Aeroplas Holdings Ltd.

	Page
Company Information	1
Strategic Report	2
Directors' Report	3—4
Independent Auditor's Report	5—6
Consolidated Statement of Comprehensive Income	7
Consolidated Statement of Financial Position	8
Company Statement of Financial Position	9
Consolidated Statement of Changes in Equity	10
Company Statement of Changes in Equity	11
Consolidated Statement of Cash Flows	12
Notes to the Consolidated Statement of Cash Flows	13
Notes to the Financial Statements	14—22

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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 group's principal activity continues to be that of manufacture of plastic products.

Review of the Business

The Group is a leading manufacturer of plastic coat hangers, catering products and horticultural products. During the year, the Group 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 Group 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 led to shortages of certain key materials, resulting in price increases. To mitigate the risk, the Group established new supplier relationships, ensuring continuity of supply at competitive prices.

The Group 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 Group 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 Group continues to invest in new plant and tooling to improve energy efficieny and production cycle times. The Group'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 Holdings Ltd.

Company No. 03978798

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

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 a positive net current asset position and the group as a whole had £5.7m of cash reserves with only £1.9m of current liabilities. Moreover, the group 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 the group and of the profit or loss of the group 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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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 and group'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 and group's auditors are aware of that information.

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Aeroplas Holdings Ltd.

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 Holdings Ltd.

Independent Auditor's Report

Opinion

We have audited the financial statements of Aeroplas Holdings Ltd. (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows 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 group's and of the parent company's affairs as at 31 December 2024 and of the group's 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 group and parent 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 group and parent company'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 group and parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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 Holdings Ltd.

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 group and parent 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 group or the parent 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 Holdings Ltd.

Consolidated Statement of Comprehensive Income

For The Year Ended 31 December 2024

Consolidated Statement of Comprehensive Income

		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		(1,633,922 )	(984,136 )
Other operating income		21,246	23,765

OPERATING PROFIT	5	689,439	1,257,773
Loss on disposal of fixed assets		(798 )	(20,307 )
Other interest receivable and similar income	10	203,495	164,956
Interest payable and similar charges	11	(913 )	(21,928 )

PROFIT BEFORE TAXATION		891,223	1,380,494
Tax on Profit	12	(213,616 )	(317,942 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		677,607	1,062,552
OTHER COMPREHENSIVE INCOME FOR THE YEAR		-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		677,607	1,062,552

The notes on pages 13 to 22 form part of these financial statements.

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Aeroplas Holdings Ltd.

Consolidated Statement of Financial Position

As At 31 December 2024

Consolidated Statement of Financial Position

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	13		5,730,722		5,948,058

			5,730,722		5,948,058
CURRENT ASSETS
Stocks	15	2,051,697		1,949,191
Debtors	16	2,212,097		2,089,266
Cash at bank and in hand		5,678,587		5,249,491

		9,942,381		9,287,948
Creditors: Amounts Falling Due Within One Year	17	(1,853,104 )		(1,895,148 )

NET CURRENT ASSETS (LIABILITIES)			8,089,277		7,392,800

TOTAL ASSETS LESS CURRENT LIABILITIES			13,819,999		13,340,858

Creditors: Amounts Falling Due After More Than One Year	18		(241,227 )		(336,257 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	20		(855,295 )		(878,731 )

NET ASSETS			12,723,477		12,125,870

CAPITAL AND RESERVES
Called up share capital	22		20,020		20,020
Share premium account			3,980		3,980
Income Statement			12,699,477		12,101,870

SHAREHOLDERS' FUNDS			12,723,477		12,125,870

On behalf of the board

Mr A S Gakhal

Director

30 September 2025

The notes on pages 13 to 22 form part of these financial statements.

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Aeroplas Holdings Ltd.

Company Statement of Financial Position

As At 31 December 2024

Company Statement of Financial Position

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	13		1,924,191		1,964,978
Investments	14		20,000		20,000

			1,944,191		1,984,978
CURRENT ASSETS
Debtors	16	930,633		828,863
Cash at bank and in hand		97,410		20,145

		1,028,043		849,008
Creditors: Amounts Falling Due Within One Year	17	(460,636 )		(376,759 )

NET CURRENT ASSETS (LIABILITIES)			567,407		472,249

TOTAL ASSETS LESS CURRENT LIABILITIES			2,511,598		2,457,227

Creditors: Amounts Falling Due After More Than One Year	18		(71,427 )		(74,673 )

NET ASSETS			2,440,171		2,382,554

CAPITAL AND RESERVES
Called up share capital	22		20,020		20,020
Share premium account			3,980		3,980
Income Statement			2,416,171		2,358,554

SHAREHOLDERS' FUNDS			2,440,171		2,382,554

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 137,617 (2023: £ 141,932 profit).

On behalf of the board

Mr A S Gakhal

Director

30 September 2025

The notes on pages 13 to 22 form part of these financial statements.

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Aeroplas Holdings Ltd.

Consolidated Statement of Changes in Equity

For The Year Ended 31 December 2024

Consolidated Statement of Changes in Equity

	Share Capital	Share Premium	Income Statement	Total
	£	£	£	£
As at 1 January 2023	20,020	3,980	11,119,318	11,143,318
Profit for the year and total comprehensive income	-	-	1,062,552	1,062,552

Dividends paid	-	-	(80,000)	(80,000)

As at 31 December 2023 and 1 January 2024	20,020	3,980	12,101,870	12,125,870


Profit for the year and total comprehensive income	-	-	677,607	677,607

Dividends paid	-	-	(80,000)	(80,000)

As at 31 December 2024	20,020	3,980	12,699,477	12,723,477

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Aeroplas Holdings Ltd.

Company Statement of Changes in Equity

For The Year Ended 31 December 2024

Company Statement of Changes in Equity

	Share Capital	Share Premium	Income Statement	Total
	£	£	£	£
As at 1 January 2023	20,020	3,980	2,296,622	2,320,622
Profit for the year and total comprehensive income	-	-	141,932	141,932

Dividends paid	-	-	(80,000)	(80,000)

As at 31 December 2023 and 1 January 2024	20,020	3,980	2,358,554	2,382,554


Profit for the year and total comprehensive income	-	-	137,617	137,617

Dividends paid	-	-	(80,000)	(80,000)

As at 31 December 2024	20,020	3,980	2,416,171	2,440,171

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Aeroplas Holdings Ltd.

Consolidated Statement of Cash Flows

For The Year Ended 31 December 2024

Consolidated Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	1,399,075	2,024,083
Interest paid		(913 )	(20,945 )
Tax paid		(320,511 )	(318,540 )

Net cash generated from operating activities		1,077,651	1,684,598

Cash flows from investing activities
Purchase of tangible assets		(542,303 )	(612,810 )
Proceeds from disposal of tangible assets		-	10,000

Net cash used in investing activities		(542,303 )	(602,810 )

Cash flows from financing activities
Equity dividends paid		(80,000 )	(80,000 )
Repayment of finance leases		(86,252 )	(84,125 )
Amount introduced by directors		60,000	164,776
New HP borrowings		-	135,600

Net cash (used in)/generated from financing activities		(106,252 )	136,251



Increase in cash and cash equivalents		429,096	1,218,039
Cash and cash equivalents at beginning of year	2	5,249,491	4,031,452

Cash and cash equivalents at end of year	2	5,678,587	5,249,491

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Aeroplas Holdings Ltd.

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2024	2023
	£	£
Profit for the financial year	677,607	1,062,552
Adjustments for:
Tax on profit	213,616	317,942
Interest expense	913	20,945
Depreciation of tangible assets	758,841	789,602
Loss on disposal of tangible assets	798	20,307
Movements in working capital:
(Increase)/decrease in stocks	(102,506 )	33,730
Increase in trade and other debtors	(133,979 )	(227,732 )
(Decrease)/increase in trade and other creditors	(16,215 )	6,737

Net cash generated from operations	1,399,075	2,024,083

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	5,678,587	5,249,491

3. Analysis of changes in net funds

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	5,249,491	429,096	5,678,587
Finance leases	(347,562)	86,252	(261,310)

	4,901,929	515,348	5,417,277

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Aeroplas Holdings Ltd.

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Aeroplas Holdings Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 03978798 . The registered office is Masonic Building, 9 Mill Street, Sutton Coldfield, B72 1TJ.

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. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2024.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

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 group and parent 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 parent company had a positive net current asset position and the group as a whole had £5.7m of cash reserves with only £1.9m of current liabilities. Moreover, the group 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 signed for the delivery of the goods.

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Aeroplas Holdings Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

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:

Freehold	2% straight line
Plant & Machinery	15% and 20% reducing balance
Motor Vehicles	25% reducing balance
Fixtures & Fittings	25% reducing balance

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 group. 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 income statement 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 income statement 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 statement of financial position 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

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

Page 15

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Aeroplas Holdings Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.12. Government Grant

Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute. Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period. Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.

The grant received by the company in respect of the acquisition of freehold land and buildings is being written off over 50 years.

3. Turnover

Turnover from the sale of good 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 signed for the delivery pf the goods.

4. Other Operating Income

	2024	2023
	£	£
Grant income	3,246	3,246
Rental income	18,000	20,519

	21,246	23,765

5. Operating Profit

The operating profit is stated after charging:

	2024	2023
	£	£
Bad debts	(5,967)	-
Depreciation of tangible fixed assets	758,841	789,602

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 group and company's financial statements	9,500	8,270


Other Services
Audit-related assurance services	4,500	4,180
Taxation compliance service	920	670
Other non-audit services	9,720	9,720

	15,140	14,570

Page 16

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Aeroplas Holdings Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

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

Group

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

Company

Average number of employees, including directors, during the year was: NIL (2023: )

9. Directors' remuneration

	2024	2023
	£	£
Emoluments	67,270	38,350
Company contributions to money purchase pension schemes	500,000	-

	567,270	38,350

Information regarding the highest paid director was as follows:

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

	144,658	-

10. Interest Receivable and Similar Income

	2024	2023
	£	£
Bank interest receivable	203,435	164,651
Other interest receivable	60	305

	203,495	164,956

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Aeroplas Holdings Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

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	24.9%	23.5%	237,195	331,802
Prior period adjustment			(143 )	-

			237,052	331,802
Deferred Tax
Origination and reversal of timing differences			(23,436 )	(13,860 )


Total tax charge for the period			213,616	317,942


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:
			2024	2023
			£	£
Profit before tax			891,223	1,380,494

Tax on profit at 24.9% (UK standard rate)			222,653	324,693
Goodwill/depreciation not allowed for tax			189,679	190,495
Expenses not deductible for tax purposes			200	206
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			213,616	317,942

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Aeroplas Holdings Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

13. Tangible Assets

Group

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 January 2024	2,719,718	21,628,509	261,884	239,824	24,849,935
Additions	-	528,560	-	13,743	542,303
Disposals	-	-	-	(21,930 )	(21,930 )

As at 31 December 2024	2,719,718	22,157,069	261,884	231,637	25,370,308

Depreciation
As at 1 January 2024	754,740	17,836,994	98,526	211,617	18,901,877
Provided during the period	40,787	667,799	40,839	9,416	758,841
Disposals	-	-	-	(21,132 )	(21,132 )

As at 31 December 2024	795,527	18,504,793	139,365	199,901	19,639,586

Net Book Value
As at 31 December 2024	1,924,191	3,652,276	122,519	31,736	5,730,722

As at 1 January 2024	1,964,978	3,791,515	163,358	28,207	5,948,058

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
Fixtures & Fittings	86,626	115,502

	303,172	377,667

Company

	Land & Property
	Freehold
	£
Cost
As at 1 January 2024	2,719,718

As at 31 December 2024	2,719,718

Depreciation
As at 1 January 2024	754,740
Provided during the period	40,787

As at 31 December 2024	795,527

Net Book Value
As at 31 December 2024	1,924,191

As at 1 January 2024	1,964,978

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Aeroplas Holdings Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

The cost of non-depreciated assets included within Land and Buildings amounted to £680,350 (2023: £680,350).

14. Investments

Company

	Subsidiaries
	£
Cost
As at 1 January 2024	20,000

As at 31 December 2024	20,000

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	20,000

As at 1 January 2024	20,000

Subsidiaries

Details of the company's subsidiaries as at 31 December 2024 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Aeroplas (U.K.) Limited	Aeroplas Drive, Great Western Way, Tipton, West Midlands, DY4 7AB	Ordinary	100.00%	-

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

	Capital and Reserves	Profit/(loss)
	£	£
Aeroplas (U.K.) Limited	10,303,306	539,990

15. 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 Holdings Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

16. Debtors

	Group		Company
	2024	2023	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	-	-	-
Corporation tax recoverable assets	13,555	24,703	13,555	24,703
Amounts owed by group undertakings	-	-	917,078	804,160

	2,212,097	2,089,266	930,633	828,863

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

17. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	91,510	85,978	-	-
Trade creditors	856,038	1,033,926	-	-
Corporation tax	237,195	331,802	59,221	56,194
Other taxes and social security	240,637	117,532	12,000	12,000
Other creditors	164,550	143,780	157,453	137,453
Accruals and deferred income	38,398	17,354	7,186	6,336
Directors' loan accounts	224,776	164,776	224,776	164,776

	1,853,104	1,895,148	460,636	376,759

18. Creditors: Amounts Falling Due After More Than One Year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	169,800	261,584	-	-
Accruals and deferred income	71,427	74,673	71,427	74,673

	241,227	336,257	71,427	74,673

19. Obligations Under Finance Leases and Hire Purchase

	Group
	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 Holdings Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

20. Deferred Taxation

The provision for deferred tax is made up as follows:

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

21. Provisions for Liabilities

Group
	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

22. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
20,000 Ordinary Shares of £ 1.00 each	20,000	20,000
20 Ordinary A shares of £ 1.00 each	20	20

	20,020	20,020

23. Capital Commitments

At the end of the period, the group and company had capital commitments contracted for but not provided in these financial statements

24. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the income statement in respect of defined contribution schemes was £500,000 (2023: £0).

At the statement of financial position date contributions of £NIL were due to the fund and are included in creditors.

25. Dividends

	2024	2023
	£	£
On equity shares:
Final dividend paid	80,000	80,000

26. 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.

27. 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.

Page 22