Recyclus accounts - absolute basket case28 Jun 2025 12:09
CHAIN, Dusty
The denouement could be only days away. It seems you attack me as a distraction from the Recyclus accounts recently published nearly three months late. And what a car crash those accounts are!
The September 2023 accounts were audited. The 2024 accounts are unaudited. Why is that? Having been through them I put it to you that the reason why this years accounts are not audited is because no auditor would stake their PIE licence on signing them off!
Page 4 (and repeated on page 14) : “At the date of this report [12 May 2025] the Group is not at breakeven level.”
There it is in black and white. As of six weeks ago, Recyclus was still haemorrhaging cash.
Revenue for the YEAR : £547,000. Pitiful!
Loss for the year : £2,891,000!!!
Current ratio 0.25 : 1. That is technically insolvent writ large. Teetering on the brink! Trade payables went up nearly three times to £1.3M. This company is only surviving by not paying its bills.
It reports in note 19 an unsecured loan from “Mega Company” at 12% interest. Does that sound like a fine upstanding institution to you? No internet presence and to me they sound like kneecappers. Maybe they fancied an early appointment with the administrator to put in a cheeky bid for the battery crusher – a handy bit of kit for a West Midlands ‘make things disappear’ operation?
There were no post-balance sheet events and no issues of shares filed at Companies House. But let’s face it, with total liabilities of over £9M who is going to put equity in here? New money for old is for the financially naïve or masochistic.
As you say fellas, tick tock.
(P.S. I see Cleverly gets a name check in the accounts. The stench still won’t go away.)
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