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Registered number: 10470933 CHANGING WASTE LTD FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
CHANGING WASTE LTD REGISTERED NUMBER: 10470933 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 6 |  | 3,393,481 |  | 3,876,576
|  |  | 3,393,481 |  | 3,876,576
Current assets |  |  |  |  |
Stocks | 7 | 95,437 |  | 117,939 |
Debtors: amounts falling due within one year | 8 | 5,771,540 |  | 3,216,540 |
Cash at bank and in hand | 9 | 205,750 |  | 178,453 |
|  | 6,072,727 |  | 3,512,932 |
Creditors: amounts falling due within one year | 10 | (9,330,611) |  | (7,434,743) |
Net current liabilities |  |  | (3,257,884) |  | (3,921,811)
Total assets less current liabilities |  |  | 135,597 |  | (45,235)
Creditors: amounts falling due after more than one year | 11 |  | (865,670) |  | (1,016,158)
Net liabilities |  |  | (730,073) |  | (1,061,393)
Capital and reserves |  |  |  |  |
Called up share capital | 14 |  | 100 |  | 100
Other reserves | 15 |  | 49,998 |  | 35,159
Profit and loss account | 15 |  | (780,171) |  | (1,096,652)
|  |  | (730,073) |  | (1,061,393)
Page 1
CHANGING WASTE LTD REGISTERED NUMBER: 10470933 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 June 2026.
CE Stoyell
Director
The notes on pages 3 to 15 form part of these financial statements. Page 2
CHANGING WASTE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Changing Waste Ltd is a private company limited by shares, incorporated in England and Wales (no. 10470933). The registered office address is Control Tower, Hemswell Cliff Industrial Estate, Hemswell Cliff, Gainsborough, England, DN21 5TU. The principal activity of the Company is the collection of non-hazardous waste. 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 disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). 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 in accordance with FRS 102 as published by the Financial Reporting Council 31 January 2022 and amendments to that standard effective for period up to 31 December 2025. They do not (and are not required to) comply with the amendment published 27 March 2024, effective for periods commencing 1 January 2026, or the current version of FRS 102 published 10 September 2024. Early adoption of those standards is permitted, but the directors have chosen not to do so and will adopt them from the effective date 1 January 2026. The following principal accounting policies have been applied:
| 2.2 | Going concern
At 31 December 2025 the Company had net current liabilities of £3,257,884 (2024: £3,921,811) and net liabilities of £730,073 (2024: £1,061,393). It is dependent upon the funds provided by its parent company, GVO B-1 Limited. GVO B-1 Limited has been provided with a letter of support from its parent, Hansa Aktiengesellschaft, that will allow it to make available such funds as are needed by the Company to continue in operational existence for at least 12 months from signing off so the Company can meet its libailities that fall due for payment, should it be needed. Having reviewed the Company's current position and cash flow projections for the next twelve months and beyond, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and to be profitable. Accordingly, the going concern basis has been adopted in preparing the financial statements. Page 3
CHANGING WASTE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 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 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'.
| 2.4 | Revenue
Revenue is recognised at the point of delivery of waste to customers when the risk and reward of ownership has been transferred. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from a contract to provide services is recognised in the period in which the services are provided. Revenue from the receipt of waste services is recognised on the date that food waste is received.
| 2.5 | Operating leases: the Company 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 | Hire Purchase
Assets obtained under hire purchase contracts are capitalised as tangible fixed assets. Assets acquired by hire purchase are depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Page 4
CHANGING WASTE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 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.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.
| 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 operates and generates 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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. Page 5
CHANGING WASTE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life, which is considered to be 10 years. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.11 | 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. Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The estimated useful lives range as follows:
|  |  |  | Freehold property | - |  | 10 years on a straight line basis
|  |  |  | Plant and machinery | - |  | 3 - 10 years on a straight line basis
|  |  |  | Motor vehicles | - |  | 3 - 10 years on a straight line basis
|  |  |  | Fixtures and fittings | - |  | 3 - 10 years on a straight line basis
|  |  |  | Capital works in progress | - |  | nil until complete
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. Included in Freehold property is land at a value of £997,046 which is not depreciated.
| 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 weighted average 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. Page 6
CHANGING WASTE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 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.
| 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.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The estimates and judgements that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the financial period are as follows: Depreciation Tangible fixed assets are depreciated over their useful lives taking into account residual values. The actual lives of the assets and residual values are assessed annually and may vary. Residual values consider matters such as future market conditions, the remaining estimated life of the asset and the discount required to apply cash flows on estimated disposal values to calculate their net present values.
4. | Employees
| The average monthly number of employees, including directors, during the year was 39 (2024 - 45).
Page 7
CHANGING WASTE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Intangible assets
|  | Goodwill
|  | £
| Cost |
| At 1 January 2025 | 1,104,110
| At 31 December 2025 | 1,104,110
| Amortisation |
| At 1 January 2025 | 1,104,110
| At 31 December 2025 | 1,104,110
| Net book value |
| At 31 December 2025 | -
| At 31 December 2024 | -
Page 8
CHANGING WASTE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 January 2025 | 1,279,639 | 3,763,044 | 1,867,377 | 197,265 | 7,107,325
| Additions | - | 174,447 | - | - | 174,447
| Disposals | - | - | (5,800) | (5,883) | (11,683)
| At 31 December 2025 | 1,279,639 | 3,937,491 | 1,861,577 | 191,382 | 7,270,089
| Depreciation |  |  |  |  |
| At 1 January 2025 | 174,466 | 1,864,714 | 1,065,470 | 126,099 | 3,230,749
| Charge for the year on owned assets | 28,050 | 376,134 | 230,796 | 10,879 | 645,859
| At 31 December 2025 | 202,516 | 2,240,848 | 1,296,266 | 136,978 | 3,876,608
| Net book value |  |  |  |  |
| At 31 December 2025 | 1,077,123 | 1,696,643 | 565,311 | 54,404 | 3,393,481
| At 31 December 2024 | 1,105,173 | 1,898,330 | 801,907 | 71,166 | 3,876,576
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 286,154 | 331,337
| Motor vehicles | 540,263 | 754,297
|  | 826,417 | 1,085,634
Page 9
CHANGING WASTE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods | 95,437 | 117,939
|  | 95,437 | 117,939
8. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 962,115 | 729,016
| Amounts owed by group undertakings | 4,388,265 | 2,040,185
| Other debtors | 116,859 | 265,011
| Prepayments and accrued income | 172,057 | -
| Tax recoverable | 89,637 | -
| Deferred taxation | 42,607 | 182,328
|  | 5,771,540 | 3,216,540
| Detail of amounts owed by group undertakings and related parties are included below in Note 18.
9. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 205,750 | 178,453
|  | 205,750 | 178,453
Page 10
CHANGING WASTE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 509,877 | 708,072
| Amounts owed to group undertakings | 7,844,999 | 6,112,809
| Amounts owed to related parties | - | 2,880
| Other taxation and social security | 253,650 | 207,818
| Obligations under finance lease and hire purchase contracts | 273,984 | 256,264
| Other creditors | 9,122 | 14,694
| Accruals and deferred income | 438,979 | 132,206
|  | 9,330,611 | 7,434,743
| Detail of amounts owed to group undertakings and related parties are included below in Note 18. The Company has received loans from its parent, GVO B-1 Limited, the balance of which is £5,466,652 (2024: £5,328,148). The market rate of interest for an equivalent loan within the group was 12% per annum. The difference between the amount advanced and the fair value of the loan at initial recognition (£67,856) has been recognised as additional capital contribution. At the balance sheet date, the outstanding balance on the loan was £5,416,654 (2024: £5,292,989), split between due within 1 year (£5,000,000) and over 1 year (£416,654). Repayments of up to £5,000,000 and not less than £1,000,000 can be requested by the parent entity from any individual borrower within any 12-month period upon no less than 9 months prior written notice from the parent to the borrower. The loan is unsecured, interest free and repayable from the 10th anniversary of the loan agreement date.
Page 11
CHANGING WASTE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 449,016 | 723,169
| Amounts owed to group undertakings | 416,654 | 292,989
|  | 865,670 | 1,016,158
| The Company has received loans from its parent, GVO B-1 Limited, the balance of which is £5,466,652 (2024: £5,328,148). The market rate of interest for an equivalent loan within the group was 12% per annum. The difference between the amount advanced and the fair value of the loan at initial recognition (£67,856) has been recognised as additional capital contribution. At the balance sheet date, the outstanding balance on the loan was £5,416,654 (2024: £5,292,989), split between due within 1 year (£5,000,000) and over 1 year (£416,654). Repayments of up to £5,000,000 and not less than £1,000,000 can be requested by the parent entity from any individual borrower within any 12-month period upon no less than 9 months prior written notice from the parent to the borrower. The loan is unsecured, interest free and repayable from the 10th anniversary of the loan agreement date.
| The following liabilities were secured:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed assets financed by hire purchase | 723,000 | 979,433
|  | 723,000 | 979,433
| Details of security provided:
Security is held over the assets against which finance has been provided. Page 12
CHANGING WASTE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 273,984 | 256,264
| Between 1-5 years | 449,016 | 723,169
|  | 723,000 | 979,433
13. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 182,328 | 107,006
| Charged to profit or loss | (139,721) | 75,322
| At end of year | 42,607 | 182,328
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (202,210) | (283,661)
| Tax losses carried forward | 244,209 | 465,339
| Short term timing differences | 608 | 650
|  | 42,607 | 182,328
Page 13
CHANGING WASTE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 52,500 A Ordinary shares of £0.001 each | 52.50 | 52.50
|  | 47,500 B Ordinary shares of £0.001 each | 47.50 | 47.50
|  |  | 100.00 | 100.00
| Each share has full rights in the Company with respect to voting, dividends and distributions and ranks pari passu.
15. | Reserves
Other reserves The figure in other reserves relates to the NPV of the loan between parent entity GVO B1 Limited and Changing Waste Limited and is accounted for as a capital contribution from its parent. The balance at 31 December 2025 of £49,998 will be unwound over the length of the loan, which is due for repayment in 2031. Profit and loss account This reserve includes all current and prior period retained profits and losses and net of distributions to shareholders.
16. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £63,096 (2024: £69,431). Contributions totalling £7,804 (2024: £13,948) were payable to the fund at the balance sheet date and are included in creditors due within one year.
17. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 6,766 | 8,119
| Later than 1 year and not later than 5 years | - | 6,766
|  | 6,766 | 14,885
Page 14
CHANGING WASTE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
18. | Related party transactions
| The Company had transactions with fellow subsidiary companies which have all been concluded under normal market conditions. The amount outstanding from fellow subsidiaries at the year end was £4,388,265 (2024: £2,040,185) and the amount owing to these subsidiaries was £2,844,999 (2024: £1,112,809). The Company has received loans from its parent, GVO B-1 Limited, the balance of which is £5,466,652 (2024: £5,328,148). The market rate of interest for an equivalent loan within the group was 12% per annum. The difference between the amount advanced and the fair value of the loan at initial recognition (£67,856) has been recognised as additional capital contribution. At the balance sheet date, the outstanding balance on the loan was £5,416,654 (2024: £5,292,989), split between due within 1 year (£5,000,000) and over 1 year (£416,654). Repayments of up to £5,000,000 and not less than £1,000,000 can be requested by the parent entity from any individual borrower within any 12-month period upon no less than 9 months prior written notice from the parent to the borrower. The loan is unsecured, interest free and repayable from the 10th anniversary of the loan agreement date. The above balances can be seen in Notes 8, 10 and 11 respectively as amounts owed by/to group undertakings.
19. | Controlling party
The parent undertaking at the balance sheet date is GVO B-1 Limited, by virtue of its majority shareholding in the company. The registered office of GVO B-1 Limited is Control Tower Hemswell Cliff Industrial Estate, Hemswell Cliff, Gainsborough, DN21 5TU. In April 2025, Hansa Aktiengesellschaft, a Swiss company limited by shares, acquired the majority shareholding in GVO B-1 Limited. Prior to this date, Emily Von Opel was the ultimate controlling party. At the balance sheet date, Georg Von Opel was the company's ultimate controlling party by virtue of his majority shareholding in Hansa Aktiengesellschaft via various Trust holdings.
20. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 26 June 2026 by Andrew Cameron (Senior Statutory Auditor) on behalf of Ryecroft Glenton.
Page 15