Caseware UK (AP4) 2023.0.135 2023.0.135 Paraic Griffin John Birmingham The financial statements are presented in Sterling (£). The Company's functional and presentational currency is GBP.The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the financial year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements: The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the financial year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements: Providing for doubtful debts The Company makes an estimate of the recoverable value of trade and other debtors. The Company uses estimates based on historical experience in determining the level of debts, which the Company believes will not be collected. These estimates include such factors as the current credit rating of the debtor, the ageing profile of debtors and historical experience. Any significant reduction in the level of customers that default on payments or other significant improvements that resulted in a reduction in the level of bad debt provision would have a positive impact on the operating results. The level of provision required is reviewed on an on-going basis. Contract accounting: Revenue recognition The Company assesses contract progress and determines the proportion of contract work completed at the balance sheet date in relation to the total contract works. This policy requires forecast to be made on the projected outcomes of projects. These forecasts require assessments and judgments to be made on matters including changes in work scope, changes in costs and cost to completion. Determining net realisable value of stocks Management estimates the net realisable values of stocks, taking into account the most reliable evidence available at each reporting date. The future realisation of these stocks may be affected by market-driven changes that may reduce future selling prices.The auditor's report on the financial statements for the financial year ended 30 June 2025 was unqualified. We have audited the financial statements of Turmec Limited, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity for the financial year ended 30 June 2025, and the related 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, Turmec Limited's financial statements: give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 30 June 2025 and of its financial performance for the financial year then ended; and have been prepared in accordance with the requirements of the Companies Act 2006.true false 2024-07-01 5 false 5 true 11718425 2024-07-01 2025-06-30 11718425 2023-07-01 2024-06-30 11718425 2025-06-30 11718425 2024-06-30 11718425 2023-07-01 11718425 1 2024-07-01 2025-06-30 11718425 d:CompanySecretary1 2024-07-01 2025-06-30 11718425 d:Director1 2024-07-01 2025-06-30 11718425 d:Director2 2024-07-01 2025-06-30 11718425 d:Director3 2024-07-01 2025-06-30 11718425 d:Director3 2025-06-30 11718425 d:Director4 2024-07-01 2025-06-30 11718425 d:RegisteredOffice 2024-07-01 2025-06-30 11718425 d:Agent1 2024-07-01 2025-06-30 11718425 c:PlantMachinery 2025-06-30 11718425 c:PlantMachinery 2024-06-30 11718425 c:PlantMachinery c:OwnedOrFreeholdAssets 2024-07-01 2025-06-30 11718425 c:CurrentFinancialInstruments 2025-06-30 11718425 c:CurrentFinancialInstruments 2024-06-30 11718425 c:ReportableOperatingSegment1 2024-07-01 2025-06-30 11718425 c:ReportableOperatingSegment1 2023-07-01 2024-06-30 11718425 c:UKTax 2024-07-01 2025-06-30 11718425 c:UKTax 2023-07-01 2024-06-30 11718425 c:ShareCapital 2025-06-30 11718425 c:ShareCapital 2024-06-30 11718425 c:ShareCapital 2023-07-01 11718425 c:RetainedEarningsAccumulatedLosses 2024-07-01 2025-06-30 11718425 c:RetainedEarningsAccumulatedLosses 2025-06-30 11718425 c:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 11718425 c:RetainedEarningsAccumulatedLosses 2024-06-30 11718425 c:RetainedEarningsAccumulatedLosses 2023-07-01 11718425 d:OrdinaryShareClass1 2024-07-01 2025-06-30 11718425 d:OrdinaryShareClass1 2023-07-01 2024-06-30 11718425 d:OrdinaryShareClass1 2025-06-30 11718425 d:OrdinaryShareClass1 2024-06-30 11718425 d:FRS102 2024-07-01 2025-06-30 11718425 d:Audited 2024-07-01 2025-06-30 11718425 d:FullAccounts 2024-07-01 2025-06-30 11718425 d:PrivateLimitedCompanyLtd 2024-07-01 2025-06-30 11718425 e:PoundSterling 2024-07-01 2025-06-30 iso4217:GBP xbrli:shares xbrli:pure

Financial Statements Turmec Limited For the financial year ended 30 June 2025 Registered number: 11718425
Turmec Limited
Company Information
Directors | Geoffrey Bailey
| John Connor
| Paraic Griffin (resigned 20 December 2024)
| Robert Thornton
Company secretary | Paraic Griffin (resigned 20 December 2024)
| John Birmingham (appointed 20 December 2024)
Registered number | 11718425
Registered office | 30 Old Bailey
| London
| United Kingdom
| EC4M 7AU
Independent auditor | Grant Thornton
| Chartered Accountants & Statutory Auditors
| 13-18 City Quay
| Dublin 2
| Ireland
Solicitors | Holmes
| Suite 1
| Ely Place
| Dublin 2
| Ireland
Turmec Limited
Contents
| Page
Directors' Report | 1 - 2
Directors' Responsibilities Statement | 3
Independent Auditor's Report | 4 - 7
Statement of Comprehensive Income | 8
Statement of Financial Position | 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11 - 21
Turmec Limited
Directors' Report For the financial year ended 30 June 2025 The Board of Directors (the "Directors") present their report and the financial statements for the financial year ended 30 June 2025.
Principal activity
The principal activities of Turmec Limited (the "Company") consist of the design, manufacture and installation of recycling plants and equipment for the waste industry. The business specialises in the end-to-end design and build of complex waste separation and processing systems which are critical for large, efficient waste processing and recycling plants. As part of group re organisation during the financial year, Turmec Teoranta, a group undertaking, acquired the shares of the Company. There is no change to the ultimate controlling party arising from this event.
Results and dividends
The profit for the financial year, after taxation, amounted to £30,766 (2024 - £31,357). The Directors do not recommend the payment of a dividend during the financial year (2024: £Nil).
Directors
The Directors who served during the financial year and their interests in the Company's issued share capital were:
| Ordinary shares of £1 each
| 30/6/25 | 1/7/24 |
Geoffrey Bailey | - | - |
John Connor | - | - |
Paraic Griffin (resigned 20 December 2024) | - | - |
Robert Thornton | - | - |
No director held any interest in the Company during the financial year. John Connor and Robert Thornton each held 50 A Ordinary shares of Reachdale Limited. Geoffrey Bailey held 60 A Ordinary shares of Reachdale Limited, the Company's ultimate parent.
Transfer pricing policy
The Group implemented transfer pricing arrangements, resulting in the recognition of Sales, Distribution, and the Design fees within Cost of Sales.
Going concern
The Directors have considered the applicability of the going concern basis in the preparation of these financial statements. While an accumulated losses position exists at the balance sheet date, the Directors are satisfied with the performance trajectory of the Company. During the financial year, the Company has achieved a positive trading result. The Directors expect the improved trading trajectory to continue and, having assessed all factors and prepared detailed financial projections, consider it appropriate to prepare the financial statements on a going concern basis. Page 1
Turmec Limited
Directors' Report (continued) For the financial year ended 30 June 2025
Disclosure of information to auditor
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 auditor is 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 auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditor
The auditor, Grant Thornton, has expressed their willingness to continue in office in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Geoffrey Bailey Director | John Connor Director
Date: 10 February 2026 |
Page 2
Turmec Limited
Directors' Responsibilities Statement For the financial year ended 30 June 2025 The Directors are responsible for preparing 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 judgments and accounting estimates that are reasonable and prudent; and ∙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.
Geoffrey Bailey | John Connor
Director | Director
Date: 10/02/2026 Page 3
Independent Auditor's Report to the Members of Turmec Limited
Opinion
We have audited the financial statements of Turmec Limited, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity for the financial year ended 30 June 2025, and the related 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, Turmec Limited's financial statements: ∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 30 June 2025 and of its financial performance for the financial year then ended; 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 'Responsibilities of the auditor 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, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 the date 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. Page 4
Independent Auditor's Report to the Members of Turmec Limited (continued)
Other information
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's Report thereon, including the Directors' Report. The Directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and ∙the Directors' Report has 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 we have obtained in the course of the audit, we have not identified material misstatements in 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; or ∙the Directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Directors' Report. Page 5
Independent Auditor's Report to the Members of Turmec Limited (continued)
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes their 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. A further description of an auditor's 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 auditor's report. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations, and 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 Companies Act 2006 and UK tax legislation. 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 journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statement. Page 6
Independent Auditor's Report to the Members of Turmec Limited (continued) Responsibilities of the auditor for the audit of the financial statements (continued) Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued) In response to these principal risks, our audit procedures included but were not limited to: ∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; ∙inspection of the Company’s regulatory and legal correspondence and review of minutes of parent company's directors’ meetings during the year to corroborate inquiries made; ∙gaining an understanding of the internal controls established to mitigate risk related to fraud; ∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; ∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; ∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; ∙challenging assumptions and judgements made by management in their significant accounting estimates, including impairment assessment of trade debtors, warranty provision and determining the net realizable value of stocks; and ∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Dan Holland (Senior statutory auditor) for and on behalf of Grant Thornton Chartered Accountants & Statutory Auditors 13-18 City Quay Dublin 2 Date: 10 February 2026 Page 7
Turmec Limited
Statement of Comprehensive Income For the financial year ended 30 June 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 2,842,250 | 4,858,772
Cost of sales |  | (2,403,016) | (3,872,594)
Gross profit |  | 439,234 | 986,178
Administrative expenses |  | (408,468) | (954,821)
Operating profit | 5 | 30,766 | 31,357
Tax on profit | 7 | - | -
Profit for the financial year |  | 30,766 | 31,357
All amounts relate to continuing operations. There was no other comprehensive income for 2025 (2024: £NIL).
The notes on pages 11 to 21 form part of these financial statements.
Page 8
Turmec Limited Registered number:11718425
Statement of Financial Position As at 30 June 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 8 |  | 3,617 |  | 3,905
|  |  | 3,617 |  | 3,905
Current assets |  |  |  |  |
Stocks | 9 | 75,129 |  | 95,791 |
Debtors: amounts falling due within one year | 10 | 5,436,714 |  | 2,017,868 |
Cash at bank and in hand | 11 | 1,961,377 |  | 5,980 |
|  | 7,473,220 |  | 2,119,639 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 12 | (7,074,526) |  | (1,751,999) |
Net current assets |  |  | 398,694 |  | 367,640
Total assets less current liabilities |  |  | 402,311 |  | 371,545
Net assets |  |  | 402,311 |  | 371,545
Capital and reserves |  |  |  |  |
Called up share capital | 13 |  | 500,100 |  | 500,100
Profit and loss account | 14 |  | (97,789) |  | (128,555)
Shareholder's funds |  |  | 402,311 |  | 371,545
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Geoffrey Bailey | John Connor
Director | Director
Date: 10 February 2026 |
The notes on pages 11 to 21 form part of these financial statements. Page 9
Turmec Limited
Statement of Changes in Equity For the financial year ended 30 June 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 July 2024 | 500,100 | (128,555) | 371,545
Comprehensive income for the financial year |  |  |
Profit for the financial year | - | 30,766 | 30,766
At 30 June 2025 | 500,100 | (97,789) | 402,311
Statement of Changes in Equity For the financial year ended 30 June 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 July 2023 | 500,100 | (159,912) | 340,188
Comprehensive income for the financial year |  |  |
Profit for the financial year | - | 31,357 | 31,357
At 30 June 2024 | 500,100 | (128,555) | 371,545
| The notes on pages 11 to 21 form part of these financial statements.
Page 10
Turmec Limited
Notes to the Financial Statements For the financial year ended 30 June 2025
1. | General information
Turmec Limited (the "Company") is a private company limited by shares, incorporated and registered in the United Kingdom (Registered number 11718425). The Company's registered office is 30 Old Bailey, London, United Kingdom, EC4M 7AU. The principal activities of the Company consist of the design, manufacture and installation of recycling plants and equipment for the waste industry. The business specialises in the end-to-end design and build of complex waste separation and processing systems which are critical for large, efficient waste processing and recycling plants. As part of group re organisation during the financial year, Turmec Teoranta, a group undertaking, acquired the shares of the Company. There is no change to the ultimate controlling party arising from this event. 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 disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The financial statements are presented in Sterling (£). The following principal accounting policies have been applied:
| 2.2 | Going concern
The Directors have considered the applicability of the going concern basis in the preparation of these financial statements. While an accumulated losses position exists at the balance sheet date, the Directors are satisfied with the performance trajectory of the Company. During the financial year, the Company has achieved a positive trading result. The Directors expect the improved trading trajectory to continue and, having assessed all factors and prepared detailed financial projections, consider it appropriate to prepare the financial statements on a going concern basis.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. Page 11
Turmec Limited
Notes to the Financial Statements For the financial year ended 30 June 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation (continued)
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. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | 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 12
Turmec Limited
Notes to the Financial Statements For the financial year ended 30 June 2025 2.Accounting policies (continued)
| 2.4 | Revenue (continued)
In calculating the revenue, the percentage of completion method is used based on a review of contract progress, costs incurred, the proportion of the contract work completed in relation to the total contract works and the proportion of the costs incurred in relation to the total projected costs. Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in profit or loss in the period in which the circumstances that give rise to the revision become known by management. Full provision is made by the Company for all known or anticipated losses on each contract immediately such losses are identified. Variations in contract work, claims and incentive payments are included in the contract revenue to the extent that they have been agreed with the customer, or upon successful completion of the underlying performance tests, and are capable of being reliably measured. Accrued income is earnings from providing a goods or service, where invoice has yet to be issued to the customer. Due to this, accrued revenue is recorded as a receivable owed by the customer for the business transaction. Deferred income pertains to revenue that has not been earned and represents products or services that are owed to a customer. As the product or service is delivered over time, revenue is recognised on the income statement based on the equivalent amount of work completed.
| 2.5 | Current and deferred taxation
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 reporting date in the countries where the Company operates and generates income. Page 13
Turmec Limited
Notes to the Financial Statements For the financial year ended 30 June 2025 2.Accounting policies (continued)
| 2.5 | Current and deferred taxation (continued)
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.6 | 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 reporting 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.
| 2.7 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.8 | 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.
| 2.9 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.10 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Page 14
Turmec Limited
Notes to the Financial Statements For the financial year ended 30 June 2025 2.Accounting policies (continued)
| 2.10 | Financial instruments (continued)
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right shortterm loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. As at 30 June 2025 and 30 June 2024, there are no financial instruments which are subsequently remeasured at fair value, except for cash and bank balances. The Directors believe that the reported carrying amounts of all financial instruments are a reasonable approximation of their fair values.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the financial year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements: Providing for doubtful debts The Company makes an estimate of the recoverable value of trade and other debtors. The Company uses estimates based on historical experience in determining the level of debts, which the Company believes will not be collected. These estimates include such factors as the current credit rating of the debtor, the ageing profile of debtors and historical experience. Any significant reduction in the level of customers that default on payments or other significant improvements that resulted in a reduction in the level of bad debt provision would have a positive impact on the operating results. The level of provision required is reviewed on an on-going basis. Page 15
Turmec Limited
Notes to the Financial Statements For the financial year ended 30 June 2025 3.Judgments in applying accounting policies and key sources of estimation uncertainty (continued) Contract accounting: Revenue recognition The Company assesses contract progress and determines the proportion of contract work completed at the balance sheet date in relation to the total contract works. This policy requires forecast to be made on the projected outcomes of projects. These forecasts require assessments and judgments to be made on matters including changes in work scope, changes in costs and cost to completion. Determining net realisable value of stocks Management estimates the net realisable values of stocks, taking into account the most reliable evidence available at each reporting date. The future realisation of these stocks may be affected by market-driven changes that may reduce future selling prices.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Design, manufacture, installation and maintenance of recycling plants | 2,842,250 | 4,858,772
| Turnover represents the amounts derived from the provision of services which fall within the Company’s ordinary activities, stated net of value added tax, rebates and trade discounts. In line with Companies Act, the directors have chosen not to disclose segmental information of turnover by business class or geographical market.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Operating lease expenses | 1,250 | 6,500
| Exchange differences | (2,326) | 145
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Turmec Limited
Notes to the Financial Statements For the financial year ended 30 June 2025
6. | Employees
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 282,672 | 312,673
| Social security costs | 36,202 | 34,134
|  | 318,874 | 346,807
| The average monthly number of employees, including the Directors who did not receive any remunerations, during the financial year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administration | 5 | 5
7. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Current tax on profits for the year | - | -
| Tax on profit | - | -
| Factors affecting tax charge for the financial year
| The tax assessed for the financial year is the same as (2024 - lower than) the standard rate of corporation tax in the UK of 19% (2024 -19%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 30,766 | 31,357
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2024 - 19%) | 5,846 | 5,958
| Effects of: |  |
| (Income)/expenses not deductible for tax purposes | (7,497) | 8,972
| Capital allowances for financial year in excess of depreciation | 125 | (704)
| Additional/(Utilisation) of carried forward tax losses | 1,526 | (14,226)
| Total tax charge for the financial year | - | -
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Turmec Limited
Notes to the Financial Statements For the financial year ended 30 June 2025 7.Taxation (continued)
| Factors that may affect future tax charges
A deferred tax asset of £11,924 (2024: £10,398) arising from tax losses carried forward has not been recognised and may affect future tax charges.
8. | Tangible fixed assets
|  | Plant and machinery
|  | £
| Cost or valuation |
| At 1 July 2024 | 4,273
| At 30 June 2025 | 4,273
| Depreciation |
| At 1 July 2024 | 368
| Charge for the financial year on owned assets | 288
| At 30 June 2025 | 656
| Net book value |
| At 30 June 2025 | 3,617
| At 30 June 2024 | 3,905
9. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 75,129 | 95,791
| The directors are of the opinion that the realisable value of the stock is not less than the carrying amount.
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Turmec Limited
Notes to the Financial Statements For the financial year ended 30 June 2025
10. | Debtors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,630,735 | 916,036
| Amounts owed by group undertakings | 3,259,992 | 1,099,038
| Prepayments | 1,955 | 2,794
| Accrued income | 544,032 | -
|  | 5,436,714 | 2,017,868
| Trade debtors are receivables at various dates and collectible over the coming months in accordance with the customers credit terms. Provision for bad debt of £609,154 (2024: £624,099) is recognised against trade debtors. A bad debts recovery of £(8,307) (2024: Bad debts expense £511,218) was recognised through profit or loss. Amount owed by group undertakings are unsecured, non-interest bearing, and repayable on demand.
11. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,961,377 | 5,980
12. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 483,887 | 354,036
| Amounts owed to group undertakings | 122,873 | 122,872
| Other taxation and social security | 539,145 | 265,512
| Other creditors | 855 | -
| Accruals | 183,833 | 182,255
| Deferred income | 5,743,933 | 827,324
|  | 7,074,526 | 1,751,999
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Turmec Limited
Notes to the Financial Statements For the financial year ended 30 June 2025 12.Creditors: Amounts falling due within one year (continued)
| Trade creditors are payable at various dates over the coming months in accordance with the suppliers’ usual and customary credit terms. Taxation and social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other taxation and social security |  |
| VAT | 500,186 | 232,194
| PAYE/NI HMRC | 38,959 | 33,318
|  | 539,145 | 265,512
13. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Authorised, allotted, called up and fully paid |  |
|  | 500,100 (2024 - 500,100) Ordinary shares of £1.00 each | 500,100 | 500,100
14. | Reserves
Profit and loss account Includes all current and prior period retained profits and losses.
15. | Related party transactions
| The Company has availed of the exemptions under FRS102 Section 33.1A Related Party Disclosures not to disclose transactions with fellow wholly owned group companies.
16. | Post balance sheet events
There have been no significant events affecting the Company since the year end date. Page 20
Turmec Limited
Notes to the Financial Statements For the financial year ended 30 June 2025
17. | Controlling party
The Company's immediate parent company is Turmec Teoranta, a company incorporated in the Republic of Ireland. The Company's ultimate parent company is Reachdale Limited, a company incorporated in the Republic of Ireland. Causeway Capital Partners ILP is the majority shareholder of Reachdale Limited and the ultimate controlling party is Causeway CGPLimited as general partner to Causeway Capital Partners ILP. The Company's financial statements are consolidated into the results of Reachdale Limited as the smallest and largest group company to prepare consolidated accounts. The consolidated accounts are publicly available at the Companies Registration office.
18. | Auditor's information
The auditor's report on the financial statements for the financial year ended 30 June 2025 was unqualified. The audit report was signed on 10 February 2026 by Dan Holland (Senior Statutory Auditor) on behalf of Grant Thornton.
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