REGISTERED NUMBER: 04525184 (England and Wales)

Report of the Director and

Financial Statements for the Year Ended 30th September 2024

for

AAC Cyroma Limited

Page

Company Information

1

Report of the Director

2

Report of the Independent Auditors

3

Statement of Income and Retained Earnings

6

Balance Sheet

7

Cash Flow Statement

8

Notes to the Cash Flow Statement

9

Notes to the Financial Statements

10

DIRECTOR:

P S Bennett

REGISTERED OFFICE:

Thomas House

5 Beaumont Road

Banbury

Oxfordshire

OX16 1RJ

REGISTERED NUMBER:

04525184 (England and Wales)

AUDITORS:

Richards Sandy Audit Services Limited

(Statutory Auditor)

Thorneloe House

25 Barbourne Road

Worcester

WR1 1RU

The director presents his report with the financial statements of the company for the year ended 30th September 2024.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of design, manufacture and sale of vacuum formed and injection moulded plastic industrial products.

DIRECTORS

The directors who have held office during the period from 1st October 2023 to the date of this report are as follows:

P S Bennett - appointed 27th September 2024

A Hohmann - resigned 29th September 2024

C M Leigh - resigned 27th September 2024

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

The company's articles of association include qualifying third party indemnity provisions for the benefit of its directors. These provisions remain in force at the reporting date.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing 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.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

P S Bennett - Director

30th September 2025

Opinion

We have audited the financial statements of AAC Cyroma Limited (the 'company') for the year ended 30th September 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, 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 30th September 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.

Material uncertainty related to going concern

We draw attention to note 1 in the financial statements, which discloses that the company has been loss making in the last few years and this has not changed post year end. As stated in note 1, these events or conditions, along with the other matters as set forth in note 1, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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.

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

Comparatives audited by another audit firm

The financial statements of the company for the year ended 30 September 2023 were audited by another auditor who expressed an unmodified opinion on those financial statements.

Other information

The director is responsible for the other information. The other information comprises the information in 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Director has 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 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; or

-	the director was not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page two, 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, we have:

-

obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; and

-

inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the Companies Act 2006 (and related legislation), and laws and regulations relating to the employment and payment of staff including, but not limited to, the Employment Rights Act 1996, the National Minimum Wage Act 1998 and the Pensions Act 2008.

We performed audit procedures to detect non-compliance which may have a material impact on the financial statements, which included reviewing the financial statement disclosures and testing a sample of monthly payroll records for the calculation of gross wages, payroll taxes and pension costs.

We identified the areas of the financial statements most susceptible to fraud to be management's judgement in calculating a stock impairment provision. Audit procedures performed included, but were not limited to, reviewing managements reasoning and workings behind these calculations.

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.

Melissa Jean Godwin ACA ACCA (Senior Statutory Auditor)

for and on behalf of Richards Sandy Audit Services Limited

(Statutory Auditor)

Thorneloe House

25 Barbourne Road

Worcester

WR1 1RU

30th September 2025

TURNOVER

4

2,585,012

2,464,899

Cost of sales

2,006,399

1,886,457

GROSS PROFIT

578,613

578,442

Administrative expenses

777,920

688,819

OPERATING LOSS

7

(199,307

)

(110,377

)

Group loans written off

9

181,538

-

(380,845

)

(110,377

)

Interest payable and similar expenses

10

37,140

35,973

LOSS BEFORE TAXATION

(417,985

)

(146,350

)

Tax on loss

11

-

-

LOSS FOR THE FINANCIAL YEAR

(417,985

)

(146,350

)

Retained earnings at beginning of year

456,888

603,238

RETAINED EARNINGS AT END OF YEAR

38,903

456,888

FIXED ASSETS

Owned

Tangible assets

12

137,086

225,594

Right-of-use

Tangible assets

12, 18

-

-

137,086

225,594

CURRENT ASSETS

Stocks

13

263,394

297,904

Debtors

14

462,519

745,888

Cash at bank and in hand

3,041

12,552

728,954

1,056,344

CREDITORS

Amounts falling due within one year

15

796,209

778,428

NET CURRENT (LIABILITIES)/ASSETS

(67,255

)

277,916

TOTAL ASSETS LESS CURRENT LIABILITIES

69,831

503,510

CREDITORS

Amounts falling due after more than one year

16

30,828

46,522

NET ASSETS

39,003

456,988

CAPITAL AND RESERVES

Called up share capital

20

100

100

Retained earnings

21

38,903

456,888

SHAREHOLDERS' FUNDS

39,003

456,988

The financial statements were approved by the director and authorised for issue on 30th September 2025 and were signed by:

P S Bennett - Director

Cash flows from operating activities

Cash generated from operations

1

134,685

312,264

Lease interest paid

-

(7,180

)

Net cash from operating activities

134,685

305,084

Cash flows from investing activities

Sale of tangible fixed assets

-

1,320

Net cash from investing activities

-

1,320

Cash flows from financing activities

Bank loan instalment

(19,855

)

(20,000

)

Invoice discounting loan movement

(82,072

)

(179,959

)

Payment of lease liabilities

(5,129

)

(73,351

)

Bank loan interest paid

(36,414

)

(28,236

)

Hire purchase loan interest paid

(726

)

(557

)

Net cash from financing activities

(144,196

)

(302,103

)

(Decrease)/increase in cash and cash equivalents

(9,511

)

4,301

Cash and cash equivalents at beginning of year

2

12,552

8,251

Cash and cash equivalents at end of year

2

3,041

12,552

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Loss before taxation

(417,985

)

(146,350

)

Depreciation charges

88,508

124,374

Profit on disposal of fixed assets

-

(1,320

)

Group loans written off

181,538

-

Finance costs

37,140

35,973

(110,799

)

12,677

Decrease in stocks

34,510

18,336

Decrease in trade and other debtors

101,831

568,003

Increase/(decrease) in trade and other creditors

109,143

(286,752

)

Cash generated from operations

134,685

312,264

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 30th September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

3,041

12,552

Year ended 30th September 2023

30.9.23

1.10.22

£

£

Cash and cash equivalents

12,552

8,251

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.10.23

Cash flow

changes

At 30.9.24

£

£

£

£

Net cash

Cash at bank

and in hand

12,552

(9,511

)

3,041

12,552

(9,511

)

3,041

Debt

Finance leases

(5,129

)

5,129

-

-

Debts falling due

within 1 year

(426,660

)

101,927

(15,694

)

(340,427

)

Debts falling due

after 1 year

(46,522

)

-

15,694

(30,828

)

(478,311

)

107,056

-

(371,255

)

Total

(465,759

)

97,545

-

(368,214

)

1.	STATUTORY INFORMATION

AAC Cyroma 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

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.

The company has early adopted the Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs - Periodic Review 2024 issued in March 2024.

RELATED PARTY EXEMPTION

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

GOING CONCERN

The company is reliant on its invoice discounting bank loan facility in order to meet its day to day cash flow needs. Should the bank withdraw their banking facilities, and an alternative banking provider cannot be found, then the company would no longer be able to continue trading as a going concern. However following the sale of the company to a new owner shortly before the year end, the company was required to find a new banking provider as part of the terms of the sale and had little difficulty in doing so. There is currently no indication that the current banking provider has any intention that they will withdraw the banking facilities provided to the company within the foreseeable future.

The company has made financial losses in both the current and previous financial years and the company continued to make financial losses after the year end. Following the sale of the company to a new owner shortly before the year end, the new director and ultimate controlling shareholder of the company believes that the company has potential to find new customers. However until such time that these plans come into fruition, it is currently uncertain as to whether the company will return to profitability within the foreseeable future.

The current worldwide economic conditions continue to create uncertainty over the level of demand for the company's products. Should there be a significant drop in sales order from existing customers, and new customers cannot be found, then the company would no longer be able to continue trading as a going concern.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, which is at least, but not limited to, twelve months from the date when the financial statements are authorised for issue.

The company therefore continues to adopt the going concern basis in preparing its financial statements.

Should the going concern basis no longer be adopted, then tangible fixed assets and stock would be written down to their estimated resale value (if lower than their current book value) and prepayments would be derecognised on the basis that they would then be considered onerous contracts.

TRANSITION FROM FRS 101 TO FRS 102

Following the change in ownership of the company, the company now prepares its financial statements in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102").

In previous years the financial statements were prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" ("FRS 101").

The comparative figures for the prior year have been restated for material adjustments on adoption of FRS 102 in the current financial year, as detailed in note 24.

TURNOVER

The company manufactures and sells a range of Vacuum Formed and Value Added products for the automotive, utilities, construction and retail industries. Sales are recognised when control of the goods has transferred. Control is considered to be transferred at the point in time when the products have been delivered to the customer, the customer has full discretion over the channel and price to sell the products, and there is no unfulfilled obligation that could affect the customer’s acceptance of the products. Delivery has occurred either when the products have been shipped to the specific location or the customer has collected the products themselves from the company's premises, the risks of obsolescence and loss have been transferred to the customer, and the customer has accepted the goods. Good delivered to customer sites are considered accepted by those customers upon delivery. Goods cannot be returned by customers to the company once 30 days have expired from the date of original acceptance by the customer.

The company charges customers for the manufacture of tooling created when customers place orders for custom parts to be manufactured by the company. Tooling is stored at the company's premises for the duration of product production, after which the customer can choose for the tooling to be returned sooner as long as all invoices for manufacturing have been paid in full or they can formally request disposure of the tooling. Sales for the manufacture of tooling are recognised when such tooling have been completed in accordance with the specifications for manufactures as supplied by the customer and are ready to be used in the manufacture of the products to which they relate.

Sales are made with a credit term of 30 days. As such there is no significant element of financing.

The company does not issue any formal warranty to its customers to the extent that the goods are manufactured in accordance with either the goods specifications as described in the suppliers catalogue of goods or in accordance with the specifications for manufactures as supplied by the customer, whichever is applicable.

A receivable is recognised when the goods are delivered, since this is the point in time when the consideration is unconditional, subject to the company's returns policy stated above, because only the passage of time is required before the payment is due.

It is the company's policy to sell its products to the end customer with a right of return within 30 days. A refund liability (included in debtors) and a right to the returned goods (included in stock) are recognised for the products expected to be returned. However because the number of products returned in recent years has not been been significant to the total sales of the company, it is not considered highly probable that a significant reversal in the cumulative revenue recognised will occur. The validity of this assumption and the estimated amount of returns are reassessed at each reporting date.

TANGIBLE FIXED ASSETS

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

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

Plant and machinery

-

over 3, 5, 10 and 20 years

Office equipment

-

over 2, 3 and 5 year

Motor vehicles

-

over 3 years

Short leasehold right of use assets

-

over the term of the lease

At each balance sheet date tangible fixed assets are assessed to determine whether there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the asset is compared to the carrying amount of the asset. The recoverable amount of the asset is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset’s continued use. If the recoverable amount of the asset is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the profit and loss account.

If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the profit and loss account.

STOCKS

Stock is stated at the lower of cost and estimated selling price less costs to sell. Stock is recognised as an expense in the period in which the related turnover from sale is recognised.

Cost of raw materials is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the stock to its present location and condition.

Cost of work in progress and finished goods manufactured by the company is estimated to be either 55% for work in progress or 65% for finished goods of the sales price such stock is sold to customers, as an estimate of the combined costs of manufacture, including costs of raw materials used in manufacture, costs of manufacture labour and a systematic allocation of fixed and variable production overheads that are incurred in converting raw materials into finished goods.

At the end of each reporting period stock 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.

FINANCIAL INSTRUMENTS

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

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 profit and loss account.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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

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.

LEASES

Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Rental costs payable where there is no lease contract in effect, and as such the rental period can be cancelled at any time with little to no notice given, are expensed to the profit and loss account as they are incurred.

PENSION COSTS

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.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Measurement of stock of work in progress and finished goods

Cost of work in progress and finished goods manufactured by the company is estimated to be either 55% for work in progress or 65% for finished goods of the sales price such stock is sold to customers, as an estimate of the combined costs of manufacture, including costs of raw materials used in manufacture, costs of manufacture labour and a systematic allocation of fixed and variable production overheads that are incurred in converting raw materials into finished goods.

The value of stock of finished goods at the year end is disclosed in note 13.

Impairment review of stock

At the end of each reporting period stock 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.

The value of total stock impairment provisions at the year end is disclosed in note 13.

Depreciation rates applied to tangible fixed assets.

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the basis disclosed in the accounting policies.

The closing net book value at the year end and depreciation charge for the year is disclosed in note 12.

4.

TURNOVER

The turnover and loss before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Sale of goods

2,341,685

2,281,529

Tooling sales

243,327

183,370

2,585,012

2,464,899

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

2,309,129

2,375,312

Rest of the world

275,883

89,587

2,585,012

2,464,899

Revenue for the sale of goods is recognised as a point in time only.

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

544,740

545,067

Social security costs

44,974

49,471

Other pension costs

36,654

28,881

626,368

623,419

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

2024

2023

Employees

24

25

Pension costs relate only to defined contribution pension schemes.

6.	DIRECTORS' EMOLUMENTS

The remuneration of the directors of the company up to 27 September 2024 were paid by Versarien plc and its subsidiary Total Carbide Limited. AAC Cyroma Limited paid Versarien plc and its subsidiary Total Carbide Limited management fees totalling £26,775 (2023 - £30,036) in regard to the directors' services provided to the company.

7.	OPERATING LOSS

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

2024

2023

£

£

Depreciation - owned assets

88,508

71,706

Depreciation - assets on hire purchase contracts

-

52,668

Profit on disposal of fixed assets

-

(1,320

)

Foreign exchange differences

1,787

-

Net movement in stock impairment provisions

34,177

-

Net movement in bad debt provisions

14,108

-

8.	AUDITORS' REMUNERATION

2024

2023

£

£

Current year auditors

Audit of the financial statements

15,500

-

Taxation compliance services

1,000

Other services

3,800

-

20,300

-

Prior year auditors

Audit of the financial statements - amount recharged by Versarien plc

-

28,125

-

28,125

9.	EXCEPTIONAL ITEMS

2024

2023

£

£

Group loans written off

(181,538

)

-

As part of the agreement for the sale of the company by Versarien plc to Harper Bennett Limited, all intercompany loans due to Versarien plc and its subsidiaries have been written off.

10.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Invoice discounting bank interest

23,917

21,225

Fixed term bank loan interest

12,497

7,011

Leasing liabilities interest

726

7,737

37,140

35,973

Interest payable relates only to financial instruments measured at amortised cost (including leasing liabilities).

11.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 30th September 2024 nor for the year ended 30th September 2023.

RECONCILIATION OF TOTAL TAX 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:

2024

2023

£

£

Loss before tax

(417,985

)

(146,350

)

Loss multiplied by the standard rate of corporation tax in the UK of 19% (2023 - 19%)

(79,417

)

(27,807

)

Effects of:

Group loan write offs not tax deductible

34,492

-

Other expenses not deductible for tax purposes

2,508

296

Deferred tax on capital allowance movements not recognised

1,658

(2,097

)

Deferred tax on taxable losses movements not recognised

40,556

29,126

Deferred tax on other temporary timing difference movements not recognised

203

482

Total tax charge

-

-

At the year end the company has unused tax losses of £549,627 (2023 - £336,172). There is no expiry date on these unused tax losses.

At the year end the company had unrecognised deferred tax net assets totalling £89,573 (2023 - £34,178), measured at the small profits tax rate of 19% (2023 - 19%), which has not recognised on the basis that it is currently uncertain if the company will make sufficient future taxable profits that such deferred tax net assets can fully be utilised.

12.	TANGIBLE FIXED ASSETS

Plant and

Office

machinery

equipment

Totals

£

£

£

COST

At 1st October 2023

and 30th September 2024

2,741,966

133,235

2,875,201

DEPRECIATION

At 1st October 2023

2,516,372

133,235

2,649,607

Charge for year

88,508

-

88,508

At 30th September 2024

2,604,880

133,235

2,738,115

NET BOOK VALUE

At 30th September 2024

137,086

-

137,086

At 30th September 2023

225,594

-

225,594

13.

STOCKS

2024

2023

£

£

Raw materials

178,364

236,182

Work in progress

25,872

20,973

Finished goods

59,158

40,749

263,394

297,904

Stock is stated net of stock impairment provisions totalling £48,784 (2023 - £14,607).

14.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

412,592

484,040

Amounts owed by group undertakings

-

214,807

Prepayments

49,927

47,041

462,519

745,888

Trade debtors are stated net of bad debt provisions totalling £14,198 (2023 - £90).

15.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 17)

340,427

426,660

Leases (see note 18)

-

5,129

Trade creditors

308,696

210,430

Amounts owed to group undertakings

-

14,575

Social security and other taxes

55,821

62,844

Other creditors

256

224

Pension creditor

4,832

5,076

Accrued expenses

86,177

53,490

796,209

778,428

16.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans (see note 17)

30,828

46,522