REGISTERED NUMBER: 07412151 (England and Wales)

Strategic Report,

Report of the Director and

Financial Statements

for the Year Ended 31st October 2025

for

Silverwoods Waste Management Ltd

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Statement of Income and Retained Earnings

7

Balance Sheet

8

Cash Flow Statement

9

Notes to the Cash Flow Statement

10

Notes to the Financial Statements

11

DIRECTOR:

Mr J Silverwood

REGISTERED OFFICE:

Unit 13

Moorfield Industrial Estate

Altham

Accrington

Lancashire

BB5 5TX

REGISTERED NUMBER:

07412151 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Accountants and Statutory Auditors

Dalton House

9 Dalton Square

Lancaster

Lancashire

LA1 1WD

The director presents his strategic report for the year ended 31st October 2025.

REVIEW OF BUSINESS

Silverwoods Waste Management Ltd set the industry benchmark in terms of Environmental Compliance. Our attention to detail and understanding of the Environmental Permitting Regulations (England and Wales) 2010, ensures that our clients can focus on production, in the knowledge that their wastes are being managed responsibly. Our services include a 75,000t Hazardous Waste Transfer Station, we manage numerous sources of both solid and liquid organic waste streams from Dairies, Breweries, AD Plants, Food Factories and Cement Works.

In terms of risks, the Waste Management industry is heavily regulated and this combined with the significant number of Environmental Permits that SWM now own, any minor breaches could lead to increased costs and worst-case fines. Compliance is our key priority and over the last 14 years we have never had an issue but it is a risk (which is managed). The other risk is legislative change - the introduction of Farming Rules For Water last year has prevented winter applications and as such we have had to stockpile materials accordingly. Finally, while we have over 30 different clients, 90% of the business will be associated with the top 8. We intend to grow the business further next year thereby reducing our reliance on the larger clients.

The company's key performance indicators are gross profit and profit before tax. The company's performance in the year to 31 October 2025 indicates that the company continues to grow with gross profit decreasing to £2,059k from £2,602k in the previous year.

ON BEHALF OF THE BOARD:

Mr J Silverwood - Director

10th July 2026

The director presents his report with the financial statements of the company for the year ended 31st October 2025.

DIVIDENDS

Interim dividends per share were paid during the year as follows:

Ordinary £1.00

-

£4000

- 22nd July 2025

Ordinary E £1

-

£250000

- 22nd July 2025

The total distribution of dividends for the year ended 31st October 2025 will be £ 650,000 .

DIRECTOR

Mr J Silverwood held office during the whole of the period from 1st November 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director 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;

-	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 him 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr J Silverwood - Director

10th July 2026

Opinion

We have audited the financial statements of Silverwoods Waste Management Ltd (the 'company') for the year ended 31st October 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, 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 the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st October 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

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 director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

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 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 the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where 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 Statement of Director's Responsibilities set out on page three, 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 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing minutes of meetings of those charged with governance;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

- Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company's license to operate. We identified the following areas as those most likely to have such an effect: health and safety including data protection laws, anti-bribery, money laundering and employment law compliance recognising the nature of the Company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our 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 Report of the Auditors.

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 a Report of the Auditors 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.

Tim Preece FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Accountants and Statutory Auditors

Dalton House

9 Dalton Square

Lancaster

Lancashire

LA1 1WD

10th July 2026

REVENUE

12,087,426

12,059,153

Cost of sales

10,028,480

9,457,268

GROSS PROFIT

2,058,946

2,601,885

Administrative expenses

1,709,438

1,107,167

349,508

1,494,718

Other operating income

4,671,000

750

OPERATING PROFIT

5

5,020,508

1,495,468

Interest receivable and similar income

124,761

55,484

5,145,269

1,550,952

Interest payable and similar expenses

7

104,444

105,507

PROFIT BEFORE TAXATION

5,040,825

1,445,445

Tax on profit

8

1,342,338

254,098

PROFIT FOR THE FINANCIAL YEAR

3,698,487

1,191,347

Retained earnings at beginning of year

4,065,761

3,524,414

Dividends

9

(650,000

)

(650,000

)

RETAINED EARNINGS AT END OF YEAR

7,114,248

4,065,761

FIXED ASSETS

Property, plant and equipment

10

4,005,495

4,079,910

CURRENT ASSETS

Inventories

11

41,000

41,000

Debtors

12

9,316,281

7,129,760

Cash at bank and in hand

101,430

88,919

9,458,711

7,259,679

CREDITORS

Amounts falling due within one year

13

5,856,220

6,585,714

NET CURRENT ASSETS

3,602,491

673,965

TOTAL ASSETS LESS CURRENT LIABILITIES

7,607,986

4,753,875

CREDITORS

Amounts falling due after more than one year

14

(248,017

)

(451,678

)

PROVISIONS FOR LIABILITIES

18

(245,615

)

(236,330

)

NET ASSETS

7,114,354

4,065,867

CAPITAL AND RESERVES

Called up share capital

19

106

106

Retained earnings

20

7,114,248

4,065,761

SHAREHOLDERS' FUNDS

7,114,354

4,065,867

The financial statements were approved by the director and authorised for issue on 10th July 2026 and were signed by:

Mr J Silverwood - Director

Cash flows from operating activities

Cash generated from operations

1

2,525,082

1,652,266

Interest paid

(58,595

)

(63,253

)

Interest element of hire purchase payments paid

(45,849

)

(42,254

)

Tax paid

(490,370

)

(153,559

)

Net cash from operating activities

1,930,268

1,393,200

Cash flows from investing activities

Purchase of tangible fixed assets

(244,374

)

(225,927

)

Sale of tangible fixed assets

124,970

-

Interest received

124,761

55,484

Net cash from investing activities

5,357

(170,443

)

Cash flows from financing activities

Loan repayments in year

(23,882

)

-

Capital repayments in year

(194,994

)

254,057

Amount introduced by directors

650,000

650,000

Amount withdrawn by directors

(1,237,561

)

(1,846,310

)

Equity dividends paid

(650,000

)

(650,000

)

Net cash from financing activities

(1,456,437

)

(1,592,253

)

Increase/(decrease) in cash and cash equivalents

479,188

(369,496

)

Cash and cash equivalents at beginning of year

2

(1,370,944

)

(1,001,448

)

Cash and cash equivalents at end of year

2

(891,756

)

(1,370,944

)

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

5,040,825

1,445,445

Depreciation charges

209,106

215,098

Profit on disposal of fixed assets

(15,287

)

-

Finance costs

104,444

105,507

Finance income

(124,761

)

(55,484

)

5,214,327

1,710,566

Decrease in inventories

-

5,500

Increase in trade and other debtors

(1,400,658

)

(995,283

)

(Decrease)/increase in trade and other creditors

(1,288,587

)

931,483

Cash generated from operations

2,525,082

1,652,266

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st October 2025

31/10/25

1/11/24

£

£

Cash and cash equivalents

101,430

88,919

Bank overdrafts

(993,186

)

(1,459,863

)

(891,756

)

(1,370,944

)

Year ended 31st October 2024

31/10/24

1/11/23

£

£

Cash and cash equivalents

88,919

54,314

Bank overdrafts

(1,459,863

)

(1,055,762

)

(1,370,944

)

(1,001,448

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/11/24

Cash flow

At 31/10/25

£

£

£

Net cash

Cash at bank and in hand

88,919

12,511

101,430

Bank overdrafts

(1,459,863

)

466,677

(993,186

)

(1,370,944

)

479,188

(891,756

)

Debt

Finance leases

(489,587

)

194,994

(294,593

)

Debts falling due within 1 year

(131,458

)

(29,945

)

(161,403

)

Debts falling due after 1 year

(163,823

)

53,827

(109,996

)

(784,868

)

218,876

(565,992

)

Total

(2,155,812

)

698,064

(1,457,748

)

1.	STATUTORY INFORMATION

Silverwoods Waste Management Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

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

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development has been identified and is written off in the year in which it is incurred, via the Corporation Tax Computations and CT600.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

590,270

532,432

Social security costs

55,829

49,090

Other pension costs

12,055

14,198

658,154

595,720

The average number of employees during the year was as follows:

2025

2024

Directors

1

1

Staff

11

13

12

14

2025

2024

£

£

Director's remuneration

7,582

9,096

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Hire of plant and machinery

281,002

223,176

Other operating leases

113,197

96,325

Depreciation - owned assets

209,106

215,098

Profit on disposal of fixed assets

(15,287

)

-

6.	AUDITORS' REMUNERATION

2025

2024

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

12,450

12,000

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

49,138

50,364

HMRC interest

9,457

12,889

Hire purchase

45,849

42,254

104,444

105,507

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

1,333,053

221,194

Deferred tax

9,285

32,904

Tax on profit

1,342,338

254,098

9.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1.00 each

Interim

400,000

400,000

Ordinary E share of £1

Interim

250,000

250,000

650,000

650,000

10.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1st November 2024

3,056,334

1,850,555

5,564

197,268

5,109,721

Additions

8,127

236,247

-

-

244,374

Disposals

-

(70,170

)

-

(115,000

)

(185,170

)

At 31st October 2025

3,064,461

2,016,632

5,564

82,268

5,168,925

DEPRECIATION

At 1st November 2024

11,477

950,544

4,175

63,615

1,029,811

Charge for year

29,947

149,057

208

29,894

209,106

Eliminated on disposal

-

(27,346

)

-

(48,141

)

(75,487

)

At 31st October 2025

41,424

1,072,255

4,383

45,368

1,163,430

NET BOOK VALUE

At 31st October 2025

3,023,037

944,377

1,181

36,900

4,005,495

At 31st October 2024

3,044,857

900,011

1,389

133,653

4,079,910

11.	INVENTORIES

2025

2024

£

£

Raw materials

41,000

41,000

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

2,206,033

3,063,351

Amounts owed by associates

1,480,249

105,305

Amounts recoverable on contract

875,000

-

Other debtors

-

1,613

Directors' current accounts

3,679,369

3,091,808

Tax

1,016,336

818,034

Prepayments and accrued income

59,294

49,649

9,316,281

7,129,760

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 15)

1,154,589

1,591,321

Hire purchase contracts (see note 16)

156,572

201,732

Trade creditors

2,410,223

3,841,437

Corporation tax

1,668,337

627,352

Social security and other taxes

34,432

10,962

VAT

44,563

102,337

Other creditors

6,537

6,824

Accrued expenses

380,967

203,749

5,856,220

6,585,714

14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans (see note 15)

109,996

163,823

Hire purchase contracts (see note 16)

138,021

287,855

248,017

451,678

15.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

993,186

1,459,863

Bank loans

161,403

131,458

1,154,589

1,591,321

Amounts falling due between one and two years:

Bank loans - 1-2 years

60,205

53,827

Amounts falling due between two and five years:

Bank loans - 2-5 years

49,791

109,996