The directors present the strategic report for the year ended 31 March 2026.

Formerly named Silver Lining Industries Limited, the Company was established in 1980 recycling photographic, x-ray and printing waste for the recovery of silver. Over the years, we have expanded and evolved to recycle an extensive range of hazardous and specialty waste streams from most commercial and industrial sectors.

WasteCare Limited provides a unique Waste Management Solution to industry and commerce via a nationwide collection service along with a sustainable licensed recycling, recovery and reuse solution, with full traceability, for most types of hazardous and difficult waste. With 16 regional service and recycling centres across the UK and a fleet of over 150 collection vehicles, we collect, treat and recycle over 1,000 different waste streams on behalf of over 36,000 locations across both public and private sectors each year. WasteCare’s operations include a confidential shredding operation (ShredCare), and a High Temperature Incinerator (HTI) facility in Kent.

We offer a one-stop-shop solution to waste management, placing regulatory compliance, service, quality and value above all else. We were the first in the sector to obtain BS5750 accreditation back in 1993 and continued to lead when obtaining our ISO 14001 accreditation in 2001 and more recently the ISO 45001 accreditation. In addition, we were one of the first waste management companies to fully embrace the circular economy, returning millions a year to clients for materials recovered from waste and the first to set up a dedicated reuse facility for retailer take-back.

As a Company we are committed to invest in occupational training for everyone in the Company. The WasteCare Academy is permanently staffed to train operational, admin and sales personnel. This includes but not limited to health and safety, CPC, ADR, COTC and DGSA training. Our unique online app, myWaste, has well over 2,000 clients now registered. Further developments continue to expand the range of facilities available to our clients.

The growth and success of WasteCare Limited has been as a result of putting our clients at the centre of our operation combined with continuous investment in innovative technology. This has enabled us to combine a deep understanding of our clients’ requirements with a uniquely flexible service that can be tailored to any organisational requirement.

We aim to increase the range of compatible services we offer to both existing and new clients whilst maintaining the strong features of a one-stop solution for hazardous and challenging waste.

With an enormous market still to develop the Board aim to deliver our strategy of identifying compatible acquisitions in the coming year whilst maintaining a continuous improvement mind-set throughout our business.

The sector is highly regulated and a continuing challenge faced by WasteCare Limited centres around developing solutions to the changes in legislation across the market segments in which we operate. We are mindful of our responsibility to guide our clients through the maze of legislation to help ensure they are compliant, as well as making sure we handle all types of waste safely, whilst adopting environmental best practice. We manage the impact of legislative changes within the waste industry, on both our business and our customers’ by ensuring that we are actively involved and affiliated with a range of organisations representing the interests of the waste industry.

The Board regularly review the potential risks to the business. These are subdivided to safety, environmental, regulatory compliance, commercial and financial risk. The Board maintains a register of potential risks, taking account of macro market movements, regulatory changes as well as H & S performance, operational changes, customer retention and general performance. The Board maintains registers of significant operational risks to the business and has in place contingency plans should the business suffer a material setback.

For more specific detail on risk and uncertainties, please refer to Wastecare Group Limited (03280384) statutory financial statements.

The Directors believe the business is prepared for any challenges and remain confident that WasteCare Limited will continue to excel in the coming year both in market share and financial performance.

The demands of our customers and the challenges we face day to day continue to evolve. Our infrastructure and operational model are well suited to handle ongoing changes in regulations and challenges to meet ever greater demands in environmental standards. We are committed to continue re-investing our profits to extend the reach of the business whilst keeping borrowings within a tight limit.

The Board is pleased with the financial performance of Wastecare Limited for the 2025-2026 financial year. Revenue has grown by 7.4% to £64.8, with gross profits of £15.2m.

The Board of Directors of Wastecare Limited consider that both individually and together for the year ended 31 March 2026 they have acted in the way they consider, in good faith, would be the most likely to promote the success of the Company for the benefit of its members as a whole and having regard to the matters set out in s172 (1)(a-f) as below:

a)    The likely consequences of any decision in the long term;

b)    The interests of the Company’s employees;

c)    The need to foster the Company’s business relationships with suppliers, customers and others;

d)    The impact of the Company’s operations on the community and the environment;

e)    The desirability of the Company maintaining a reputation for high standards of business conduct; and

f)    The need to act fairly between members of the Company.

The directors make decisions by taking their legal duty into account and also the priorities and requirements of the stakeholders.

a)    The likely consequences of any decision in the long term

The directors have regard to the likely consequences of their decisions on the long-term objectives and sustainability of the Company, its stakeholders and the community whilst also preserving its values and culture. With this in mind, when a dividend is proposed it is important to confirm the availability of distributable reserves whilst also considering cash requirements for future investment and without prejudicing the position of other creditors. We are a business built on our standards and reputation and would not take a decision which would have a detrimental impact on this whether in the short term or the long term. We are dedicated to ensuring we maintain our culture whilst achieving our purpose.

b)    The interests of the Company’s employees

Our employees are key so it is very important that they have the right attitude and the drive to create ideas and set high standards. All employees are encouraged to be honest and regular discussions are held with employees. The directors make an effort to visit our locations to talk to the employees which gives them the opportunity to hear their ideas and see first-hand where any improvements can be made.

c)    The need to foster the Company’s business relationships with suppliers, customers and others

We carry out our business with similar-minded people who we like and build on this to forge strong and lasting partnerships which is important for our long-term success.

d)    The impact of the Company’s operations on the community and the environment

We are proud to be part of the local and wider communities. It is our aim to create opportunities to recruit and develop local people and to understand the local issues that are important to the community and what we can do to support it.

e)    The desirability of the Company maintaining a reputation for high standards of business conduct

All new employees get a New Starter Pack which documents our history, standards, equal opportunities and training programme (among other things). All employees have easy access to our Operating Procedures and Codes of Conduct and understand the requirement for them to comply with the Company’s high standards of business conduct at all times. Any issues of non-compliance with any of our policies can be dealt with in confidence.

f)    The need to act fairly between members of the Company

The Company aims to act with integrity and courtesy in all of its business relationships and will consider all members and stakeholders when making decisions for the overall good of the Company.

On behalf of the board

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

The principal activity of the company continues to be the collection, treatment and recycling of commercial and industrial waste streams.

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Sumer Auditco Limited were appointed as auditor to the company following BHP LLP becoming part of the Sumer Group on 31 December 2025, which required a change in audit firm to comply with applicable regulatory requirements.

In accordance with section 487(2) of the Companies Act 2006, Sumer Auditco Limited are deemed to be reappointed annually.

The Company has chosen not to disclose the requirements which are set out in The Companies (Directors’ Report) and Limited Liability (Energy and Carbon Report) Regulations 2018 (‘2018 Regulations’ or ‘SECR requirements’) as these are disclosed in its parent company’s financial statements, WasteCare Group Limited, for the financial year ended 31 March 2026.

Certain information is not shown in the Directors' Report because it is shown in the Strategic Report instead under s414C(11). The Strategic Report includes a business review and market overview, information about the Company's principal risks and uncertainties and information about the Company's financial key performance indicators.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The directors are responsible for preparing the annual report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period.

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

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

We have audited the financial statements of Wastecare Limited (the 'company') for the year ended 31 March 2026 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 31 March 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.

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 Auditor's 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 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 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 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, 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 directors' remuneration specified by law are not made; or

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

As explained more fully in the directors' responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

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 auditor's 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 financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

•    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 regulations;

•    we identified the laws and regulations applicable to the company through discussions with management,     and from our commercial knowledge and experience of the sector;

•    we focused on specific laws and regulations which we considered may have a direct material effect on the     financial statements or the operations of the company, including Companies Act 2006, taxation legislation,     data protection, anti-bribery, employment, environments and health and safety legislation;

•    we assessed the extent of compliance with the laws and regulations identified above through making     enquiries of management and inspecting legal correspondence; and

•    identified laws and regulations were communicated within the audit team regularly and the team remained     alert to instances of non-compliance throughout the audit.

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

•    making enquiries of management as to where they considered there was susceptibility to fraud, their     knowledge of actual, suspected and alleged fraud; and

•    considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and     regulations.

To address the risk of fraud through management bias and override of controls, we:

•    performed analytical procedures to identify any unusual or unexpected relationships;

•    tested journal entries to identify unusual transactions;

•    assessed whether judgements and assumptions made in determining accounting estimates were indicative     of potential bias; and

•    investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

•    agreeing financial statement disclosures to underlying supporting documentation; and

•    enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed those laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's 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 member, for our audit work, for this report, or for the opinions we have formed.

The income statement has been prepared on the basis that all operations are continuing operations.

Wastecare Limited is a private company limited by shares incorporated in England and Wales. The registered office is Argent House, Tyler Close, Normanton, West Yorkshire, United Kingdom, WF6 1RL.

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.

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 £.

The financial statements have been prepared under the historical cost convention. 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; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

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

The financial statements of the company are consolidated in the financial statements of WasteCare Group Limited. These consolidated financial statements are available from its registered office which is Argent House, Tyler Close, Normanton, WF6 1RL.

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, 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. The company's turnover is specifically derived from the handling of waste from customers and the sale of recycled and recovered waste.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover from the sale of recycled and recovered waste is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer.

Turnover from the handling of waste is recognised when the waste has been passed to, and receipted by the company.

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). 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.

Recoverable amount is the higher of fair value less costs to sell and 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.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

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

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.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

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

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

The critical judgements and estimates that the directors have made in the process of applying the company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.

In assessing whether there have been any indicators of impaired assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability.

The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

Judgement is applied by management when determining the residual values for all fixed assets, particularly property, plant & equipment. When determining the residual value, management aim to assess the amount that the company would currently obtain for the disposal of the asset if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

The Company holds inventories comprising waste electrical equipment, batteries, oils and fats, IT and household appliances, containers and other materials generated or recovered through the normal course of its operations. Inventories are stated at the lower of cost and net realisable value, with net realisable value representing the estimated selling price less costs to complete and sell.

The valuation of inventory requires management to exercise judgement and make estimates in relation to the allocation of direct costs, the assessment of recoverability and the determination of expected selling prices and associated disposal costs. These estimates are based on the most recent available information, including market conditions, historical recovery rates and expected future demand existing at the reporting date.

The Company participates in a number of compliance schemes for which income is received and recognised over the period in which the related services are provided. As the scheme periods are not coterminous with the Company's financial year end, management is required to estimate the proportion of scheme income earned up to the reporting date in order to determine the appropriate level of accrued and deferred income.

The calculation of accrued income requires management to make estimates regarding the total income expected to be receivable for the relevant scheme periods and the extent to which the related obligations have been fulfilled at the reporting date. These estimates are based on the most up-to-date information available, including contractual arrangements, historical trends and current operational performance.

The Company holds stock of waste batteries which are measured at the lower of cost and net realisable value. Determining the net realisable value of this stock requires significant management estimation and judgement. Net realisable value is assessed by estimating the amount recoverable through the sale of recycling evidence to scheme members, less the costs expected to be incurred in fulfilling the associated recycling obligations.

In estimating recoverable value, management determines an appropriate value per tonne of waste batteries using historical sales data, current market conditions and other relevant available information at the reporting date. Management is also required to estimate the costs necessary to fulfil the Company’s recycling obligations arising from the sale of recycling evidence. These costs are recognised within a provision for treatment obligations ("cost to treat accrual").

The calculation of the cost to treat accrual requires significant judgement as the ultimate costs incurred will depend on how the obligation is fulfilled. The Company may satisfy its obligations through the operation of its own recycling facilities or by engaging third-party recycling providers. The estimate incorporates expected processing and treatment costs, directly attributable labour, an allocation of relevant overheads and the anticipated costs of recycling battery types that cannot be processed internally.

Management uses all relevant historical experience and current operational, commercial and regulatory information when determining these estimates. Changes in recycling efficiency, market values for recycling evidence, regulatory requirements or third-party processing costs could result in material changes to the carrying value of inventory and the related treatment provision in future reporting periods.

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2025 - 2).

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

Amounts owed by group companies are repayable on demand. No interest is charged on these amounts.

Amounts owed to group companies are unsecured and interest free.

Hire purchase creditors are secured on the assets to which they relate including assets held by group companies.

The invoice discounting facility is secured by fixed and floating charges over the company's assets.

Included within other creditors is an amount of £2,000,000 relating to funding received in connection with a proposed joint venture arrangement. Following the year end, the proposed transaction did not proceed and the funding was repaid in full.

Hire purchase creditors are secured on the assets to which they relate including assets held by group companies.

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions totalling £79,310 (2025 - £66,197) were payable to the fund at the reporting date and are included in creditors.

The Company is party to an unlimited inter-company composite guarantee in favour of National Westminster Bank plc in respect of finance facilities granted to companies within the WasteCare group. The guarantee is supported by a mortgage debenture incorporating fixed and floating charges over the Company's undertaking and assets.

The Company has also granted security in favour of Barclays Bank PLC under a debenture and related amendments thereto, comprising fixed and floating charges over the Company's assets and undertaking.

In addition, the Company has entered into an invoice finance arrangement with RBS Invoice Finance Limited secured by fixed charges over certain assets and book debts and a floating charge over the remainder of the Company's undertaking and assets.

Accordingly, substantially all of the Company's assets are subject to fixed and floating charge security arrangements in favour of its lenders.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Amounts contracted for but not provided in the financial statements:

The commitments relate to Motor Vehicles, Plant & Machinery and Leasehold Improvements.

The company is a wholly-owned subsidiary of WasteCare Group Limited and has taken advantage of the exemption in Section 33 Related Party Disclosures - not to provide details of transactions entered into with wholly-owned group companies.

At 31 March 2026 the company was owed nil by the directors (2025 - £119,105 owed by the directors).

The company's immediate and ultimate parent is WasteCare Group Limited. a company incorporated in England and Wales. The registered office of WasteCare Group Limited is Argent House, Tyler Close, Normanton, England, WF6 1RL. the company is ultimately controlled by P T Hunt, by virtue of his majority shareholding in the WasteCare Group Limited.

Consolidated financial statements are prepared by Wastecare Group Limited. The consolidated financial statements of WasteCare Group Limited may be obtained from the companies registered office, Argent House, Tyler Close, Normanton, England, WF6 1RL.