Aeroplas (U.K.) Limited

	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

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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

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

	Tax Rate		2024	2023
The tax charge on the profit for the year was as follows:
	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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Page 17

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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