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REGISTERED NUMBER: 06497991 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2025

for

VITCAS LTD

VITCAS LTD (REGISTERED NUMBER: 06497991)

Contents of the Financial Statements

FOR THE YEAR ENDED 30 APRIL 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

VITCAS LTD

Company Information

FOR THE YEAR ENDED 30 APRIL 2025

| DIRECTORS: | P M Meller

| E H Shaw

| REGISTERED OFFICE: | 204-208 Broomhill Road

| Brislington

| Bristol

| BS4 5RG

| REGISTERED NUMBER: | 06497991 (England and Wales)

| ACCOUNTANTS: | Gravita

| Chartered Accountants

| Bath House

| 6 - 8 Bath Street

| Bristol

| BS1 6HL

VITCAS LTD (REGISTERED NUMBER: 06497991)

Balance Sheet

30 APRIL 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | 1,387,627 |  | 1,412,084 |  |

Investments | 6 | 40,435 |  | 40,435 |  |

1,428,062 |  | 1,452,519 |  |

CURRENT ASSETS

Stocks | 829,564 |  | 759,592 |  |

Debtors | 7 | 403,090 |  | 416,428 |  |

Cash at bank and in hand | 204,287 |  | 76,420 |  |

1,436,941 |  | 1,252,440 |  |

CREDITORS

Amounts falling due within one year | 8 | (615,473 | ) | (729,356 | ) |

NET CURRENT ASSETS | 821,468 |  | 523,084 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,249,530 |  | 1,975,603 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (717,109 | ) | (461,320 | ) |

PROVISIONS FOR LIABILITIES | (211,410 | ) | (216,305 | ) |

NET ASSETS | 1,321,011 |  | 1,297,978 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | 1,320,911 |  | 1,297,878 |  |

1,321,011 |  | 1,297,978 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

VITCAS LTD (REGISTERED NUMBER: 06497991)

Balance Sheet - continued

30 APRIL 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2025 and were signed on its behalf by:

E H Shaw - Director

VITCAS LTD (REGISTERED NUMBER: 06497991)

Notes to the Financial Statements

FOR THE YEAR ENDED 30 APRIL 2025

1. | COMPANY INFORMATION

| Vitcas Ltd 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 company's principal activities and nature of its operations are that of manufacturing of refractory products.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

| The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

| Going concern

| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Computer software is being amortised evenly over its estimated useful life of five 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.

| Freehold property | - | 2% on cost

| Plant and machinery | - | 25% on cost

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Stocks

| Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

| Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

VITCAS LTD (REGISTERED NUMBER: 06497991)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 30 APRIL 2025

2. | ACCOUNTING POLICIES - continued

| Cash and cash equivalents

| Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

| Financial instruments

| The company 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. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial assets

| Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

| Basic financial liabilities

| Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

VITCAS LTD (REGISTERED NUMBER: 06497991)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 30 APRIL 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Research and development

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

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 17 (2024 - 17 ) .

4. | INTANGIBLE FIXED ASSETS

| Other

| intangible

| assets

£ |

| COST

| At 1 May 2024

| and 30 April 2025 | 7,169 |  |

| AMORTISATION

| At 1 May 2024

| and 30 April 2025 | 7,169 |  |

| NET BOOK VALUE

| At 30 April 2025 | - |  |

| At 30 April 2024 | - |  |

VITCAS LTD (REGISTERED NUMBER: 06497991)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 30 APRIL 2025

5. | TANGIBLE FIXED ASSETS

| Freehold |  | Plant and |

| property |  | machinery |  | Totals

£ | £ | £ |

| COST

| At 1 May 2024

| and 30 April 2025 | 1,520,205 |  | 287,648 |  | 1,807,853 |  |

| DEPRECIATION

| At 1 May 2024 | 115,053 |  | 280,716 |  | 395,769 |  |

| Charge for year | 20,950 |  | 3,507 |  | 24,457 |  |

| At 30 April 2025 | 136,003 |  | 284,223 |  | 420,226 |  |

| NET BOOK VALUE

| At 30 April 2025 | 1,384,202 |  | 3,425 |  | 1,387,627 |  |

| At 30 April 2024 | 1,405,152 |  | 6,932 |  | 1,412,084 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and

| machinery

£ |

| COST

| At 1 May 2024

| and 30 April 2025 | 27,729 |  |

| DEPRECIATION

| At 1 May 2024 | 20,796 |  |

| Charge for year | 3,507 |  |

| At 30 April 2025 | 24,303 |  |

| NET BOOK VALUE

| At 30 April 2025 | 3,426 |  |

| At 30 April 2024 | 6,933 |  |

VITCAS LTD (REGISTERED NUMBER: 06497991)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 30 APRIL 2025

6. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 May 2024

| and 30 April 2025 | 40,435 |  |

| NET BOOK VALUE

| At 30 April 2025 | 40,435 |  |

| At 30 April 2024 | 40,435 |  |

7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 40,193 |  | 27,085 |  |

| Amounts owed by group undertakings | 166,161 |  | 100,203 |  |

| Other debtors | 9,885 |  | 36,415 |  |

| Prepayments and accrued income | 186,851 |  | 252,725 |  |

403,090 |  | 416,428 |  |

8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 115,852 |  | 112,334 |  |

| Mortgage | 31,649 |  | 31,649 |  |

| Hire purchase contracts | 2,119 |  | 689 |  |

| Trade creditors | 211,681 |  | 301,049 |  |

| Social security and other taxes | 7,442 |  | 19,237 |  |

| VAT | 54,227 |  | 73,585 |  |

| Other creditors | 58,787 |  | 10,861 |  |

| Directors' current accounts | 112,931 |  | 137,931 |  |

| Accrued expenses | 20,785 |  | 42,021 |  |

615,473 |  | 729,356 |  |

VITCAS LTD (REGISTERED NUMBER: 06497991)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 30 APRIL 2025

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans - 1-2 years | 13,548 |  | 10,480 |  |

| Mortgage - 1-2 years | 41,985 |  | 41,985 |  |

| Bank loans - 2-5 years | 28,543 |  | 903 |  |

| Mortgage - 2-5 years | 128,134 |  | 128,134 |  |

| Mortgage more 5 yrs | 255,212 |  | 267,053 |  |

| Bank loans more 5 yrs | 239,491 |  | - |  |

| Hire purchase contracts | 10,196 |  | 12,765 |  |

717,109 |  | 461,320 |  |

| Amounts falling due in more than five years:

| Repayable otherwise than by instalments

| Bank loans more 5 yrs | 239,491 |  | - |  |

| Repayable by instalments

| Mortgage more 5 yrs | 255,212 |  | 267,053 |  |

10. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 12,315 |  | 13,454 |  |

| Mortgage | 456,980 |  | 468,822 |  |

| Bank loan | 292,369 |  | - |  |

761,664 |  | 482,276 |  |

| The mortgage and bank loan included within short term and long term creditors is secured by a fixed charge over the freehold property of the company.

| Assets held under hire purchase contracts are secured against the assets to which they relate.

11. | RELATED PARTY DISCLOSURES

| 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.

12. | ULTIMATE CONTROLLING PARTY

| The controlling party is Vitcas Holdings Limited, a company registered in England and Wales. The ultimate controlling parties are Mr E Shaw and Mr P Meller by virtue of their shareholding in Vitcas Holdings Limited.