The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

RLS Propco Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1a Essex Street, Preston, England, PR1 1QE.

The comparative values represent a period of 13 months. The reporting period was extended to 28 February 2025 in the previous year after incorporation on 24 January 2024, in order to bring the company's year end in line with that of other group companies.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £000.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. 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. The company has therefore taken advantage of exemptions 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;

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

The financial statements of the company are consolidated in the financial statements of RLS Topco Limited. These consolidated financial statements are available from its registered office, 1a Essex Street, Preston, England, PR1 1QE.

The 2026 financial year was the second trading year of the Company after being acquired by RLS Topco Limited, along with the acquisitions of Recycling Lives Compliance Services Limited, Recycling Lives (Environmental Services) Limited and RLS EFW Limited (“the wider group”).true

The transaction benefited the Company's long-term trading and liquidity prospects, and the financial year has witnessed ongoing development and improvement in a range of key commercial and operational activities.

The Directors have prepared detailed financial forecasts covering a period of at least twelve months from the date of the approval of the financial statements. These forecasts contain prudent scenarios as to future trading performance and cash generation. The forecasts consider the headroom available within the existing working capital funding facilities available to the Company, as well as the potential challenges that may exist in the future, many of which are linked to the impact on market conditions of wider global events. These forecasts demonstrate profitable trading, cash generation and compliance with the financial covenants in place for the committed banking facilities.

The Company undertakes pooled cash and treasury arrangements with other group entities under the new ownership structure. As such, cash generated across the wider group is available to the Company for ongoing trading purposes.

The Directors have considered the banking facilities available via RBS Invoice Finance Limited, as well as the working capital funding made available via its ultimate controlling party and believe that the Company can continue in operational existence for the foreseeable future and meet liabilities as they fall due for payment.

Cash headroom remains within acceptable parameters throughout the forecast period and the expected trading profits provide sufficient headroom on the covenants set out under the banking facilities (even under a range of downside sensitivity scenarios that have been considered by the Directors).

The wider group to which the Company belongs to has long established relationships with a number of customers and suppliers across different geographic areas and industries, and the Directors believe the wider group is well placed to manage its business risks successfully.

Taking all of the above into consideration, the Directors continue to adopt the going concern basis in preparing the Company Financial Statements and do not consider there to be any material uncertainties arising.

Turnover represents net invoiced sales excluding value added tax in respect to commercial property rental.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are credited or charged to the profit and loss account.

The revaluation credit or charge, net of deferred tax, is transferred to a separate revaluation reserve at the year end. This reserve represents the cumulative value of the company's revaluation credit or charge, net of deferred tax where the cumulative revaluation is a credit.

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

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, which include debtors, 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.

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, including creditors and loans from fellow group companies, 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 payments 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. 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 and subsequently measured at amortised cost using the effective interest method.

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.

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

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

In the application of the company’s accounting policies, the directors are 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. Management does not believe there are any judgments, key assumptions or estimates of sufficient significance to require disclosure.

Investment property comprises a building for industrial, office and residential use. The fair value of the investment property at 28 February 2026 has been determined by reference to the agreed sale price arising from an agreement to sell the property entered into subsequent to the reporting date. The directors consider the agreed sale price provides the best available evidence of the fair value of the property at 28 February 2026.

The revaluation uplift has been recognised in the revaluation reserve net of the deferred tax liability arising on the revaluation.

Amounts owed to group undertakings are unsecured, interest free and due on demand.

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

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

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 28 February 2026 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.

There is a cross company guarantee in place across all group companies in favour of the main lending bank. The total amount committed under these group facilities as at 28 February 2026 was £7,612k (2025: £7,088k).

There is a cross company guarantee in place across all group companies in favour of the loan notes issued by TH FRAG II S.À R.L to the parent company. The total amount outstanding as at 28 February 2026 was £31,924k (2025: £27,183k).

As security for these facilities and loan notes, the company has granted a charge comprising a fixed and floating charge, as well as a negative pledge, over its assets. The floating charge extends to all property and undertaking of the company.

At the reporting end date the company had contracts with tenants for the following minimum lease payments:

As at the reporting date, the immediate parent undertaking of the company was RLS TopCo Limited, incorporated in England and Wales. The registered office address of RLS TopCo Limited is 1a Essex Street, Preston, England, PR1 1QE.

The ultimate controlling party of RLS TopCo Limited is Three Hills Capital Partners SA, via TH Frag II S.A.R.L., a company incorporated in Luxembourg, who own the controlling voting rights of TH Frag II S.A.R.L.