor Canterbury 5 February 2026 Page 9
N&P Crayford MRF Limited Statement of Income and Retained Earnings For the year ended 30 September 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 68,368,968 | 59,544,062
Cost of sales |  | (36,875,223) | (30,617,451)
Gross profit |  | 31,493,745 | 28,926,611
Administrative expenses |  | (20,904,338) | (20,870,429)
Operating profit | 5 | 10,589,407 | 8,056,182
Gain on waiver of loans | 8 | - | 295
Interest receivable and similar income | 9 | 1,489,281 | 1,489,432
Interest payable and similar expenses | 10 | (1,091,612) | (1,909,061)
Profit before tax |  | 10,987,076 | 7,636,848
Tax on profit | 11 | (2,769,928) | (2,003,121)
Profit after tax |  | 8,217,148 | 5,633,727
Retained earnings at the beginning of the year |  | 12,034,320 | 12,300,593
Profit for the year |  | 8,217,148 | 5,633,727
Dividends declared and paid |  | (8,705,665) | (5,900,000)
Retained earnings at the end of the year |  | 11,545,803 | 12,034,320
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of income and retained earnings.
The notes on pages 12 to 27 form part of these financial statements.
Page 10
N&P Crayford MRF Limited Registered number: 13270472 Balance Sheet As at 30 September 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 9,693,723 |  | 7,593,490
Current assets |  |  |  |  |
Stocks | 14 | 1,477,146 |  | 1,277,409 |
Debtors: amounts falling due within one year | 15 | 36,647,921 |  | 31,548,393 |
Cash at bank and in hand | 16 | 1,985,979 |  | 3,085,536 |
|  | 40,111,046 |  | 35,911,338 |
Creditors: amounts falling due within one year | 17 | (25,176,954) |  | (14,984,552) |
Net current assets |  |  | 14,934,092 |  | 20,926,786
Total assets less current liabilities |  |  | 24,627,815 |  | 28,520,276
Creditors: amounts falling due after more than one year | 18 |  | (10,793,409) |  | (14,046,504)
Provisions for liabilities |  |  |  |  |
Deferred tax | 20 | (557,002) |  | (671,881) |
Other provisions | 21 | (490,323) |  | (526,293) |
|  |  | (1,047,325) |  | (1,198,174)
Net assets |  |  | 12,787,081 |  | 13,275,598
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 1 |  | 1
Other reserves | 23 |  | 1,241,277 |  | 1,241,277
Profit and loss account | 23 |  | 11,545,803 |  | 12,034,320
|  |  | 12,787,081 |  | 13,275,598
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
L Jennissen
Director
Date: 3 February 2026
The notes on pages 12 to 27 form part of these financial statements. Page 11
N&P Crayford MRF Limited Notes to the Financial Statements For the year ended 30 September 2025
1. | General information
N&P Crayford MRF Limited is a private company limited by shares and is incorporated in England with the registration number 13270472. The address of the registered office and principal place of business is Century Wharf, Crayford Creek, Dartford, Kent, DA1 4QG. The Company's principal activity is waste sorting and recycling services. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The financial statements are rounded to the nearest pound. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of N&P Beheer BV as at 30 September 2025 and these financial statements may be obtained from Berkstraat 28, 5854 GW Bergen, The Netherlands.
| 2.3 | Going concern
After making enquiries and considering the uncertainties, the directors have formed a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. Page 12
N&P Crayford MRF Limited Notes to the Financial Statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is pounds sterling. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 13
N&P Crayford MRF Limited Notes to the Financial Statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 14
N&P Crayford MRF Limited Notes to the Financial Statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 1 - 15 years
|  |  |  | Office equipment | - | 3 - 8 years
|  |  |  | Assets under construction | - | Not depreciated until brought into use
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 15
N&P Crayford MRF Limited Notes to the Financial Statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 2.14 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.15 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Page 16
N&P Crayford MRF Limited Notes to the Financial Statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 17
N&P Crayford MRF Limited Notes to the Financial Statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 2.16 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates. The following judgements have had the most significant impact on amounts recognised in the financial statements: Tangible fixed assets The company has recognised tangible fixed assets with a carrying value of £9,693,723 (2024 - £7,593,490) at the reporting date (see note 13). These assets are stated at their cost less provision for depreciation, residual value and impairment. During the prior year, the directors reviewed the residual values on plant and machinery based upon current market conditions. The company's accounting policy sets out the approach to calculating depreciation for immaterial assets acquired. For material assets such as land and buildings, the company determines at acquisition reliable estimates for the useful life of the asset, its residual value and decommissioning costs. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used. Where there are indicators that the carrying value of tangible assets may be impaired the company undertakes tests to determine the recoverable amount of assets. These tests require estimates of the fair value of assets less cost to sell and of their value in use. Wherever possible the estimate of the fair value of assets is based upon observable market prices less incremental cost for disposing of the asset. The value in use calculation is based upon a discounted cash flow model, based upon the company's forecasts for the foreseeable future which do not include any restructuring activities that the company is not yet committed to or significant future investments that will enhance the asset's performance. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as expected future cash flows and the growth rate used for extrapolation purposes. Dilapidation provision The company is obligated to bring a leased asset back to its original state of repair of the completion of the lease period. Management have therefore provided a dilapidation provision at their best estimate to recognise the company's obligation at the year end. Page 18
N&P Crayford MRF Limited Notes to the Financial Statements For the year ended 30 September 2025
4. | Turnover
The whole of the turnover is attributable to the processing of waste material. Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 59,185,294 | 54,829,093
| Rest of Europe | 9,133,484 | 168,700
| Rest of the world | 50,190 | 4,546,269
|  | 68,368,968 | 59,544,062
5. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 28,576 | (20,548)
| Other operating lease rentals | 1,554,214 | 2,648,602
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements | 20,070 | 17,500
| Fees payable to the Company's auditor and its associates in respect of: |  |
| Taxation compliance services | 2,850 | 2,750
| All non-audit services not included above | 2,000 | 3,000
Page 19
N&P Crayford MRF Limited Notes to the Financial Statements For the year ended 30 September 2025
7. | Employees
| Staff costs were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 7,917,459 | 7,449,162
| Social security costs | 895,633 | 755,020
| Cost of defined contribution scheme | 197,394 | 180,581
|  | 9,010,486 | 8,384,763
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Finance | 4 | 5
|  | Commercial | 8 | 11
|  | Operations | 127 | 127
|  |  | 139 | 143
8. | Gain on waiver of loans
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Gain on waiver of group loans | - | 295
| Loans between fellow group undertakings were waived in the prior period.
9. | Interest receivable and similar income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interest receivable from group companies | 1,464,757 | 1,489,432
| Fair Value Gain on Interest rate swap (see note 19) | 24,524 | -
|  | 1,489,281 | 1,489,432
Page 20
N&P Crayford MRF Limited Notes to the Financial Statements For the year ended 30 September 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 989,092 | 1,331,370
| Fair value loss on interest rate swap (see note 19) | - | 460,285
| Other loan interest payable | 102,520 | 117,406
|  | 1,091,612 | 1,909,061
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 2,884,807 | 2,075,413
| Adjustments in respect of previous periods | - | 5,027
| Total current tax | 2,884,807 | 2,080,440
| Deferred tax |  |
| Origination and reversal of timing differences | (114,879) | (77,319)
| Total deferred tax | (114,879) | (77,319)
| Tax on profit | 2,769,928 | 2,003,121
| Factors affecting tax charge for the year
| The tax assessed for the year differs from the amount computed by applying the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 10,987,076 | 7,636,848
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 2,746,769 | 1,909,212
| Effects of: |  |
| Expenses not deductible for tax purposes | 18,855 | 3,968
| Capital allowances for year in excess of depreciation | - | 82,342
| Adjustments to tax charge in respect of prior periods | (5,045) | 5,027
| Other differences leading to an increase (decrease) in the tax charge | 9,349 | 2,572
| Total tax charge for the year | 2,769,928 | 2,003,121
Page 21
N&P Crayford MRF Limited Notes to the Financial Statements For the year ended 30 September 2025 11.Taxation (continued)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividend paid on Ordinary share capital | 8,705,665 | 5,900,000
13. | Tangible fixed assets
|  | Plant and machinery | Office equipment | Assets under construction | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 October 2024 | 10,745,897 | 33,209 | 894,249 | 11,673,355
| Additions | 2,643,695 | 1,499 | 1,290,705 | 3,935,899
| Disposals | (546,198) | - | - | (546,198)
| Transfers between classes | 398,810 | - | (398,810) | -
| At 30 September 2025 | 13,242,204 | 34,708 | 1,786,144 | 15,063,056
| Depreciation |  |  |  |
| At 1 October 2024 | 4,059,538 | 20,327 | - | 4,079,865
| Charge for the year | 1,356,016 | 3,763 | - | 1,359,779
| Disposals | (70,311) | - | - | (70,311)
| At 30 September 2025 | 5,345,243 | 24,090 | - | 5,369,333
| Net book value |  |  |  |
| At 30 September 2025 | 7,896,961 | 10,618 | 1,786,144 | 9,693,723
| At 30 September 2024 | 6,686,359 | 12,882 | 894,249 | 7,593,490
Page 22
N&P Crayford MRF Limited Notes to the Financial Statements For the year ended 30 September 2025
14. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Materials stock | - | 112,128
| Spare parts | 1,477,146 | 1,165,281
|  | 1,477,146 | 1,277,409
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 5,385,048 | 5,042,860
| Amounts owed by group undertakings | 27,635,168 | 23,562,451
| Other debtors | 394,003 | 231,158
| Prepayments and accrued income | 3,233,702 | 2,711,924
|  | 36,647,921 | 31,548,393
| Amounts owed by group undertakings are interest bearing at 6% and includes accrued interest due. These amounts have no fixed date of repayment and are repayable on demand.
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,985,979 | 3,085,536
Page 23
N&P Crayford MRF Limited Notes to the Financial Statements For the year ended 30 September 2025
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 5,696,563 | 3,228,572
| Trade creditors | 5,122,165 | 3,058,280
| Amounts owed to group undertakings | 12,034,760 | 5,835,929
| Other taxation and social security | 458,822 | 1,014,059
| Other creditors | 35,008 | 34,856
| Accruals and deferred income | 1,829,636 | 1,812,856
|  | 25,176,954 | 14,984,552
| Included in amounts owed to group undertakings is £537,741 (2024 - £712,114) which is interest bearing at 6% and includes accrued interest due. These amounts have no fixed date of repayment and are repayable on demand. All other amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
18. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 10,728,572 | 13,957,143
| Derivative financial instruments (see note 19) | 64,837 | 89,361
|  | 10,793,409 | 14,046,504
| The bank loan shown within creditors is secured in favour of National Westminster Bank PLC by way of a debenture including fixed and floating charges against the property or undertaking of the company. The loan is repayable by December 2027.
19. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial liabilities |  |
| Derivative financial instruments measured at fair value through profit or loss | (64,837) | (89,361)
| Derivative financial instruments measured at fair value through profit or loss comprise an interest rate swap (floating to fixed) against the bank loan shown in notes 17 & 18. The swap is due to mature in December 2027.
Page 24
N&P Crayford MRF Limited Notes to the Financial Statements For the year ended 30 September 2025
20. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (671,881)
| Credited to profit or loss | 114,879
| At end of year | (557,002)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (565,039) | (679,420)
| Pension surplus | 8,037 | 7,539
|  | (557,002) | (671,881)
| Based on the continuing operations of the Company and the current rates of capital allowances on fixed asset expenditure, it is not expected that any significant part of the deferred taxation liability will reverse in 2026.
21. | Provisions
|  | Dilapidation provision
|  | £
| At 1 October 2024 | 526,293
| Charged to profit or loss | 321,333
| Utilised in year | (357,303)
| At 30 September 2025 | 490,323
| The dilapidation provision relates to the Company's obligation to restore an asset held under an operating lease asset back to its original state.
22. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2024 - 1) Ordinary share of £1.00 | 1 | 1
Page 25
N&P Crayford MRF Limited Notes to the Financial Statements For the year ended 30 September 2025
23. | Reserves
Other reserves This reserve comprises of a capital contribution provided by the group and is not distributable. Profit and loss account This reserve comprises of current period retained profits and is distributable.
24. | Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £197,394 (2024 - £180,581). Contributions totaling £32,147 (2024 - £32,971) were payable to the fund at the balance sheet date and are included in creditors.
25. | Commitments under operating leases
| At 30 September 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 2,831,827 | 1,333,945
| Later than 1 year and not later than 5 years | 6,625,112 | 3,397,934
| Later than 5 years | 10,314,028 | 6,819,167
|  | 19,770,967 | 11,551,046
26. | Related party transactions
| The company is exempt from disclosing related party transactions with other companies that are wholly owned within the group.
Page 26
N&P Crayford MRF Limited Notes to the Financial Statements For the year ended 30 September 2025
27. | Controlling party
The Company is a wholly owned subsidiary of N&P Crayford Holding Ltd, a company incorporated in England. The Company is part of the the N&P Group, the parent of which, is N&P Beheer BV. N&P Beheer BV is the smallest group for which consolidated financial statements are prepared. Copies of the consolidated financial statements are publicly available from the company's registered office at Berkstraat 28, 5854GW Bergen, The Netherlands. The N&P Group is majority owed by Mercuria Energy Group Limited, a limited liability company incorporated in Republic of Cyprus. Mercuria Energy Group Limited and its subsidiaries are referred to as the “Mercuria Group”. The consolidated financial statements of Mercuria Group, prepared in accordance with International Financial Report Standards as adopted by EU, are available to the public and can be found with the Cyprus Register of Commerce or can be obtained from 8 Simou Menardou Street, Ria Court 8, 3rd Floor Office 302, 6015 Lamaca, Cyprus. Mercuria Energy Group Limited is controlled by MDJ Partnership registered in Guernsey which is the ultimate controlling party.
Page 27