New West Gypsum Recycling (UK) Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

New West Gypsum Recycling (UK) Limited

Balance Sheet

31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	1,408,157	1,376,892
Investment property	5	270,286	270,286
		1,678,443	1,647,178
Current assets
Debtors	6	891,383	886,813
Cash at bank and in hand		583,304	276,941
		1,474,687	1,163,754
Creditors: Amounts falling due within one year	7	(3,267,325)	(3,158,082)
Net current liabilities		(1,792,638)	(1,994,328)
Total assets less current liabilities		(114,195)	(347,150)
Creditors: Amounts falling due after more than one year	7	(108,519)	(22,175)
Net liabilities		(222,714)	(369,325)
Capital and reserves
Called up share capital		501,000	501,000
Profit and loss account		(723,714)	(870,325)
Shareholders' deficit		(222,714)	(369,325)

New West Gypsum Recycling (UK) Limited

Balance Sheet

31 December 2025

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

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 August 2026 and signed on its behalf by:
 

......................................... G J McCamley Director

Company Registration Number: 05185925

New West Gypsum Recycling (UK) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2025

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Flight Shed
The Taxi Way
Weston-Super-Mare
Somerset
BS24 8FL
United Kingdom

These financial statements were authorised for issue by the Board on 24 August 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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' , including Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

New West Gypsum Recycling (UK) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2025

Going concern
Notwithstanding the net liabilities of £222,714 (2024 - £369,325) and net current liabilities of
£1,792,638 (2024 - £1,994,328) as at 31 December 2025 the directors are satisfied that the going
concern basis of preparation remains appropriate. In forming this opinion, and having made all
necessary enquiries and considered a period of no less than 12 months from the date of approval of
these financial statements, the directors have considered the following key matters:
• The profitable trading at gross margin level for the year to 31 December 2025, being the seventh full
year at the new facility - and with further capacity for turnover growth, noting the production line
expansion during the year.
• The committed support of the parent company and wider New West Gypsum group, and ability of
the group to provide that support on an ongoing basis. In particular that, for the foreseeable future,
being no less than 12 months from the date of approval of these financial statements, the group will
not seek repayment, to the extent that it would threaten the going concern status of the company, of
the £2,778,590 (2024 - £2,712,947) of amounts due to group undertakings included within creditors
falling due within one year.
• Their assessment that the company will continue to be able to meet its liabilities as they fall due.

Key accounting judgements and sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

The key judgement which has a significant effect on the financial statements is in respect of going concern, as described in the accounting policy above.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

The company has recognised an accrual of £216,000 (2024 - £131,000) in respect of unprocessed gypsum. The directors must assess both the quantity of unprocessed gypsum and the expected costs in order to recycle this gypsum.

The fair value of the investment property has been derived, by the directors, from comparable real estate using observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. The carrying amount is £270,286 (2024 - £270,286).

Fixed assets are carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This requires an estimation in the depreciation rates used as well as assessment of the ongoing economic contribution of the assets of the company as to whether an indicator of impairment has occurred. The carrying amount is £1,408,157 (2024 - £1,376,892).

New West Gypsum Recycling (UK) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2025

Revenue recognition

The turnover shown in the profit and loss account represents sales made during the year, exclusive of Value Added Tax.

Turnover is recognised at the point where gypsum waste is transferred to the site.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Stamp duty	10 years straight line
Machinery and equipment	15 years straight line
Motor vehicles	30% reducing balance
Office equipment	20% reducing balance
Leasehold improvements	10% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate using observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

New West Gypsum Recycling (UK) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans and finance leases; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 14 (2024 - 14).

New West Gypsum Recycling (UK) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2025

5	Investment properties

	2025 £
At 1 January 2025	270,286
At 31 December 2025	270,286

The directors have valued the property derived from current market prices for comparable real estate using observable market prices.

6

Debtors

	2025 £	2024 £
Trade debtors	705,269	685,411
Amounts due from group undertakings	40,727	40,727
Other debtors	2,887	-
Prepayments	142,500	160,675
	891,383	886,813

7

Creditors

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	8	50,261	28,274
Trade creditors		120,742	197,391
Amounts owed to group undertakings	10	2,778,590	2,712,947
Taxation and social security		46,429	58,551
Accruals and deferred income		241,680	156,678
Other creditors		29,623	4,241
		3,267,325	3,158,082

Creditors falling due within one year includes bank loans and net obligations under finance lease and hire purchase contracts which are secured on the assets of £50,261 (2024 - £28,274).

Page 8

New West Gypsum Recycling (UK) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2025

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	8	108,519	22,175

Creditors falling due after more than one year includes bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured on the assets of £108,519 (2024 - £22,175).

8	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Hire purchase contracts	108,519	22,175

	2025 £	2024 £
Current loans and borrowings
HP and finance lease liabilities	50,261	28,274

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £417,833 (2024 - £635,833). The company has commitments in respect of non-cancellable operating leases.

10	Related party transactions

The company has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions or balances with the ultimate parent company.

During the year, the company entered into transactions with entities undercommon control.

At the year end, the following balances were outstanding:

- Cloverdale Disposal Limited owed the company £40,727 (2024 - £nil) included within debtors

- The company owed £3,885 (2024 - £3,792) to New West Gypsum Recycling (Ont) Inc. included within creditors

11	Parent and ultimate parent undertaking

The company's immediate parent is New West Gypsum Recycling (BC) Inc, incorporated in Canada.