Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312023-05-162023-05-162024-03-31falsetruetruetruetruetruetrue2023-04-01Manufacture of medical and dental instruments and supplies105107falsefalse 04046384 2023-04-01 2024-03-31 04046384 2022-04-01 2023-03-31 04046384 2024-03-31 04046384 2023-03-31 04046384 2022-04-01 04046384 4 2023-04-01 2024-03-31 04046384 4 2022-04-01 2023-03-31 04046384 d:Exceptional 2023-04-01 2024-03-31 04046384 d:Exceptional 2022-04-01 2023-03-31 04046384 e:Director1 2023-04-01 2024-03-31 04046384 e:Director2 2023-04-01 2024-03-31 04046384 e:Director3 2023-04-01 2024-03-31 04046384 e:Director5 2023-04-01 2024-03-31 04046384 e:Director6 2023-04-01 2024-03-31 04046384 e:Director6 2024-03-31 04046384 e:RegisteredOffice 2023-04-01 2024-03-31 04046384 d:Buildings 2023-04-01 2024-03-31 04046384 d:Buildings 2024-03-31 04046384 d:Buildings 2023-03-31 04046384 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04046384 d:PlantMachinery 2023-04-01 2024-03-31 04046384 d:PlantMachinery 2024-03-31 04046384 d:PlantMachinery 2023-03-31 04046384 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04046384 d:MotorVehicles 2023-04-01 2024-03-31 04046384 d:MotorVehicles 2024-03-31 04046384 d:MotorVehicles 2023-03-31 04046384 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04046384 d:FurnitureFittings 2023-04-01 2024-03-31 04046384 d:FurnitureFittings 2024-03-31 04046384 d:FurnitureFittings 2023-03-31 04046384 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04046384 d:OfficeEquipment 2023-04-01 2024-03-31 04046384 d:OfficeEquipment 2024-03-31 04046384 d:OfficeEquipment 2023-03-31 04046384 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04046384 d:ComputerEquipment 2023-04-01 2024-03-31 04046384 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04046384 d:CurrentFinancialInstruments 2024-03-31 04046384 d:CurrentFinancialInstruments 2023-03-31 04046384 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 04046384 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04046384 f:UnitedKingdom 2023-04-01 2024-03-31 04046384 f:UnitedKingdom 2022-04-01 2023-03-31 04046384 f:RestEuropeOutsideUK 2023-04-01 2024-03-31 04046384 f:RestEuropeOutsideUK 2022-04-01 2023-03-31 04046384 f:RestWorldOutsideUK 2023-04-01 2024-03-31 04046384 f:RestWorldOutsideUK 2022-04-01 2023-03-31 04046384 d:UKTax 2023-04-01 2024-03-31 04046384 d:UKTax 2022-04-01 2023-03-31 04046384 d:ShareCapital 2024-03-31 04046384 d:ShareCapital 2023-03-31 04046384 d:ShareCapital 2022-04-01 04046384 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 04046384 d:RetainedEarningsAccumulatedLosses 2024-03-31 04046384 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 04046384 d:RetainedEarningsAccumulatedLosses 2023-03-31 04046384 d:RetainedEarningsAccumulatedLosses 2022-04-01 04046384 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 04046384 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 04046384 d:RetirementBenefitObligationsDeferredTax 2024-03-31 04046384 d:RetirementBenefitObligationsDeferredTax 2023-03-31 04046384 e:OrdinaryShareClass1 2023-04-01 2024-03-31 04046384 e:OrdinaryShareClass1 2024-03-31 04046384 e:OrdinaryShareClass1 2023-03-31 04046384 e:FRS102 2023-04-01 2024-03-31 04046384 e:Audited 2023-04-01 2024-03-31 04046384 e:FullAccounts 2023-04-01 2024-03-31 04046384 e:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04046384 d:WithinOneYear 2024-03-31 04046384 d:WithinOneYear 2023-03-31 04046384 d:BetweenOneFiveYears 2024-03-31 04046384 d:BetweenOneFiveYears 2023-03-31 04046384 2 2023-04-01 2024-03-31 04046384 4 2023-04-01 2024-03-31 04046384 g:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered Number:04046384













EUROPLAZ TECHNOLOGIES LTD






ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024











 
EUROPLAZ TECHNOLOGIES LTD
 

 
COMPANY INFORMATION


Directors
E D O'Keeffe 
S Sansom 
Ms K H P O'Keeffe Shah 
R O'Keeffe 
M Graziano (resigned 16 May 2023)




Registered number
04046384



Registered office
The Maltings Industrial Estate
Southminster

Essex

CM0 7EQ




Independent auditor
Sumer Auditco Limited
Statutory Auditor 

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG








 
EUROPLAZ TECHNOLOGIES LTD
 


CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 6
Independent Auditor's Report
7 - 10
Statement of Comprehensive Income
11 - 12
Balance Sheet
12
Statement of Changes in Equity
13
Notes to the Financial Statements
14 - 29



 
EUROPLAZ TECHNOLOGIES LTD
 

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The Company is a wholly owned subsidiary of Oakleaf Group Ltd.
The Company provides, engineering, and manufacturing expertise for the medical device industry. We work across a product's entire life cycle, from concept to manufacturing to after-market services. We serve the NHS, International Distributors, and Medical Device and pharmaceutical OEMs, driven by a culture of agility and creating long-term partnerships. 

Business review
 
The Directors are satisfied with the trading performance at Europlaz, reporting a 22% increase in turnover and a profit after tax of £1,497,382 (2023: £2,037,377). This is against a backdrop of geopolitical conflicts, regulatory requirements of the new MDR, and increasing domestic labour costs, which present ongoing challenges to the business.

Principal risks and uncertainties
 
The Company managed to trade successfully throughout the period, given the current state of the economy, and the Directors are pleased that this is a demonstration of the resilience of the overall trading model.
Other key risks faced by the Company are eroding margins in core products and upwards pressure on overheads. The Directors expect profitability to remain under pressure during the coming year with a lot of risk and uncertainty in the world. High inflation rates along with the continued increase in polymer prices and increased energy costs have resulted in cost increases across all areas of the business.
The Directors also believe that their employees are a very important resource for the business. It is key that the Company maintains a stable and skilled workforce. 
Principal financial instruments are trade debtors and creditors arising directly from sales. 
Liquidity risk:
The Company manages its cash requirements to ensure sufficient liquid resources to meet its liabilities as they fall due. The Company considers working capital management, particularly cash flow, to be key to the management of the Company.
Credit risk:
Customers are subject to credit verification procedures and debtors are regularly reviewed and action taken to mitigate any potential bad debts. 

Page 1


 
EUROPLAZ TECHNOLOGIES LTD
 


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Financial key performance indicators

The Directors have determined that the following key performance indicators (KPIs) covering financial performance are the most effective measures of progress towards achieving Europlaz’s objectives: revenue and revenue growth, operating profit and operating profit growth, and cash flow. Non-financial KPls are managed through quality reviews incorporating production, post-production, employee, environmental, and supplier standard reviews. Europlaz submits to regular external audits covering quality and environmental standards.
 

2024
2023
Movement

£
£
£
Revenue
11,935,642
9,999,321
1,936,321
Gross Profit
 4,874,773
4,412,737
462,036
EBIT
1,592,837
2,446,774
(853,937)
Cashflow
1,080,177
141,482
938,695

The Company has carefully managed the global shortage of manufactured products, closely monitoring lead times and stock turnover. We have seen the costs of our key materials increase significantly over the last 12 months. Polymers increased to a peak in July 2022 but have returned to spring 2022 pricing by the end of the year. Packaging costs have risen again, particularly for plastics and film, following the introduction of the plastic packaging tax in April. The Company achieved an OTIF rating of 98% in the year.
The financial position at year-end was considered satisfactory by the Directors of the Company to enter its operations for the following year. The Directors feel that the Company is now well placed to exploit market opportunities as they arise or are created, and thereby improve revenue and profitability going forward.
 


This report was approved by the board on 22 August 2024 and signed on its behalf.



E D O'Keeffe
Director

Page 2


 
EUROPLAZ TECHNOLOGIES LTD
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,497,382 (2023 - £2,037,377).

Dividends paid to the parent company in the year amount to £1,000,200 (2023- £1,695,000.)

Directors

The Directors who served during the year were:

E D O'Keeffe 
S Sansom 
Ms K H P O'Keeffe Shah 
R O'Keeffe 
M Graziano (resigned 16 May 2023)

Page 3


 
EUROPLAZ TECHNOLOGIES LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Future developments

Investing in our core capabilities is a top priority. This year, the Company purchased a new CNC machine, Coordinate-measuring Machine (CMM) and three new injection moulding machines in addition to finishing a significant upgrade of the tool room facility. The Company continues to invest in improvements to its facilities and allocates a minimum of 20% of EBITDA annually for capital upgrades. Over the past three years,  £3.4million has been invested in upgrades and new equipment, building a strong pathway for future growth. 
Launching the new Performance Development Reviews (PDRs) is a commitment to staff development and investing in people. These reviews offer employees the chance to discuss training and progress and explore future career opportunities at Europlaz. 

Social and Ethical Strategy

The company recognises its responsibility to have a positive impact on the environment and society while fostering a diverse, inclusive and responsible workplace. The company’s commitment to social and ethical responsibilities includes annual contributions to selected charities and actively involving employees in charitable efforts. The company continue to ensure ethical conduct through strict adherence to regulations and our code of conduct. In the last financial year, the company increased efforts to review the sustainability credentials of suppliers, adding sustainability vetting into our procurement process. The Company have also created a code of conduct and asked suppliers to sign up as a commitment to ethical business practices. 
The Company proactively ensures compliance with all employee protection legislation and ensures no discrimination on the grounds of race, religion, gender, sexual orientation, disability or age or any other discriminating factor.
The company is increasing efforts to be transparent on governance and diversity. This has included increasing the training offered in these areas. The company have also increased the measuring and reporting on governance and diversity. In the last year Europlaz are pleased to report no corruption, whistle-blower or information security breaches have been reported. Gender Diversity is detailed below. More information on our governance and diversity reporting will be available on the dedicated sustainability page of our website.
                       Percentage of Women # of Women
Board                                         25%                  1
Management              35%                  7
All Employees           48.45%                47

Page 4


 
EUROPLAZ TECHNOLOGIES LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Sustainability and Ethical Strategy

The Company is committed to sustainability, recognising not only benefits to planet and society but also gains to our financial performance through the triple bottom line of planet, people and profit. By integrating sustainable practices into our operations, it reduces costs, increases efficiency and fosters innovation, which makes strong business sense and ensures long-term success.  As a statement of our commitment to reducing our environmental impact and improving the company’s sustainability, we have recruited a sustainability officer to focus on pollution prevention, energy and carbon reduction, and waste management. 
The Company’s energy efficiency has improved with our kWh usage over the total site dropping over 22% from our baseline year. The company has set clear targets of achieving net zero by 2045 and is now focused on achieving these targets through our Road Map to Net Zero and Carbon Reduction Plan.

In accordance with 'The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018' and accompanying governance guidance 'Environmental Reporting Guidelines: including streamlined energy and carbon reporting guidance March 2019', the Group presents details of its carbon and energy usage.
The energy use and associated greenhouse gas emissions of large companies within the Group are set out below.

 
                        FY 23/24 (tCO2e)
Emissions from the combustion of gas (Scope 1 
                        8
Emissions from the combustion of fuel for transport purposes (Scope 1
                        7
Emissions from purchased electricity (Scope 2)
                      142
Emissions from business travel in rental cars or employee-owned vehicles where the company is responsible for purchasing the fuel (Scope 3)
                       26
Total emissions    
                      183
Intensity ratio (total emissions per £m turnover)
                      15.25 per £m Turnover
      

Matters covered in the Strategic Report

Details of the Company's future developments, financial risk management objectives and policies, use of financial instruments, and the key risks to which it is exposed are included in the Strategic Report.

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 5


 
EUROPLAZ TECHNOLOGIES LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Auditor

On 28 March 2024 our auditor, SB Audit LLP, merged with Sumer Auditco Limited.
Accordingly SB Audit LLP formally resigned as the Company's auditor with the Directors duly appointing Sumer Auditco Limited to fill the vacancy arising.  The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 22 August 2024 and signed on its behalf.
 





E D O'Keeffe
Director

Page 6


 
EUROPLAZ TECHNOLOGIES LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPLAZ TECHNOLOGIES LTD

Opinion


We have audited the financial statements of Europlaz Technologies Ltd (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 2024 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 United Kingdom, including the Financial Reporting Council'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.


Page 7


 
EUROPLAZ TECHNOLOGIES LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPLAZ TECHNOLOGIES LTD (CONTINUED)

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 ReportOur 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.


Opinion 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 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.


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 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.


Page 8


 
EUROPLAZ TECHNOLOGIES LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPLAZ TECHNOLOGIES LTD (CONTINUED)

Auditor's 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 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of Directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Company.
The following laws and regulations were identified as being of significance to the Company:
• Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards and UK Company Law; and
• Those laws and regulations considered to have an indirect effect on the financial statements including the Health & Safety Act 1974, COSHH, ISO13485 and REACH regulations. 
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of board minutes, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 
Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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 Auditor's Report.


Page 9


 
EUROPLAZ TECHNOLOGIES LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPLAZ TECHNOLOGIES LTD (CONTINUED)

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 2006Our 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 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.





John Perry (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Statutory Auditor
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG

22 August 2024
Page 10


 
EUROPLAZ TECHNOLOGIES LTD
 

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
11,935,642
9,999,321

Cost of sales
  
(7,060,869)
(5,586,584)

Gross profit
  
4,874,773
4,412,737

Administrative expenses
  
(2,613,030)
(1,977,494)

Exceptional administrative expenses
 14 
(837,759)
-

Other operating income
 5 
168,853
11,531

Operating profit
 6 
1,592,837
2,446,774

Interest receivable and similar income
 10 
40,129
6,762

Interest payable and similar expenses
 11 
(2,257)
(95)

Profit before tax
  
1,630,709
2,453,441

Tax on profit
 12 
(133,327)
(416,064)

Profit for the financial year
  
1,497,382
2,037,377

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 29 form part of these financial statements.

Page 11


 
EUROPLAZ TECHNOLOGIES LTD
 


BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
2,382,235
1,804,250

  
2,382,235
1,804,250

Current assets
  

Stocks
 16 
1,201,981
1,172,893

Debtors: amounts falling due within one year
 17 
2,506,655
2,348,681

Cash at bank and in hand
 18 
1,944,397
864,220

  
5,653,033
4,385,794

Creditors: amounts falling due within one year
 19 
(3,019,796)
(1,739,221)

Net current assets
  
 
 
2,633,237
 
 
2,646,573

Total assets less current liabilities
  
5,015,472
4,450,823

Provisions for liabilities
  

Deferred tax
 20 
(457,144)
(389,677)

  
 
 
(457,144)
 
 
(389,677)

Net assets
  
4,558,328
4,061,146


Capital and reserves
  

Called up share capital 
 21 
250,100
250,100

Profit and loss account
 22 
4,308,228
3,811,046

  
4,558,328
4,061,146


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 August 2024.




E D O'Keeffe
Director

The notes on pages 14 to 29 form part of these financial statements.

Page 12


 
EUROPLAZ TECHNOLOGIES LTD
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
250,100
3,468,669
3,718,769



Profit for the year
-
2,037,377
2,037,377

Dividends: Equity capital paid to Parent Company
-
(1,695,000)
(1,695,000)



At 1 April 2023
250,100
3,811,046
4,061,146



Profit for the year
-
1,497,382
1,497,382

Dividends: Equity capital paid to Parent Company
-
(1,000,200)
(1,000,200)


At 31 March 2024
250,100
4,308,228
4,558,328


The notes on pages 14 to 29 form part of these financial statements.

Page 13


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Europlaz Technologies Ltd (the "Company") is a private company limited by shares, registered in England and Wales.  The address of the registered office is Unit 1, The Maltings Industrial Estate, Southminster, Essex, CM0 7EQ.

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 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 following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Oakleaf Group Limited as at 31 March 2024 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The Company has a strong financial position at the balance sheet date and has continued to perform strongly since the year-end. The directors have made enquiries, reviewed cashflow forecasts and believe that the Company will be able to continue to trade and meet its liabilities for 12 months from the expected date of approval of these financial statements, which continue to be prepared on a going concern basis.

Page 14


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

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.

 
2.7

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. 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 profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 15


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

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.

Page 16


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

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.

 
2.14

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.15

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 17


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.15
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Property improvements
-
10%
Plant and machinery
-
10%
Motor vehicles
-
25%
Fixtures and fittings
-
15%
Computer equipment
-
50%

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 either selling and distribution expenses or administrative expenses.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost is based on the cost of purchase on a first in, first out basis and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

 
2.17

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.

 
2.18

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.

 
2.19

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.

Page 18


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.20

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are mentioned below:
Useful economic lives of property, plant and equipment
The annual depreciation charge for property, plant and equipment is sensitive to changes in the useful economic lives and residual values of assets. The economic lives and residual values are re-assessed annually. They are revised when necessary to reflect current estimates, based on recoverability and expected economic utilisation of the asset.


4.


Turnover

Analysis of turnover by geographical market is as follows:

2024
2023
£
£

United Kingdom
9,033,389
7,637,054

Europe
1,999,696
1,272,719

Rest of the world
902,557
1,089,548

11,935,642
9,999,321


Page 19


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Other operating income

2024
2023
£
£

Government grants receivable
165,953
-

Renewable energy rebates
2,900
11,531

168,853
11,531



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
220,172
190,560

Exchange differences
558
(23,723)

Operating leases
31,750
28,736


7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
11,800
11,200

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.

Page 20


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,230,597
3,097,081

Social security costs
299,651
267,672

Cost of defined contribution scheme
988,143
111,564

4,518,391
3,476,317


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
105
107


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
257,980
230,335

Company contributions to defined contribution pension schemes (Note 14)
506,519
12,861

764,499
243,196


During the year retirement benefits were accruing to 4 Directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £109,503  (2023 - £99,254).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £158,638  (2023 - £5,164).


10.


Interest receivable

2024
2023
£
£


Bank interest receivable
40,129
6,762

40,129
6,762

Page 21


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
22

Finance leases and hire purchase contracts
2,257
73

2,257
95


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
216,534
178,764

Adjustments in respect of previous periods
(150,674)
9,429


Total current tax
65,860
188,193

Deferred tax


Origination and reversal of timing differences
67,467
227,871

Total deferred tax
67,467
227,871


Tax on profit
133,327
416,064
Page 22


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,630,709
2,453,441


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
407,677
466,154

Effects of:


Expenses not deductible for tax purposes
3,111
5,567

Utilisation of tax losses
-
(242,718)

Adjustments to current tax charge in respect of prior periods
(150,674)
9,429

Adjustments to deferred tax charge in respect of prior periods
(90,068)
135,982

Other differences leading to an increase (decrease) in the tax charge
-
41,650

Group relief received
(36,719)
-

Total tax charge for the year
133,327
416,064


13.


Dividends

2024
2023
£
£

Ordinary


Interim Dividends paid to Parent Company
1,000,200
1,695,000

1,000,200
1,695,000


14.


Exceptional items

2024
2023
£
£


Contributions to defined contribution pension scheme
837,759
-

837,759
-

During the year, the above payment was made to 3 director's defined contribution pension schemes.

Page 23


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
794,059
1,977,100
75,953
239,754
81,236
3,168,102


Additions
274,716
514,820
-
6,160
18,184
813,880


Disposals
-
(240,000)
-
-
-
(240,000)



At 31 March 2024

1,068,775
2,251,920
75,953
245,914
99,420
3,741,982



Depreciation


At 1 April 2023
170,743
947,570
32,224
153,150
60,165
1,363,852


Charge for the year on owned assets
70,358
115,240
9,763
12,640
12,171
220,172


Disposals
-
(224,277)
-
-
-
(224,277)



At 31 March 2024

241,101
838,533
41,987
165,790
72,336
1,359,747



Net book value



At 31 March 2024
827,674
1,413,387
33,966
80,124
27,084
2,382,235



At 31 March 2023
623,316
1,029,530
43,729
86,604
21,071
1,804,250

Page 24


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Stocks

2024
2023
£
£

Work in progress
136,952
147,025

Finished goods
1,065,029
1,025,868

1,201,981
1,172,893



17.


Debtors

2024
2023
£
£


Trade debtors
2,194,756
2,159,831

Amounts owed by group undertakings
56,521
13,923

Other debtors
3,909
68,887

Prepayments and accrued income
251,469
106,040

2,506,655
2,348,681


Amounts owed by Group undertakings are interest payable and are repayable on demand.


18.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,944,397
864,220

1,944,397
864,220


Page 25


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,099,977
960,605

Amounts owed to group undertakings
1,150,787
-

Corporation tax
168,854
19,506

Other taxation and social security
246,039
208,256

Other creditors
56,171
37,550

Accruals and deferred income
297,968
513,304

3,019,796
1,739,221


Amounts owed to group undertakings are interest free and repayable on demand.

Page 26


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Deferred taxation




2024


£






At beginning of year
(389,677)


Charged to profit or loss
(67,467)



At end of year
(457,144)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(568,142)
(389,677)

Pension spreading adjustment
110,998
-

The spreading adjustment for the pension deductions is over a period of two years.


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



250,100 (2023 - 250,100) Ordinary shares of £1.00 each
250,100
250,100



22.


Reserves

Profit and loss account

The profit and loss account represents the Company's accumulated profits which are available for distribution to shareholders.


23.


Capital commitments


At 31 March 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
-
25,846

Page 27


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Pension commitments

The Company operates a defined contributions 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 £1,006,139 (2023 - £111,564). Contributions totalling £29,138 (2023 - £24,425) were payable to the fund at the balance sheet date and are included in creditors.


25.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
47,194
24,037

Later than 1 year and not later than 5 years
71,841
39,035

119,035
63,072


26.


Transactions with directors

As at 31 March 2024 the Company owed £13,994 to E D O'Keeffe and J O'Keeffe (2023: £3,019), who are directors of the Company. The maximum overdrawn balance during the year was £243,507 (2023: £419,580). During the year the company charged interest on the balance of £86 (2023: £3,764).  
As at 31 March 2024 the Company was owed £3,823 (2023: £2,778) by R O'Keeffe, who is a director of the Company. The maximum overdrawn balance during the year was £3,823 (2023: £2,778).
 


27.


Related party transactions

The Company has taken advantage of the exemption contained in FRS 102 Section 33.1A and has not disclosed transactions with any Group member that is wholly owned.
Remuneration totalling £12,000 (2023: £12,000) was paid to close members of the directors' families during the year.

Page 28


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

28.


Controlling party

The Company is a wholly owned subsidiary of Oakleaf Group Limited, a private company incorporated in England and Wales with its registered office being Unit 10-12 The Maltings Industrial Estate, Southminster, Essex, CM0 7EQ.
Oakleaf Group Limited is the parent of the smallest group for which consolidated financial statements are drawn up.
The Company considers E D O'Keeffe to be the ultimate controlling party by virtue of his shareholding in the parent company.

 
Page 29