Precision Engineering Plastics (Holdings) Limited

	Page
Strategic Report	1
Directors' Report	2—3
Independent Auditor's Report	4—6
Consolidated Profit and Loss Account	7
Consolidated Balance Sheet	8
Company Balance Sheet	9
Consolidated Statement of Changes in Equity	10
Company Statement of Changes in Equity	11
Consolidated Statement of Cash Flows	12
Notes to the Consolidated Statement of Cash Flows	13
Notes to the Financial Statements	14—21

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 the group reported a 10% increase in turnover due to increased demand, leading to a 55% increase in operating profit. At the year end, shareholders' funds increased by 9% and net assets per ordinary share were £880.

The group expects profitability to be under pressure in the future due to the impact of of continuing global and political uncertainties on costs.

Principal Risks and Uncertainties

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

The group'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 group's operations. The existence of these financial instruments exposes the group to a number of financial risks.

Liquidity risk

The group minimises its exposure to liquidity risk by managing cash generation by its operations with cash collection targets set. In this way the group 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 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 group's future growth, but in the directors' opinion, the group 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 (Holdings) Limited

Company No. 05455025

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 is that of a non-trading holding company. The principal activity of the company's subsidiary undertaking continues to be that of manufacturers of precision plastic mouldings.

Dividends

Interim dividends of £195,000 (2023: £190,000) were distributed during the year. The directors do not recommend the 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 (Holdings) Limited

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 (Holdings) Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Precision Engineering Plastics (Holdings) Limited for the year ended 31 December 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement 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 (Holdings) Limited

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 (Holdings) Limited

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 (Holdings) Limited

Consolidated Profit and Loss Account

For The Year Ended 31 December 2024

Consolidated Profit and Loss Account

		2024	2023
	Notes	£	£
TURNOVER	4	6,529,409	5,921,914
Cost of sales		(3,923,936 )	(3,819,704 )

GROSS PROFIT		2,605,473	2,102,210

Administrative expenses		(1,519,387 )	(1,400,571 )

OPERATING PROFIT	5	1,086,086	701,639
Other interest receivable and similar income		179,023	42,432

PROFIT BEFORE TAXATION		1,265,109	744,071
Tax on Profit	10	(267,730 )	(127,339 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		997,379	616,732

The notes on pages 13 to 21 form part of these financial statements.

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Precision Engineering Plastics (Holdings) Limited

Consolidated Balance Sheet

As At 31 December 2024

Consolidated Balance Sheet

Registered number: 05455025

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	11		2,817,439		2,879,773

			2,817,439		2,879,773
CURRENT ASSETS
Stocks	13	661,224		495,309
Debtors	14	3,037,570		2,926,929
Cash at bank and in hand		4,370,185		3,659,473

		8,068,979		7,081,711
Creditors: Amounts Falling Due Within One Year	15	(962,716 )		(847,428 )

NET CURRENT ASSETS (LIABILITIES)			7,106,263		6,234,283

TOTAL ASSETS LESS CURRENT LIABILITIES			9,923,702		9,114,056

PROVISIONS FOR LIABILITIES
Deferred Taxation			(120,873 )		(113,606 )

NET ASSETS			9,802,829		9,000,450

CAPITAL AND RESERVES
Called up share capital	17		11,136		11,136
Profit and Loss Account			9,791,693		8,989,314

SHAREHOLDERS' FUNDS			9,802,829		9,000,450

The financial statements were approved by the board of directors on 19 September 2025 and were signed on its behalf by:

Mr P Doheny Director	Mr V Marino Director
19 September 2025

The notes on pages 13 to 21 form part of these financial statements.

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Precision Engineering Plastics (Holdings) Limited

Company Balance Sheet

As At 31 December 2024

Company Balance Sheet

Registered number: 05455025

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	11		2,573,751		2,633,588
Investments	12		474,024		474,024

			3,047,775		3,107,612
CURRENT ASSETS
Debtors	14	6,017		6,114
Cash at bank and in hand		2,059,940		1,689,160

		2,065,957		1,695,274
Creditors: Amounts Falling Due Within One Year	15	(3,083,474 )		(3,060,037 )

NET CURRENT ASSETS (LIABILITIES)			(1,017,517 )		(1,364,763 )

TOTAL ASSETS LESS CURRENT LIABILITIES			2,030,258		1,742,849

PROVISIONS FOR LIABILITIES
Deferred Taxation			(96,057 )		(95,601 )

NET ASSETS			1,934,201		1,647,248

CAPITAL AND RESERVES
Called up share capital	17		11,136		11,136
Profit and Loss Account			1,923,065		1,636,112

SHAREHOLDERS' FUNDS			1,934,201		1,647,248

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 481,953 (2023: £ 426,400 profit).

On behalf of the board

Mr P Doheny Director	Mr V Marino Director
19 September 2025

The notes on pages 13 to 21 form part of these financial statements.

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Precision Engineering Plastics (Holdings) Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 December 2024

Consolidated Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 January 2023	11,136	8,562,582	8,573,718
Profit for the year and total comprehensive income	-	616,732	616,732

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

As at 31 December 2023 and 1 January 2024	11,136	8,989,314	9,000,450


Profit for the year and total comprehensive income	-	997,379	997,379

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

As at 31 December 2024	11,136	9,791,693	9,802,829

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Precision Engineering Plastics (Holdings) Limited

Company Statement of Changes in Equity

For The Year Ended 31 December 2024

Company Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 January 2023	11,136	1,399,712	1,410,848
Profit for the year and total comprehensive income	-	426,400	426,400

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

As at 31 December 2023 and 1 January 2024	11,136	1,636,112	1,647,248


Profit for the year and total comprehensive income	-	481,953	481,953

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

As at 31 December 2024	11,136	1,923,065	1,934,201

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Precision Engineering Plastics (Holdings) Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 December 2024

Consolidated Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	1,009,195	1,241,733
Tax paid		(156,100 )	(138,607 )

Net cash generated from operating activities		853,095	1,103,126

Cash flows from investing activities
Purchase of tangible assets		(129,406 )	(10,080 )
Proceeds from disposal of tangible assets		3,000	-
Interest received		179,023	42,432

Net cash generated from investing activities		52,617	32,352

Cash flows from financing activities
Equity dividends paid		(195,000 )	(190,000 )



Increase in cash and cash equivalents		710,712	945,478
Cash and cash equivalents at beginning of year	2	3,659,473	2,713,995

Cash and cash equivalents at end of year	2	4,370,185	3,659,473

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Precision Engineering Plastics (Holdings) Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2024	2023
	£	£
Profit for the financial year	997,379	616,732
Adjustments for:
Tax on profit	267,730	127,339
Interest income	(179,023 )	(42,433 )
Depreciation of tangible assets	191,740	220,630
Profit on disposal of tangible assets	(3,000)	-
Movements in working capital:
(Increase)/decrease in stocks	(165,915 )	203,365
(Increase)/decrease in trade and other debtors	(110,641 )	240,712
Increase/(decrease) in trade and other creditors	10,925	(124,612 )

Net cash generated from operations	1,009,195	1,241,733

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	4,370,185	3,659,473

3. Analysis of changes in net funds

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	3,659,473	710,712	4,370,185

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Precision Engineering Plastics (Holdings) Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Precision Engineering Plastics (Holdings) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05455025 . The registered office is 103 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. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2024.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

3.3. 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 (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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 group 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.

3.5. 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:

Freehold	2% on cost
Plant & Machinery	20% on cost
Motor Vehicles	25% on cost
Fixtures & Fittings	20% on cost

3.6. Investments

Fixed assets investments are stated at cost less provision for any impairment

3.7. Leasing and Hire Purchase Contracts

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

3.8. 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 on a contract by contract basis 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.

3.9. 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.

3.10. Financial Instruments

The group 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.

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Precision Engineering Plastics (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3.11. 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.

3.12. 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 group'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.

3.13. Pensions

The group 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.

3.14. Research and development

Expenditure on research and development is written off in the year in which it is incurred

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
	£	£
Depreciation of tangible fixed assets	191,740	220,630
Profit on disposal of tangible fixed assets	(3,000 )	-

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Precision Engineering Plastics (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Auditor's Remuneration

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

	2024	2023
	£	£
Audit Services
Audit of the group and company's financial statements	10,000	8,850


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:

	Group		Company
	2024	2023	2024	2023
Office and administration	16	14	2	2
Manufacturing	60	56	-	-

	76	70	2	2

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 (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

10. 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%	260,463	156,054
Deferred Tax
Deferred taxation			7,267	(28,715 )


Total tax charge for the period			267,730	127,339


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			1,265,109	744,071

Tax on profit at 25% (UK standard rate)			316,277	175,005
Expenses not deductible for tax purposes			268	205
Short term timing differences			9,715	7,411
Research and Development tax credit			(58,530 )	(55,282 )

Total tax charge for the period			267,730	127,339

11. Tangible Assets

Group

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 January 2024	3,291,868	3,017,450	147,303	391,270	6,847,891
Additions	-	124,033	-	5,373	129,406
Disposals	-	(143,832 )	-	(26,400 )	(170,232 )

As at 31 December 2024	3,291,868	2,997,651	147,303	370,243	6,807,065

Depreciation
As at 1 January 2024	658,280	2,835,669	99,731	374,438	3,968,118
Provided during the period	59,837	105,208	19,685	7,010	191,740
Disposals	-	(143,832 )	-	(26,400 )	(170,232 )

As at 31 December 2024	718,117	2,797,045	119,416	355,048	3,989,626

Net Book Value
As at 31 December 2024	2,573,751	200,606	27,887	15,195	2,817,439

As at 1 January 2024	2,633,588	181,781	47,572	16,832	2,879,773

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Precision Engineering Plastics (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Company

	Land & Property
	Freehold	Fixtures & Fittings	Total
	£	£	£
Cost
As at 1 January 2024	3,291,868	220,522	3,512,390

As at 31 December 2024	3,291,868	220,522	3,512,390

Depreciation
As at 1 January 2024	658,280	220,522	878,802
Provided during the period	59,837	-	59,837

As at 31 December 2024	718,117	220,522	938,639

Net Book Value
As at 31 December 2024	2,573,751	-	2,573,751

As at 1 January 2024	2,633,588	-	2,633,588

12. Investments

Company

	Subsidiaries
	£
Cost
As at 1 January 2024	474,024

As at 31 December 2024	474,024

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	474,024

As at 1 January 2024	474,024

Subsidiaries

Details of the group's subsidiaries as at 31 December 2024 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Precision Engineering Plastics Ltd	1063 Mollison Avenue, Enfield, Middlesex, EN3 7NJ	Ordinary	100.00%	-

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

	Capital and Reserves	Profit/(loss)
	£	£
Precision Engineering Plastics Ltd	8,342,651	710,426

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Precision Engineering Plastics (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

13. Stocks

	2024	2023
	£	£
Materials	307,732	279,852
Finished goods	353,492	215,457

	661,224	495,309

14. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Due within one year
Trade debtors	1,095,026	995,976	-	-
Other debtors	87,544	75,953	6,017	6,114

	1,182,570	1,071,929	6,017	6,114
Due after more than one year
Other debtors	1,855,000	1,855,000	-	-

	3,037,570	2,926,929	6,017	6,114

15. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade creditors	223,167	286,155	-	-
Amounts owed to group undertakings	-	-	2,948,420	2,948,420
Other creditors	74,468	81,715	-	-
Corporation tax	260,417	156,054	108,102	83,984
Taxation and social security	192,679	184,073	12,100	12,900
Accruals and deferred income	211,985	139,431	14,852	14,733

	962,716	847,428	3,083,474	3,060,037

16. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 January 2024	113,606	113,606
Additions	7,267	7,267

Balance at 31 December 2024	120,873	120,873

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Precision Engineering Plastics (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Company
	Deferred Tax	Total
	£	£
As at 1 January 2024	95,601	95,601
Additions	456	456

Balance at 31 December 2024	96,057	96,057

The deferred tax balance represents timing differences on capital allowances.

17. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
5,792 Ordinary A shares of £ 1.00 each	5,792	5,792
5,344 Ordinary B shares of £ 1.00 each	5,344	5,344

	11,136	11,136

18. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group 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).

There were no prepaid or accrued contributions at the balance sheet date.

19. Directors Advances, Credits and Guarantees

Included within Debtors are the following long term 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.

20. Dividends

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

21. Related Party Disclosures

The group 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.

22. Controlling Parties

The company's ultimate controlling parties are Mr P Doheny and Mr V Marino and their families, by virtue of their interest in the share capital of the company.

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