REGISTERED NUMBER: 05409619 (England and Wales)

Financial Statements

for the Year Ended 31 December 2025

for

Property Recycling Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P A Rackham Jnr

S R Stuteley

Mrs J Williams

REGISTERED OFFICE:

Manor Farm

Bridgham

Norwich

Norfolk

NR16 2RX

REGISTERED NUMBER:

05409619 (England and Wales)

INDEPENDENT AUDITORS:

Knights Lowe Limited

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

BANKERS:

Lloyds Bank Plc

33 Old Broad St

London

EC2N 3AH

CURRENT ASSETS

Stocks

7,719,928

6,962,803

Debtors

6

18,841,057

19,279,070

Cash at bank

165,075

149,659

26,726,060

26,391,532

CREDITORS

Amounts falling due within one year

7

389,847

420,290

NET CURRENT ASSETS

26,336,213

25,971,242

TOTAL ASSETS LESS CURRENT LIABILITIES

26,336,213

25,971,242

CAPITAL AND RESERVES

Called up share capital

1,776,113

1,778,113

Share premium

6,428,529

6,428,529

Capital redemption reserve

33,887

31,887

Retained earnings

18,097,684

17,732,713

SHAREHOLDERS' FUNDS

26,336,213

25,971,242

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 July 2026 and were signed on its behalf by:

S R Stuteley - Director

1.	STATUTORY INFORMATION

Property Recycling Group Limited is a private company, limited by shares, registered in England & Wales (see note 13). The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

Level of rounding

The accounts are rounded to the nearest pound.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from those standards. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income from the sale of land and buildings is recognised at the date of unconditional exchange of contract. Option fees are recognised in the period to which the Company is unconditionally entitled to that income.

Rental income and other income are accrued on a time basis in the period to which they relate.

Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery - 15% to 20% straight line

The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sale proceeds and carrying amount of the asset and is recognised in the profit and loss account.

Stocks

Stock is stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost comprises the cost of acquisition of property, professional and planning fees and construction and infrastructure costs, but excludes overheads. Net realisable value represents the estimate selling price less all estimated costs of completion and costs to be incurred in marketing and selling the properties.

Financial instruments

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

(i) Financial assets and liabilities

All financial assets and liabilities are initially measured at transactions price (including transaction costs), except for those financial assets classified at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends to either settle on a net basis, or to realise the asset and settle the liability simultaneously.

(ii) Derivative financial instruments

The company uses derivative financial instruments to reduce exposure to interest rate movements. The company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the profit and loss immediately unless the derivative is designated and effective as the hedging instrument, in which event the timing of the recognition in the profit or loss depends on the nature of the hedge relationship.

(iii) Fair value measurement

The best evidence of fair value is quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

The company as a lessor

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

Amounts due from lessees under finance leases are recorded as debtors at the company's net investment in the lease. Finance lease income is allocated to the profit and loss account so as to produce a constant periodic rate of return on the remaining balance of the debtor.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are usually immaterial and are recognised in the profit and loss account in the period incurred.

Provisions

A provision is recognised when the Company has a present obligation as a result of a past event and it is probable the company will be required to settle that obligation and amounts can be estimated reliably. Provisions are measured at the Directors best estimate of the expenditure required to settle the respective obligations at the balance sheet date and are discounted to present value where the effect is material.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2025

and 31 December 2025

21,671

DEPRECIATION

At 1 January 2025

and 31 December 2025

21,671

NET BOOK VALUE

At 31 December 2025

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

42,947

73,789

Amounts owed by group undertakings

18,645,356

19,095,356

Other debtors

152,754

109,925

18,841,057

19,279,070

The loan made to Paul Rackham Limited is repayable on demand and, as such, has been shown as due within one year. However, the directors have indicated that no demands for repayment will be made in the foreseeable future.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

11,509

10,092

Amounts owed to group undertakings

109,969

135,029

Taxation and social security

124,069

115,816

Other creditors

144,300

159,353

389,847

420,290

8.	LEASING AGREEMENTS

The future minimum lease payments receivable under non-cancellable operating leases are as follows:

2025

2024

£

£

Within one year

611,361

601,361

Between one and five years

1,693,230

1,827,506

In more than five years

232,761

564,526

2,537,352

2,993,393

9.	FINANCIAL INSTRUMENTS

The carrying values of the Company's financial assets and liabilities are summarised by category below:

2025

2024

Financial assets

£

£

Measured at undiscounted amount receivable

- Trade and other debtors (see note 15)

18,841,057

19,279,070

18,841,057

19,279,070

Financial liabilities

Measured at undiscounted amount payable

- Trade and other creditors (see note 16)

389,847

420,290

389,847

420,290

The Company's income, expense, gains and losses in respect of financial instruments are summarised below:

2025

2024

£

£

Interest income and expense

Total interest income for financial assets at amortised cost

11,601

998,567

Total interest expense for financial liabilities at amortised cost

3,311

17,741

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

J Knights BSc ACA (Senior Statutory Auditor)

for and on behalf of Knights Lowe Limited

11.	ULTIMATE CONTROLLING PARTY

The Company's immediate parent company is Paul Rackham Limited and its ultimate parent company and controlling party is Rackham Group Limited.

12.	GUARANTEES

There is a cross party guarantee secured against the assets and undertakings of all the companies in Rackham Group Limited in relation to a group banking credit facility.