Precision Engineering Plastics Ltd

	Page
Strategic Report	1
Directors' Report	2—3
Independent Auditor's Report	4—6
Statement of Comprehensive Income	7
Balance Sheet	8
Statement of Changes in Equity	9
Notes to the Financial Statements	10—17

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

Review of the Business

The directors consider that the key financial performance indicators (KPIs) are those that communicate the financial performance and strength of the company as a whole to its members. These KPIs comprise turnover, operating profit and shareholders' funds. The company is exempt from the requirement to disclose details of non-financial key performance indicators as it is a medium sized company.

During the year turnover increased by 10% due to increased demand and this has contributed to a 96% increase in operating profit. At the year end, shareholders' funds increased by 6% and net assets per ordinary share were £69.

The company expects to maintain profitability in the future but continuing global and political uncertainties and their impact on costs, may dampen the company's growth.

Principal Risks and Uncertainties

The company's financial risk management objectives consist of identifying and monitoring those risks which have an adverse impact on the value of the company's financial assets and liabilities or on reported profitability and on the cash flows of the company.

The company's principal financial instruments comprise cash balances and various items such as trade debtors and trade creditors which arise directly from trading operations. The main purpose of these financial instruments is to provide finance for the company's operations. The existence of these financial instruments exposes the company to a number of financial risks.

Liquidity risk

The company minimises its exposure to liquidity risk by managing cash generation by its operations with cash collection targets set. In this way the company ensures that sufficient funds are available for day to day operations and planned expansions.

Credit risk

The principal credit risk arises from trade debtors. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis, based on a combination of payment history and third party references.

Future Developments

The directors are satisfied with the results achieved during the year. Their plan for the future is to continue in their efforts to secure new orders and to continue to invest in new plant and machinery. Current global and political events have created uncertainties which are likely to dampen the company's future growth, but in the directors' opinion, the company is well positioned to meet these challenges

On behalf of the board

Mr P Doheny

Director

19 September 2025

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Precision Engineering Plastics Ltd

Company No. 02000951

Directors' Report For The Year Ended 31 December 2024

Directors' Report

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

Principal Activity

The company's principal activity continues to be that of manufacturers of precision plastics mouldings.

Dividends

The value of dividends paid amounted to £195,000 .

The directors do not recommended payment of a final dividend.

Directors

The directors who held office during the year were as follows:

Mr P Doheny

Mr V Marino

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

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Precision Engineering Plastics Ltd

Directors' Report (continued)

For The Year Ended 31 December 2024

Independent Auditors

The auditors, Mountsides Limited, have indicated their willingness to continue in office.

On behalf of the board

Mr P Doheny

Director

19 September 2025

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Independent Auditor's Report

to the Members of

Precision Engineering Plastics Ltd

Independent Auditor's Report

Opinion

We have audited the financial statements of Precision Engineering Plastics Ltd for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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 profit/(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'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 entity's ability to continue as a going concern for a period of at least 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.

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.

In connection with our audit of the financial statements, 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 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 the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Precision Engineering Plastics Ltd

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2—3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to but not limited to, Companies Act 2006 and UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates. Audit procedures performed included:

- Enquiries with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.

- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

- Reviewing the financial statements for compliance with the Companies Act 2006.

- Evaluating and challenging the reasonableness of accounting estimates.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website 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 that 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.

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Independent Auditor's Report (continued)

to the Members of

Precision Engineering Plastics Ltd

Christopher Andrews ACA (Senior Statutory Auditor)

for and on behalf of Mountsides Limited , Statutory Auditor

19 September 2025

Mountsides Limited

Chartered Accountants and Statutory Auditors

2 Mountside

Stanmore

Middlesex

HA7 2DT

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Precision Engineering Plastics Ltd

Statement of Comprehensive Income

For The Year Ended 31 December 2024

Statement of Comprehensive Income

		2024	2023
	Notes	£	£
TURNOVER	4	6,529,409	5,921,914
Cost of sales		(3,923,935 )	(3,819,705 )

GROSS PROFIT		2,605,474	2,102,209

Administrative expenses		(1,824,388 )	(1,703,930 )

OPERATING PROFIT	5	781,086	398,279
Other interest receivable and similar income	10	88,466	24,683

PROFIT BEFORE TAXATION		869,552	422,962
Tax on Profit	11	(159,126 )	(42,631 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		710,426	380,331
OTHER COMPREHENSIVE INCOME FOR THE YEAR		-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR		710,426	380,331

The notes on pages 10 to 17 form part of these financial statements.

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Precision Engineering Plastics Ltd

Balance Sheet

As At 31 December 2024

Balance Sheet

Registered number: 02000951

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		243,687		246,184

			243,687		246,184
CURRENT ASSETS
Stocks	13	661,224		495,309
Debtors	14	5,979,973		5,869,236
Cash at bank and in hand		2,310,246		1,970,313

		8,951,443		8,334,858
Creditors: Amounts Falling Due Within One Year	15	(827,663 )		(735,812 )

NET CURRENT ASSETS (LIABILITIES)			8,123,780		7,599,046

TOTAL ASSETS LESS CURRENT LIABILITIES			8,367,467		7,845,230

PROVISIONS FOR LIABILITIES
Deferred Taxation			(24,816 )		(18,005 )

NET ASSETS			8,342,651		7,827,225

CAPITAL AND RESERVES
Called up share capital	17		102,133		102,133
Share premium account			13,867		13,867
Profit and Loss Account			8,226,651		7,711,225

SHAREHOLDERS' FUNDS			8,342,651		7,827,225

On behalf of the board

Mr P Doheny Director	Mr V Marino Director
19 September 2025

The notes on pages 10 to 17 form part of these financial statements.

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Precision Engineering Plastics Ltd

Statement of Changes in Equity

For The Year Ended 31 December 2024

Statement of Changes in Equity

	Share Capital	Share Premium	Profit and Loss Account	Total
	£	£	£	£
As at 1 January 2023	102,133	13,867	7,520,894	7,636,894
Profit for the year and total comprehensive income	-	-	380,331	380,331

Dividends paid	-	-	(190,000)	(190,000)

As at 31 December 2023 and 1 January 2024	102,133	13,867	7,711,225	7,827,225


Profit for the year and total comprehensive income	-	-	710,426	710,426

Dividends paid	-	-	(195,000)	(195,000)

As at 31 December 2024	102,133	13,867	8,226,651	8,342,651

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Precision Engineering Plastics Ltd

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Precision Engineering Plastics Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 02000951 . The registered office is 1063 Mollison Avenue, Enfield, Middlesex, EN3 7NJ.

The presentation currency of the financial statements is the Pound Sterling (£).

2. Statement of Compliance

The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. Accounting Policies

3.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention.

3.2. Financial Reporting Standard 102 - Reduced Disclosure Exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48 (a) (iii), 11.48 (a) (iv), 11.48 (b) and 11.48 (c);
the requirements of Section 12 Other Financial Instruments Issues paragraphs 12.27, 12.29 (a), 12.29 (b), 12.29A and 12.30;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

3.3. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

3.4. Significant judgements and estimations

The preparation of the financial statements requires management to make significant judgements, estimates and

assumptions that affect the amounts reported. These estimates, judgements and assumptions are continually

reviewed and are based on experience and other factors, including expectations of future events that are believed

to be reasonable under the circumstances. The items in the financial statements where judgements, estimates and

assumptions have been made include:

Debtors

Management applies judgements in evaluating the recoverability of debtors. To the extent that the directors

believe debtors not to be recoverable, they have been provided for in the financial statements.

Stock

Management applies judgements in evaluating stock for obsolete and slow moving items. This judgement is

based on management knowledge of the stock and customer demand, as well as stock age. At each balance sheet

date, stocks are assessed for impairment and written down as appropriate.

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Precision Engineering Plastics Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3.5. Turnover

The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and services supplied during the year and is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from rendering of services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to actual time spent to the total budgeted time. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

3.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	20% on cost
Motor Vehicles	25% on cost
Fixtures & Fittings	20% on cost

3.7. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts by recording turnover and related costs as moulding activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

3.8. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

3.9. Financial Instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment of assets are recognised in the profit and loss account in other administrative expenses.

3.10. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Precision Engineering Plastics Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3.11. Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3.12. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

4. Turnover

Analysis of turnover by geographical market is as follows:

	2024	2023
	£	£
United Kingdom	5,611,213	4,755,406
Europe	662,876	825,211
Rest of the world	255,320	341,297

	6,529,409	5,921,914

5. Operating Profit

The operating profit is stated after charging:

	2024	2023
	£	£
Operating lease rentals	375,000	375,000
Depreciation of tangible fixed assets	131,902	160,794
Profit on disposal of tangible fixed assets	(3,000 )	-

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Precision Engineering Plastics Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2024	2023
	£	£
Audit Services
Audit of the company's financial statements	6,000	5,000


Other Services
Other non-audit services	10,227	7,508

7. Staff Costs

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

	2024	2023
	£	£
Wages and salaries	2,227,186	2,116,171
Social security costs	219,845	208,648
Other pension costs	319,754	294,761

	2,766,785	2,619,580

8. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2024	2023
Office and administration	16	14
Manufacturing	60	56

	76	70

9. Directors' remuneration

	2024	2023
	£	£
Emoluments	109,526	102,944
Company contributions to money purchase pension schemes	120,000	119,200

	229,526	222,144

The number of directors to whom retirement benefits were accruing was as follows:

	2024		2023
Money purchase pension schemes	2		2

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Precision Engineering Plastics Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

10. Interest Receivable and Similar Income

	2024	2023
	£	£
Bank interest receivable	88,466	17,176
Interest on Corporation Tax	-	888
Other interest receivable	-	6,619

	88,466	24,683

11. Tax on Profit

	Tax Rate		2024	2023
The tax charge on the profit for the year was as follows:
	2024	2023	£	£
Current tax
UK Corporation Tax	25.0%	23.5%	152,315	72,070
Deferred Tax
Deferred taxation			6,811	(29,439 )


Total tax charge for the period			159,126	42,631


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2024	2023
			£	£
Profit before tax			869,552	422,962

Tax on profit at 25% (UK standard rate)			217,388	99,481
Expenses not deductible for tax purposes			268	205
Short term timing differences			-	(1,773 )
Research and Development tax credit			(58,530 )	(55,282 )

Total tax charge for the period			159,126	42,631

12. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 January 2024	3,017,450	147,303	170,748	3,335,501
Additions	124,033	-	5,372	129,405
Disposals	(143,832 )	-	(26,400 )	(170,232 )

As at 31 December 2024	2,997,651	147,303	149,720	3,294,674

...CONTINUED

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Precision Engineering Plastics Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Depreciation
As at 1 January 2024	2,835,670	99,731	153,916	3,089,317
Provided during the period	105,208	19,685	7,009	131,902
Disposals	(143,832 )	-	(26,400 )	(170,232 )

As at 31 December 2024	2,797,046	119,416	134,525	3,050,987

Net Book Value
As at 31 December 2024	200,605	27,887	15,195	243,687

As at 1 January 2024	181,780	47,572	16,832	246,184

13. Stocks

	2024	2023
	£	£
Raw materials and consumables	307,732	279,852
Finished goods	353,492	215,457

	661,224	495,309

14. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	1,095,026	995,976
Amounts owed by group undertakings	2,948,420	2,948,420
Other debtors	81,527	69,840

	4,124,973	4,014,236
Due after more than one year
Other debtors	1,855,000	1,855,000

	5,979,973	5,869,236

15. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	223,168	286,156
Other creditors	74,468	81,715
Corporation tax	152,315	72,070
Taxation and social security	180,579	171,173
Accruals and deferred income	197,133	124,698

	827,663	735,812

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Precision Engineering Plastics Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

16. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 January 2024	18,005	18,005
Additions	6,811	6,811

Balance at 31 December 2024	24,816	24,816

The deferred tax balance represents timing differences on capital allowances.

17. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
100,000 Ordinary Shares of £ 1.00 each	100,000	100,000
21,330 Ordinary A shares of £ 0.10 each	2,133	2,133

	102,133	102,133

The rights attaching to the two classes of shares shall be as follows:

(1) The holders of £1 shares shall be entitled to one vote for every share held but the holders of the 10p shares shall be entitled to one vote for every 10 shares held.

(2) On a declaration of dividend or return of capital, the amount paid or payable to the shareholders of the Company or the entitlement to capital shall be divided in such a manner that the holder of each £1 share is entitled to 10 times the amount per share compared to the holder of each 10p share.

18. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023
	£	£
Not later than one year	375,000	375,000
Later than one year and not later than five years	1,500,000	1,500,000
Later than five years	281,250	656,250

	2,156,250	2,531,250

19. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to profit or loss in respect of defined contribution schemes was £319,754 (2023: £294,761).

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Precision Engineering Plastics Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

20. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 January 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2024
	£	£	£	£	£
Mr Padraic Doheny	750,000	-	-	-	750,000
Mr Vince Marino	650,000	-	-	-	650,000

The above loans are unsecured, interest free and have no fixed repayment dates.

21. Dividends

	2024	2023
	£	£
On equity shares:
Interim dividend paid	195,000	190,000

22. Related Party Disclosures

The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

23. Controlling Parties

The company's immediate parent undertaking is Precision Engineering Plastics (Holdings) Limited.

The ultimate parent undertaking and that of the smallest and largest group for which group accounts are drawn up of which the company is a member is Precision Engineering Plastics (Holdings) Limited. (incorporated in England & Wales). Its registered office is 1063 Mollison Avenue, Enfield, Middlesex, EN3 7NJ .

Copies of the group accounts may be obtained from the company's registered office.

The ultimate controlling parties are the directors and their families, acting in concert, who hold the entire issued share capital of the parent company, Precision Engineering Plastics (Holdings) Limited.

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