ACCOUNTS - Final Accounts preparation

Company Registration Number 05036463

	BORDERS RECYCLING LIMITED

	FINANCIAL STATEMENTS

	31 DECEMBER 2025

BORDERS RECYCLING LIMITED

REGISTERED NUMBER: 05036463

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	4		2,993		13,179
			2,993		13,179
Current assets
Debtors: amounts falling due within one year	5	484,634		820,841
Cash at bank and in hand	6	764,201		449,278
		1,248,835		1,270,119
Creditors: amounts falling due within one year	7	(352,316)		(414,316)
Net current assets			896,519		855,803
Total assets less current liabilities			899,512		868,982

Net assets			899,512		868,982

Capital and reserves
Called up share capital	1	1
Profit and loss account	899,511	868,981
	899,512	868,982

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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mrs L Dobson

Director

Date: 3 March 2026

The notes on pages 2 to 6 form part of these financial statements.

Page 1

BORDERS RECYCLING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Borders Recycling Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 2, Beaufront Park, Anick Road, Hexham, Northumberland, NE46 4TU.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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 following principal accounting policies have been applied:

2.2

Going concern

The Director has a reasonable expectation that the company has adequate resources to continue in operation for at least twelve months from the date of this report. Accordingly, the Company continues to adopt the going concern basis in preparing its financial statements.

2.3

Foreign Exchange

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.

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 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'.

Page 2

BORDERS RECYCLING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

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.

2.5

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.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

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.

Page 3

BORDERS RECYCLING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.8

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 balance sheet date in the countries where the Company operates and generates income.

2.9

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Motor vehicles	-	25%
				Fixtures and fittings	-	20%

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.

2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.11

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.

2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including directors, during the year was 4 (2024 - 4).

Page 4

BORDERS RECYCLING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

4.	Tangible fixed assets

	Motor vehicles	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 January 2025	28,719	4,478	33,197
Additions	-	3,576	3,576
Disposals	(28,719)	-	(28,719)
At 31 December 2025	-	8,054	8,054
Depreciation
At 1 January 2025	15,597	4,421	20,018
Charge for the year on owned assets	2,460	640	3,100
Disposals	(18,057)	-	(18,057)
At 31 December 2025	-	5,061	5,061
Net book value
At 31 December 2025	-	2,993	2,993
At 31 December 2024	13,122	57	13,179

Debtors

					2025	2024
					£	£


Trade debtors	460,757	788,400
Amounts owed by group undertakings	16,785	18,039
Corporation tax	5,457	10,992
Prepayments and accrued income	1,635	3,410
	484,634	820,841

6.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	764,201	449,278
	764,201	449,278

Page 5

BORDERS RECYCLING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

7.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	185,504	231,424
Amounts owed to group undertakings	-	12,500
Other taxation and social security	44,307	54,885
Other creditors	2,329	1,421
Accruals and deferred income	120,176	114,086
	352,316	414,316

8.	Pension commitments

The Company operates a defined contributions 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 £17,661 (2024: £17,051). Contributions totalling £1,671 (2024: £1,421) were payable at the balance sheet date.

Related party transactions

The company is a wholly owned subsidiary and therefore, has taken advantage of the Section 33 Related Party Disclosures exemption. As a result, no disclosures of transactions entered into with other wholly owned members of the group will not be disclosed.

During the year, a director purchased a vehicle from the company at a cost of £10,662. There were no related party transactions with the director in the prior year to disclose.

10.	Parent company

The parent company is Reukema Paper Group BV and the ultimate parent company is Reukema Group BV. The group accounts may be obtained from:

Reukema Group B.V.

Lorentzkade 2

3846 BP Harderwijk

The Netherlands

11.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.

The audit report was signed on 10 March 2026 by Lauren Graham (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.

Page 6