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

Financial year 2024 was again a very challenging year with business levels below planned levels but were similar to FY 2023. This resulted in sales only being £262k greater than prior year. There was growth in Extrusion and Antennas, but this was offset by reduced sales in Conductive and Engineered Nylons. The reason for the softening in sales is due to European customers still seeing a significant downturn in their business, which is primarily all related to Russia/ Ukraine war, and higher energy costs. The parent company helped mitigate this shortfall, by allowing Shakespeare UK to manufacture for one of its North American customers, and the company will continue this production for the immediate future. Due to lower sales than planned, the company incurred an operating loss of £323k (prior year: loss of £338k), however this does include significant legal fees incurred.

With a slight increase in sales, there was however a £638k increase in gross margin over prior year. This was driven by increased volume in its extrusion business, product sales mix, as well as a £44k increased inventory provision charge over prior year. The inventory provision in FY 2023 relates to bespoke inventory made for a customer, which is still in dispute.

During the year, the Company maintained its workforce and utilized these employees during downtime in production, by helping with maintenance projects. This is so that when business and volumes do pick up, the company still has the skilled workforce to meet these customer requirements. The Company deem these skilled employees as critical to its success.

Distribution costs were £44k greater than prior year due to increased volumes sold, whilst Admin costs were £574k greater than prior year, primarily due to increased legal fees, salary costs and bad debts.

In November 2024, the Company made a dividend payment of £2,794k to its Parent company Shakespeare LLC.

The majority of the company’s sales are outside its functional currency of GBP. The company does not hedge its currency exposure Euro /​ GBP due to Barclays bank not allowing companies owned by USA private equity companies to enter into forward currency contracts. Therefore the company traded at spot rates during the year. With regards to the USD exposure the company has a natural hedge, with significant USD purchases with its parent company, Shakespeare LLC and Asian vendors.

Key performance indicators

The company’s key performance indicators are:

2024 2023

£’000 £’000

• Turnover 10,716 10,468

• Gross Margin 1,548 910

• Operating Loss (323) (338)

• EBITDA (214) (224)

Management meets on a monthly basis to evaluate the company’s risks. The principal risks and uncertainties facing the company are broadly grouped as competitive, legislative, and financial (treasury policies). The company consider the immediate risks affecting the company to be a slowdown in demand as well as inflationary cost increases primarily energy price increases.

Brexit

The company has managed to successfully put procedures in place that allows us to ship into the EU with minimal disruption. The only negative we have seen is an increase in documentation and lead times, but through dialogue with our EU customer base we have managed to communicate that lead times will take longer.

Competitive risks

The company faces competitive risks from other manufacturing businesses within Europe. Turnover is maintained and furthered through the regular technical meetings held with customers and financial criteria established with customers.

Legislative risks

In the UK, manufactured products must be in line with European Union standards. These standards are subject to continuous revision and any new directive may have a material impact on the ability of the company to manufacture and supply products at a profit. The company considers that its current quality and level of equipment at its site demonstrates its ability to keep up with technological changes and protects it against this risk.

Financial risks

The company’s financial risks and treasury policies are discussed further below.

The company’s financial instruments comprise cash and liquid resources, balances with group undertakings and various items such as trade debtors, trade creditors, etc, that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company’s operations.

The main risks arising from the company’s financial instruments are foreign currency risk, interest rate risk, cash flow risk, credit risk, price risk and liquidity risk. The board reviews and agrees policies for managing these risks.

Foreign currency risk

The company has no operations outside of the United Kingdom, but it buys and sells goods and services denominated in currencies other than sterling. As a result, the value of the company’s non-sterling revenues, purchases, financial assets and liabilities and cash flows can be affected significantly by movements in exchange rates in general and in particular the Euro and US Dollar. The company’s transactional currency exposure arises from sales or purchases in currencies other than its functional currency. The company does not carry out any hedging and trades at spot rate with Barclays bank, as it cannot enter into forward currency contracts due to being owned by a USA private equity company.

Interest rate cash flow risk

The company does not have any external debt. The company finances its operations through a mixture of retained profits and balances with group undertakings.

Credit risk

The company does not enter into transactions on deferred terms. In agreeing annual budgets, the company sets targets for debtors’ days and doubtful debt expense against which performance is monitored.

Price risk

The company does come under pressure from its customers at times to reduce prices, and although the company does its best to keep these customers, in certain cases the company cannot meet the price the customer is looking for.

Liquidity risk

The company mitigates liquidity risk by managing cash generation by its operations, applying cash collection targets, and setting authorisation limits for investment. The company’s funding strategy is not to rely on external finance, but to rely on group funding when required.

FY 2025 has started off in line with Management expectation, although the company’s core European customer base is still slower than prior years. The company has been able to offset this volume shortfall by manufacturing products for its USA parent company’s customer base. Our UK sales teams are still in regular dialogue with our European and Asian customers who state that we have not lost business it’s just that the market is “soft” at this moment in time, but they expect it to pick up soon.

The company continues to work on trials, and transition of work from its USA parent company to help give the company a solid manufacturing platform. With these increased volumes, this well help improve the financial profitability of the Company in the future.

On behalf of the board

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

The principal activity of the company continued to be the manufacturer of monofilaments and the importing of goods made in the USA, for sale in Europe and Asia. The company also sells marine and land based antennas.

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £2,793,531. The directors do not recommend payment of a further dividend.

No preference dividends were paid.

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

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.

MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The company has chosen in accordance with Companies Act 2006, s. 414C (11) to set out in the company's Strategic Report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Shakespeare Monofilament UK Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss 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 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 ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our 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.

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.

As explained more fully in the directors' responsibilities statement, 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.

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 specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

• Enquiries with management, including directors, about any known or suspected instances of non-compliance with laws and regulations and fraud;

• Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to stock provisions and absorption rates;

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness;

• Obtaining third party confirmation of material bank balances;

• Documenting and verifying significant related party balances and transactions;

• Auditing the risk of fraud and management override of revenue by incorporating data analytics into our sampling of source entries and testing specific transactions to determine the occurrence of revenue, and

• Reviewing management minutes.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available 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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Shakespeare Monofilament UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Enterprise Way, Venture Road, Fleetwood, FY7 8RY.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial year 202true5 is proving to be challenging with a weaker demand from our European & Asian customers resulting in lower volumes being sold and manufactured. This volume shortfall however has been somewhat mitigated with the company manufacturing for our Parent company North American customer base.

As identified in note 18 the group in which the company is a member has been purchased after the balance sheet date. This purchase required the company to take on various new loan facilites which have financial covenants.

The directors have prepared and reviewed financial cashflow forecasts along with downside sensitivity scenarios that demonstrate that the company can comply with the new financial covenants along with having adequate cash resources available to be able to meet its liabilities as they fall due. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity.

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following straight line bases:

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 credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. 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.

Stocks are stated at the lower of cost and estimated selling price.

Raw materials are valued at standard cost. Finished goods are valued using the standard cost of raw materials consumed, plus a standard cost of labour and a standard overhead absorption. Standard costs are set at the beginning of each financial year. The purchase price variance (difference between standard and actual cost) is reviewed and is written off to the profit and loss account if immaterial.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and 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.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

The company does not have any non-basic financial assets.

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

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

The company does not have any non-basic financial liabilities.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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 profit and loss account, 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.

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 stock or fixed 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.

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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 in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

At the end of each reporting period, management undertake an assessment of stock, based upon their knowledge of the market and the movement of each stock item. Where necessary, an impairment is recognised in the profit and loss account. The actual net realisable value may differ from the estimated level of recovery.

At the end of each reporting period, management undertake an assessment of the warranty provision, based upon their knowledge of known manufacturing issues. Where necessary, a provision is recognised in the profit and loss account.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

At the end of each reporting period, management undertake an assessment of the overhead and labour absorption rate reviewing the actual rate against the rate set in the stock management system. Where necessary, an adjustment is made to the rate used.

The average monthly number of persons (excluding directors) employed by the company during the year was:

Their aggregate remuneration comprised:

Included within remuneration for qualifying services is an element attributable to services provided by the overseas directors.

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

Barclays Bank PLC hold a guarantee dated 15 May 2021 in favour of HMRC for £400,000.

Barclays Bank PLC hold a guarantee in favour of Sogeser for EUR 15,245.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

As at the signing date of these financial statements, the company has not finalised its capital expenditure programme for the coming year and so an assessment as to the likely movement of timing differences cannot be made.

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.

The redeemable preference shares do not carry any rights to attend or vote at any general meetings or other meetings of the shareholders.

The company may redeem the preference shares at any time after 1 January 2001, with at least three months’ notice given in writing to the holders.

The preference shares do not carry the right to a fixed, mandatory dividend.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

On 12th June  2025, the Shakespeare division of the Jadex group was sold to new owners, as outlined further in note 20 of these financial statements.

There have been no changes to the businesses operations following the sale.

The company has taken advantage of the exemption permitted under Section 33.1A from disclosing transactions with the parent and fellow subsidiary companies within the same wholly owned group.

The ultimate parent undertaking is One Rock Capital Partners, a private equity company incorporated in the USA.

The smallest group for which group accounts are prepared is that headed by Jadex Inc. and the largest group for which group accounts are prepared is that headed by Zinc-Polymer Holdings, LLC. The head office of Jadex Inc. and Zinc-Polymer Holdings, LLC is 1303 South Batesville Road, Greer, South Carolina, 29650, United States. The group accounts are publicly available and may be obtained upon request from this address.

On 12th June 2025, the new ultimate parent undertaking became Nova Shakespeare LLP, as outlined further in Note 18.