ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 10992234

SYLVAGEN LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

SYLVAGEN LIMITED

COMPANY INFORMATION

Directors	R S Jenkinson
	J C Jones


Registered number	10992234


Registered office	Level 2 Brockbourne House
	77 Mount Ephraim
	Tunbridge Wells
	Kent
	TN4 8BS


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditor
	Charles Lake House
	Claire Causeway
	Crossways Business Park
	Dartford
	Kent
	DA2 6QA

SYLVAGEN LIMITED

CONTENTS

	Page
Group strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 7
Consolidated statement of comprehensive income	8
Consolidated balance sheet	9 - 10
Company balance sheet	11 - 12
Consolidated statement of changes in equity	13
Company statement of changes in equity	14
Consolidated statement of cash flows	15 - 16
Notes to the financial statements	17 - 31

SYLVAGEN LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2026

Introduction

The directors are pleased to present their report covering the financial statements for the year ended 31 March 2026.
The group specialises in the procurement and disposal of various waste streams, as well as the supply of materials sourced from arboriculture and forestry.

Business review

The group experienced another year of strong performance. Revenue increased to £65.84 million (2025: £54.53 million), and profit before tax rose to £4.02 million (2025: £3.21 million).
Waste sales continued to drive substantial turnover growth.

Principal risks and uncertainties

The directors consider the key risks and uncertainties to the group achieving its growth targets as follows:
• Reliability of off takers
• Uncertain UK economic performance
• Rising costs relating to energy and fuel
• Impacts of new statutory regulations and procedures
• Delays caused by governing bodies

Financial key performance indicators

The directors evaluate the group’s performance primarily through gross margin and turnover growth. Other indicators such as EBIDTA (Earnings Before Interest, Depreciation, Tax and Amortisation) are also monitored.

Other key performance indicators

The group also relies on weekly divisional performance reports, which help the directors identify growth trends and risk areas within the business.

This report was approved by the board and signed on its behalf.

J C Jones

Director

Date: 2 September 2026

Page 1

SYLVAGEN LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2026

The directors present their report and the financial statements for the year ended 31 March 2026.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the group's financial statements and then apply them consistently;

∙make judgments 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 group will continue in business.

The directors are 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 the group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,981,049 (2025 - £2,442,887).

Dividends voted during the year amounted to £4,000,000 (2025: £800,000).

Directors

The directors who served during the year were:

R S Jenkinson

J C Jones

Future developments

There are no material future developments that the readers of the financial statements should be made aware
of.

Page 2

SYLVAGEN LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company and the group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditors are aware of that information.

Post balance sheet events

On 30 April 2026 Sylvagen Limited’s direct subsidiary 777 Recycling Limited acquired 777 Recycling Centre Limited. On 10 July 2026 Sylvagen Limited acquired Olus Biomass Limited.

Auditors

The auditors, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

J C Jones

Director

Date: 2 September 2026

Page 3

SYLVAGEN LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SYLVAGEN LIMITED

Opinion

We have audited the financial statements of Sylvagen Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 group's and of the parent company's affairs as at 31 March 2026 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 group's or the parent 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 directors with respect to going concern are described in the relevant sections of this report.

Page 4

SYLVAGEN LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SYLVAGEN LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are 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.

Opinion 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Directors' report 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

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

Page 5

SYLVAGEN LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SYLVAGEN LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are 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 directors determine 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 directors are responsible for assessing the group's and the parent 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 directors either intend to liquidate the group or the parent company or to cease operations, or have 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 an Auditors' 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 Group 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:

∙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 regulation;

∙We identified the laws and regulations applicable to the group through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;

∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, are as follows;

°Companies Act 2006

°FRS102

°GDPR

°Employment legislation

°Tax legislation

°Waste Regulations 2011

∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence;

∙Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non compliance throughout the audit.

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

∙Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;

∙Considering the internal controls in place to mitigate risks of fraud and non compliance with laws and regulations;

∙Reviewing the financial statements and testing the disclosures against supporting documentation;

∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

∙Inspecting and testing journal entries to identify unusual or unexpected transactions;

Page 6

SYLVAGEN LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SYLVAGEN LIMITED (CONTINUED)

∙Assessing whether judgement and assumptions made in determining significant accounting estimates, were indicative of management bias; and

∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the group’s usual course of business.

The areas that we identified as being susceptible to misstatement through fraud were:

∙Management bias in the estimates and judgements made;

∙Management override of controls; and

∙Posting of unusual journals or transactions.

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 Auditors' 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 Auditors' 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.

Theresa Dance (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA

2 September 2026Date:

Page 7

SYLVAGEN LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2026

	2026	2025
Note	£	£


Turnover	4	65,838,381	54,529,447
Cost of sales		(57,880,957)	(47,426,785)
Gross profit		7,957,424	7,102,662
Administrative expenses		(3,966,291)	(3,893,020)
Operating profit	5	3,991,133	3,209,642
Interest receivable and similar income	9	33,307	226
Interest payable and similar expenses	10	(339)	(606)
Profit before taxation		4,024,101	3,209,262
Tax on profit	11	(1,043,052)	(766,375)
Profit for the financial year		2,981,049	2,442,887


Currency translation differences	8,389	(5,871)
Other comprehensive income for the year	8,389	(5,871)
Total comprehensive income for the year	2,989,438	2,437,016

Profit for the year attributable to:
Owners of the parent company	2,981,049	2,442,887
	2,981,049	2,442,887

Total comprehensive income for the year attributable to:
Owners of the parent company	2,989,438	2,437,016
	2,989,438	2,437,016

The notes on pages 17 to 31 form part of these financial statements.

Page 8

SYLVAGEN LIMITED

REGISTERED NUMBER: 10992234

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Fixed assets
Tangible assets	13		1,402,906		2,214,095
			1,402,906		2,214,095
Current assets
Stocks	15	24,667		44,832
Debtors: amounts falling due within one year	16	8,645,809		6,898,606
Cash at bank and in hand	17	2,873,899		2,311,926
		11,544,375		9,255,364
Creditors: amounts falling due within one year	18	(7,192,451)		(4,490,443)
Net current assets			4,351,924		4,764,921
Total assets less current liabilities			5,754,830		6,979,016
Provisions for liabilities
Deferred taxation	19	(293,886)		(507,510)
			(293,886)		(507,510)
Net assets			5,460,944		6,471,506

Capital and reserves
Called up share capital	20	100	100
Foreign exchange reserve		1,551	(6,838)
Profit and loss account		5,459,293	6,478,244
Equity attributable to owners of the parent company		5,460,944	6,471,506
		5,460,944	6,471,506

Page 9

SYLVAGEN LIMITED

REGISTERED NUMBER: 10992234

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2026

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

J C Jones

Director

Date: 2 September 2026

The notes on pages 17 to 31 form part of these financial statements.

Page 10

SYLVAGEN LIMITED

REGISTERED NUMBER: 10992234

COMPANY BALANCE SHEET

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Fixed assets
Tangible assets	13		1,402,906		2,214,095
Investments	14		186		86
			1,403,092		2,214,181
Current assets
Stocks	15	24,667		44,832
Debtors: amounts falling due within one year	16	8,523,426		6,650,717
Cash at bank and in hand	17	2,739,468		2,236,339
		11,287,561		8,931,888
Creditors: amounts falling due within one year	18	(7,227,859)		(4,380,414)
Net current assets			4,059,702		4,551,474
Total assets less current liabilities			5,462,794		6,765,655

Provisions for liabilities
Deferred taxation	19	(293,886)		(507,510)
			(293,886)		(507,510)
Net assets			5,168,908		6,258,145

Capital and reserves
Called up share capital	20	100	100
Profit and loss account		5,168,808	6,258,045
		5,168,908	6,258,145

Page 11

SYLVAGEN LIMITED

REGISTERED NUMBER: 10992234

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2026

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

J C Jones

Director

Date: 2 September 2026

The notes on pages 17 to 31 form part of these financial statements.

Page 12

SYLVAGEN LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

	Called up share capital	Foreign exchange reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2025	100	(6,838)	6,478,244	6,471,506

Profit for the year	-	-	2,981,049	2,981,049
FX movement	-	8,389	-	8,389
Dividends: Equity capital	-	-	(4,000,000)	(4,000,000)
At 31 March 2026	100	1,551	5,459,293	5,460,944

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Foreign exchange reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2024	100	(967)	4,835,357	4,834,490

Profit for the year	-	-	2,442,887	2,442,887
FX movement	-	(5,871)	-	(5,871)
Dividends: Equity capital	-	-	(800,000)	(800,000)
At 31 March 2025	100	(6,838)	6,478,244	6,471,506

The notes on pages 17 to 31 form part of these financial statements.

Page 13

SYLVAGEN LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2025	100	6,258,045	6,258,145

Profit for the year	-	2,910,763	2,910,763
Dividends: Equity capital	-	(4,000,000)	(4,000,000)
At 31 March 2026	100	5,168,808	5,168,908

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2024	100	4,728,268	4,728,368
Comprehensive income for the year
Profit for the year	-	2,329,777	2,329,777
Dividends: Equity capital	-	(800,000)	(800,000)
At 31 March 2025	100	6,258,045	6,258,145

The notes on pages 17 to 31 form part of these financial statements.

Page 14

SYLVAGEN LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2026

			2026	2025
			£	£

Cash flows from operating activities
Profit for the financial year	2,981,049	2,442,887
Adjustments for:
Depreciation of tangible assets	455,831	587,152
Loss on disposal of tangible assets	11,109	21,057
Interest paid	339	606
Interest received	(33,307)	(226)
Taxation charge	1,043,052	766,375
Decrease in stocks	20,165	27,438
(Increase)/decrease in debtors	(1,747,203)	14,368
Increase/(decrease) in creditors	2,322,333	(2,221,803)
Increase in provisions	8,389	-
Corporation tax (paid)	(877,001)	(597,661)
Interest paid	-	(5,871)
Net cash generated from operating activities	4,184,756	1,034,322

Cash flows from investing activities
Purchase of tangible fixed assets	(669,758)	(957,797)
Sale of tangible fixed assets	1,014,007	-
Interest received	33,307	226
Interest paid	(339)	(606)
Net cash from investing activities	377,217	(958,177)

Page 15

SYLVAGEN LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

		2026	2025
		£	£


Cash flows from financing activities
Repayment of/new finance leases	-	(50,765)
Dividends paid	(4,000,000)	(800,000)
Net cash used in financing activities	(4,000,000)	(850,765)
Net increase/(decrease) in cash and cash equivalents	561,973	(774,620)
Cash and cash equivalents at beginning of year	2,311,926	3,086,546
Cash and cash equivalents at the end of year	2,873,899	2,311,926

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	2,873,899	2,311,926
	2,873,899	2,311,926

The notes on pages 17 to 31 form part of these financial statements.

Page 16

SYLVAGEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1.	General information

Sylvagen Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Level 2, Brockbourne House, 77 Mount Ephraim, Tunbridge Wells, Kent, TN4 8BS. The principal activity of the group is that of the procurement and disposal of various waste streams, as well as the supply of materials sourced from arboriculture and forestry.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

Page 17

SYLVAGEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 18

SYLVAGEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.5

Operating leases: the group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the group in independently administered funds.

Page 19

SYLVAGEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 20

SYLVAGEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.10

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on following bases.

Land	-	Not depreciated
Leasehold property improvements	-	5 years straight line
Plant and machinery	-	22 - 25% reducing balance
Motor vehicles	-	22 - 25% reducing balance
Office equipment	-	22 - 25% reducing balance and 2 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

Page 21

SYLVAGEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.17

Financial instruments

The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the company's accounting policies
No significant judgments have been made by the group in preparing these financial statements.
b) Key accounting estimates and assumptions
The group has made key assumptions regarding the useful economic life to tangible fixed assets and this is further described in note 2.10 of the accounting policies.

Turnover

The whole of the turnover is attributable to the principal activity.
Turnover was derived in the United Kingdom and Europe.

Page 22

SYLVAGEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Depreciation	455,831	587,152
Other operating lease rentals	609,652	392,501
Pension contributions	65,764	68,103

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements	18,165	17,300
Fees payable to the company's auditors in respect of:
All non-audit services not included above	2,715	1,685

Page 23

SYLVAGEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2026	2025	2026	2025
£	£	£	£


Wages and salaries	1,873,892	1,891,969	1,873,892	1,891,969
Social security costs	242,096	211,202	242,096	211,202
Cost of defined contribution scheme	65,764	68,103	65,764	68,103
	2,181,752	2,171,274	2,181,752	2,171,274

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2026	2025	2026	2025
	No.	No.	No.	No.

Staff	37	36	37	36
Directors	2	2	2	2

	39	38	39	38

8.	Directors' remuneration
		2026	2025
		£	£

Directors' emoluments	325,467	239,048
Group contributions to defined contribution pension schemes	5,402	5,679
	330,869	244,727

	During the year retirement benefits were accruing to 1 director (2026 - 2) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £181,422 (2025 - £173,202).
	The value of the group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2025 - £2,936).

Page 24

SYLVAGEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

9.	Interest receivable
		2026	2025
		£	£

	Other interest receivable	33,307	226
		33,307	226

10.	Interest payable and similar expenses
		2026	2025
		£	£

Finance leases and hire purchase contracts	-	606
Other interest payable	339	-
	339	606

Corporation tax
Current tax on profits for the year	1,256,676	722,137

Total current tax	1,256,676	722,137

Deferred tax
Deferred tax	(213,624)	44,238
Total deferred tax	(213,624)	44,238


		1,043,052	766,375

Page 25

SYLVAGEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

11.Taxation (continued)

Profit on ordinary activities before tax

4,024,101

3,209,262

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)	1,006,025	802,316
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	2,476	5,102
Capital allowances for year in excess of depreciation	249,973	(83,530)
Lower rate taxes on overseas earnings	(4,818)	(8,378)
Short-term timing difference leading to an increase (decrease) in taxation	243	(246)
Other differences leading to an increase (decrease) in taxation	-	1,609
Profit on sale of fixed assets	2,777	5,264
Movement in deferred tax	(213,624)	44,238
Total tax charge for the year	1,043,052	766,375

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Dividends
		2026	2025
		£	£

	Dividends	4,000,000	800,000
		4,000,000	800,000

Page 26

SYLVAGEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

13.	Tangible fixed assets
	Group and Company

	Land	Leasehold improvements	Plant and machinery	Motor vehicles	Office equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 April 2025	-	89,882	3,091,257	425,938	208,360	3,815,437
Additions	157,711	-	307,594	192,364	12,089	669,758
Disposals	-	-	(1,869,613)	(196,531)	-	(2,066,144)
At 31 March 2026	157,711	89,882	1,529,238	421,771	220,449	2,419,051
Depreciation
At 1 April 2025	-	6,199	1,316,507	218,620	60,016	1,601,342
Charge for the year on owned assets	-	18,596	271,651	68,404	97,180	455,831
Disposals	-	-	(906,738)	(134,290)	-	(1,041,028)
At 31 March 2026	-	24,795	681,420	152,734	157,196	1,016,145
Net book value
At 31 March 2026	157,711	65,087	847,818	269,037	63,253	1,402,906
At 31 March 2025	-	83,683	1,774,750	207,318	148,344	2,214,095

Page 27

SYLVAGEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

14.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2025	86
	Additions	100
	At 31 March 2026	186

Subsidiary undertakings
The following were subsidiary undertakings of the company:
Name	Registered office	Holding

	Sylvagen NL B.V.	*	100%
	777 Recycling Limited	**	100%

*Herengracht 420, 1017 BZ Amsterdam, Netherlands
** Level 2, Brockbourne House, 77 Mount Ephraim, Tunbridge Wells, Kent, United Kingdom, TN4 8BS
777 Recycling Limited is exempt from the requirements to have an audit and file audited financial statements by virtue of section 479a of the Companies Act 2006. In adopting the exemption, 777 Recycling Limited has provided a statutory guarantee to the subsidiary in accordance with section 479c of the Companies Act 2006.

The aggregate of the share capital and reserves as at 31 March 2026 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

	Sylvagen NL B.V.	272,051	70,284
	777 Recycling Limited	(30,809)	(30,909)

Page 28

SYLVAGEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

15.	Stocks
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Finished goods and goods for resale	24,667	44,832	24,667	44,832
	24,667	44,832	24,667	44,832

The difference between purchase price or production cost of stocks and their replacement cost is not material.

16.

Debtors

Group	Group	Company	Company
2026	2025	2026	2025
£	£	£	£


Trade debtors	8,235,182	6,542,354	8,117,517	6,255,099
Amounts owed by group undertakings	-	-	-	42,688
Other debtors	8,294	3,224	3,778	-
Prepayments and accrued income	402,333	353,028	402,131	352,930
	8,645,809	6,898,606	8,523,426	6,650,717

17.	Cash and cash equivalents
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Cash at bank and in hand	2,873,899	2,311,926	2,739,468	2,236,339
	2,873,899	2,311,926	2,739,468	2,236,339

Page 29

SYLVAGEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

18.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Trade creditors	4,370,532	2,101,080	4,333,914	2,081,820
Amounts owed to group companies	-	-	142,713	-
Corporation tax	792,368	408,748	733,603	370,086
Other taxation and social security	494,988	582,278	494,988	582,278
Other creditors	23,605	18,619	23,605	18,619
Accruals and deferred income	1,510,958	1,379,718	1,499,036	1,327,611
	7,192,451	4,490,443	7,227,859	4,380,414

19.	Deferred taxation
	Group

	2026	2025
	£	£

At beginning of year	(507,510)	(463,272)
Charged to profit or loss	213,624	(44,238)
At end of year	(293,886)	(507,510)

Group	Group	Company	Company
2026	2025	2026	2025
£	£	£	£

	Accelerated capital allowances	(293,886)	(507,510)	(293,886)	(507,510)
		(293,886)	(507,510)	(293,886)	(507,510)

20.	Share capital
		2026	2025
		£	£

Allotted, called up and fully paid

100 (2025 - 100) Ordinary shares of £1.00 each	100	100

Page 30

SYLVAGEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

21.	Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £65,764 (2025 - £68,103). Contributions totalling £11,703 (2025 - £10,486) were payable to the fund at the balance sheet date.

22.	Commitments under operating leases
	At 31 March 2026 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Not later than 1 year	428,460	214,600	428,460	214,600
Later than 1 year and not later than 5 years	1,170,653	751,100	1,170,653	751,100
	1,599,113	965,700	1,599,113	965,700

23.

Related party transactions

During the year, Dividends of £4,000,000 (2024 - £800,000) were paid to companies owned by the directors.
At the year end the company had trade debtor amounts owed by businesses with a common shareholder totalling £1,225,430 (2025 - £707,077) and trade creditor amounts due to businesses with a common shareholder totalling £106,620 (2025: £718,603).
During the year purchases totalling £6,194,971 (2025: £8,006,627) and sales totalling £5,511,719 (2025 - £6,072,817) were made to businesses with a common shareholder, £601,988 of these sales compise of recharges to a business with a common shareholder.

24.	Post balance sheet events

On 30 April 2026 Sylvagen Limited’s direct subsidiary 777 Recycling Limited acquired 777 Recycling Centre Limited. On 10 July 2026 Sylvagen Limited acquired Olus Biomass Limited.

25.	Controlling party

There is no single ultimate controlling party.

Page 31