Company No: SC403701 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	4,604,376		3,303,911
		4,604,376		3,303,911
Current assets
Stocks		47,797		60,054
Debtors	5	344,131		148,272
Cash at bank and in hand		492,505		316,454
		884,433		524,780
Creditors: amounts falling due within one year	6	( 1,784,272)		( 1,284,940)
Net current liabilities		(899,839)		(760,160)
Total assets less current liabilities		3,704,537		2,543,751
Creditors: amounts falling due after more than one year	7	( 1,176,890)		( 935,619)
Provision for liabilities		( 237,935)		( 128,275)
Net assets		2,289,712		1,479,857
Capital and reserves
Called-up share capital	8	2		2
Profit and loss account		2,289,710		1,479,855
Total shareholders' funds		2,289,712		1,479,857

For the financial year ending 31 July 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of WUL Enterprises Limited (registered number: SC403701) were approved and authorised for issue by the Director on 29 July 2026. They were signed on its behalf by:

Mr W Hardie Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

WUL Enterprises Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Seven Gables Polmont Park, Polmont, Falkirk, FK2 0XT, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services in relation to contracting, ground works and OFGEM income and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	not depreciated
Plant and machinery	25 % reducing balance
Vehicles	20 % reducing balance
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the Company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. 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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies are classified as debt, are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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.

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

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	6		3

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 August 2024	2,409,446		2,142,673		251,060		2,106		4,805,285
Additions	1,888,833		1,259,800		15,700		2,325		3,166,658
Disposals	( 421,193)		( 1,296,449)		( 59,595)		( 916)		( 1,778,153)
Reduction in purchase price	( 500,000)		0		0		0		( 500,000)
At 31 July 2025	3,377,086		2,106,024		207,165		3,515		5,693,790
Accumulated depreciation
At 01 August 2024	0		1,456,139		44,220		1,015		1,501,374
Charge for the financial year	0		318,253		39,853		960		359,066
Disposals	0		( 755,864)		( 14,602)		( 560)		( 771,026)
At 31 July 2025	0		1,018,528		69,471		1,415		1,089,414
Net book value
At 31 July 2025	3,377,086		1,087,496		137,694		2,100		4,604,376
At 31 July 2024	2,409,446		686,534		206,840		1,091		3,303,911

4. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 August 2024	0
Additions	1,000,000
Disposals	( 100,000)
At 31 July 2025	900,000
Provisions for impairment
At 01 August 2024	0
Impairment	900,000
At 31 July 2025	900,000
Carrying value at 31 July 2025	0
Carrying value at 31 July 2024	0

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.07.2025	Ownership 31.07.2024	Held
Strathclyde Skip Hire and Recycling Limited	13/Floor 2 Ironworks Business Centre, Castlelaurie Industrial Estate, Falkirk, Stirlingshire, Scotland, FK2 7XE	Collection of non-hazardous waste	Ordinary	0.00%	0.00%	Direct

The above investment reflects an initial purchase of 100% of the issued share capital in Strathclyde Skip Hire and Recycling Limited (SC304390). On 20th June 2025 WUL Enterprises Limited sold 100% of the share capital in Strathclyde Skip Hire and Recycling Limited. During the year, Strathclyde Skip Hire Limited declared a dividend of £900,000 to WUL Enterprises Limited on 8 May 2025

5. Debtors

	2025		2024
	£		£
Trade debtors	273,664		47,435
Amounts owed by related parties	68,800		88,000
Other debtors	1,667		12,837
	344,131		148,272

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	8,334		10,000
Trade creditors	69,232		115,851
Amounts owed to related parties	13,670		21,765
Taxation and social security	433,852		205,426
Other creditors	1,259,184		931,898
	1,784,272		1,284,940

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	0		8,334
Obligations under finance leases and hire purchase contracts	576,890		527,285
Other creditors	600,000		400,000
	1,176,890		935,619

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each	2		2

9. Related party transactions

Other related party transactions

	2025		2024
	£		£
Due to entities with control, joint control or significant influence over the company	396,413		389,040
Due to key management personnel	58,702		18,830
Due to other related parties	13,670		21,765
Due from other related parties	68,000		88,000

These loans are interest free and have no fixed repayment terms.

The company has taken advantage of the exemption available in FRS 102 1A whereby it has not disclosed transactions with the company's parent or any wholly owned subsidiary undertaking of the group.