Company registration number 03275572 (England and Wales)
PLASTIC OMNIUM AUTOMOTIVE LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PLASTIC OMNIUM AUTOMOTIVE LTD
COMPANY INFORMATION
Directors
Mr G Ebner
(Appointed 1 April 2024)
Mr S Marin
(Appointed 27 November 2024)
Secretary
Mr B O'Sullivan
Company number
03275572
Registered office
Westminster Industrial Estate
Huntingdon Way
Measham
Swadlincote
Derbyshire
DE12 7DS
Auditor
Ernst & Young LLP
One Colmore Square
Birmingham
B4 6HQ
Solicitors
Lanyon Bowdler
Kendal Court
Ironmasters Way
Telford
TF3 4DT
PLASTIC OMNIUM AUTOMOTIVE LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 8
Directors' responsibilities statement
9
Independent auditor's report
10 - 12
Income statement
13
Statement of financial position
14
Statement of changes in equity
15
Statement of cash flows
16
Notes to the financial statements
17 - 38
PLASTIC OMNIUM AUTOMOTIVE LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Fair review of the business

In 2024 turnover grew by 7.4% and was accompanied by a very strong growth in operating profit at £18.9M up from £13.2M in 2023. Once again the Company’s success in offsetting inflationary pressures was key, although these were more subdued tha n in recent years. The automotive sector continues to face actual and potential headwinds including new entrants in the switch to electrification and the risk of trade-tariff impacts, but with a strong business and a principal customer with a very healthy order book we continue to look to the future with confidence.

Principal risks and uncertainties

Semiconductor shortages

Automotive supply chains with Just-in-Time manufacturing are generally highly efficient but have also proved to be highly vulnerable to disruptions in supply. Our highly-advanced automotive assemblies are configured to each specific vehicle order, from thousands of possible combinations, in the hours preceding delivery and are then shipped ‘sequenced-in-line’ matching the customer vehicle assembly line build. If the vehicle assembly line stops, so too do our final assembly lines. In 2024 disruption to the wider supply chains was minimal and essentially limited to the 3 rd quarter without a significant financial impact.

Automotive program risk

The automotive sector depends upon many factors such as economic activity, car manufacturing strategies, access to credit and supplier risk. This list is by no means exhaustive and publicity surrounding diesel vehicles remains adverse. Furthermore, the success of an individual vehicle can have a material impact on sales and financial results. Whilst the company has limited scope for diversifying its customer base, the group of which it is a member supplies the majority of global car manufacturers. These relationships, in turn, benefit the company, both in terms of development and production work. Future development and production commitments are subject to a rigorous approval process, using skills and expertise and critical judgement from across the group. Following launch, a project is then subject to regular and structured review, including operational and financial monitoring.

Supplier risk

The automotive sector has a tightly managed supply chain involving closely interdependent partners, and accreditation of suppliers only occurs if they meet strictly defined criteria. Supplier monitoring is ongoing and the company draws upon support from specialist purchasing teams within the group. A lessening of the inflationary cost pressures on energy, raw materials and labour costs has in turn eased the pressures on our suppliers.

Key performance indicators

The directors consider the operating result together with the change in the net financial debt to be key performance indicators. This latter indicator is effectively a measure of the company’s net cash flow, given the existence of group-wide cash-pooling and intra-group debt accounts. We reported an operating profit of £18,907,000 in 2024 compared with £13,225,000 in 2023. In 2024 the net financial cash/(2023 debt) prior to dividends and measured on a basis comparable to 2023, increased by £3 7,877,000 (2023 £16,112,000 debt reduction).

PLASTIC OMNIUM AUTOMOTIVE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Section 172(1) Statement

The Directors have acted in a manner that they consider, in good faith, to be most likely to promote the success of the Company for the benefit of its shareholders as a whole, and in so doing have regarded (amongst other matters):

- The likely consequences of any decision in the long term.

- The interests of the Company’s employees.

- The need to foster business relationships with customers, suppliers and others.

- The impact of the Company’s operations on the environment and the community.

- The desirability of the Company maintaining a reputation for the highest standards of business conduct.

- The need to act fairly as between members of the Company.

Where or to the extent that the purposes of the Company consist of or include purposes other than the benefit of its members, the subsection above has effect as if the reference to promoting the success of the Company for the benefit of its members were to achieving those purposes.

The duty imposed by this section has effect subject to any enactment or rule of law requiring directors, in certain circumstances, to consider or act in the interests of creditors of the company.

The Directors are based at the Group headquarters in France, with operational decisions and day-to-day management of the Company delegated to the local management team but within the framework of objectives set by and reviewed with the Group, together with extensive Group wide commitment approval procedures.

In acting in this manner, we are targeting the long term success of the business and fully recognising that this depends on maintaining good relationships with the abovementioned key stakeholders, whilst considering eternal impacts.

The Company engages with employees through many means including regular and direct communication sessions and via a consultative committee at each of the major sites. Considerable focus is placed upon energy efficiency, more eco-friendly energy sources and on the recycling of waste products. Each of the Company’s 3 manufacturing sites are now equipped with a Combined Heat and Power generation system that can significantly reduce carbon emissions compared with traditional power generation. Our Warrington plant has 3000 solar panels installed on its roof and we are actively looking into possibilities at other facilities, although connections to the grid even for non-exporting sites, remain a considerable roadblock.

On 27 th March 2024 Plastic Omnium became OPmobility (the Company’s name is unchanged at the date of this report). The OPmobility Group, of which the Company is a member, has a Supplier Charter together with internal Golden Rules and Codes of Conduct which are clearly communicated to indirect employees including via detailed training sessions. The company participates in the OPmobility TEMPO suppliers' portal, facilitating interaction and exchanges with it's supplier base. The Health & Safety of employees and visitors remains the highest priority with detailed regular reporting. Considerably more detail about such matters can be found in the Group’s Corporate Social Responsibility Report including the Statement of Non-Financial Performance, published annually and available at www.opmobility.com. Whilst these are group-wide reports, many of the initiatives apply across the Group including to the Company. The Company occupational pension scheme continues to have the Pensions Quality Mark Plus accreditation independently assessed by the Pensions and Lifetime Savings Association.

The Directors and management consider and discuss information from across all operations to help them understand the views and interests of key stakeholders. There are reviews of strategy, financial and operational performance and information covering risks and regulatory/legal compliance. These activities and information allow for an overview of engagement with stakeholders and consideration of other factors allowing the Directors to comply with their Companies Act 2006 section 172 legal duty.

Key decisions such as dividend distributions, major investment plans and other key strategic matters are discussed with the appropriate stakeholders and may be subject to their formal approval. Our Warrington Plant continues its major reconfiguration project adapting to our customer’s electrification transformation.

PLASTIC OMNIUM AUTOMOTIVE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

By order of the board

Mr B O'Sullivan
Secretary
13 June 2025
PLASTIC OMNIUM AUTOMOTIVE LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of Plastic Omnium Automotive Limited ("the Company") continued to be that of the development, manufacture and marketing of plastic injection parts for the automotive industry.

Results and dividends

The profit for the year, after taxation, amounted to £14,453,000 (2023 - £9,336,000).

Ordinary dividends were paid amounting to £12,960,000 (2023 - £5,760,000). The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr R Lapillonne
(Resigned 27 November 2024)
Mr C Marceau
(Resigned 1 April 2024)
Mr G Ebner
(Appointed 1 April 2024)
Mr S Marin
(Appointed 27 November 2024)
Qualifying third party indemnity provisions

The directors confirm that the company has Directors' and Officers' Insurance in place.

Supplier payment policy

The company agrees payment terms with suppliers aiming to match these with those agreed with the company’s customers.

The company's current policy concerning the payment of trade creditors is to:

- settle the terms of payment with suppliers when agreeing the terms of each transaction;

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

- pay in accordance with the company's contractual and other legal obligations.

Financial instruments
Treasury operations and financial instruments

OPmobility SE (formerly known as Compagnie Plastic Omnium SE) (the company’s intermediate parent company listed on the Euronext Paris stock exchange) operates a cash pooling system organised around OPmobility Finance (formerly known as Plastic Omnium Finance). Liquidity, currency and interest rate risks are managed on behalf of, and in association with, subsidiaries. The company participated in a non-recourse sale of receivables, co-ordinated by OPmobility Finance, selling £22,249,000 and €15,872,000 of receivables at 31 December 2024.

Liquidity Risk

OPmobility SE manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The company is exposed to interest rate risk on part of its intra-group borrowings with OPmobility Finance, based on 3 month SONIA and EURIBOR rates fixed at the end of each quarter.

PLASTIC OMNIUM AUTOMOTIVE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Foreign currency risk

The company is exposed to currency movements, essentially on the Euro. These are generally in respect of components specified by customers and sourced from Euro zone suppliers. The company aims to achieve a natural hedge as far as possible, including payments by customers in Euros. The remaining exposure is closely monitored including via short and medium term forecasts with net future requirements generally hedged via the Group Treasury Department of OPmobility Finance.

Credit risk

Receivables balances are monitored very closely on an ongoing basis, with overdues subject to regular Group reporting. Where appropriate dedicated monitoring systems are also employed. Provision is made for doubtful debts where necessary. The sale of receivables, when used, can have the effect of significantly reducing credit risk.

Hedging policies

The company uses forward foreign exchange contracts and currency deposits to hedge exchange rate risk on net Euro purchases as appropriate, but these are now fairly evenly matched by Euro receipts. Hedging instruments are taken out via OPmobility Finance. At 31 December 2024, there were no outstanding forward foreign exchange contracts.

Research and development

The company continues to invest significantly in the development of new products and has full access to extensive research facilities within the OPmobility Group.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company places considerable value on the involvement of its employees and has continued its previous practice of keeping them informed on matters affecting them as employees and on the various factors affecting the performance of the company. This is achieved through formal and informal meetings and a company newsletter. Employee representatives are consulted regularly on a wide range of matters affecting their current and future interests.

Future developments

The company currently has development projects extending to 2027 prior to production launches. The production life of parts currently in production and under development is generally 3-5 years from start of production.

Auditor

Ernst & Young LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

PLASTIC OMNIUM AUTOMOTIVE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Energy and carbon report

Summary

Plastic Omnium Automotive Limited’s carbon emissions, using a location-based approach to calculating emissions, were 14,681.8 tonnes CO2e for 2024, this is 3% lower than in 2023.

These include the emissions associated with electricity, gas, stationary combustion of propane and travel in company vehicles. The intensity of 1.62 tonnes CO2e per tonne is 4% lower than last year.

Consumption and emissions totals for reporting period ended 31 December 2023 have been recalculated using updated datasets, leading to an increase in the reported total gross emissions of 22%. Comparisons have been restated accordingly.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
61,992,693
59,286,445
- Electricity purchased
13,237,955
17,556,162
- Fuel consumed for transport
1,670,120
1,452,386
76,900,768
78,294,993
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
11,698.00
11,158.00
- Fuel consumed for owned transport
-
-
11,698.00
11,158.00
Scope 2 - indirect emissions
- Electricity purchased
2,741.00
3,635.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
242.00
315.00
Total gross emissions
14,681.00
15,108.00
Intensity ratio
CO2e per tonne of production
1.6
1.7
PLASTIC OMNIUM AUTOMOTIVE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
Quantification and reporting methodology

The reported carbon emissions have been calculated following the guidance in the UK Government's Environmental Reporting Guidelines, 2019, and the methodology outlined in The GHG Protocol Corporate Accounting and Reporting Standard (revised edition). Carbon Emission factors have been obtained from the UK Government’s GHG Conversion Factors for Company Reporting 2024.

An 'operational control' methodology has been adopted to outline the scope of carbon emissions reporting for Plastic Omnium Automotive Limited. Operational control refers to the ability of an organisation to direct the activities of a facility or operation. In the context of g reenhouse gas (GHG) reporting, a company is considered to have operational control over a facility, if it has the authority to introduce and implement operating policies at that facility, regardless of ownership. This means the organisation is responsible for the GHG emissions from the ‘operations it controls’.

This report includes the material carbon emissions, in line with the emissions categories, as required to be reported under the SECR regulations.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e of production.

Measures taken to improve energy efficiency

Plastic Omnium Automotive Limited is committed to continually improving energy efficiency and reducing environmental impact while operating as a responsible and sustainable business. Over the past year, the company has undertaken several initiatives that will result in carbon emission reductions:

Measham

- Energy challenge - Booth humidity setpoint increase, primer and clearcoat (Target 70% RH)

- Energy best practice - Paint chiller setpoint increase (Currently 7.0°C - Target 8.5°C)

- Annual energy project - Piovan drying system improvements

- Annual energy project - Optimise RTO burnout, reduction in number of burnouts

- Annual energy report - Motor conversion IE2 to IE4 (IMM 11) using more efficient press

- Capital expenditure - Heating improvements in factory and offices

Warrington

- Energy challenge - Upgrade glue storage

Greenhouse gas emissions (tonnes CO2e)

Emissions source | 2023 as reported | 2023 as revised | 2024 | Share % | YOY Variance %
Fuel combustion: Natural Gas | 8,270 | 10,845 | 11,338 | 78% | 5%
Purchased Electricity | 3,814 | 3,950 | 2,983 | 20% | -24%
Fuel combustion: Transport | 51 | 48 | 42 | 0% | -13%
LPG | 265 | 265 | 319 | 2% | 20%
Total emissions (tCO2e) | 12,400 | 15,108 | 14,682 | 100% | -3%
Production (tonnes) | 8,955 | 8,955 | 9,091 |  | 2%
Intensity: (tCO2e per Production kg) | 1.4 | 1.7 | 1.6 |  | -4%
Gas | 45,207,011 | 59,286,445 | 61,992,693 | 81% | 5%
Electricity | 16,952,506 | 17,556,162 | 13,237,955 | 17% | -25%
Transport fuel | 1,452,387 | 1,452,386 | 1,670,120 | 2% | 15%
Total Energy Consumption kWh | 63,611,904 | 78,294,993 | 76,900,768 | 100% | -2%

PLASTIC OMNIUM AUTOMOTIVE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Statement of disclosure to auditor

In the case of each of the persons who are directors of the company at the date when this report was approved:

- so far as each of the directors is aware, there is no relevant audit information (as defined in the Companies Act 2006) of which the company's auditor is unaware; and

- each of the directors has taken all the steps that he ought to have taken as a director to make himself aware of any relevant audit information (as defined) and to establish that the company's auditor is aware of that information.

Going Concern

The Company participates in a group-wide overnight cashpooling system to help optimize net cash/​debt positions and assist in currency risk management, this has been the case since 1997. OPmobility Finance acts as an internal bank to the Group and as such the C ompany’s finances are intrinsically linked to those of the Group. The Group has confirmed by email to the directors that it will provide ongoing access to the cash pool facility for a period of twelve months from the date of approval of the balance sheet to assist the Company in meeting its liabilities as they fall due, only to the extent that money is not otherwise available to the Company to meet such liabilities. The Group's published Consolidated Full Year Results 202 4 press release reported a Group net debt of €1,577 M (€1,540 M 1 year earlier) with free cashflow generation of €246 M. As at 31 December 202 4, the Group had l iquidities of €2.4 billion, comprising €499 million in available cash and €1.9 billion in confirmed, undrawn credit facilities, with an average maturity of 3.4 years and no covenants.

Detailed forecasts of month-by-month results, balance sheets and cashflow to the end of the financial year are prepared each month and are subject to detailed review within the Group, as are monthly actual results. In addition to annual budgets, reviewed at the highest Group level, strategic plans are prepared annually looking ahead at least 3 years.

Having made appropriate extensive reviews and taking into account the risks and uncertainties facing the company, the directors are of the opinion that the company has sufficient resources to continue in operation as a going concern for the foreseeable future (defined as 12 months from the date of approval of these accounts) and is able to meet its liabilities as they fall due. Accordingly the directors continue to adopt the going concern basis in preparing these financial statements.

By order of the board
Mr B O'Sullivan
Secretary
13 June 2025
PLASTIC OMNIUM AUTOMOTIVE LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable United Kingdom 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 UK-adopted international accounting standards (“IFRSs”). 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 in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in IFRSs is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the company financial position and financial performance;

- in respect of the financial statements, state whether UK – adopted international accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is appropriate to presume that the company will not 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.

Under applicable law and regulations, the directors are also responsible for preparing a strategic report and directors’ report that comply with that law and those regulations. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website.

PLASTIC OMNIUM AUTOMOTIVE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PLASTIC OMNIUM AUTOMOTIVE LTD
- 10 -
Opinion

We have audited the financial statements of Plastic Omnium Automotive Limited for the year ended 31 December 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and the related notes 1 to 31, including a summary of material accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion, the financial statements:

- give a true and fair view of the company's affairs as at 31 December 2024 and of its profit for the year then ended; and

- have been properly prepared in accordance with international accounting standards; 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 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 12 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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.

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 report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this 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 the 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 strategic report and the directors' r eport 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.

PLASTIC OMNIUM AUTOMOTIVE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PLASTIC OMNIUM AUTOMOTIVE LTD (CONTINUED)
- 11 -
Matters on which we are required to report by exception

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or directors' r eport.

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 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' r esponsibilities s tatement set out on page 8, 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.

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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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 risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to reporting framework (UK adopted international accounting standards, Companies Act 2006 and the relevant tax compliance regulations in the jurisdiction in which the Company operates, notably in UK).

In addition, we concluded that there are certain laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements and those laws and regulations relating to health and safety, employees, climate and environmental and bribery corruption practices;

- We understood how the Company is complying with those frameworks by making enquiries of management and those charged with governance to understand how the Company maintains and communicates its policies and procedures in these areas. We corroborated our enquiries through our review of minutes of the meetings of those charged with governance. We understood any controls put in place by management to reduce the opportunities for fraudulent transactions and how monitoring of these processes is done to avoid any instance of non-compliance;

PLASTIC OMNIUM AUTOMOTIVE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PLASTIC OMNIUM AUTOMOTIVE LTD (CONTINUED)
- 12 -

- We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where they considered there was a susceptibility to fraud. We also considered performance targets and the potential incentives or opportunities to manage earnings or influence the perceptions of stakeholders. We considered the programmes and controls that the entity has established to address identified risk, or that otherwise prevent or detect fraud; and how senior management monitors the programmes and controls. Where the risk was considered to be higher, in particular in respect of adjustments to revenue arising other than through routine invoicing with the Company’s customers, we performed audit procedures to address this identified fraud risk. These procedures included obtaining the population of all journals processed during the year. We performed a three-way correlation between revenue, receivables and cash and obtained explanations for any material outliers. We also tested manual journals posted to revenue using professional judgement. We determined the sample based on either size or nature for further testing and agreed to source documentation. These procedures were designed to provide reasonable assurance that the financial statements were free from material fraud;

- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved understanding management’s internal controls over compliance with laws and regulations, enquiries of management, vouching transactions to source documentation and verifying that they are recorded in compliance with UK adopted international accounting standards and in conformity with the requirements of Companies Act 2006.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 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.

Mr Adam Gittens (Senior Statutory Auditor)
For and on behalf of Ernst & Young LLP, Statutory Auditor
Chartered Accountants
One Colmore Square
Birmingham
B4 6HQ
13 June 2025
PLASTIC OMNIUM AUTOMOTIVE LTD
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£'000
£'000
Revenue
4
249,907
232,605
Cost of sales
(208,999)
(199,373)
Gross profit
40,908
33,232
Distribution costs
(5,412)
(6,044)
Administrative expenses
(16,589)
(13,963)
Operating profit
5
18,907
13,225
Finance costs
8
(334)
(1,036)
Profit before taxation
18,573
12,189
Income tax expense
9
(4,120)
(2,853)
Profit and total comprehensive income for the year
24
14,453
9,336

The income statement has been prepared on the basis that all operations are continuing operations.

The company has no recognised gains or losses other than the profit for the financial year.

PLASTIC OMNIUM AUTOMOTIVE LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 14 -
2024
2023
Notes
£'000
£'000
Non-current assets
Intangible assets
11
6,681
6,585
Property, plant and equipment
12
51,675
50,866
58,356
57,451
Current assets
Inventories
13
27,019
16,508
Trade and other receivables
14
77,569
59,118
104,588
75,626
Current liabilities
Trade and other payables
19
110,320
80,245
Current tax liabilities
112
1,348
Borrowings
16
519
-
0
Lease liabilities
20
2,830
2,889
113,781
84,482
Net current liabilities
(9,193)
(8,856)
Non-current liabilities
Lease liabilities
20
8,052
10,142
Deferred tax liabilities
23
3,596
2,431
11,648
12,573
Net assets
37,515
36,022
Equity
Called up share capital
22
18,000
18,000
Retained earnings
24
19,515
18,022
Total equity
37,515
36,022
The financial statements were approved by the board of directors and authorised for issue on 13 June 2025 and are signed on its behalf by:
Mr G Ebner
Director
Company registration number 03275572 (England and Wales)
PLASTIC OMNIUM AUTOMOTIVE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Retained earnings
Total
Notes
£'000
£'000
£'000
Balance at 1 January 2023
18,000
14,446
32,446
Year ended 31 December 2023:
Profit and total comprehensive income
-
9,336
9,336
Transactions with owners:
Dividends
10
-
(5,760)
(5,760)
Balance at 31 December 2023
18,000
18,022
36,022
Year ended 31 December 2024:
Profit and total comprehensive income
-
14,453
14,453
Transactions with owners:
Dividends
10
-
(12,960)
(12,960)
Balance at 31 December 2024
18,000
19,515
37,515
PLASTIC OMNIUM AUTOMOTIVE LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash generated from operations
30
29,567
14,969
Interest paid
(334)
(1,036)
Income taxes paid
(2,992)
(323)
Net cash inflow from operating activities
26,241
13,610
Investing activities
Purchase of intangible assets
(2,542)
(1,644)
Purchase of property, plant and equipment
(8,309)
(3,234)
Net cash used in investing activities
(10,851)
(4,878)
Financing activities
Proceeds from borrowings
519
-
0
Payment of lease liabilities
(2,949)
(2,972)
Dividends paid
(12,960)
(5,760)
Net cash used in financing activities
(15,390)
(8,732)
Net increase in cash and cash equivalents
-
0
-
0
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
1
Accounting policies
Company information

Plastic Omnium Automotive Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Westminster Industrial Estate, Huntingdon Way, Measham, Swadlincote, Derbyshire, DE12 7DS. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with applicable law and UK adopted international accounting standards and with those parts of the Companies Act 2006 applicable, except as otherwise stated.

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 £'000.

The financial statements have been prepared on a historical cost basis and on a going concern basis. The material accounting policies adopted are set out below.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the true company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements, as detailed in the Director's Report on page 7.

1.3
Revenue

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

The project phase corresponds to the period during which the company is working on the development of the part to be produced, on the design and manufacture of specific tooling to be used in production as well as on the organization of future production processes and logistics. It begins with the appointment of the company for the vehicle and the product concerned and is completed when the normal production volume is reached.

The accounting treatment is based on the identification by the company in most cases of two performance obligations, distinct from the production of parts, under the Design activity and certain specific tooling whose control is transferred to clients.

The costs related to performance obligations are recogni s ed in inventories during the project phase and then in expenses when their control is transferred to the client, i.e. at the start of production.

Revenue related to those same obligations are recogni s ed at the start of production. Payments received prior to the start of production are recorded in customer advances.

The company has also examined the concepts specified or introduced by IFRS 15, such as the concept of “agent versus principal”.

PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.4
Intangible assets other than goodwill

Development costs incurred during the project phase and related to the execution of the contract with the customer not fulfilling a performance obligation are recognized as intangible assets. These internal and external costs relate to the work on the organization of purchasing, logistics and industrial processes to produce the parts that will be ordered by customers.

They are depreciated over the expected production period, typically three years.

The amortization of development hours is booked under Research and Development costs.

These assets are subject to annual impairment tests.

Revenue s received from customers related to these costs are recorded in turnover from the start of series life over the production period. Payments received before the start of life are recorded in customer prepayments.

The accounting treatment of costs that meet a performance obligation is described in the notes.

Furthermore, under IFRS 15, costs incurred prior to the award of the contract, whether or not the contract is obtained, are recognized as an expense for the period.

1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost, or production cost for assets manufactured by the company (or by a subcontractor) for its own use, or at fair value in the case of assets acquired without consideration, and subsequently net of depreciation and any impairment losses. Freehold land is shown at cost.

Maintenance and repair costs to restore or maintain the future economic benefits expected based on the asset's estimated level of performance at the time of the acquisition are recognised as an expense.

Depreciation

Depreciation is recognised on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the date of acquisition, of each asset evenly over its expected useful life, as follows:

Land & Buildings
2.5% to 5% straight line (excl. Freehold Land)
Fixtures and fittings
10% to 20% straight line
Plant and Machinery
10% to 20% straight line
Computer Hardware and Software
25% to 33.3% straight line

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

Assets under construction are not depreciated until brought into use when reclassified to appropriate category.

In accordance with IAS16, Property, Plant and Equipment, for property and major functional assemblies such as paint lines and presses, each significant part of the asset is depreciated separately over its specific estimated useful life.

In the case of right-of-use assets, expected useful lives are determined by reference to comparable owned assets or the lease term, if shorter.

PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.6
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets, as well as tooling and development inventories, to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Inventories

Raw materials and supplies

Raw materials and supplies are measured at cost, determined by the weighted average cost method. A provision for impairment is recorded when the estimated selling price of the related finished products in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale is less than the carrying amount of the raw materials or supplies.

Finished and semi-finished products

Finished and semi-finished products are measured at standard cost of production, adjusted annually. Cost includes raw materials, and direct and indirect production costs. It does not include any administrative overheads or data processing costs that do not contribute to bringing the products to their present location and condition, or any research and development or distribution costs.

At each balance sheet date, the carrying amount of finished and semi-finished products is compared to their net realisable value, determined as explained above and a provision for impairment is recorded when necessary. A provision for slow-moving inventory is recorded for any products for which no or few movements have been recorded during the year and are not expected to be sold in the foreseeable future.

Projects - tools and development

These inventories correspond to costs incurred by the company in order to satisfy a performance obligation in connection with automobile projects.

The cost of inventories is compared at the balance sheet date to the net realizable value. If it exceeds the net realizable value, a loss is recorded to bring the inventories to their net realizable value.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.9
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Impairment of financial assets

Financial assets carried at amortised cost are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Trade and inter-company receivables

Trade and inter-company receivables are measured at fair value. Any changes in measurement, excluding normal settlements, are recognised through the income statement with the balances subject to regular reviews.

1.10
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade and inter-company payables, are initially measured at fair value, net of transaction costs. Finance leases are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.12
Derivatives

The company uses derivative instruments traded on organised markets or over-the-counter to manage its exposure to currency risks arising in the normal course of trading. In accordance with IAS39, these hedging instruments are recognised in the balance sheet and measured at fair value. When formal hedging agreements are in place the changes in their fair value are recognised in income or expense.

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

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a non-current asset or liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are classified as current.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the operating profit, for transactions relating to operating activities, and in financial income or expenses for financial transactions.

1.18

Other research and development costs

Other research and development costs are generally recognised as an expense when incurred, unless of a material value in which case the cost is recognised in the year in which production commenced.

PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
1.19

Start-up costs

The start-up costs of new production capacity or techniques and organisation expense are recognised as an expense for the period in which they are incurred.

1.20

Provisions for liabilities

Provisions for liabilities are recorded when the company has a present obligation and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and no equivalent benefit is expected to be received in return. They are recognised within current liabilities because the obligation is generally expected to be settled within one year.

2
Adoption of new and revised standards and changes in accounting policies

Forthcoming requirements:

Adoptions of the following mentioned standards, amendments and interpretations in future years are not expected to have a material impact on the Company’s financial statements:

Amendments to IAS 21 Lack of Exchangeability - 1 January 2025

Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financial Instruments – 1 January 2026

Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 – Annual improvements to IFRS Accounting Standards Volume 11 – 1 January 2026

IFRS 18 Presentation and Disclosure in Financial Statements – 1 January 2027

IFRS 19 Subsidiaries without Public Accountability: Disclosures – 1 January 2027

New currently effective requirements:

Amendments to IFRS 16 Lease Liability in a Sale and Leaseback - 1 January 2024

Amendments to IAS 1 Classification of Liabilities as Current or Non-current - 1 January 2024

Amendments to IAS 1 Non-current Liabilities with Covenants - 1 January 2024

Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements - 1 January 2024

The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.

3
Critical accounting estimates and judgements

The preparation of the financial statements requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and commitments. These estimates and assumptions are reviewed at regular intervals. Actual results may differ from these estimates, if the underlying assumptions are changed to reflect actual experience or changes in circumstances or economic conditions. Management consider there to be no material critical judgements or estimates.

PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
4
Revenue

An analysis of the company's total revenue is as follows:

2024
2023
£'000
£'000
Revenue analysed by geographical location
United Kingdom
246,729
231,568
Other European Union Countries
3,098
748
North and South America
66
289
Africa
14
-
249,907
232,605
5
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£'000
£'000
Exchange losses
409
160
Research and development costs
10,582
12,141
Depreciation of property, plant and equipment
8,281
10,209
Amortisation of intangible assets (included within cost of sales)
2,445
4,399
Cost of inventories recognised as an expense
208,210
195,611
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the company
140
130
7
Employees

The average monthly number of persons employed by the company during the year was:

2024
2023
Number
Number
Production
895
860
Administrative
37
43
Sales
12
10
Total
944
913
PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Employees
(Continued)
- 25 -

Their aggregate remuneration comprised:

2024
2023
£'000
£'000
Wages and salaries
35,167
33,458
Social security costs
4,543
4,229
Pension costs
6,480
6,152
46,190
43,839

The directors did not receive any remuneration for their services to the Company during the current or prior year and they were remunerated by another company within the Group. There is no allocation of costs for the directors as this is considered to be inconsequential to their wider role.

8
Finance costs
2024
2023
£'000
£'000
Interest on lease liabilities
427
454
Interest on invoice finance arrangements
1,235
364
Other interest (receivable)/payable
(1,328)
218
Total interest expense
334
1,036

Other interest payable include group interest (received)/paid (cash-pooling system) of (£1,295,000) (2023 - £171,000), net foreign exchange settlement differences (received)/paid of (£93,000) (2023 - £27,000 ) and bank charges of £60,000 (2023 - £20,000 ).

9
Income tax expense
2024
2023
£'000
£'000
Current tax
UK corporation tax on profits for the current period
2,955
3,335
Other taxes
-
0
4
Total UK current tax
2,955
3,339
Deferred tax
Origination and reversal of temporary differences
1,165
(486)
Total tax charge
4,120
2,853

On 24 May 2021, the UK tax rate increase d from 19% to 25% with effect from 1 April 2023. Adjustments recognised in the period for current tax charges/(credits) of prior periods amount to 2024 (£265,000) and 2023 £377,000.

PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Income tax expense
(Continued)
- 26 -
2024
2023
£'000
£'000
Profit before taxation
18,573
12,189
Expected tax charge based on a corporation tax rate of 25.00% (2023: 23.50%)
4,643
2,864
Effect of expenses not deductible in determining taxable profit
845
362
Patent Box
(1,103)
(746)
Prior year revisions
(265)
377
Withholding tax
-
0
(4)
Taxation charge for the year
4,120
2,853

The 2023 effective rate of 23.5% is based on a corporation tax rate of 19% to 31/03/2023 and 25% thereafter.

As at 31 December 202 4, the Current tax payable £1 12,000 represents the 202 4 corporation tax provision less RDEC claims (202 3 - £1,348,000).

10
Dividends
2024
2023
2024
2023
Amounts recognised as distributions:
per share
per share
Total
Total
£'000
£'000
£'000
£'000
Ordinary shares
Interim dividend paid
0.72
0.32
12,960
5,760
11
Intangible assets
Development costs
£'000
Cost
At 1 January 2023
30,228
Additions
1,644
Disposals
(991)
At 31 December 2023
30,881
Additions - internally generated
2,542
Disposals
(3,380)
At 31 December 2024
30,043
PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Intangible assets
Development costs
£'000
(Continued)
- 27 -
Amortisation and impairment
At 1 January 2023
20,889
Charge for the year
4,399
Eliminated on disposals
(991)
At 31 December 2023
24,297
Charge for the year
2,445
Eliminated on disposals
(3,380)
At 31 December 2024
23,362
Carrying amount
At 31 December 2024
6,681
At 31 December 2023
6,585

The intangible assets comprise development costs. These are recognised at the start of production of the part in question and are amortised straight-line over the estimated period of series production (generally 3 years).

12
Property, plant and equipment
Land & Buildings
Assets under construction
Plant, Machinery, Fixtures, Hardware and Software
Total
£'000
£'000
£'000
£'000
Cost
At 1 January 2023
56,318
1,424
106,524
164,266
Additions
5,868
2,898
1,138
9,904
Disposals
(2,018)
-
0
(3,182)
(5,200)
Transfer
20
(619)
599
-
0
At 31 December 2023
60,188
3,703
105,079
168,970
Additions
3
7,649
1,438
9,090
Disposals
-
0
-
0
(1,615)
(1,615)
Transfer
228
(2,686)
2,458
-
0
At 31 December 2024
60,419
8,666
107,360
176,445
PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Property, plant and equipment
Land & Buildings
Assets under construction
Plant, Machinery, Fixtures, Hardware and Software
Total
£'000
£'000
£'000
£'000
(Continued)
- 28 -
Accumulated depreciation and impairment
At 1 January 2023
23,482
-
0
89,613
113,095
Charge for the year
3,425
-
0
6,784
10,209
Eliminated on disposal
(2,018)
-
0
(3,182)
(5,200)
At 31 December 2023
24,889
-
0
93,215
118,104
Charge for the year
3,475
-
0
4,806
8,281
Eliminated on disposal
-
0
-
0
(1,615)
(1,615)
At 31 December 2024
28,364
-
0
96,406
124,770
Carrying amount
At 31 December 2024
32,055
8,666
10,954
51,675
At 31 December 2023
35,299
3,703
11,864
50,866

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2024
2023
£'000
£'000
Net values at the year end
Property
9,050
10,980
Plant, Machinery, Fixtures, Hardware and Software
1,457
1,708
10,507
12,688
Total additions in the year
781
6,670
Depreciation charge for the year
Property
1,929
1,886
Plant, Machinery, Fixtures, Hardware and Software
1,033
1,054
2,962
2,940

Freehold land of £4,307,000 has not been depreciated (2023 - £4,307,000).

PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
13
Inventories
2024
2023
£'000
£'000
Raw materials
5,065
5,765
Work in progress
1,138
1,535
Finished goods
653
793
Tooling inventory
14,515
5,600
Development inventory
5,648
2,815
27,019
16,508

Inventories are stated net of a provision of £3,990,000 (2023 - £4,021,000)

14
Trade and other receivables
2024
2023
£'000
£'000
Trade receivables
9,283
2,413
Amounts owed by fellow group undertakings
67,466
56,061
Other receivables
45
60
Prepayments
775
584
77,569
59,118

Trade debtors are stated net of the sale of receivables of £22,249,000 and €15,872,000 (2023: £14,838,000 and €9,188,000l).

At 31 December 2024 trade debtors and amounts due from group undertakings included non-GBP denominated balances of €2,308,000 (2023: €150,000 and $3,000) within trade debtors and €22,723,000 (2023: €20,154,000) due from group undertakings. All other receivables were GBP denominated.

Amounts owed by fellow Group undertakings include Group current accounts linked to the overnight cash-pooling system bank accounts. The remaining balances arise from normal trading operations with settlement on standard Group established commercial terms.

15
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Trade receivables - credit risk
(Continued)
- 30 -
Expected credit loss assessment
2024
2023
Balance
Rate
Loss allowance
Balance
Rate
Loss allowance
Trade receivables
£'000
%
£'000
£'000
%
£'000
Not more than 3 months
112
-
-
111
-
-
Greater than 3 months
6
-
-
39
-
-
118
-
150
-

The Company’s principal financial assets are bank balances and trade and other receivables. Receivables balances are monitored very closely on an ongoing basis, with overdues subject to regular Group reporting at the highest level. Where appropriate, dedicated monitoring systems are also employed. Provision is made for doubtful debts where necessary.

16
Borrowings
2024
2023
£'000
£'000
Borrowings held at amortised cost:
Repayable on receivables factoring facility
519
-

Included in Borrowings are amounts that are repayable under our receivables factoring facility. T he se proceeds received are recorded as borrowings until the amounts are repaid.

17
Market risk
Market risk management

Liquidity Risk

The company needs to have access, at all times, to adequate financial resources not only to finance operations and the investments required to support its growth, but also to withstand the effects of any exceptional development. Liquidity is managed by the Group on behalf of subsidiaries and needs are met by long-term financing on the capital markets, ensuring that all of the Group’s net debt can be maintained over a long period, as well as through short-term commercial paper programs.

The company’s intra-group debt, prior to any sales of receivables, is a key performance indicator and is subject to very close monitoring.

The company’s financial obligations outside of the Group consist of trade creditors and other creditors. All of these are payable within 12 months.

Liquidity Risk Management

Liquidity is managed via a group deposit/loan facility at SONIA linked interest rates and denominated in GBP and EUR as required by the company. A credit line is agreed annually with the OPmobility Group, if required, the company can apply for a revision to the agreed limit. The company participates in a GBP and a EUR cash-pooling system managed by OPmobility Finance.

PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Market risk
(Continued)
- 31 -

Foreign Currency Risk

The Company operates internationally giving rise to exposure from changes in foreign exchange rates principally with the Euro and then indirectly with the US Dollar in respect of the price of oil and its impact upon derived products (see Commodities risk). The company systematically hedges its Euro risk via forward exchange contracts and holdings of currency deposits to meet estimated on net requirements, in agreement with the Group Treasury Department of OPmobility Finance, with whom the duration of hedging arrangements are also agreed. At 31 December 2024 the company had no unsettled forward exchange contracts (2023: nil). At 31 December 2024 the company held a deposit of €21,982,000 and £48,112,000 (2023: €19,598,000 and £38,147,000) within the intra-group deposit/loan facility.

Interest Rate Risk

The Company is exposed to interest rate risk on its intra-group debt and factoring facilities. Interest is paid on the daily value-dated net intra-group debt/factored balances at margins of up to approximately 2.1% above 3 month SONIA or EURIBOR fixed on the 25 th of March, June September and December for the forthcoming quarter. Intra-group deposits are remunerated on the same basis but at SONIA or EURIBOR less 0.2%. A 1% rise/fall in interest rates would have decreased/ increased profit for the year and equity by approximately £30,000 (2023: £100,000).

Commodity Risk - Plastic

The Company is exposed to the risk of price fluctuations in the price of raw materials used in injection moulding, where the supply contracts contain oil price indexation clauses. The risk is largely mitigated via offsetting provisions in customer contracts.

Financial Risk Management

Financial risks include market risk (principally foreign currency risk), credit risk, liquidity risk and interest risk. The Company seeks to minimise the effect of these risks by developing and applying policies and procedures which are regularly reviewed for appropriateness and effectiveness. The Company's principal financial instruments comprise cash held in current accounts, trade receivables, amounts recoverable under contracts, trade payables and other payables that arise directly from its operations.

18
Credit risk

Credit risk refers to the risk that a customer or counterparty to a financial instrument fails to meet its contractual obligations, resulting in financial loss to the company, and arises principally from the company’s receivables from customers. Customers that wish to trade on credit terms are subject to credit verification procedures and receivable balances are monitored on an ongoing basis.

The concentration of credit risk is subject to ongoing monitoring in conjunction with the Group. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet.

The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the company's maximum exposure to credit risk.

PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
19
Trade and other payables
2024
2023
£'000
£'000
Trade payables
42,037
47,481
Amounts owed to fellow group undertakings
264
232
Social security and other taxation
7,593
7,829
Other payables
60,426
24,703
110,320
80,245

Included in Other Payables are Customer Prepayments of £32,784,000 (2023: £5,138,000).

At 31 December 2024 trade creditors and amounts owed to group undertakings included EUR denominated balances of €10,905,000 (2023: €12,986,000) and €262,000 (2023: €224,000) respectively (payable in line with credit terms). Aside from USD $14,000 (2023: $2,000), all remaining current liabilities were GBP denominated.

The directors consider that the carrying amount of trade payables approximates to their fair value.

20
Lease liabilities
2024
2023
Maturity analysis
£'000
£'000
Within one year
3,142
3,268
In two to five years
6,820
8,449
In over five years
2,170
2,676
Total undiscounted liabilities
12,132
14,393
Future finance charges and other adjustments
(1,250)
(1,362)
Lease liabilities in the financial statements
10,882
13,031

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
£'000
£'000
Current liabilities
2,830
2,889
Non-current liabilities
8,052
10,142
10,882
13,031
2024
2023
Amounts recognised in profit or loss include the following:
£'000
£'000
Interest on lease liabilities
427
454
PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Lease liabilities
(Continued)
- 33 -

The company leases plant and equipment with a carrying value of £10,507,000 (2023: £12,688,000) under lease agreements. Lease terms are negotiated on an individual basis.

Aside from lease liabilities (and provisions with no precise maturity profile) no other payables had a maturity in excess of 1 year after the balance sheet date.

Other leasing information is included in note 25.
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
6,480
6,152

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At 31 December 2024 £1,025 remained outstanding in respect of contributions to be paid over to the scheme for newly auto-enrolled employees with unexpired opt-out periods (2023: £4,420).

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£'000
£'000
Authorised
Ordinary shares of £1 each
18,000
18,000
18,000
18,000
Issued and fully paid
Ordinary shares of £1 each
18,000
18,000
18,000
18,000
PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
23
Deferred taxation

At 31 December 2024 the company has a deferred tax provision of £3,596,000 (2023: £2,431,000) being the full potential deferred tax provision and applying an enacted tax rate of 25% to short-to-medium term timing differences, principally accelerated capital allowances and intangible asset deduction timing differences expected to reverse.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Timing differences Intangible assets
Timing differences Tangible assets
Total
£'000
£'000
£'000
Liability/(asset) at 1 January 2023
3,100
(182)
2,918
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(753)
266
(487)
Liability at 1 January 2024
2,347
84
2,431
Deferred tax movements in current year
Charge/(credit) to profit or loss
(545)
1,710
1,165
Liability at 31 December 2024
1,802
1,794
3,596

Deferred tax assets and liabilities are offset in the financial statements only where the company has a legally enforceable right to do so.

24
Retained earnings
2024
2023
£'000
£'000
At the beginning of the year
18,022
14,446
Profit for the year
14,453
9,336
Dividends
(12,960)
(5,760)
At the end of the year
19,515
18,022

The retained earnings represent profits and losses retained in the previous and current period.

PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
25
Other leasing information
Lessee

Operating lease payments represent rentals payable for certain properties, plant and equipment.

Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:

2024
2023
£'000
£'000
Expense relating to short-term leases
1,815
1,383

Information relating to lease liabilities is included in note 20.
26
Capital commitments
2024
2023
£'000
£'000

At 31 December 2024 the company had capital commitments as follows:

Contracted for but not provided in the financial statements:
Acquisition of property, plant and equipment
1,522
3,573
27
Capital risk management

OPmobility SE (the OPmobility group holding company) operates a global cash management system around OPmobility Finance, which manages currency, interest rates and liquidity risks in liaison with and on behalf of all subsidiaries.

To maintain ready access to sufficient financial resources to carry out its business operations, fund the investments required to drive growth and respond to exceptional circumstances, the Group raises both capital and debt financing on the capital markets. The capital structure of the Group consists of debt, cash and cash equivalents and equity comprising issued share capital, reserves and retained earnings.

The company is not subject to any externally imposed capital requirements.

PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 36 -
28
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

2024
2023
£'000
£'000
Short-term employee benefits
1,836
1,804
Post-employment benefits
230
214
2,066
2,018
Other transactions with related parties

The ultimate parent company of Plastic Omnium Automotive Limited is Burelle S.A. During the year the company entered into transactions with members of Burelle S.A group, who are related parties:

Charges to Burelle SA and subsidiaries
Charges from Burelle SA and subsidiaries
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Other related parties
6,369
7,828
17,444
13,947

At the reporting date, the following amounts were owed by and to members of the Burelle SA group who are related parties:

2024
2023
Amounts due to related parties
£'000
£'000
Other related parties
264
232

At the reporting date, the following amounts were owed by and to members of the Burelle SA group who are related parties:

2024
2023
Amounts due from related parties
£'000
£'000
Other related parties
67,466
56,061
PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 37 -
29
Controlling party

The company's share capital is held by OPmobility Exterior Holding SA. The ultimate parent company is Burelle S.A., incorporated in France, which is also the largest group in which the results of the company are consolidated. The smallest group in which they are consolidated is that headed by OPmobility Exterior Holding SA.

The consolidated accounts of these groups are available to the public and may be obtained from Burelle S.A.'s principal place of business, 1 allée Pierre Burelle, 92300 Levallois-Perret, France.

30
Cash generated from operations
2024
2023
£'000
£'000
Profit for the year before income tax
18,573
12,189
Adjustments for:
Finance costs
334
1,036
RDEC
(1,199)
-
Amortisation and impairment of intangible assets
2,445
4,399
Depreciation and impairment of property, plant and equipment
8,281
10,209
Movements in working capital:
(Increase) in inventories
(10,511)
(6,169)
(Increase) in trade and other receivables
(18,451)
(13,312)
Increase in trade and other payables
30,095
6,617
Cash generated from operations
29,567
14,969
PLASTIC OMNIUM AUTOMOTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 38 -
31
Key Indicators
2024
2023
£'000
£'000
Related party revenue
3,237
3,796
Unrelated party revenue
246,670
228,809
Total revenue
249,907
232,605
Profit before tax
18,573
12,189
Income tax paid (cash basis)
2,992
323
Current income tax accrued
2,955
3,339
Share capital
18,000
18,000
Accumulated earnings
19,515
18,022
Tangible assets
51,675
50,866
Number of employees
944
913
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