REGISTERED NUMBER: 01856576 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PLASTICA LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

E H Campbell-Salmon

A P Adlington

D Sawyer

T Campbell-Salmon

F McCallough

SECRETARY:

E H Campbell-Salmon

REGISTERED OFFICE:

Perimeter House

Napier Road

St Leonards on Sea

East Sussex

TN38 9NY

REGISTERED NUMBER:

01856576 (England and Wales)

AUDITORS:

Ashdown Hurrey Auditors Limited

Statutory Auditor

20 Havelock Road

Hastings

East Sussex

TN34 1BP

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

REVIEW OF BUSINESS

Key Performance Indicators

Turnover

Gross profit

Pre tax profit/(loss)

2024

£7,712,897

£2,586,559

(£330,645)

2023

£8,061,558

£3,026,832

£189,297

2022

£8,952,980

£3,425,217

£517,462

2021

£11,393,769

£4,413,280

£1,591,165

2020

£9,915,971

£3,699,432

£1,213,691

2024 has been another difficult year. The cost of energy has continued to have an impact on the spa market and the extremely poor weather has affected both the in ground and above ground market. The demand for water treatment products has reduced as consumers are using their pools less regularly.

As with all businesses, we were hit by a substantial hike in minimum pay rates in April, and have not been helped by the threat of further tax rises and the addition of VAT on private school fees which has diverted the disposable income of our consumers away from luxury products such as swimming pools.

The company retains a significant share of the market and is well placed to navigate through the current difficulties.

PRINCIPAL RISKS AND UNCERTAINTIES

Although the cost-of-living crisis is now easing and inflation is reducing, we still envisage a difficult trading environment in the short term.

The business relies heavily on good weather which we hope for along with a reduction in inflation and interest rates. Plastica would also be adversely impacted by further tax rises.

The market place remains very competitive and we are looking at a pricing regime moving forward that will ensure we can maintain a suitable margin but remain competitive.

FUTURE DEVELOPMENTS

Plastica invested in new machinery throughout 2024 and continues to look for opportunities for modernising operations and improving efficiencies.

The business is also looking for new retail opportunities for its range of non-swimming pool related products. The aim is to reduce the affects of the seasonality of the business and diversify into new market places.

Plastica is cash positive and therefore its borrowing needs are minimal and the business is well placed to move into a growth phase.

ON BEHALF OF THE BOARD:

E H Campbell-Salmon - Director

18 September 2025

The directors present their 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 purchase, manufacture and distribution of swimming pool related products.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

E H Campbell-Salmon

A P Adlington

Other changes in directors holding office are as follows:

I A Warne - resigned 28 August 2024

D Sawyer - appointed 11 June 2024

T Campbell-Salmon - appointed 11 June 2024

F McCallough - appointed 11 June 2024

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise bank balances, trade creditors, trade debtors, operating lease agreements and directors' loans. The main purpose of these instruments is to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.

The company's operating lease commitments are in respect of the property from which the business operates. The liquidity risk in respect of these is managed by maintaining healthy cash reserves to fund these commitments as they fall due.

The company's trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Ashdown Hurrey Auditors Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

E H Campbell-Salmon - Director

18 September 2025

Opinion

We have audited the financial statements of Plastica Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 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 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Directors 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 Directors 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 Directors.

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 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 Statement of Directors' Responsibilities set out on page three, 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 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.

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.

During the planning stage of this audit we considered the laws and regulations relevant to the company, this process included enquiry of management, those charged with governance and a review of the prior year file. This review revealed that the company operates under the Control of Major Accident Hazards (COMAH) legislation. There were also a number of general laws and regulations which were identified as applicable.

Consideration was given to the potential of management override of systems and controls and the possibility of fraud in relation to revenue recognition.

These points were discussed during the audit planning meeting held by the team.

During the course of this audit the team discussed these areas with senior members of staff and also carried out a review of legal expenses for any evidence of such. Minutes of Management and Board meetings were further reviewed. Systems and walkthrough testing was carried out along with detailed testing of revenue.

We are therefore of the opinion that given the risk level identified, our procedures planned and undertaken are adequate for detecting irregularities.

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.

Daniel Oliver FCCA (Senior Statutory Auditor)

for and on behalf of Ashdown Hurrey Auditors Limited

Statutory Auditor

20 Havelock Road

Hastings

East Sussex

TN34 1BP

30 September 2025

TURNOVER

3

7,712,897

8,061,558

Cost of sales

(5,126,338

)

(5,034,761

)

GROSS PROFIT

2,586,559

3,026,797

Administrative expenses

(2,925,825

)

(2,832,912

)

(339,266

)

193,885

Other operating income

-

35

OPERATING (LOSS)/PROFIT

5

(339,266

)

193,920

Interest receivable and similar income

11,019

-

Interest payable and similar expenses

6

(2,398

)

(4,623

)

(LOSS)/PROFIT BEFORE TAXATION

(330,645

)

189,297

Tax on (loss)/profit

7

22,377

(77,138

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(308,268

)

112,159

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR

(308,268

)

112,159

FIXED ASSETS

Tangible assets

8

756,838

866,732

CURRENT ASSETS

Stocks

9

2,991,490

3,456,885

Debtors

10

759,535

643,009

Cash at bank and in hand

2,008,880

1,953,736

5,759,905

6,053,630

CREDITORS

Amounts falling due within one year

11

451,267

511,488

NET CURRENT ASSETS

5,308,638

5,542,142

TOTAL ASSETS LESS CURRENT LIABILITIES

6,065,476

6,408,874

CREDITORS

Amounts falling due after more than one year

12

(2,230

)

(19,682

)

PROVISIONS FOR LIABILITIES

14

(168,089

)

(185,767

)

NET ASSETS

5,895,157

6,203,425

CAPITAL AND RESERVES

Called up share capital

15

25,000

25,000

Retained earnings

16

5,870,157

6,178,425

SHAREHOLDERS' FUNDS

5,895,157

6,203,425

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

E H Campbell-Salmon - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

25,000

6,066,266

6,091,266

Changes in equity

Total comprehensive income

-

112,159

112,159

Balance at 31 December 2023

25,000

6,178,425

6,203,425

Changes in equity

Total comprehensive loss

-

(308,268

)

(308,268

)

Balance at 31 December 2024

25,000

5,870,157

5,895,157

Cash flows from operating activities

Cash generated from operations

1

174,949

553,723

Interest element of hire purchase payments paid

(2,398

)

(4,623

)

Tax paid

(4,664

)

(127,858

)

Net cash from operating activities

167,887

421,242

Cash flows from investing activities

Purchase of tangible fixed assets

(113,266

)

(377,214

)

Sale of tangible fixed assets

22,101

6,985

Interest received

11,019

-

Inter company loan

3,029

332,785

Net cash from investing activities

(77,117

)

(37,444

)

Cash flows from financing activities

Capital repayments on HPs in year

(35,626

)

(17,148

)

Net cash from financing activities

(35,626

)

(17,148

)

Increase in cash and cash equivalents

55,144

366,650

Cash and cash equivalents at beginning of year

2

1,953,736

1,587,086

Cash and cash equivalents at end of year

2

2,008,880

1,953,736

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£

£

(Loss)/profit before taxation

(330,645

)

189,297

Depreciation charges

198,157

228,821

Loss/(profit) on disposal of fixed assets

2,902

(5,973

)

Finance costs

2,398

4,623

Finance income

(11,019

)

-

(138,207

)

416,768

Decrease in stocks

465,395

873,352

(Increase)/decrease in trade and other debtors

(111,840

)

455,614

Decrease in trade and other creditors

(40,399

)

(1,192,011

)

Cash generated from operations

174,949

553,723

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

2,008,880

1,953,736

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,953,736

1,587,086

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

1,953,736

55,144

2,008,880

1,953,736

55,144

2,008,880

Debt

Finance leases

(50,093

)

35,626

(14,467

)

(50,093

)

35,626

(14,467

)

Total

1,903,643

90,770

1,994,413

1.	STATUTORY INFORMATION

Plastica 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

In preparing the financial statements, the directors are required to make an assessment of the ability of the company to continue as a going concern. The directors have considered all available evidence for the company which covers the 12 month period from the date of signing these financial statements.

The company has substantial net current assets and net assets, the directors are confident that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they are satisfied that no material uncertainty exists. The directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements and that no material uncertainty exists in reaching this conclusion.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the sale of products stocked by the company and is recognised at the point when the goods leave Plastica's premises.

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.

Improvements to property

-

25% on reducing balance

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost and 10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock is valued by the company using a Standard Costing method as is common with manufacturers. This standard cost is periodically reviewed to ensure that it also reflects actual cost.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Forward purchase contracts for foreign currency are valued in accordance with FRS102. Gains or losses on these are included within the profit & loss account.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Financial instruments

The company accounts for financial instruments using the measurement requirements of FRS102.

In respect of Currency forwards the company accounts for any differences between the contract and year end rates as necessary, unless the amount is deemed immaterial to the financial statements. These contracts are valued at fair value, with any changes being made through the Profit and Loss account.

3.

TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

United Kingdom

7,271,386

7,477,694

Europe

441,511

583,864

7,712,897

8,061,558

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

2,234,887

2,029,483

Social security costs

213,794

190,791

Other pension costs

52,856

45,429

2,501,537

2,265,703

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

31.12.24

31.12.23

Office and administration

36

35

Production and sales

35

35

71

70

31.12.24

31.12.23

£

£

Directors' remuneration

163,296

98,872

5.	OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

31.12.24

31.12.23

£

£

Other operating leases

278,567

279,460

Depreciation - owned assets

192,039

200,032

Depreciation - assets on hire purchase contracts

6,118

28,787

Loss/(profit) on disposal of fixed assets

2,902

(5,973

)

Auditors' remuneration

23,750

24,500

Auditors' remuneration for non audit work

11,320

(5,000

)

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Hire purchase

2,398

4,623

7.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

(4,699

)

4,831

Deferred tax

(17,678

)

72,307

Tax on (loss)/profit

(22,377

)

77,138

Reconciliation of total tax (credit)/charge included in profit and loss

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

31.12.24

31.12.23

£

£

(Loss)/profit before tax

(330,645

)

189,297

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

(82,661

)

47,324

Effects of:

Expenses not deductible for tax purposes

338

389

Capital allowances in excess of depreciation

-

(41,994

)

Depreciation in excess of capital allowances

19,715

-

Changes in tax rate

-

(338

)

Effect of marginal relief

-

(682

)

Movement in deferred taxation provision

(17,678

)

72,307

Correction of prior year provision

-

132

Tax losses surrendered for Group Relief

53,641

-

Tax losses carried forward

4,268

-

Total tax (credit)/charge

(22,377

)

77,138

8.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2024

339,544

2,527,212

606,536

Additions

-

80,116

15,888

Disposals

(232

)

(26,569

)

(3,002

)

At 31 December 2024

339,312

2,580,759

619,422

DEPRECIATION

At 1 January 2024

312,683

1,904,855

488,580

Charge for year

8,419

135,585

18,306

Eliminated on disposal

(229

)

(24,827

)

(2,930

)

At 31 December 2024

320,873

2,015,613

503,956

NET BOOK VALUE

At 31 December 2024

18,439

565,146

115,466

At 31 December 2023

26,861

622,357

117,956