Company registration number 12608794 (England and Wales)
QUATRA UK LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
QUATRA UK LTD
COMPANY INFORMATION
Director
P G G Van Pollaert
Company number
12608794
Registered office
Unit 5 Sergro Park
Perivale Hosenden Lane South
Perivale, Greenford
UB6 7RL
Auditor
Gravita Audit II Limited
Aldgate Tower
2 Leman Street
London
United Kingdom
E1 8FA
QUATRA UK LTD
CONTENTS
Page
Strategic report
1
Director's report
2
Independent auditor's report
3 - 5
Income statement
6
Statement of financial position
7
Statement of changes in equity
8
Notes to the financial statements
9 - 20
QUATRA UK LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The director presents the strategic report for the year ended 31 December 2025.

Quatra UK aims to collect Used Cooking Oil (UCO) in the UK, which is subsequently sold to parties that process UCO into sustainable, innovative biofuels, resulting in up to 90% fewer CO2 emissions. Quatra UK is part of the Belgium-based Quatra group.

Review of the business

In 2025, the Company’s primary focus has remained on growing volumes and strengthening its position in the UK market. Growth has been pursued through a combination of organic expansion and acquisitions. We have observed an increase in costs due to the integration of these acquisitions which has impacted operating profit, the strategy has delivered a clear uplift in both volumes and revenue.

To support this expansion, a key account manager has been recruited to develop growth in large customer groups. Looking ahead, the Company will open a warehouse in Birmingham for local processing capacity and to serve as a strategic hub within the UK.

Principal risks and uncertainties

The main risks for the company are:

1. Compliance with, and changes in (environmental) laws and regulations: We have strict procedures to ensure full compliance and closely monitor any changes in these regulations.

2. Fluctuation in the market pricing of UCO: This price depends on international market prices and trends, which are continuously analysed to ensure our operating margin remains at a healthy level.

Quatra UK does not use financial instruments for its risk exposures.

Key performance indicators

This year, turnover was £15.95 million, and the profit of the year was £11.5 k. Turnover increased by £4.5 million

(39.1%) due to increase in volume. Due to the integration costs of the acquisition of LCO, the operating result decreased from a profit of £331.6 k in 2024 to a profit of £259.4k.

EBITDA is the main key performance indicator (KPI) and decreased from £919.3k in 2024 to £752.9k in 2025.

Net assets amount to £12.5 million which is explained by acquisition of Lifecycle Oils in December. With support from its parent company Quatra International BV, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

No dividend was paid in 2025, and no dividend will be paid based on the result for 2025.

Other information and explanations

No other information to disclose.

On behalf of the board

P G G Van Pollaert
Director
11 May 2026
QUATRA UK LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

The director presents his annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of waste management services.

Results and dividends

The results for the year are set out on page 6.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

P G G Van Pollaert
Statement of director's responsibilities

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

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
P G G Van Pollaert
Director
11 May 2026
QUATRA UK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QUATRA UK LTD
- 3 -
Opinion

We have audited the financial statements of Quatra UK Ltd (the 'company') for the year ended 31 December 2025 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 31 December 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 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 these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 director 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 auditor's report thereon. The director is 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

QUATRA UK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QUATRA UK LTD (CONTINUED)
- 4 -
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 identifie d material misstatements in the strategic report or the director's r eport.

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 director's remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director 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 the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 auditor's 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. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

The extent to which the audit was considered capable of detecting irregularities including fraud

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

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

- we identified the laws and regulations applicable to the group, including its foreign subsidiaries through discussions with directors and other management, and from our commercial knowledge and experience of the telecommunications industry;

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

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

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

QUATRA UK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QUATRA UK LTD (CONTINUED)
- 5 -

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

- understanding the business model as part of the control and business environment;

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

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

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

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

- tested journal entries to identify unusual transactions;

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

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

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

- reviewing correspondence and enquiring with the group of actual and potential non-compliance with laws and regulations.

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

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 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.

Daniel Howarth (Senior Statutory Auditor)
For and on behalf of Gravita Audit II Limited, Statutory Auditor
Chartered Accountants
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
12 May 2026
QUATRA UK LTD
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
2025
2024
Notes
£
£
Turnover
3
15,950,989
11,516,065
Cost of sales
(9,611,986)
(6,852,537)
Gross profit
6,339,003
4,663,528
Distribution costs
(2,470,246)
(1,912,460)
Administrative expenses
(3,686,221)
(2,501,332)
Other operating income
76,878
81,901
Operating profit
4
259,414
331,637
Interest receivable and similar income
1,110
328
Interest payable and similar expenses
7
(113,821)
(288,352)
Profit before taxation
146,703
43,613
Tax on profit
8
(135,115)
(45,415)
Profit/(loss) for the financial year
11,588
(1,802)

The income statement has been prepared on the basis that all operations are continuing operations.

QUATRA UK LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 7 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
9
12,579,923
1,995,681
Tangible assets
10
1,608,739
651,289
14,188,662
2,646,970
Current assets
Stocks
11
1,090,658
452,375
Debtors - deferred tax
16
433,117
363,721
Debtors - other
12
3,524,963
2,951,531
Cash at bank and in hand
441,442
330,960
5,490,180
4,098,587
Creditors: amounts falling due within one year
13
(6,776,055)
(2,910,846)
Net current (liabilities)/assets
(1,285,875)
1,187,741
Total assets less current liabilities
12,902,787
3,834,711
Creditors: amounts falling due after more than one year
14
-
0
(4,429,644)
Provisions for liabilities
Deferred tax liability
16
390,286
185,775
(390,286)
(185,775)
Net assets/(liabilities)
12,512,501
(780,708)
Capital and reserves
Called up share capital
18
12
10
Share premium account
13,281,619
-
0
Profit and loss reserves
(769,130)
(780,718)
Total equity
12,512,501
(780,708)

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 11 May 2026
P G G Van Pollaert
Director
Company registration number 12608794 (England and Wales)
QUATRA UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
10
-
0
(778,916)
(778,906)
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(1,802)
(1,802)
Balance at 31 December 2024
10
-
0
(780,718)
(780,708)
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
11,588
11,588
Issue of share capital
18
2
13,281,619
-
13,281,621
Balance at 31 December 2025
12
13,281,619
(769,130)
12,512,501
QUATRA UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
1
Accounting policies
Company information

Quatra UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5 Sergro Park, Perivale Hosenden Lane South, Perivale, Greenford, UB6 7RL.

1.1
Accounting convention

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.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Quatra International B.V.. These consolidated financial statements are available from its registered office Hoekstraat 165, 9160 Lokeren.

1.2
Going concern

As at the year end, the company had net assets of £12,647,616 (net liabilities 2024 : £780,708).true

A t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future by receiving support from its parent company Quatra International BV. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

QUATRA UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 10 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 and 7 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
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:

Leasehold improvements
5 years straight line
Plant and equipment
5 years straight line
Fixtures and fittings
5 years straight line
Computers
5 years straight line
Motor vehicles
5 & 3 years straight line

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

QUATRA UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 11 -

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.

1.7
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.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.9
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 statement of financial position 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 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.

QUATRA UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 and loans from fellow group companies 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.

QUATRA UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
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.

1.11
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 income statement 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.

1.12
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.

1.13
Retirement benefits

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

QUATRA UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.14
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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

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

There are no key estimates or judgments in the year.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of oil for recycling
15,950,989
11,516,065
2025
2024
£
£
Turnover analysed by geographical market
UK
5,199,607
5,250,125
Europe
10,751,382
6,265,940
15,950,989
11,516,065
QUATRA UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Turnover and other revenue
(Continued)
- 15 -
2025
2024
£
£
Other revenue
Interest income
1,110
328
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
65,988
(161,076)
Depreciation of tangible fixed assets
308,167
366,832
(Profit)/loss on disposal of tangible fixed assets
(2,537)
18,445
Amortisation of intangible assets
297,304
202,372
Operating lease charges
411,110
395,666
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
45,049
38,192
6
Employees

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

2025
2024
Number
Number
Distribution and operation
39
29
Administration
5
2
Management
2
2
Total
46
33

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,209,199
1,604,649
Social security costs
238,061
163,968
Pension costs
30,017
26,454
2,477,277
1,795,071
QUATRA UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
7
Interest payable and similar expenses
2025
2024
£
£
Interest payable to group undertakings
113,821
277,021
Interest on finance leases and hire purchase contracts
-
11,331
113,821
288,352
8
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
135,115
45,415

The Corporation Tax rate changed from the effective rate of 23.5% in the prior year to 25%.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
146,703
43,613
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
36,676
10,903
Tax effect of expenses that are not deductible in determining taxable profit
1,115
(4,569)
Tax effect of utilisation of tax losses not previously recognised
133,214
-
0
Unutilised tax losses carried forward
-
0
(115,950)
Permanent capital allowances in excess of depreciation
(245,053)
59,023
Amortisation on assets not qualifying for tax allowances
74,326
50,593
Deferred tax movement
135,115
45,415
Non-trade loan relationship credits
(278)
-
0
Taxation charge for the year
135,115
45,415
QUATRA UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
9
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2025
2,599,966
Additions
10,881,546
At 31 December 2025
13,481,512
Amortisation and impairment
At 1 January 2025
604,285
Amortisation charged for the year
297,304
At 31 December 2025
901,589
Carrying amount
At 31 December 2025
12,579,923
At 31 December 2024
1,995,681

On the 12th December 2025 the company acquired the trade and assets of Life Cycle Oils Ltd, a company in Administration. A charge was registered on the same date at Companies House containing a fixed and floating charge and a negative pledge.

10
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2025
35,631
492,038
21,555
29,337
1,020,992
1,599,553
Additions
-
0
647,997
4,019
46,366
579,549
1,277,931
Disposals
-
0
(1,667)
-
0
(2,000)
(120,645)
(124,312)
At 31 December 2025
35,631
1,138,368
25,574
73,703
1,479,896
2,753,172
Depreciation and impairment
At 1 January 2025
20,588
213,436
10,669
18,705
684,866
948,264
Depreciation charged in the year
7,126
114,902
4,654
5,406
176,079
308,167
Eliminated in respect of disposals
-
0
(638)
-
0
(905)
(110,455)
(111,998)
At 31 December 2025
27,714
327,700
15,323
23,206
750,490
1,144,433
Carrying amount
At 31 December 2025
7,917
810,668
10,251
50,497
729,406
1,608,739
At 31 December 2024
15,043
278,602
10,886
10,632
336,126
651,289
QUATRA UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Tangible fixed assets
(Continued)
- 18 -

Included within Motor Vehicles are motor vehicles under hire purchase with a total NBV of £nil (2024: £14,718).

11
Stocks
2025
2024
£
£
Raw materials and consumables
405,245
201,830
Work in progress
112,605
99,849
Finished goods and goods for resale
572,808
150,696
1,090,658
452,375
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
667,638
1,825,996
Other debtors
626,324
539,911
Prepayments and accrued income
2,231,001
585,624
3,524,963
2,951,531
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 16)
433,117
363,721
Total debtors
3,958,080
3,315,252
13
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
15
-
0
12,666
Trade creditors
3,554,666
1,429,850
Amounts owed to group undertakings
1,138,971
935,722
Taxation and social security
3,821
5,301
Other creditors
1,650,230
299,067
Accruals and deferred income
428,367
228,240
6,776,055
2,910,846
QUATRA UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
14
Creditors: amounts falling due after more than one year
2025
2024
£
£
Amounts owed to group undertakings
-
0
4,429,644
15
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
-
0
12,666
After more than one year
-
0
-
0
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
-
0
12,666

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 36 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Balances:
£
£
£
£
Accelerated capital allowances
390,286
185,775
-
-
Tax losses
-
-
433,117
363,721
390,286
185,775
433,117
363,721
2025
Movements in the year:
£
Asset at 1 January 2025
(177,946)
Charge to profit or loss
135,115
Asset at 31 December 2025
(42,831)

The deferred tax asset set out above is expected to reverse within > 12 months and relates to the utilisation of tax losses against future expected profits of the same period. The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

QUATRA UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
30,017
26,454

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
12
10
12
10

On the 30th June 2025 the company issued 1 share at par of £1 with a premium of £4,564,814.

On the 12th December 2025 the company issued 1 share at par of £1 with a premium of £8,716,805.

19
Earn out on asset acquisition

The company has made an asset purchase in the year and included within the agreement is an Earnout Clause. Should certain criteria be met an amount will be payable.

20
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
537,490
241,906
Years 2-5
808,688
196,896
1,346,178
438,802
21
Related party transactions

During the year the company raised capital at a total sum of £13,281,621, being the principal amount on certain loans owed by the company to Parent Company, Quatra International B.V. by issuing 2 shares at par of £1 at a premium in the company as described in note 18.

22
Ultimate controlling party

The parent company of the smallest and largest group of which this company is a member of is Quatra International B.V., a company incorporated in Lokeren, Belgium. The accounts for this company are available from Hoekstraat 165, 9160 Lokeren (BE0759.707.562).

2025-12-31 2025-01-01 false false false CCH Software CCH Accounts Production 2026.100 P G G Van Pollaert 12608794 2025-01-01 2025-12-31 12608794 bus:Director1 2025-01-01 2025-12-31 12608794 bus:RegisteredOffice 2025-01-01 2025-12-31 12608794 2025-12-31 12608794 2024-01-01 2024-12-31 12608794 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 12608794 core:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 12608794 core:Goodwill 2025-12-31 12608794 core:Goodwill 2024-12-31 12608794 2024-12-31 12608794 core:LeaseholdImprovements 2025-12-31 12608794 core:PlantMachinery 2025-12-31 12608794 core:FurnitureFittings 2025-12-31 12608794 core:ComputerEquipment 2025-12-31 12608794 core:MotorVehicles 2025-12-31 12608794 core:LeaseholdImprovements 2024-12-31 12608794 core:PlantMachinery 2024-12-31 12608794 core:FurnitureFittings 2024-12-31 12608794 core:ComputerEquipment 2024-12-31 12608794 core:MotorVehicles 2024-12-31 12608794 core:Non-currentFinancialInstruments 2025-12-31 12608794 core:Non-currentFinancialInstruments 2024-12-31 12608794 core:CurrentFinancialInstruments core:WithinOneYear 2025-12-31 12608794 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 12608794 core:Non-currentFinancialInstruments core:AfterOneYear 2025-12-31 12608794 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 12608794 core:ShareCapital 2025-12-31 12608794 core:ShareCapital 2024-12-31 12608794 core:SharePremium 2025-12-31 12608794 core:SharePremium 2024-12-31 12608794 core:RetainedEarningsAccumulatedLosses 2025-12-31 12608794 core:RetainedEarningsAccumulatedLosses 2024-12-31 12608794 core:ShareCapital 2023-12-31 12608794 core:SharePremium 2023-12-31 12608794 core:RetainedEarningsAccumulatedLosses 2023-12-31 12608794 core:ShareCapitalOrdinaryShareClass1 2025-12-31 12608794 core:ShareCapitalOrdinaryShareClass1 2024-12-31 12608794 core:ShareCapital 2025-01-01 2025-12-31 12608794 core:SharePremium 2025-01-01 2025-12-31 12608794 core:Goodwill 2025-01-01 2025-12-31 12608794 core:LeaseholdImprovements 2025-01-01 2025-12-31 12608794 core:PlantMachinery 2025-01-01 2025-12-31 12608794 core:FurnitureFittings 2025-01-01 2025-12-31 12608794 core:ComputerEquipment 2025-01-01 2025-12-31 12608794 core:MotorVehicles 2025-01-01 2025-12-31 12608794 core:UKTax 2025-01-01 2025-12-31 12608794 core:UKTax 2024-01-01 2024-12-31 12608794 1 2025-01-01 2025-12-31 12608794 1 2024-01-01 2024-12-31 12608794 2 2025-01-01 2025-12-31 12608794 2 2024-01-01 2024-12-31 12608794 3 2025-01-01 2025-12-31 12608794 3 2024-01-01 2024-12-31 12608794 core:Goodwill 2024-12-31 12608794 core:Goodwill core:ExternallyAcquiredIntangibleAssets 2025-01-01 2025-12-31 12608794 core:LeaseholdImprovements 2024-12-31 12608794 core:PlantMachinery 2024-12-31 12608794 core:FurnitureFittings 2024-12-31 12608794 core:ComputerEquipment 2024-12-31 12608794 core:MotorVehicles 2024-12-31 12608794 2024-12-31 12608794 core:CurrentFinancialInstruments 2025-12-31 12608794 core:CurrentFinancialInstruments 2024-12-31 12608794 core:WithinOneYear 2025-12-31 12608794 core:WithinOneYear 2024-12-31 12608794 bus:OrdinaryShareClass1 2025-01-01 2025-12-31 12608794 bus:OrdinaryShareClass1 2025-12-31 12608794 bus:OrdinaryShareClass1 2024-12-31 12608794 core:BetweenTwoFiveYears 2025-12-31 12608794 core:BetweenTwoFiveYears 2024-12-31 12608794 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 12608794 bus:FRS102 2025-01-01 2025-12-31 12608794 bus:Audited 2025-01-01 2025-12-31 12608794 bus:FullAccounts 2025-01-01 2025-12-31 xbrli:pure xbrli:shares iso4217:GBP