REGISTERED NUMBER: 08249178 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

EUROCRAFT TECHNOLOGIES LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTOR:

P Mehta

REGISTERED OFFICE:

Cinderbank

Dudley

West Midlands

DY2 9AE

REGISTERED NUMBER:

08249178 (England and Wales)

AUDITORS:

Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

Eagle House

28 Billing Road

Northampton

Northamptonshire

NN1 5AJ

The director presents his strategic report for the year ended 31 December 2024.

The trading results for the year and the company's financial position at the end of the year are shown in the attached financial statements.

REVIEW OF BUSINESS

Turnover has decreased by 21% this year, from £34,830,338 to £27,495,584.

Gross profit margin has decreased from 16.9% to 16.1%.

Profit before tax decreased by 22% to £2,725,012, but as a percentage of turnover has remained steady at 10%.

The Director is pleased with the financial performance of the company for the year.

PRINCIPAL RISKS AND UNCERTAINTIES

Risk is a key element of the company's strategic management, whereby it addresses the risks attached to each of its activities. This is reflected in the company's Business Continuity plan, which incorporates Risk Tolerance Matrices, Business Impact Analyses and Action Plans.

Regular reviews of the company's Business Continuity plan, policies, quality control and health and safety procedures are undertaken as part of the company's risk management process.

In common with many manufacturing businesses in the UK the company continues to be exposed to the effects of global competition but focuses on providing quality products and solutions for its customers.

KEY PERFORMANCE INDICATORS

The company operates with a range of key performance indicators, the principal measures fall within the following categories; profitability, sales & customer service, resource & cost effectiveness. These are reviewed at regular QMS meetings.

SIGNED BY ORDER OF THE DIRECTORS:

P Mehta - Director

28 September 2025

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the design, manufacture and sale of enclosure systems for use in the communications industries in both internal and external environments.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £4,700,000 (2023: £3,808,000).

RESEARCH AND DEVELOPMENT

The company will continue to support its customers' design and technical authorities by developing new product sets that meet their application specific requirements. The company has again invested in research and development to achieve product approvals in a new product range.

FUTURE DEVELOPMENTS

The company continues to work in partnership with its major customers ensuring that its products and solutions meet the demands of evolving technologies within the telecommunications sector.

DIRECTOR

P Mehta held office during the whole of the period from 1 January 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

SIGNED BY ORDER OF THE DIRECTORS:

P Mehta - Director

28 September 2025

Opinion

We have audited the financial statements of Eurocraft Technologies Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, 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, 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 profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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 the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant Taxation legislation.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing meeting minutes, regulatory correspondence and professional fees, detailed substantive testing on the completeness of income, and reviewing accounting estimates for biases.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Andrew Clifford (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

Eagle House

28 Billing Road

Northampton

Northamptonshire

NN1 5AJ

29 September 2025

TURNOVER

3

27,495,584

34,830,338

Cost of sales

23,074,484

28,941,631

GROSS PROFIT

4,421,100

5,888,707

Administrative expenses

1,733,052

2,395,384

2,688,048

3,493,323

Other operating income

3,387

3,387

OPERATING PROFIT

5

2,691,435

3,496,710

Interest receivable and similar income

33,577

17,346

2,725,012

3,514,056

Interest payable and similar expenses

6

-

14

PROFIT BEFORE TAXATION

2,725,012

3,514,042

Tax on profit

7

(37,566

)

(42,550

)

PROFIT FOR THE FINANCIAL YEAR

2,762,578

3,556,592

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,762,578

3,556,592

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

797,481

969,387

797,481

969,387

CURRENT ASSETS

Stocks

11

3,135,113

2,927,150

Debtors

12

4,260,059

3,542,776

Cash at bank and in hand

575,378

2,323,092

7,970,550

8,793,018

CREDITORS

Amounts falling due within one year

13

3,478,494

2,497,880

NET CURRENT ASSETS

4,492,056

6,295,138

TOTAL ASSETS LESS CURRENT LIABILITIES

5,289,537

7,264,525

PROVISIONS FOR LIABILITIES

15

248,042

285,608

NET ASSETS

5,041,495

6,978,917

CAPITAL AND RESERVES

Called up share capital

16

10,000

10,000

Merger reserve

17

120,316

120,316

Retained earnings

17

4,911,179

6,848,601

SHAREHOLDERS' FUNDS

5,041,495

6,978,917

The financial statements were approved by the director and authorised for issue on 28 September 2025 and were signed by:

P Mehta - Director

Called up

share

Retained

Merger

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

10,000

7,100,009

120,316

7,230,325

Changes in equity

Dividends

-

(3,808,000

)

-

(3,808,000

)

Total comprehensive income

-

3,556,592

-

3,556,592

Balance at 31 December 2023

10,000

6,848,601

120,316

6,978,917

Changes in equity

Dividends

-

(4,700,000

)

-

(4,700,000

)

Total comprehensive income

-

2,762,578

-

2,762,578

Balance at 31 December 2024

10,000

4,911,179

120,316

5,041,495

1.	STATUTORY INFORMATION

Eurocraft Technologies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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;

•

the requirement of paragraph 33.7.

Significant judgements and estimates

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Turnover

Turnover represents the value, net of Value Added Tax, of goods sold and services provided to customers.

Turnover is generally recognised when the goods have been dispatched, and title passes to the customer. There are occasions where the customer does not require immediate dispatch but the company has earned the right to consideration. These are treated as bill and hold arrangements and turnover is recognised at the point the right to consideration is reached.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life, or if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery - over 3 to 15 years straight line

Fixtures and fittings - over 3 to 8 years straight line

Leasehold improvements - over the period of the lease

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

Stocks

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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

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 are recognised in the statement of comprehensive income under administrative expenses.

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

27,342,609

34,381,023

Europe

152,975

449,315

27,495,584

34,830,338

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

4,881,437

5,026,930

Social security costs

376,046

327,083

Other pension costs

222,033

99,766

5,479,516

5,453,779

The average number of employees during the year was as follows:

2024

2023

Office and management

9

9

Manufacturing

117

120

126

129

2024

2023

£

£

Director's remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Depreciation - owned assets

252,863

282,943

Goodwill amortisation

-

75,492

Auditors' remuneration

17,500

16,980

Foreign exchange differences

(275,379

)

175,720

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Other interest payable

-

14

7.

TAXATION

Analysis of the tax credit

The tax credit on the profit for the year was as follows:

2024

2023

£

£

Deferred tax

(37,566

)

(42,550

)

Tax on profit

(37,566

)

(42,550

)

UK corporation tax has been charged at 25% (2023 - 23.50%).

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

2,725,012

3,514,042

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%)

681,253

825,800

Effects of:

Expenses not deductible for tax purposes

3,815

7,755

Depreciation in excess of capital allowances

38,849

58,168

Deferred tax movement

(37,566

)

(42,550

)

Group relief

(723,917

)

(891,723

)

Total tax credit

(37,566

)

(42,550

)

8.

DIVIDENDS

2024

2023

£

£

Interim

4,700,000

3,808,000

9.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

1,509,925

AMORTISATION

At 1 January 2024

and 31 December 2024

1,509,925

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

10.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

263,596

2,371,207

619,468

21,000

3,275,271

Additions

6,216

59,753

14,988

-

80,957

At 31 December 2024

269,812

2,430,960

634,456

21,000

3,356,228

DEPRECIATION

At 1 January 2024

187,091

1,679,642

431,101

8,050

2,305,884

Charge for year

9,438

198,631

40,594

4,200

252,863

At 31 December 2024

196,529

1,878,273

471,695

12,250

2,558,747

NET BOOK VALUE

At 31 December 2024

73,283

552,687

162,761

8,750

797,481

At 31 December 2023

76,505

691,565

188,367

12,950

969,387

11.

STOCKS

2024

2023

£

£

Raw materials

1,419,402

1,528,350

Work-in-progress

549,496

1,004,685

Finished goods

1,166,215

394,115

3,135,113

2,927,150

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

4,104,304

3,339,454

Other debtors

50,006

50,006

Tax

12,088

12,088

Prepayments and accrued income

93,661

141,228

4,260,059

3,542,776

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

2,842,518

1,892,968

Social security and other taxes

89,622

102,989

VAT

359,806

341,131

Other creditors

18,680

20,772

Accruals and deferred income

167,868

140,020

3,478,494

2,497,880

14.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

247,125

257,264

Between one and five years

37,365

6,760

284,490

264,024

15.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

162,719

200,285

Other provisions

85,323

85,323

248,042

285,608

Deferred

Dilap.

tax

provision

£

£

Balance at 1 January 2024

200,285

85,323

Utilised during year

(37,566

)

-

Balance at 31 December 2024

162,719

85,323

16.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

10,000

Ordinary

£1

10,000

10,000

17.

RESERVES

Retained

Merger

earnings

reserve

Totals

£

£

£

At 1 January 2024

6,848,601

120,316

6,968,917

Profit for the year

2,762,578

2,762,578

Dividends

(4,700,000

)

(4,700,000

)

At 31 December 2024

4,911,179

120,316

5,031,495