REGISTERED NUMBER: 03355530 (England and Wales)

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2026

FOR

N-VIROCYCLE LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Profit and Loss Account

6

Other Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTORS:

J Edwards

K J Smith

SECRETARY:

K J Smith

REGISTERED OFFICE:

The Motor Garage

Bristol Road

Cambridge

Gloucestershire

GL2 7AL

REGISTERED NUMBER:

03355530 (England and Wales)

AUDITORS:

Kingscott Dix (Cheltenham) Limited

Statutory Auditor

Chartered Accountants

7 Rockfield Business Park

Old Station Drive

Leckhampton

Cheltenham

GL53 0AN

The directors present their report with the financial statements of the company for the year ended 28 February 2026.

DIVIDENDS

The total dividends for the year ended 28 February 2026 will be £3,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 March 2025 to the date of this report.

J Edwards

K J Smith

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Kingscott Dix (Cheltenham) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J Edwards - Director

23 October 2026

Opinion

We have audited the financial statements of N-Virocycle Limited (the 'company') for the year ended 28 February 2026 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 company's affairs as at 28 February 2026 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

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 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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from: our commercial and sector experience; our accountancy and tax knowledge; inspection of the Group's relevant correspondence; a review of Companies House filings; and discussions with the Directors. We discussed laws and regulations throughout our team and remained alert to any indication of non-compliance throughout the audit. The potential effect of the law and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, distributable profits legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts disclosed in the financial statements, for instance through the imposition of fines or litigation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiries of management, and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. As with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 Report of the Auditors.

Other matters

The corresponding figures for the year ended 28 February 2025 were not audited. Accordingly, we do not express an opinion on the corresponding figures.

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 a Report of the Auditors 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.

Robert Harris FCA (Senior Statutory Auditor)

for and on behalf of Kingscott Dix (Cheltenham) Limited

Statutory Auditor

Chartered Accountants

7 Rockfield Business Park

Old Station Drive

Leckhampton

Cheltenham

GL53 0AN

23 October 2026

TURNOVER

3

9,908,647

8,677,635

Cost of sales

(6,235,553

)

(5,265,584

)

GROSS PROFIT

3,673,094

3,412,051

Administrative expenses

(2,956,171

)

(2,947,173

)

716,923

464,878

Other operating income

24,441

12,541

OPERATING PROFIT

5

741,364

477,419

Interest receivable and similar income

-

544

741,364

477,963

Interest payable and similar expenses

6

(306,691

)

(296,757

)

PROFIT BEFORE TAXATION

434,673

181,206

Tax on profit

7

(138,014

)

(86,146

)

PROFIT FOR THE FINANCIAL YEAR

296,659

95,060

PROFIT FOR THE YEAR

296,659

95,060

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

296,659

95,060

FIXED ASSETS

Tangible assets

9

7,654,688

6,239,608

CURRENT ASSETS

Stocks

10

35,414

31,904

Debtors

11

2,313,368

1,830,049

Cash at bank and in hand

103,633

68,906

2,452,415

1,930,859

CREDITORS

Amounts falling due within one year

12

(3,647,684

)

(2,742,108

)

NET CURRENT LIABILITIES

(1,195,269

)

(811,249

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,459,419

5,428,359

CREDITORS

Amounts falling due after more than one year

13

(1,989,539

)

(1,390,152

)

PROVISIONS FOR LIABILITIES

17

(1,100,878

)

(962,864

)

NET ASSETS

3,369,002

3,075,343

CAPITAL AND RESERVES

Called up share capital

18

120,000

120,000

Retained earnings

19

3,249,002

2,955,343

SHAREHOLDERS' FUNDS

3,369,002

3,075,343

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2026 and were signed on its behalf by:

J Edwards - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 March 2024

120,000

2,960,783

3,080,783

Changes in equity

Dividends

-

(100,500

)

(100,500

)

Total comprehensive income

-

95,060

95,060

Balance at 28 February 2025

120,000

2,955,343

3,075,343

Changes in equity

Dividends

-

(3,000

)

(3,000

)

Total comprehensive income

-

296,659

296,659

Balance at 28 February 2026

120,000

3,249,002

3,369,002

1.	STATUTORY INFORMATION

N-Virocycle Limited is a private company, limited by shares , registered in England and Wales. 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 (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on the going concern basis.

The company generated a profit for the year and positive operating cash flows. At the year end, the company had net current liabilities and continues to utilise financing facilities, including invoice discounting and hire purchase arrangements.

Expected trading performance and the availability of existing funding facilities, will allow the company to be able to meet its liabilities as they fall due.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates

The areas where judgements and estimates are most significant to the financial statements are:

Useful economic lives of tangible fixed assets

Depreciation is charged so as to write down assets to their residual values over their estimated useful lives. The determination of useful lives requires judgement and is reviewed annually.

Recoverability of trade debtors

The company makes estimates regarding the recoverability of trade debtors. Provision is made where there is evidence that amounts may not be fully recoverable.

Deferred taxation

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities and their tax bases. The calculation of deferred tax requires estimates of future taxable profits and when timing differences may reverse.

Turnover

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

Tangible fixed assets

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

Freehold property

-

10% on reducing balance

Plant and machinery

-

33% on cost, 33% on reducing balance, 25% on reducing balance, 10% on cost and 10% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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

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.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2026

2025

£

£

Solid waste recycling

2,566,756

2,086,391

Liquid waste recycling

6,941,355

6,210,269

Other

400,536

380,975

9,908,647

8,677,635

An analysis of turnover by geographical market is given below:

2026

2025

£

£

United Kingdom

9,908,647

8,677,635

9,908,647

8,677,635

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

3,152,846

2,910,527

Social security costs

42,136

37,630

Other pension costs

63,182

50,897

3,258,164

2,999,054

The average number of employees during the year was as follows:

2026

2025

Directors

2

2

Drivers

34

32

Fieldmen

6

6

Management

13

13

55

53

2026

2025

£

£

Directors' remuneration

294,487

301,636

Directors' pension contributions to money purchase schemes

3,375

4,500

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

2026

2025

£

£

Emoluments etc

194,487

204,761

The directors are considered the key management personnel of the business.

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2026

2025

£

£

Hire of plant and machinery

35,874

33,983

Waste disposal

793,192

537,039

Depreciation - owned assets

1,415,692

1,393,341

(Profit)/loss on disposal of fixed assets

(29,382

)

2,596

Auditors' remuneration

7,000

-

Auditors' remuneration - other services

25,808

28,081

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Bank interest

-

323

Invoice discounting charges

86,035

108,293

Hire purchase

220,656

188,141

306,691

296,757

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2026

2025

£

£

Deferred tax

138,014

86,146

Tax on profit

138,014

86,146

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2026

2025

£

£

Profit before tax

434,673

181,206

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

108,668

45,302

Effects of:

Expenses not deductible for tax purposes

4,810

33,386

Capital allowances in excess of depreciation

(218,007

)

-

Depreciation in excess of capital allowances

-

301,013

Utilisation of tax losses

-

(293,555

)

Carried forward tax losses

242,543

-

Total tax charge

138,014

86,146

8.

DIVIDENDS

2026

2025

£

£

Ordinary shares shares of £1 each

Interim

3,000

100,500

During the year, dividends of £3,000 were paid to the directors (2025 - £100,500).

9.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 March 2025

149,375

11,520,964

11,670,339

Additions

3,354

3,338,714

3,342,068

Disposals

-

(1,524,881

)

(1,524,881

)

At 28 February 2026

152,729

13,334,797

13,487,526

DEPRECIATION

At 1 March 2025

55,949

5,374,782

5,430,731

Charge for year

8,963

1,406,729

1,415,692

Eliminated on disposal

-

(1,013,585

)

(1,013,585

)

At 28 February 2026

64,912

5,767,926

5,832,838

NET BOOK VALUE

At 28 February 2026

87,817

7,566,871

7,654,688

At 28 February 2025

93,426

6,146,182

6,239,608

At the balance sheet date, assets held under hire purchase contracts had a cost of £8,436,034 (2025 - £6,315,439) and accumulated depreciation of £3,126,711 (2025 - £2,845,490). During the year, depreciation of £1,056,230 was charged on these assets held under hire purchase contracts.

10.

STOCKS

2026

2025

£

£

Stocks

35,414

31,904

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

1,712,044

1,257,320

Other debtors

469,924

431,489

Prepayments

131,400

141,240

2,313,368

1,830,049

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Bank loans and overdrafts (see note 14)

613,145

585,848

Hire purchase contracts (see note 15)

1,892,569

1,258,952

Trade creditors

830,260

588,211

Tax

-

46

Social security and other taxes

158,883

212,482

Other creditors

8,940

10,670

Accrued expenses

143,887

85,899

3,647,684

2,742,108

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Hire purchase contracts (see note 15)

1,989,539

1,390,152

14.

LOANS

An analysis of the maturity of loans is given below:

2026

2025

£

£

Amounts falling due within one year or on demand:

Bank loans

-

26,592

Invoice discounting

613,145

559,256

613,145

585,848

15.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2026

2025

£

£

Net obligations repayable:

Within one year

1,892,569

1,258,952

Between one and five years

1,989,539

1,390,152

3,882,108

2,649,104

Non-cancellable

operating leases

2026

2025

£

£

Within one year

104,000

104,000

Between one and five years

416,000

416,000

In more than five years

26,000

130,000

546,000

650,000

During the year, costs incurred under operating leases were £104,000 (2025 - £104,000).

16.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

£

Bank loans

613,145

585,848

Hire purchase contracts

3,882,108

2,649,104

4,495,253

3,234,952

Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company.

Hire purchase creditors are secured over the assets to which they relate.

17.	PROVISIONS FOR LIABILITIES

2026

2025

£

£

Deferred tax

1,100,878

962,864

Deferred

tax

£

Balance at 1 March 2025

962,864

Charge to Profit and Loss Account during year

138,014

Balance at 28 February 2026

1,100,878

The deferred tax provision will unwind in future years, as the difference between the net book value of fixed assets for accounting purposes, aligns with the written down value of fixed assets for tax purposes.