TOMRA COLLECTION LTD
11419784
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MHA
12 CARDEN PLACE
ABERDEEN
AB10 1UR
TOMRA COLLECTION LTD
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 10
TOMRA COLLECTION LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

TOMRA COLLECTION LTD
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
138,287
323,515
Current assets
Stocks
1,482,626
4,055,936
Debtors
6
1,918,027
5,433,596
Cash at bank and in hand
1,605,593
427,087
5,006,246
9,916,619
Creditors: amounts falling due within one year
7
(1,174,600)
(6,209,210)
Net current assets
3,831,646
3,707,409
Total assets less current liabilities
3,969,933
4,030,924
Provisions for liabilities
(3,678)
(49,893)
Net assets
3,966,255
3,981,031
Capital and reserves
Called up share capital
8
3,000,000
3,000,000
Profit and loss reserves
966,255
981,031
Total equity
3,966,255
3,981,031

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 2 April 2026 and are signed on its behalf by:
Leendert Molhoek
Director
Company registration number 11419784 (England and Wales)
TOMRA COLLECTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Tomra Collection Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 167-169 Great Portland Street, 5th Floor, London, England, W1W 5PF.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have performed an assessment of going concern, giving due consideration to the Company’s historical and current income. In line with group policy, companies in new markets are supported through recharging costs for initial market development periods to the parent company. This approach supported the company in previous years and that agreement has now been superseded by a transfer pricing agreement that ensures the UK company will generate a profit on an ongoing basis. This will allow the company to trade profitably until 2027 when the Deposit Return Scheme will be implemented in the United Kingdom.true

1.3
Revenue

Turnover in the comparative year primarily represent ed a charge to fellow members of the Tomra Systems ASA group for market development services provided in respect of the United Kingdom market. Costs were incurred are recharged on a cost-plus basis.

Turnover is also generated from:

- T he rendering of ad-hoc services to external customers. Ad-hoc service turnover is recognised at point in time upon completion of services.

- T he sale of parts to another group company in the year. Turnover from the sale of parts is recognised upon dispatch.

- R ental of machines to external customers, freight and delivery costs are recognised on installation of machines at the customer site and rental income is recognised in line with the rental period agreed with the customer.

- T he sale of machines to external customers. Turnover from the sale of machines is r ecognised upon installation at the customers location.

Turnover is recognised at the fair value of the consideration received, excluding trade discounts, rebates, VAT and other sales taxes or duty.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% - 25% Straight line
Fixtures and fittings
15% - 25% Straight line
TOMRA COLLECTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

TOMRA COLLECTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

TOMRA COLLECTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Judgements and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements:

- Determine whether there are indicators of impairment of the Company's tangible assets. Factors taken into consideration in reaching such a decision include economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Other key sources of estimation uncertainty:

- Tangible fixed assets (see note 5)

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

TOMRA COLLECTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
7
24
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
46,208
120,223
Adjustments in respect of prior periods
7,477
-
0
Total current tax
53,685
120,223
Deferred tax
Origination and reversal of timing differences
(46,215)
(18,277)
Total tax charge
7,470
101,946

TOMRA Collection Limited is part of a group that operates in a number of jurisdictions. The effective tax rate of TOMRA Collection Limited for the financial year 202 4 was 2 5% (202 3: 23.5%).

For periods commencing on or after 1 January 2024, new tax legislation will apply to ensure the effective tax rate of the UK companies within the group will be at least 15%, subject to various complex calculations. This is in line with the minimum taxation rules announced by the G7 and progressed by the OECD Inclusive Framework on Base Erosion and Profit Shifting. These rules have been implemented in the UK via the Domestic Top Up Tax legislation during the year.

Historically TOMRA Collection Limited’s effective rate has been above 15% and the company has assessed its future exposure to Domestic Top Up Tax to be immaterial based on the group structure at the reporting date. The company has not identified any material deferred tax assets or liabilities to be recognised in relation to the OECD pillar two income taxes.

TOMRA COLLECTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024
825,633
50,548
876,181
Disposals
(227,255)
-
0
(227,255)
At 31 December 2024
598,378
50,548
648,926
Depreciation and impairment
At 1 January 2024
518,456
34,210
552,666
Depreciation charged in the year
92,340
3,449
95,789
Eliminated in respect of disposals
(137,816)
-
0
(137,816)
At 31 December 2024
472,980
37,659
510,639
Carrying amount
At 31 December 2024
125,398
12,889
138,287
At 31 December 2023
307,177
16,338
323,515
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
239,405
229,444
Amounts owed by group undertakings
1,531,334
5,115,349
Other debtors
147,288
88,803
1,918,027
5,433,596
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
257,386
4,727,597
Trade creditors
47,317
40,969
Amounts owed to group undertakings
127,551
-
0
Corporation tax
160,733
107,048
Other creditors
581,613
1,333,596
1,174,600
6,209,210
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
1,000,000
1,000,000
3,000,000
3,000,000
TOMRA COLLECTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is qualified and includes the following:

Qualified opinion

In our opinion, except for the effects of the matter described in the b asis for q ualified o pinion section of our report, the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

The financial statements of the Company for the year ended 31 December 2023 were qualified due to our inability to obtain sufficient appropriate audit evidence regarding the quantities of inventory and tangible fixed assets held at that date. Specifically, we were unable to obtain sufficient appropriate audit evidence over inventory quantities through attendance at the stock count or alternative procedures, including management’s roll-back procedures, and we were unable to physically verify tangible fixed assets at 31 December 2023 due to insufficient identification details on the fixed asset register.

Consequently, we were unable to determine whether any adjustment to inventory and tangible fixed assets at 31 December 2023 was necessary, or whether there was any consequential effect on cost of sales and depreciation for the year then ended.

Since opening inventory and tangible fixed assets as at 1 January 2024 form part of the determination of cost of sales and depreciation for the year ended 31 December 2024, we have been unable to determine whether any adjustment might have been necessary in respect of the loss for the year ended 31 December 2024. Our audit opinion on the financial statements for the year ended 31 December 2024 is modified accordingly. Our opinion on the current period’s financial statements is also modified because of the possible effect of this matter on the comparability of the current period’s figures and the corresponding figures.

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

Senior Statutory Auditor:
Stuart MacPherson ACCA
Statutory Auditor:
MHA
Date of audit report:
2 April 2026
10
Related party transactions

The parent company has taken advantage of the exemption conferred by FRS 102 section 33.1A not to disclose transactions with other wholly owned members of the group. There have been no other related party transactions (202 3 - £Nil).

TOMRA COLLECTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
11
Parent company

The Company's immediate parent undertaking is Tomra Europe AS, a company incorporated in Norway.

Tomra Europe AS is a direct subsidiary of Tomra Systems ASA, a company incorporated in Norway. Tomra Systems ASA is the Company's ultimate parent entity. The registered office of Tomra Systems ASA is Drengsrudhagen 2, P.O. Box 278, N-1371 Asker, Norway.

The smallest group for which financial statements are drawn up which incorporate the results of the Company is that headed by Tomra Systems ASA. The consolidated financial statements are available via www.tomra.com/investor-relations.

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