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Registered number: 01216092 Flambeau Europlast Ltd Annual report and financial statements For the period ended 28 June 2025
Flambeau Europlast Ltd Company Information
Directors | J Sauey
| J Wingfield
Company secretary | J Wingfield
Registered number | 01216092
Registered office | Manston Road
| Ramsgate
| Kent
| CT12 6HW
Independent auditors | Kreston Reeves LLP
| Statutory Auditor & Chartered Accountants
| 37 St Margaret's Street
| Canterbury
| Kent
| CT1 2TU
Flambeau Europlast Ltd Contents
| Page
Strategic report | 1 - 4
Directors' report | 5 - 6
Independent auditors' report | 7 - 10
Statement of comprehensive income | 11
Balance sheet | 12
Statement of changes in equity | 13
Notes to the financial statements | 14 - 31
Flambeau Europlast Ltd Strategic report For the period ended 28 June 2025
Introduction
Fiscal year 2025 has experienced a steady fall in UK bank interest rates from the 16 year high of 5.25% in 2023 to 4.25% June 2025 and a further cut to 4% post year-end. This positive news was offset by the Governments October 2024 Autumn Budget. Substantial increases were imposed from April 2025, specifically a 1.2% rise to Employers NIC, a more damaging lowering of the NIC threshold and the statutory 6.7% rise in National Living Wage. These incremental employment costs have added c£160k as a minimum, that need to be funded. We have challenged ourselves to become more efficient by increasing operational flexibility via scheduling optimisation. This helped us reduce energy consumption, changeover costs and fixed charges to viable levels. Beyond this, we have had to continue to pass increased costs through via price increases and ceasing non-profitable arrangements across all our ranges. Raising customer pricing is regrettable but wholly essential to address these significant and sustained rising costs outside of our direct control. For the most part, we succeeded in negotiating further price revisions albeit we incurred some delays with several key customers to conclude. For our part, we take seriously our obligation to minimise costs, optimise our investment in energy efficient injection presses with automation to target the reduction of processing costs to support both existing and future business and tackle margin erosion so we have a robust business going forward into the future. Inevitably, this created some customer churn alongside positively enabling the consideration and development of new business opportunities in the year to 28th June 2025. The inflationary pressure on product margins reduced as inflation fell from 6.8% in July 2023 to the Treasury target of 1.9% in June 2024. This respite was short-lived with inflation rising back up to 3.6% in June 2025. Whilst the frequency of bought-in component price changes was less dramatic over the last twelve months, the previous substantial increases from the prior years’ remains baked-in with further inflation increases this year forecast to continue. The uncertainty of market conditions both at home and abroad has continued and has been more recently impacted by threats of US tariffs. This volatility is likely to continue. Flambeau Europlast Ltd remains structured to meet those challenges through our people and capital investments supported by our US parent. We remain well placed and are committed to continue to deliver new business and realise new product development opportunities by targeting products that build our brands and grow our revenue stream. Our operational effectiveness and efficiencies throughout this time remain closely managed. It continues to remain a challenge to attract and retain an effective workforce alongside key personnel to support business growth. Measures taken last year to enhance employment benefits remain for the new fiscal year. Following closely on from our successful growth with Makita since the launch in FY22, FY24 saw our latest new customer, Nidec Control Techniques, complete their existing mould transfers after our team successfully delivered new products on time to budget. This fiscal year has ended strongly with further awarded transfer business from existing key customers who have recognised the value of having a reputable strategic UK moulding partner and what we can deliver. Given the start up was part way through our year, this coming year we will deliver further positive impact on our results and will raise Flambeau Europe’s operational performance still further. Page 1
Flambeau Europlast Ltd Strategic report (continued) For the period ended 28 June 2025
Principal activity, business review and future developments
The principal activity of the company is the provision of custom injection and blow moulding services from tool design to integrated customer solutions from contract moulding of components through to finished assemblies and retail packaged products. Business risk for customers dependent on extended supply chains from remote countries such as China have increased given the more recent threats of global trade tariffs. Current events in Eastern Europe and the Middle East continue to highlight economic interdependencies. High risk extended supply chains that are less agile than localised manufacturing can impact sales opportunities and business opportunities can be lost. Flambeau Europe continues to demonstrate benefits from these growth opportunities as a UK based manufacturer to supply domestic, European and global markets in what is an uncertain, volatile marketplace. Flambeau Europe can demonstrate successful projects for our customers having won a Customer Project Management award from Makita in 2024. This has been built on during this last FY when we delivered a new global customer’s transfer of over 80 moulds. This gives further evidence of Flambeau’s strength and depth across its entire business proposition for new and existing customers. The past twelve months has seen a steady rise of inflation from the Bank of England’s target rate of 2% in June 2024 to 3.6% this June. This is forecast to rise further into FY26 Higher than BoE target inflation coupled with high manufacturing energy costs, significant employer NIC rises imposed from April 2025 plus ongoing global conflicts have all affected our Retail and Industrial sectors to a greater or lesser extent. Forecast tax rises in the October 2025 budget are a further threat with any impact felt by the majority of businesses. Yet, throughout this period of fundamental change, Flambeau Europlast Limited has demonstrated a capability to rapidly adapt to changing circumstances, consolidate new global customer business and continue to service our customers with minimal disruption. Post year-end sales revenue is anticipated to see a rise as production volumes for incremental transfer business awarded in quarter 3 continue to replenish customer buffer inventory and service monthly sales demand. However, the inflationary pressures on the cost base of the business, employer NIC and product costs, remain with inflation expected to remain above the BoE target. The volatility seen in the plastic raw material market also looks set to continue with uncertainty in the Middle East will in all likelihood create price rises in the coming months. Domestic haulage costs remain high with several hauliers continuing to maintain fuel surcharges, not helped by imposed employer NIC rises passing through into haulage rates. The demise in 2023 of a national carrier into administration continues to negatively affect competitive pricing and choice. International freight container rates are currently falling, with a significant decline from their peak levels. This trend is attributed to increased capacity and stabilising demand. The global average price reflects this drop from last year. However whilst there is a general trend of falling rates, the market remains dynamic. It is influenced by geopolitical factors and supply chain conditions with its impact felt as we transport product from the US and China to service both our domestic and European customer base. Recent combined total capital investment c£300k inclusive of infrastructure upgrades alongside project resourcing, plus training and further dedicated up-skilling on the automation technologies will continue to drive forward our efficiency improvement programmes to combat rising manufacturing costs. Additional automated solutions remain the focus and once fully embedded in our business helping us deliver product more efficiently. In turn, this helps us effectively price aggressively whilst still achieving a solid margin and achieve higher asset utilisation across our machines. Page 2
Flambeau Europlast Ltd Strategic report (continued) For the period ended 28 June 2025
Principal risks and uncertainties
Necessity has meant we have continually re-sized our business to ensure we are effective in these challenging economic conditions. Despite this we remain committed to ensuring investment in our people, our processes, appropriate automation and new efficient moulding machines create the infrastructure necessary to deliver growth. The main risks facing Flambeau Europe are twofold. Continue to target and secure sales revenue growth to sustain the cost base of the business and managing our costs. This includes costs both within our control and responding to those outside our control, through these times of economic uncertainty and market volatility created by both domestic and global events. Our ability to attract and retain both skilled and non-skilled people in a competitive labour market will remain a challenge, needing continual review with adjustments made as required. Our brands operate in price competitive markets. We are tackling this challenge leveraging Nordic Group of Companies Limited’s (our Group’s) capabilities to supply differentiated products that generate value to our customers. Our facilities in Ramsgate remain an issue as we operate in a building circa 57 years old in an 11,000 metre squared building on our 10-acre site. This continues to limit our expansion due to the operational and logistical costs that have to be included into our current offerings. Outline planning permission for residential housing on our Ramsgate site was granted late 2024 as our ambition remains to secure facilities that are more fit for purpose in the future.
Financial key performance indicators
Despite significant cost challenges, we maintained revenue at £9.14m across our three core areas (£9.16m 2024), 11% above plan. Retail brand Stadium Building Products declined 5% on the prior year, 3% above plan and continues to suffer as cost of living crisis remain firmly embedded within the UK DIY market. Industrial rose 9% on the prior year, 13% above plan whilst Fluids and Packaging consolidated last year’s record sales growth just 2% below that of last year, 12% above plan. Traditionally our second half results are stronger than our first. Second half FY25 saw an overall 11.5% rise with Stadium contributing a second half uplift of 7% whilst Industrial recorded a solid 45% rise for the second half. Fluids and Packaging performed consistently across the twelve months. Full years gross profit dipped to 14.7% (15.5% FY2024) full year £1.34m (£1.42m 2024) and an operating profit of £342k (£155k profit 2024), after foreign currency exchange gain £198k (£30k loss 2024), reported a profit for the year before tax of £241k (profit £11k 2024). Page 3
Flambeau Europlast Ltd Strategic report (continued) For the period ended 28 June 2025
Other key performance indicators
Investment will continue to be made in the business infrastructure, own product tooling, EDI application from sales order to customer invoicing, digital telecommunications and ecommerce. KPI’s are fully integrated and available real-time across the business to ensure data is readily accessible to continue to drive improvement. We continue to closely manage and monitor our sales, customer margin, gross profit margin, and administrative costs as they form part of our KPI’s for future success. Flambeau Europe will continue to focus on productivity enhancements further developed through robotics and energy efficiency equipment combined with electricity management and monitoring, complemented by focussed process training to increase the performance, skills and depth of our personnel. The goal remains to create a data driven performance culture that generates growth by delivering innovative products that are supplied more effectively than our global competition. This report was approved by the board and signed on its behalf.
J Wingfield Director
Date: 3 October 2025
Page 4
Flambeau Europlast Ltd Directors' report For the period ended 28 June 2025 The directors present their report and the financial statements for the period ended 28 June 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently; ∙make judgments 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 to 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.
Results and dividends
The profit for the period, after taxation, amounted to £928,270 (2024 - £10,669). The directors do not recommend the payment of a dividend (2024: £Nil).
Directors
The directors who served during the period were:
J Sauey
J Wingfield
Financial instruments
The main financial risks arising from the company's activities are credit, liquidity and currency risks. The company's policy in respect of credit risk is to require appropriate credit checks on potential customers before sales are made. The directors monitor the liquidity and cash flow risk of the company carefully. Cash flow is monitored by the directors on a regular basis and any working capital requirement is funded via the loan facilities or inter-company borrowings from its parent on which it relies, such as to ensure that the company has sufficient funds for its operations. The company is subject to foreign exchange risk on certain purchases and certain loan and intercompany borrowings. The company have not entered into any hedging arrangements to mitigate this foreign currency risk but this is under regular management review. Page 5
Flambeau Europlast Ltd Directors' report (continued) For the period ended 28 June 2025
Matters covered in the Strategic report
For information regarding principal activity, business review, future developments and principal risk and uncertainties, please refer to the Strategic Report.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, Kreston Reeves LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
J Wingfield Director
Date: 3 October 2025
Page 6
Flambeau Europlast Ltd Independent auditors' report to the members of Flambeau Europlast Ltd
Opinion
We have audited the financial statements of Flambeau Europlast Ltd (the 'Company') for the period ended 28 June 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, 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 28 June 2025 and of its profit for the period 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of 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. Page 7
Flambeau Europlast Ltd Independent auditors' report to the members of Flambeau Europlast Ltd (continued)
Opinion 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 Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report 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 Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records 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 Directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 8
Flambeau Europlast Ltd Independent auditors' report to the members of Flambeau Europlast Ltd (continued)
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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Capability of the audit in detecting irregularities, including fraud Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and judgemental areas of the financial statements such as valuation of stock. Audit procedures performed by the engagement team included: ∙Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and ∙Assessment of identified fraud risk factors; and ∙Challenging assumptions and judgements made by management in its significant accounting estimates; and ∙Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and ∙Reading minutes of meetings of those charged with governance; and ∙Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. Page 9
Flambeau Europlast Ltd Independent auditors' report to the members of Flambeau Europlast Ltd (continued) ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Mark Attwood FCCA (Senior statutory auditor) for and on behalf of Kreston Reeves LLP Statutory Auditor Chartered Accountants Canterbury 3 October 2025 Page 10
Flambeau Europlast Ltd Statement of comprehensive income For the period ended 28 June 2025
| 28 June | 29 June
| 2025 | 2024
Note | £ | £
Turnover | 4 | 9,135,887 | 9,157,689
Cost of sales |  | (7,797,297) | (7,740,830)
Gross profit |  | 1,338,590 | 1,416,859
Administrative expenses |  | (997,090) | (1,263,168)
Other operating income | 5 | 511 | 1,307
Operating profit | 6 | 342,011 | 154,998
Interest receivable and similar income | 9 | 18,937 | 33,761
Interest payable and similar expenses | 10 | (120,383) | (178,090)
Profit before tax |  | 240,565 | 10,669
Tax on profit | 11 | 687,705 | -
Profit for the financial period |  | 928,270 | 10,669
Other comprehensive income for the period |  |  |
Revaluation of freehold property |  | - | 1,515,199
Other comprehensive income for the period |  | - | 1,515,199
Total comprehensive income for the period |  | 928,270 | 1,525,868
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
The notes on pages 14 to 31 form part of these financial statements.
Page 11
Flambeau Europlast Ltd Registered number: 01216092 Balance sheet As at 28 June 2025
|  | 28 June |  | 29 June
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | 42,589 |  | 42,589
Tangible assets | 13 |  | 6,995,883 |  | 7,118,073
|  |  | 7,038,472 |  | 7,160,662
Current assets |  |  |  |  |
Stocks | 14 | 1,813,395 |  | 1,728,503 |
Debtors: amounts falling due within one year | 15 | 2,321,781 |  | 1,978,749 |
Bank and cash balances |  | 852,161 |  | 1,061,349 |
|  | 4,987,337 |  | 4,768,601 |
Creditors: amounts falling due within one year | 16 | (3,073,932) |  | (3,020,457) |
Net current assets |  |  | 1,913,405 |  | 1,748,144
Total assets less current liabilities |  |  | 8,951,877 |  | 8,908,806
Creditors: amounts falling due after more than one year | 17 |  | (1,567,628) |  | (1,765,122)
Provisions for liabilities |  |  |  |  |
Deferred tax | 20 | - |  | (687,705) |
|  |  | - |  | (687,705)
Net assets |  |  | 7,384,249 |  | 6,455,979
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 11,167,668 |  | 11,167,668
Revaluation reserve | 22 |  | 3,559,994 |  | 3,559,994
Other reserves | 22 |  | 8,753,565 |  | 8,753,565
Profit and loss account | 22 |  | (16,096,978) |  | (17,025,248)
|  |  | 7,384,249 |  | 6,455,979
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J Wingfield
Director
Date: 3 October 2025
The notes on pages 14 to 31 form part of these financial statements. Page 12
Flambeau Europlast Ltd Statement of changes in equity For the period ended 28 June 2025
| Called up share capital | Revaluation reserve | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 26 June 2022 (Restated) | 11,167,668 | 2,047,255 | 8,753,565 | (17,038,377) | 4,930,111
Comprehensive income for the period |  |  |  |  |
Profit for the period | - | - | - | 10,669 | 10,669
Revaluation of freehold property | - | - | - | 1,515,199 | 1,515,199
Total comprehensive income for the period | - | - | - | 1,525,868 | 1,525,868
Transfer to retained earnings | - | 1,512,739 | - | (1,512,739) | -
At 29 June 2024 | 11,167,668 | 3,559,994 | 8,753,565 | (17,025,248) | 6,455,979
Comprehensive income for the period |  |  |  |  |
Profit for the period | - | - | - | 928,270 | 928,270
Total comprehensive income for the period | - | - | - | 928,270 | 928,270
At 28 June 2025 | 11,167,668 | 3,559,994 | 8,753,565 | (16,096,978) | 7,384,249
| The notes on pages 14 to 31 form part of these financial statements.
Page 13
Flambeau Europlast Ltd Notes to the financial statements For the period ended 28 June 2025
1. | General information
Flambeau Europlast Limited is a private company limited by shares and incorporated in England and Wales. The company's registered office and principal place of business is Manston Road, Ramsgate, Kent, CT12 6HW. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The financial statements are rounded to the nearest Pound. The following principal accounting policies have been applied:
| 2.2 | 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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Nordic Group Compaines Limited as at 28 June 2025 and these financial statements may be obtained from the registered office at 715 Lynn Ave, Ste 100, Baraboo, WI 53913-2744.
| 2.3 | Going concern
The company has met its day to day working capital requirements through bank and group credit facilities. The company's principal creditor and guarantor to its working capital facility is its parent company, Nordic Group of Companies Limited. The parent company has the ability and has confirmed their continued support of Flambeau Europlast Limited. The directors conclude that no material uncertainty around going concern exists and the company is well placed to resume efforts to secure revenue growth. The accounts have been prepared on a going concern basis, without any adjustment to the book values stated in the balance sheet. Page 14
Flambeau Europlast Ltd Notes to the financial statements For the period ended 28 June 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 15
Flambeau Europlast Ltd Notes to the financial statements For the period ended 28 June 2025 2.Accounting policies (continued)
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 42 years
|  |  |  | Plant and machinery | - | 1 - 10 years
|  |  |  | Motor vehicles | - | 4 years
|  |  |  | Fixtures and fittings | - | 1 - 5 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. A ssets under construction Plant and machinery in the course of construction is held as an 'asset under construction' within tangible fixed assets. Once the asset is complete, it is transferred to its actual asset class and depreciation commences.
| 2.8 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss. An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.
| 2.9 | Sale and leaseback
Where a sale and leaseback transaction results in a finance lease, no gain is immediately recognised for any excess of sales proceeds over the carrying amount of the asset. Instead, the proceeds are presented as a liability and subsequently measured at amortised cost using the effective interest method. Page 16
Flambeau Europlast Ltd Notes to the financial statements For the period ended 28 June 2025 2.Accounting policies (continued)
| 2.10 | Intangible assets
Research and development costs In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to 'administrative expenses' on a straight line basis over their expected useful economic lives. The expected useful economic life of development costs are estimated based on business plans which set out the development plan and time to market for the associated project. If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
| 2.11 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a standard cost basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 17
Flambeau Europlast Ltd Notes to the financial statements For the period ended 28 June 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance sheet 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, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities 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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Page 18
Flambeau Europlast Ltd Notes to the financial statements For the period ended 28 June 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
| 2.16 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.17 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.18 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 19
Flambeau Europlast Ltd Notes to the financial statements For the period ended 28 June 2025 2.Accounting policies (continued)
| 2.19 | Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
| 2.20 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates. The following judgements have had the most significant impact on amounts recognised in the financial statements: Tangible fixed assets The company has recognised tangible fixed assets with a carrying value of £6,995,883 at the reporting date (2024: £7,118,073) (see note 13). The company has adopted the revaluation model for the measurement of land and buildings, other assets are stated at their cost less provision for depreciation and impairment. In order to determine the fair value of land and buildings the company has engaged independent valuation specialists with experience in the location and nature of the property being valued. They have used a valuation technique based on comparable market data. Valuations are obtained with sufficient regularity to ensure that the carrying value of revalued assets reflects current market conditions. The determined fair value of the investment property is most sensitive to fluctuations in the property market. The company’s accounting policy sets out the approach to calculating depreciation for immaterial assets acquired. For material assets such as land and buildings the company determines at acquisition or the date of revaluation reliable estimates for the useful life of the asset, its residual value and decommissioning costs. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used. Where there are indicators that the carrying value of tangible assets may be impaired the company undertakes tests to determine the recoverable amount of assets. These tests require estimates of the fair value of assets less cost to sell and of their value in use. Wherever possible the estimate of the fair value of assets is based upon observable market prices less incremental cost for disposing of the asset. The value in use calculation is based upon a discounted cash flow model, based upon the company’s forecasts for the foreseeable future which do not include any restructuring activities that the company is not yet committed to or significant future investments that will enhance the asset’s performance. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well expected future cash flows and the growth rate used for extrapolation purposes. Page 20
Flambeau Europlast Ltd Notes to the financial statements For the period ended 28 June 2025 3.Judgments in applying accounting policies (continued) Stock provisioning The company designs, manufactures and sells high quality plastic products and is subject to changing consumer demands (and fashion trends). As a result it is necessary to consider the recoverability of the cost of stocks and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. See note 14 for the net carrying value of stocks and associated provision. Taxation Provision has been made in the financial statements for deferred tax amounting to £687,705 at the reporting date (2024: £687,705) (see note 20). This provision is based upon estimates of the availability of future taxable profits, the timing of the reversal of timing differences upon which the provision is based and the tax rates that will be in force at that time together with an assessment of the impact of future tax planning strategies. Lease commitments The company has entered into a range of lease commitments in respect of property, plant and equipment. The classification of these leases as either financial or operating leases requires the directors to consider whether the terms and conditions of each lease are such that the company has acquired the risks and rewards associated with the ownership of the underlying assets.
4. | Turnover
| The whole of the turnover is attributable to the provision of goods and services falling within the company's principal activities. An analysis by geographical segment has not been provided, as the directors believe it would be prejudicial to the interests of the company.
5. | Other operating income
|  |  |  |  | 28 June | 29 June
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sundry income | 511 | 1,307
Page 21
Flambeau Europlast Ltd Notes to the financial statements For the period ended 28 June 2025
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 28 June | 29 June
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | (197,592) | 29,759
| Other operating lease rentals | 56,045 | 57,495
| Fees payable to the company's auditor and its associates for the audit of the company's annual financial statements | 20,450 | 19,560
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 28 June | 29 June
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,946,984 | 1,788,658
| Social security costs | 94,858 | 86,252
| Cost of defined contribution scheme | 38,830 | 16,526
|  | 2,080,672 | 1,891,436
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | 28 June | 29 June
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Production | 50 | 50
|  | Management and administration | 14 | 12
|  |  | 64 | 62
Page 22
Flambeau Europlast Ltd Notes to the financial statements For the period ended 28 June 2025
8. | Directors' remuneration
|  |  |  |  | 28 June | 29 June
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 152,930 | 294,234
| Company contributions to defined contribution pension schemes | 3,326 | 2,446
|  | 156,256 | 296,680
| During the period retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.
9. | Interest receivable
|  |  |  |  | 28 June | 29 June
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 18,937 | 33,761
10. | Interest payable and similar expenses
|  |  |  |  | 28 June | 29 June
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 115,993 | 148,691
| Finance leases and hire purchase contracts | 4,390 | 29,399
|  | 120,383 | 178,090
Page 23
Flambeau Europlast Ltd Notes to the financial statements For the period ended 28 June 2025
11. | Taxation
|  |  |  |  | 28 June | 29 June
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Total current tax | - | -
| Deferred tax |  |
| Origination and reversal of timing differences | (687,705) | -
| Total deferred tax | (687,705) | -
|  | (687,705) | -
| Factors affecting tax charge for the period
| The tax assessed for the period is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 28 June | 29 June
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 240,565 | 10,669
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 60,141 | (381,467)
| Effects of: |  |
| Other timing differences leading to an increase (decrease) in taxation | (747,846) | 381,467
| Total tax charge for the period | (687,705) | -
Page 24
Flambeau Europlast Ltd Notes to the financial statements For the period ended 28 June 2025
12. | Intangible assets
|  | Development
|  | £
| Cost |
| At 30 June 2024 | 42,589
| At 28 June 2025 | 42,589
| Net book value |
| At 28 June 2025 | 42,589
| At 29 June 2024 | 42,589
Page 25
Flambeau Europlast Ltd Notes to the financial statements For the period ended 28 June 2025
13. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Assets under construction | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 30 June 2024 | 5,236,930 | 10,630,100 | 2,309 | 1,013,886 | 18,222 | 16,901,447
| Additions | - | - | - | - | 271,213 | 271,213
| Disposals | - | (132,809) | - | - | - | (132,809)
| Transfers between classes | - | 259,972 | - | 11,241 | (271,213) | -
| At 28 June 2025 | 5,236,930 | 10,757,263 | 2,309 | 1,025,127 | 18,222 | 17,039,851
| Depreciation |  |  |  |  |  |
| At 30 June 2024 | 296,930 | 8,514,194 | 2,309 | 969,941 | - | 9,783,374
| Charge for the period on owned assets | 7,271 | 363,407 | - | 22,720 | - | 393,398
| Disposals | - | (132,804) | - | - | - | (132,804)
| At 28 June 2025 | 304,201 | 8,744,797 | 2,309 | 992,661 | - | 10,043,968
| Net book value |  |  |  |  |  |
| At 28 June 2025 | 4,932,729 | 2,012,466 | - | 32,466 | 18,222 | 6,995,883
| At 29 June 2024 | 4,940,000 | 2,115,906 | - | 43,945 | 18,222 | 7,118,073
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 28 June | 29 June
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Freehold | 4,932,729 | 4,940,000
Cost or valuation at 28 June 2025 is as follows:
|  |  | Land and buildings
|  |  | £
|  | At cost | 1,038,495
|  | At valuation: |
|  | June 2024 | 4,198,435
|  |  | 5,236,930
Page 26
Flambeau Europlast Ltd Notes to the financial statements For the period ended 28 June 2025 13.Tangible fixed assets (continued)
| If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|  |  |  |  | 28 June | 29 June
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cost | 1,038,495 | 1,038,495
| Accumulated depreciation | (120,314) | (115,039)
| Net book value | 918,181 | 923,456
| Included in land and buildings is freehold land at valuation of £4,715,199 (2024: £4,715,199), cost £774,714 (2024: £774,714) which is not depreciated. The freehold property was subject to an external review in April 2024. This valuation was prepared based on the principles of RIGS Valuation Standards (the "Red Book"). The directors are of the opinion that the total realisable value of plant and machinery is at least equal to the current book value and therefore no impairment charge is required.
14. | Stocks
|  |  |  |  | 28 June | 29 June
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 862,887 | 698,929
| Work in progress (goods to be sold) | 149,788 | 147,775
| Finished goods and goods for resale | 800,720 | 881,799
|  | 1,813,395 | 1,728,503
15. | Debtors
|  |  |  |  | 28 June | 29 June
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,950,078 | 1,684,837
| Prepayments and accrued income | 371,703 | 293,912
|  | 2,321,781 | 1,978,749
Page 27
Flambeau Europlast Ltd Notes to the financial statements For the period ended 28 June 2025
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 28 June | 29 June
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,067,954 | 1,127,507
| Amounts owed to group undertakings | 1,342,672 | 1,203,503
| Other taxation and social security | 253,571 | 204,085
| Obligations under finance lease and hire purchase contracts | - | 126,823
| Other creditors | 82,175 | 81,690
| Accruals and deferred income | 327,560 | 276,849
|  | 3,073,932 | 3,020,457
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 28 June | 29 June
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 1,567,628 | 1,765,122
| The bank loan is fully guaranteed by Nordic Group of Companies Limited, the company's parent. The interest charge on the bank loan is 1.85 + LIBOR.
18. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 28 June | 29 June
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due 1-2 years |  |
| Bank loans | 1,567,628 | 1,765,122
|  | 1,567,628 | 1,765,122
|  | 1,567,628 | 1,765,122
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Flambeau Europlast Ltd Notes to the financial statements For the period ended 28 June 2025
19. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 28 June | 29 June
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | - | 126,823
| The finance lease is repayable over 36 months with an interest charge of 7.5%.
20. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (687,705)
| Utilised in year | 687,705
| At end of year | -
| The deferred taxation balance is made up as follows:
|  |  |  |  | 28 June | 29 June
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Origination and reversal of timing differences | - | (687,705)
21. | Share capital
|  |  |  |  | 28 June | 29 June
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 250,000 (2024 - 250,000) Ordinary shares shares of £1.00 each | 250,000 | 250,000
|  | 10,917,668 (2024 - 10,917,668) Redeemable preference shares shares of £1.00 each | 10,917,668 | 10,917,668
|  |  | 11,167,668 | 11,167,668
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Flambeau Europlast Ltd Notes to the financial statements For the period ended 28 June 2025 21.Share capital (continued) The redeemable preference shares may be redeemed at any time by the company at par although they are not obliged to do so unless on the winding up of the company. The redeemable preference shares do not have an entitlement to the payment of a dividend and in the event of a winding up have preference over the other class of shares for capital repayment. The shares do not hold voting rights.
22. | Reserves
Called up share capital Called up share capital reserve represents the nominal value of the shares issued. Revaluation reserve The company has adopted the revaluation model for the measurement of its land and buildings. This reserve is used to record increases in the fair value of land and buildings, less any related provision for deferred tax. The amount of depreciation provided on book value which represents valuation surpluses is transferred each year by way of a reserve movement to the profit and loss account. Other reserves Other reserves represent capital invested by the parent company. Profit and loss account This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders.
23. | Capital commitments
| At 28 June 2025 the Company had capital commitments as follows:
|  |  |  |  | 28 June | 29 June
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | 74,630 | 40,000
24. | Pension commitments
The company operates a defined contribution pensions scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £38,830 (2024: £16,526). Contributions totalling £2,844 (2024: £9,016) were payable at the balance sheet date. Page 30
Flambeau Europlast Ltd Notes to the financial statements For the period ended 28 June 2025
25. | Commitments under operating leases
| At 28 June 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 28 June | 29 June
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 56,042 | 56,042
| Later than 1 year and not later than 5 years | 104,705 | 129,388
|  | 160,747 | 185,430
26. | Related party transactions
| The company is a wholly owned subsidiary of Nordic Group of Companies Limited and has taken advantage of the exemption confirmed by FRS 102 paragraph 33.1A not to disclose transactions with Nordic Group of Companies Limited or other wholly owned subsidiaries within the group. Key management personnel include all directors and one senior manager who has authority and responsibility for planning, directing, controlling the activities of the company. The total compensation paid to key management personnel for services provided to the company, including directors' remuneration was £268,947 (2024: £510,905).
27. | Controlling party
The immediate and ultimate controlling party is the Nordic Group of Companies Limited, a company incorporated in the USA. The holders of the majority of the voting shares of Nordic Group of Companies Limited has ultimate control. The holders are Jason Sauey, Eric Sauey and Alison Martin as trustees of the Nordic Group Voting Trust. The largest and smallest group in which the company is consolidated is that headed by Nordic Group of Companies Limited, incorporated in the USA. The consolidated accounts of this company are available to the public and may be obtained from 715 Lynn Ave, Ste 100, Baraboo, W1 53913-2744. No other group accounts include the results of the company.
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