Acorah Software Products - Accounts Production 16.4.675 false true true 31 December 2023 1 January 2023 true 30 September 2025 true true true true 1 January 2024 31 December 2024 31 December 2024 01376171 Mr A S Gakhal Mr T S Gakhal Mr G S Gakhal Mrs J K Gakhal Mr S S Pawar Mr K S Pawar Mr K S Gakhal Mrs J K Gakhal true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 01376171 2023-12-31 01376171 2024-12-31 01376171 2024-01-01 2024-12-31 01376171 frs-core:CurrentFinancialInstruments 2024-12-31 01376171 frs-core:Non-currentFinancialInstruments 2024-12-31 01376171 frs-core:BetweenOneFiveYears 2024-12-31 01376171 frs-core:FurnitureFittings 2024-12-31 01376171 frs-core:FurnitureFittings 2024-01-01 2024-12-31 01376171 frs-core:FurnitureFittings 2023-12-31 01376171 frs-core:MotorVehicles 2024-12-31 01376171 frs-core:MotorVehicles 2024-01-01 2024-12-31 01376171 frs-core:MotorVehicles 2023-12-31 01376171 frs-core:PlantMachinery 2024-12-31 01376171 frs-core:PlantMachinery 2024-01-01 2024-12-31 01376171 frs-core:PlantMachinery 2023-12-31 01376171 frs-core:WithinOneYear 2024-12-31 01376171 frs-core:ShareCapital 2024-12-31 01376171 frs-core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01376171 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 01376171 frs-countries:UnitedKingdom 2024-01-01 2024-12-31 01376171 frs-countries:Europe 2024-01-01 2024-12-31 01376171 frs-bus:HighestPaidDirector 2024-01-01 2024-12-31 01376171 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01376171 frs-bus:FullAccounts 2024-01-01 2024-12-31 01376171 frs-bus:MediumEntities 2024-01-01 2024-12-31 01376171 frs-bus:Audited 2024-01-01 2024-12-31 01376171 frs-bus:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 01376171 frs-bus:Medium-sizedCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 01376171 frs-bus:OrdinaryShareClass1 2024-01-01 2024-12-31 01376171 frs-bus:OrdinaryShareClass1 2024-12-31 01376171 1 2024-01-01 2024-12-31 01376171 frs-core:DeferredTaxation 2024-01-01 2024-12-31 01376171 frs-core:DeferredTaxation 2023-12-31 01376171 frs-core:DeferredTaxation 2024-12-31 01376171 frs-bus:Director1 2024-01-01 2024-12-31 01376171 frs-bus:Director2 2024-01-01 2024-12-31 01376171 frs-bus:Director3 2024-01-01 2024-12-31 01376171 frs-bus:Director3 2024-12-31 01376171 frs-bus:Director4 2024-01-01 2024-12-31 01376171 frs-bus:Director4 2024-12-31 01376171 frs-bus:Director5 2024-01-01 2024-12-31 01376171 frs-bus:Director5 2024-12-31 01376171 frs-bus:Director6 2024-01-01 2024-12-31 01376171 frs-bus:Director6 2024-12-31 01376171 frs-bus:Director7 2024-01-01 2024-12-31 01376171 frs-bus:Director7 2024-12-31 01376171 frs-bus:Director8 2024-01-01 2024-12-31 01376171 frs-bus:Director8 2024-12-31 01376171 frs-bus:CompanySecretary1 2024-01-01 2024-12-31 01376171 1 2024-01-01 2024-12-31 01376171 frs-countries:EnglandWales 2024-01-01 2024-12-31 01376171 frs-countries:EnglandWales 2024-01-01 2024-12-31 01376171 2022-12-31 01376171 2023-12-31 01376171 2023-01-01 2023-12-31 01376171 frs-core:CurrentFinancialInstruments 2023-12-31 01376171 frs-core:Non-currentFinancialInstruments 2023-12-31 01376171 frs-core:BetweenOneFiveYears 2023-12-31 01376171 frs-core:MotorVehicles 2023-01-01 2023-12-31 01376171 frs-core:PlantMachinery 2023-01-01 2023-12-31 01376171 frs-core:WithinOneYear 2023-12-31 01376171 frs-core:ShareCapital 2022-12-31 01376171 frs-core:ShareCapital 2023-12-31 01376171 frs-core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01376171 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2022-12-31 01376171 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 01376171 frs-countries:UnitedKingdom 2023-01-01 2023-12-31 01376171 frs-countries:Europe 2023-01-01 2023-12-31 01376171 frs-bus:HighestPaidDirector 2023-01-01 2023-12-31 01376171 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 01376171 1 2023-01-01 2023-12-31
Registered number: 01376171
Aeroplas (U.K.) Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2024
Aeroplas (U.K.) Limited
Contents
Contents

| Page
--- | ---
Company Information | 1
Strategic Report | 2
Directors' Report | 3—4
Independent Auditor's Report | 5—6
Profit and Loss Account | 7
Statement of Comprehensive Income | 8
Balance Sheet | 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11—17

Page 1
Aeroplas (U.K.) Limited
Company Information
For The Year Ended 31 December 2024
Company Information

Directors | Mr A S Gakhal
| Mr T S Gakhal
| Mr G S Gakhal
| Mrs J K Gakhal
| Mr S S Pawar
| Mr K S Pawar
| Mr K S Gakhal
Secretary | Mrs J K Gakhal
Company Number | 01376171
Registered Office | Aeroplas Drive
| Great Western Way
| Tipton
| West Midlands
| DY4 7AB
Auditors | Harrison Partners Limited
| Masonic Building
| 9 Mill Street
| Sutton Coldfield
| B72 1TJ

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Aeroplas (U.K.) Limited
Strategic Report
For The Year Ended 31 December 2024
Strategic Report
The directors present their strategic report for the year ended 31 December 2024.
Principal Activity
The principal activity of the company is the manufacture of plastic products.
Review of the Business
Aeroplas (U.K.) Limited ("the company") is a leading manufacturer of plastic coat hangers, catering products and horticultural products. During the year, the company achieved a turnover of £12,700,282 (2023: £10,601,434), this being a increase of circa 20%. However, the gross margins have dropped with 20.1% being achieved compared to 23.2% in the prior year. This is the result of additional discounting and price reductions being given to maintain market share.
Principal Risks and Uncertainties
The company faces a number of business risks and uncertainties linked to the impact of volatility in oil prices, which can affect the cost price of raw materials. In previous years supply volatility has led to shortages of certain key materials, resulting in price increases. To mitigate the risk, the Company established new supplier relationships, ensuring continuity of supply at competitive prices.
The company has credit risk, in respect of trade debtors, which it manages through its credit control processes and the close monitoring of customer credit limits.
As a manufacturing business, the company is exposed to a number of health and safety risks. These are managed through a commitment to high standards of safety. We review all incidents and 'near misses' to establish their root cause and use external third-party consultants to assess compliance with all necessary standards and our in house policies and procedures.
Future Developments
The company continues to invest in new plant and tooling to improve energy efficiency and production cycle times. The company's product range continues to evolve as a result of customer feedback and demand by end users for more recyclable products.
On behalf of the board

Mr A S Gakhal Director
30 September 2025

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Aeroplas (U.K.) Limited
Company No. 01376171
Directors' Report For The Year Ended 31 December 2024
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors
The directors who held office during the year were as follows:

Mr A S Gakhal
Mr T S Gakhal
Mr S S Pawar | Resigned | 23/04/2024
Mr G S Gakhal | Appointed | 22/10/2024
Mrs J K Gakhal | Appointed | 22/10/2024
Mr S S Pawar | Appointed | 22/10/2024
Mr K S Pawar | Appointed | 22/10/2024
Mr K S Gakhal | Appointed | 22/10/2024

Going Concern
The directors have performed an assessment of the company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements. At the end of the year the company had cash reserves of £5.58m and no bank loans. Moreover, the business has continued to trade profitably throughout 2025. Accordingly, the directors have no concerns as to the ability of the company to meet its liabilities as they fall due for a period beyond the required 12 months.
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). 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 the financial statements the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:

- so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

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Aeroplas (U.K.) Limited
Directors' Report (continued)
For The Year Ended 31 December 2024
Independent Auditors
The auditors, Harrison Partners Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board

Mr A S Gakhal Director
30 September 2025

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Independent Auditor's Report
to the Members of
Aeroplas (U.K.) Limited
Independent Auditor's Report
Opinion
We have audited the financial statements of Aeroplas (U.K.) Limited for the year ended 31 December 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit/(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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 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 auditor's 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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:

- the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and 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 or 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.

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Independent Auditor's Report (continued)
to the Members of
Aeroplas (U.K.) Limited
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, 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.
Auditor's 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 auditor's 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We designed procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We identified the laws and regulations applicable to the company through discussions with directors and other management and from our commercial knowledge and experience of the manufacturing sector. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and UK GAAP, FRS102 in particular. We also considered other laws and regulations where non-compliance could have a material impact on the amounts or disclosures in the financial statements. For example, fines, penalties or litigation losses. Such additional legislation includes health and safety regulations, anti-bribery and corruption legislation and The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013. We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and ensuring proper policies and procedures are in place. Moreover, the laws and regulations were communicated to the audit team, who remained alert to instances of non-compliance throughout the audit. We also assessed the susceptibility of the company's financial statements to material misstatement by making enquiries of management as to where they considered there was a susceptibility to fraud, their knowledge of actual or suspected frauds and through a consideration of the internal controls that might mitigate the risk of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and the override of controls, we performed substantive testing of material balance sheet assets and liabilities, plus directional testing of revenue, expenses and payroll.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, forgery, collusion or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 that we are required to state to them in an auditor's 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.

Neil Harrison (Senior Statutory Auditor) for and on behalf of Harrison Partners Limited , Statutory Auditor
30 September 2025
Harrison Partners Limited Masonic Building 9 Mill Street Sutton Coldfield B72 1TJ

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Aeroplas (U.K.) Limited
Profit and Loss Account
For The Year Ended 31 December 2024
Profit and Loss Account

| 2024 |  | 2023
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER | 3 | 12,700,282 |  | 10,601,434
Cost of sales |  | (10,143,692 ) |  | (8,140,619 )
GROSS PROFIT |  | 2,556,590 |  | 2,460,815
Distribution costs |  | (254,475 ) |  | (242,671 )
Administrative expenses |  | (1,827,454 ) |  | (1,178,711 )
Other operating income |  | 18,000 |  | 20,519
OPERATING PROFIT | 5 | 492,661 |  | 1,059,952
Loss on disposal of fixed assets |  | (798 ) |  | (20,307 )
Other interest receivable and similar income | 10 | 203,435 |  | 164,651
Interest payable and similar charges | 11 | (913 ) |  | (21,928 )
PROFIT BEFORE TAXATION |  | 694,385 |  | 1,182,368
Tax on Profit | 12 | (154,395 ) |  | (261,748 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR |  | 539,990 |  | 920,620

The notes on pages 11 to 17 form part of these financial statements.
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Aeroplas (U.K.) Limited
Statement of Comprehensive Income
For The Year Ended 31 December 2024
Statement of Comprehensive Income

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
PROFIT FOR THE FINANCIAL YEAR |  | 539,990 |  | 920,620
OTHER COMPREHENSIVE INCOME FOR THE YEAR |  | - |  | -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | 539,990 |  | 920,620

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Aeroplas (U.K.) Limited
Balance Sheet
As At 31 December 2024
Balance Sheet

| 2024 | 2023
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 13 |  | 3,806,531 |  | 3,983,080
|  |  | 3,806,531 |  | 3,983,080
CURRENT ASSETS
Stocks | 14 | 2,051,697 |  | 1,949,191 |
Debtors | 15 | 2,198,542 |  | 2,064,563 |
Cash at bank and in hand |  | 5,581,177 |  | 5,229,346 |
|  | 9,831,416 |  | 9,243,100 |
Creditors: Amounts Falling Due Within One Year | 16 | (2,309,546 ) |  | (2,322,549 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 7,521,870 |  | 6,920,551
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 11,328,401 |  | 10,903,631
Creditors: Amounts Falling Due After More Than One Year | 17 |  | (169,800 ) |  | (261,584 )
PROVISIONS FOR LIABILITIES
Deferred Taxation | 19 |  | (855,295 ) |  | (878,731 )
NET ASSETS |  |  | 10,303,306 |  | 9,763,316
CAPITAL AND RESERVES
Called up share capital | 21 |  | 20,000 |  | 20,000
Profit and Loss Account |  |  | 10,283,306 |  | 9,743,316
SHAREHOLDERS' FUNDS |  |  | 10,303,306 |  | 9,763,316

The financial statements were approved by the board of directors on 30 September 2025 and were signed on its behalf by:

Mr A S Gakhal Director
30 September 2025

The notes on pages 11 to 17 form part of these financial statements.
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Aeroplas (U.K.) Limited
Statement of Changes in Equity
For The Year Ended 31 December 2024
Statement of Changes in Equity

| Share Capital | Profit and Loss Account | Total
--- | --- | --- | ---
| £ | £ | £
As at 1 January 2023 | 20,000 | 8,822,696 | 8,842,696
Profit for the year and total comprehensive income | - | 920,620 | 920,620
As at 31 December 2023 and 1 January 2024 | 20,000 | 9,743,316 | 9,763,316
Profit for the year and total comprehensive income | - | 539,990 | 539,990
As at 31 December 2024 | 20,000 | 10,283,306 | 10,303,306

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Aeroplas (U.K.) Limited
Notes to the Financial Statements
For The Year Ended 31 December 2024
Notes to the Financial Statements
1. General Information
Aeroplas (U.K.) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01376171 . The registered office is Aeroplas Drive, Great Western Way, Tipton, West Midlands, DY4 7AB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d);
- the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44, 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 Issues paragraphs 12.27, 12.29 (a), 12.29 (b), 12.29A and 12.30;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

2.3. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements. At the end of the year the company had cash reserves of £5.58m and no bank loans. Moreover, the business has continued to trade profitably throughout 2025.
2.4. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and the reported amounts of assets, liabilities, income and expenses. These estimates and judgements are continually reviewed and are based on past experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements are disclosed below:
Estimated life of fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation. The depreciation rates are set with reference to the estimated useful lives of each asset.
Valuation of the stock of finished goods
Stock is valued at the lower of cost and net realisable value. In respect of finished goods, the cost is calculated on a sales price minus margin basis. This relies upon pricing being consistent with production costs.
2.5. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the sale of goods and is reduced for estimated customer returns, rebates and other similar allowances.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is at the point that the customer has accepted delivery of the goods.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery | 15% and 20% reducing balance
Motor Vehicles | 25% reducing balance
Fixtures & Fittings | 25% reducing balance

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Aeroplas (U.K.) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.7. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.8. Stocks and Work in Progress
Stocks of materials and finished goods are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. The cost of materials is determined using the first-in, first-out method. The cost of finished goods comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
At the end of each reporting period stocks 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.
2.9. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.10. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.11. Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
2.12. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Turnover
Analysis of turnover by geographical market is as follows:

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
United Kingdom | 12,596,504 |  | 10,301,210
Europe | 103,778 |  | 300,224
| 12,700,282 |  | 10,601,434

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Aeroplas (U.K.) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
4. Other Operating Income

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Rental income | 18,000 |  | 20,519
| 18,000 |  | 20,519

5. Operating Profit
The operating profit is stated after charging:

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Bad debts | (5,967) |  | -
Depreciation of tangible fixed assets | 718,054 |  | 748,815

6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Audit Services
Audit of the company's financial statements | 6,500 |  | 5,900
Other Services
Audit-related assurance services | 2,000 |  | 2,000
Taxation compliance service | 920 |  | 670
Other non-audit services | 9,720 |  | 9,720
| 12,640 |  | 12,390

7. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Wages and salaries | 2,004,540 |  | 1,532,751
Social security costs | 194,747 |  | 134,951
Other pension costs | 548,836 |  | 32,604
| 2,748,123 |  | 1,700,306

8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:

| 2024 |  | 2023
--- | --- | --- | ---
Office and administration | 4 |  | 4
Sales, marketing and distribution | 4 |  | 4
Manufacturing | 59 |  | 54
Management | 4 |  | 2
| 71 |  | 64

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Aeroplas (U.K.) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
9. Directors' remuneration

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Emoluments | 67,270 |  | 56,490
Company contributions to money purchase pension schemes | 500,000 |  | -
| 567,270 |  | 56,490

Information regarding the highest paid director was as follows:

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Emoluments | 44,658 |  | 26,000
Company contributions to money purchase pension schemes | 100,000 |  | -
| 144,658 |  | 26,000

10. Interest Receivable and Similar Income

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Bank interest receivable | 203,435 |  | 164,651

11. Interest Payable and Similar Charges

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Finance charges payable under finance leases and hire purchase contracts | 18,523 |  | 20,353
Foreign exchange charges | (17,652 ) |  | 983
Other finance charges | 42 |  | 592
| 913 |  | 21,928

12. Tax on Profit

The tax charge on the profit for the year was as follows:
| Tax Rate | 2024 |  | 2023
--- | --- | --- | --- | ---
| 2024 | 2023 | £ |  | £
Current tax
UK Corporation Tax | 25.0% | 23.5% | 177,974 |  | 275,608
Prior period adjustment | (143 ) |  | -
| 177,831 |  | 275,608
Deferred Tax
Origination and reversal of timing differences | (23,436 ) |  | (13,860 )
Total tax charge for the period | 154,395 |  | 261,748
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

...CONTINUED
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Aeroplas (U.K.) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Profit before tax | 694,385 |  | 1,182,368
Tax on profit at 25% (UK standard rate) | 173,597 |  | 278,093
Goodwill/depreciation not allowed for tax | 179,514 |  | 180,902
Expenses not deductible for tax purposes | 200 |  | 205
Capital allowances | (156,278 ) |  | (169,003 )
Short term timing differences | (23,436 ) |  | (13,860 )
Research and Development tax credit | (19,059 ) |  | (14,589 )
Prior period adjustment | (143 ) |  | -
Total tax charge for the period | 154,395 |  | 261,748

13. Tangible Assets

| Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total
--- | --- | --- | --- | ---
| £ | £ | £ | £
Cost
As at 1 January 2024 | 21,628,509 | 261,884 | 239,824 | 22,130,217
Additions | 528,560 | - | 13,743 | 542,303
Disposals | - | - | (21,930 ) | (21,930 )
As at 31 December 2024 | 22,157,069 | 261,884 | 231,637 | 22,650,590
Depreciation
As at 1 January 2024 | 17,836,994 | 98,526 | 211,617 | 18,147,137
Provided during the period | 667,799 | 40,839 | 9,416 | 718,054
Disposals | - | - | (21,132 ) | (21,132 )
As at 31 December 2024 | 18,504,793 | 139,365 | 199,901 | 18,844,059
Net Book Value
As at 31 December 2024 | 3,652,276 | 122,519 | 31,736 | 3,806,531
As at 1 January 2024 | 3,791,515 | 163,358 | 28,207 | 3,983,080

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Plant & Machinery | 216,546 |  | 262,165
Motor Vehicles | 86,626 |  | 115,502
| 303,172 |  | 377,667

14. Stocks

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Materials | 344,807 |  | 433,408
Finished goods | 1,706,890 |  | 1,515,783
| 2,051,697 |  | 1,949,191

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Aeroplas (U.K.) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
15. Debtors

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 1,950,729 |  | 1,898,101
Prepayments and accrued income | 176,533 |  | 166,462
Other debtors | 71,280 |  | -
| 2,198,542 |  | 2,064,563

16. Creditors: Amounts Falling Due Within One Year

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Net obligations under finance lease and hire purchase contracts | 91,510 |  | 85,978
Trade creditors | 856,038 |  | 1,033,926
Amounts owed to group undertakings | 917,078 |  | 804,160
Other creditors | 7,097 |  | 6,327
Corporation tax | 177,974 |  | 275,608
Taxation and social security | 228,637 |  | 105,532
Accruals and deferred income | 31,212 |  | 11,018
| 2,309,546 |  | 2,322,549

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
17. Creditors: Amounts Falling Due After More Than One Year

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Net obligations under finance lease and hire purchase contracts | 169,800 |  | 261,584

Of the creditors the following amounts are secured.

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Net obligations under finance lease and hire purchase contracts | 261,310 |  | 347,562
Amounts owed to group undertakings | 917,078 |  | 804,160

The amount owed to group undertakings is secured by a debenture over the company's assets. The amounts owing under hire purchase agreements are secured on the assets concerned.
18. Obligations Under Finance Leases and Hire Purchase

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
The future minimum finance lease payments are as follows:
Not later than one year | 91,510 |  | 85,978
Later than one year and not later than five years | 169,800 |  | 261,584
| 261,310 |  | 347,562
| 261,310 |  | 347,562

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Aeroplas (U.K.) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
19. Deferred Taxation
The provision for deferred tax is made up as follows:

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Other timing differences | 855,295 |  | 878,731

20. Provisions for Liabilities

| Deferred Tax | Total
--- | --- | ---
| £ | £
As at 1 January 2024 | 878,731 | 878,731
Utilised | (23,436 ) | (23,436)
Balance at 31 December 2024 | 855,295 | 855,295

21. Share Capital

| 2024 |  | 2023
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
20,000 Ordinary Shares of £ 1 each | 20,000 |  | 20,000

22. Capital Commitments

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
At the end of the period | 71,280 |  | -

Capital commitments comprise a deposit paid during the year. The deposit is for tooling delivered after the year end and is recorded within other debtors.
23. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £500,000 (2023: £0).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
24. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
25. Post Balance Sheet Events
There are no events that have occured since the reporting date that need to be disclosed or adjusted for in these financial statements.
26. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
27. Controlling Parties
The ultimate parent company and controlling party is Aeroplas Holdings Ltd. (incorporated in England & Wales). Its registered office is Masonic Building, 9 Mill Street, Sutton Coldfield B72 1TJ .
Copies of the group accounts may be obtained from Companies House.
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