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Registered Number:04046384 EUROPLAZ TECHNOLOGIES LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
EUROPLAZ TECHNOLOGIES LTD
COMPANY INFORMATION
Directors | E D O'Keeffe
| S Sansom
| Ms K H P O'Keeffe Shah
| R O'Keeffe
Registered number | 04046384
Registered office | The Maltings Industrial Estate
| Southminster
| Essex
| CM0 7EQ
Independent auditor | Sumer Auditco Limited
| Statutory Auditor
| Fitzroy House
| Crown Street
| Ipswich
| Suffolk
| IP1 3LG
EUROPLAZ TECHNOLOGIES LTD
CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 6
Independent Auditor's Report | 7 - 10
Statement of Comprehensive Income | 11 - 12
Balance Sheet | 12
Statement of Changes in Equity | 13
Notes to the Financial Statements | 14 - 29
EUROPLAZ TECHNOLOGIES LTD
STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
Introduction
Europlaz Technologies Ltd, a wholly owned subsidiary of Oakleaf Group Ltd, specialises in providing high-quality engineering and manufacturing services to the medical device industry. The company’s client base includes the NHS, international distributors, and original equipment manufacturers (OEMs). Our operations are focused on delivering precision, reliability, and innovation in medical device production, with a commitment to improving patient outcomes and supporting healthcare providers globally.
Business review
During the financial year ended 31 March 2025, the company achieved a 22% increase in turnover, reflecting strong demand across key product lines and successful expansion into new markets. Profit after tax rose significantly to £2,055,378, compared to £1,497,382 in the previous year. This growth was driven by operational efficiencies, strategic investment in automation, and continued focus on customer satisfaction. Despite facing external challenges - including geopolitical instability, regulatory changes under the Medical Device Regulation (MDR), and inflationary pressures - the company maintained robust performance. Our proactive approach to risk management and agile decision-making enabled us to navigate these complexities effectively.
Principal risks and uncertainties
The company is exposed to several risks and uncertainties that could impact future performance: Margin Pressure: Increasing competition and cost sensitivity in the medical device sector may erode margins, particularly in core product areas. Inflation and Cost Volatility: Rising costs of raw materials, particularly polymers and packaging, as well as energy and labour, pose ongoing challenges. Regulatory Compliance: Adapting to evolving MDR requirements demands continuous investment in quality assurance and regulatory expertise. Workforce Retention: Attracting and retaining skilled personnel remains critical to sustaining operational excellence and innovation. The Board regularly reviews these risks and has implemented mitigation strategies, including supplier diversification, investment in staff development, and enhanced regulatory monitoring. Liquidity Risk: Managed through detailed cash flow forecasting and maintaining adequate banking facilities. Credit Risk: Mitigated by conducting thorough customer due diligence and maintaining close oversight of debtor balances, and carrying credit insurance. Page 1
EUROPLAZ TECHNOLOGIES LTD
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Financial key performance indicators
To monitor and drive performance, the company tracks several KPIs: On-Time-In-Full (OTIF) Delivery: Achieved a rating of 98% (2024:98%), reflecting our commitment to reliability and customer service. Material Cost Management: Despite market volatility, procurement strategies have helped stabilise input costs. Operational Efficiency: Continued investment in automation and lean manufacturing has improved throughput and reduced waste. These indicators are reviewed regularly by management and inform strategic decisions across the business. This report was approved by the board and signed on its behalf.
E D O'Keeffe Director
Date: 25 November 2025
Page 2
EUROPLAZ TECHNOLOGIES LTD
DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Directors present their report and the financial statements for the year ended 31 March 2025.
Directors' responsibilities statement
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £2,055,378 (2024 - £1,497,382). Dividends paid to the parent company in the year amount to £687,775 (2024- £1,000,200.)
Directors
The Directors who served during the year were:
E D O'Keeffe
S Sansom
Ms K H P O'Keeffe Shah
R O'Keeffe
Future developments
Europlaz Technologies Ltd is well-positioned to capitalise on emerging opportunities in the medical device sector. Our focus remains on innovation, quality, and customer partnership. Strategic priorities for the coming year include expanding our product portfolio, enhancing digital capabilities, and deepening our presence in international markets. The Board remains confident in the company’s ability to deliver sustainable growth and long-term value for stakeholders. Page 3
EUROPLAZ TECHNOLOGIES LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Sustainability and Ethical Strategy
The Company is committed to sustainability, recognising not only benefits to planet and society but also gains to our financial performance through the triple bottom line of planet, people and profit. By integrating sustainable practices into our operations, it reduces costs, increases efficiency and fosters innovation, which makes strong business sense and ensures long-term success. The Company has made significant progress in energy efficiency, with total site electricity consumption decreasing by 24.4% compared to the baseline year. Over the past twelve months the company has generated 31% of electricity used from its own Solar PV and has invested an Overall £700,000 in sustainability related initiatives This brings total solar PV capacity to 600 Megawatts. Clear targets have been set to achieve net zero emissions by 2045, supported by the Company’s Road Map to Net Zero and Carbon Reduction Plan. These targets are aligned with the Science Based Targets initiative (SBTi). In the past year, the Company has implemented an Environmental Management System and achieved certification to the ISO 14001 standard. It has also successfully completed and third-party verified product carbon footprints for a selection of product lines, with plans to expand this initiative further. In accordance with The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, and the accompanying guidance Environmental Reporting Guidelines: including streamlined energy and carbon reporting guidance (March 2019), the Group presents details of its energy consumption and associated greenhouse gas emissions. The energy use and associated greenhouse gas emissions of large companies within the Group are set out below. The below emissions have been based and verified against the International Standard ISO 14064-1 (Quantification and Reporting of Greenhouse Gas Emissions and Removals). Social and Ethical Strategy The company recognises its responsibility to have a positive impact on the environment and society while fostering a diverse, inclusive and responsible workplace. The company's commitment to social and ethical responsibilities includes establishing the social and charity committee, getting employees actively engaged in charitable efforts not only for the charity benefit but for the social benefit to employees and annual contributions to an employee selected charity. The Company proactively ensures compliance with all employee protection legislation and ensures no discrimination on the grounds of race, religion, gender, sexual orientation, disability or age or any other Page 4
EUROPLAZ TECHNOLOGIES LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 discriminating factor. They have actively increased training on diversity and implemented mental health awareness training for staff. The company have also been making efforts to ensure ethical business principles are upheld down their supply chain, continuing efforts to get suppliers signed up to the Supplier Code of Conduct and completing a supply chain mapping and risk assessment to identify areas at high risk of modern Slavery. The company is increasing efforts to be transparent on governance and diversity. In the last year Europlaz are pleased to report no corruption, whistle-blower or information security breaches have been reported. Gender Diversity is detailed below. Gender Diversity Overview More information on our governance and diversity reporting is available on the dedicated Governance page on the website.
Matters covered in the Strategic Report
Details of the Company's future developments, financial risk management objectives and policies, use of financial instruments, and the key risks to which it is exposed are included in the Strategic Report.
Disclosure of information to auditor
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditor
The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 5
EUROPLAZ TECHNOLOGIES LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 This report was approved by the board and signed on its behalf.
E D O'Keeffe Director
Date: 25 November 2025
Page 6
EUROPLAZ TECHNOLOGIES LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPLAZ TECHNOLOGIES LTD
Opinion
We have audited the financial statements of Europlaz Technologies Ltd (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its profit 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. Page 7
EUROPLAZ TECHNOLOGIES LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPLAZ TECHNOLOGIES LTD (CONTINUED)
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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of Directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 8
EUROPLAZ TECHNOLOGIES LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPLAZ TECHNOLOGIES LTD (CONTINUED)
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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of Directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Company. The following laws and regulations were identified as being of significance to the Company: • Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards and UK Company Law; and • Those laws and regulations considered to have an indirect effect on the financial statements including the Health & Safety Act 1974, COSHH, ISO13485 and REACH regulations. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of board minutes, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report. Page 9
EUROPLAZ TECHNOLOGIES LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPLAZ TECHNOLOGIES LTD (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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. John Perry (Senior Statutory Auditor) for and on behalf of Sumer Auditco Limited Statutory Auditor Fitzroy House Crown Street Ipswich Suffolk IP1 3LG 2 December 2025 Page 10
EUROPLAZ TECHNOLOGIES LTD
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 13,546,748 | 11,935,642
Cost of sales |  | (7,856,992) | (7,060,869)
Gross profit |  | 5,689,756 | 4,874,773
Administrative expenses |  | (3,063,304) | (2,613,030)
Exceptional administrative expenses |  | (300,000) | (837,759)
Other operating income | 5 | 176,057 | 168,853
Operating profit | 6 | 2,502,509 | 1,592,837
Interest receivable and similar income | 10 | 25,902 | 40,129
Interest payable and similar expenses | 11 | (9,060) | (2,257)
Profit before tax |  | 2,519,351 | 1,630,709
Tax on profit | 12 | (463,973) | (133,327)
Profit for the financial year |  | 2,055,378 | 1,497,382
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 14 to 29 form part of these financial statements.
Page 11
EUROPLAZ TECHNOLOGIES LTD
BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 15 |  | 2,654,245 |  | 2,382,235
|  |  | 2,654,245 |  | 2,382,235
Current assets |  |  |  |  |
Stocks | 16 | 1,258,569 |  | 1,201,981 |
Debtors: amounts falling due within one year | 17 | 3,495,716 |  | 2,506,655 |
Cash at bank and in hand | 18 | 975,580 |  | 1,944,397 |
|  | 5,729,865 |  | 5,653,033 |
Creditors: amounts falling due within one year | 19 | (1,902,328) |  | (3,019,796) |
Net current assets |  |  | 3,827,537 |  | 2,633,237
Total assets less current liabilities |  |  | 6,481,782 |  | 5,015,472
Provisions for liabilities |  |  |  |  |
Deferred tax | 20 | (555,851) |  | (457,144) |
|  |  | (555,851) |  | (457,144)
Net assets |  |  | 5,925,931 |  | 4,558,328
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 250,100 |  | 250,100
Profit and loss account | 22 |  | 5,675,831 |  | 4,308,228
|  |  | 5,925,931 |  | 4,558,328
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
E D O'Keeffe
Director
Date: 25 November 2025
The notes on pages 14 to 29 form part of these financial statements. Page 12
EUROPLAZ TECHNOLOGIES LTD
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 April 2023 | 250,100 | 3,811,046 | 4,061,146
Profit for the year | - | 1,497,382 | 1,497,382
Dividends: Equity capital paid to Parent Company | - | (1,000,200) | (1,000,200)
At 1 April 2024 | 250,100 | 4,308,228 | 4,558,328
Profit for the year | - | 2,055,378 | 2,055,378
Dividends: Equity capital paid to Parent Company | - | (687,775) | (687,775)
At 31 March 2025 | 250,100 | 5,675,831 | 5,925,931
| The notes on pages 14 to 29 form part of these financial statements.
Page 13
EUROPLAZ TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Europlaz Technologies Ltd (the "Company") is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1, The Maltings Industrial Estate, Southminster, Essex, CM0 7EQ. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Oakleaf Group Limited as at 31 March 2024 and these financial statements may be obtained from Companies House.
| 2.3 | Going concern
The Company has a strong financial position at the balance sheet date and has continued to perform strongly since the year-end. The directors have made enquiries, reviewed cashflow forecasts and believe that the Company will be able to continue to trade and meet its liabilities for 12 months from the expected date of approval of these financial statements, which continue to be prepared on a going concern basis. Page 14
EUROPLAZ TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.7 | Leased assets: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase 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 creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Page 15
EUROPLAZ TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.8 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.9 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
| 2.10 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.11 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.12 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.13 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 16
EUROPLAZ TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.14 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.15 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
| 2.16 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 17
EUROPLAZ TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.16 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Property improvements | - | 10% |
|  |  |  | Plant and machinery | - | 10% |
|  |  |  | Motor vehicles | - | 25% |
|  |  |  | Fixtures and fittings | - | 15% |
|  |  |  | Computer equipment | - | 50% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in either selling and distribution expenses or administrative expenses.
| 2.17 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost is based on the cost of purchase on a first in, first out basis and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.18 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.19 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.20 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 18
EUROPLAZ TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.21 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
| 2.22 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are mentioned below: Useful economic lives of property, plant and equipment The annual depreciation charge for property, plant and equipment is sensitive to changes in the useful economic lives and residual values of assets. The economic lives and residual values are re-assessed annually. They are revised when necessary to reflect current estimates, based on recoverability and expected economic utilisation of the asset.
4. | Turnover
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 10,501,462 | 9,033,389
| Europe | 2,363,621 | 1,999,696
| Rest of the world | 681,665 | 902,557
|  | 13,546,748 | 11,935,642
Page 19
EUROPLAZ TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Government grants receivable | 173,899 | 165,953
| Renewable energy rebates | 2,158 | 2,900
|  | 176,057 | 168,853
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation | 275,180 | 220,172
| Exchange differences | 12,582 | 558
| Other operating lease rentals | 47,194 | 31,750
7. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 12,750 | 11,800
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
Page 20
EUROPLAZ TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 3,400,839 | 3,230,597
| Social security costs | 298,722 | 299,651
| Cost of defined contribution scheme | 438,011 | 988,143
|  | 4,137,572 | 4,518,391
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 102 | 105
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 255,067 | 257,980
| Employer pension contributions | 185,338 | 17,996
| Additional pension contributions (note 14) | 180,000 | 488,523
|  | 620,405 | 764,499
| During the year retirement benefits were accruing to 4 Directors (2024 - 4) in respect of defined contribution pension schemes.
| The highest paid Director received remuneration of £100,408 (2024 - £109,503).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £60,000 (2024 - £158,638).
Page 21
EUROPLAZ TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 25,902 | 40,129
|  | 25,902 | 40,129
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 34 | -
| Finance leases and hire purchase contracts | 9,026 | 2,257
|  | 9,060 | 2,257
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 534,120 | 216,534
| Adjustments in respect of previous periods | (168,854) | (150,674)
| Total current tax | 365,266 | 65,860
| Deferred tax |  |
| Origination and reversal of timing differences | (6,013) | 67,467
| Prior year charge | 104,720 | -
| Total deferred tax | 98,707 | 67,467
| Tax on profit | 463,973 | 133,327
Page 22
EUROPLAZ TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 2,519,351 | 1,630,709
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 629,838 | 407,677
| Effects of: |  |
| Expenses not deductible for tax purposes | 2,989 | 3,111
| Adjustments to current tax charge in respect of prior periods | (64,134) | (150,674)
| Adjustments to deferred tax charge in respect of prior periods | (104,720) | (90,068)
| Group relief received | - | (36,719)
| Total tax charge for the year | 463,973 | 133,327
13. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Ordinary |  |
| Interim Dividends paid to Parent Company | 687,775 | 1,000,200
|  | 687,775 | 1,000,200
14. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contributions to defined contribution pension scheme | 300,000 | 837,759
|  | 300,000 | 837,759
| During the year, the above payment was made to 3 director's defined contribution pension schemes.
Page 23
EUROPLAZ TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
15. | Tangible fixed assets
|  | Leasehold improvements | Plant and machinery | Motor vehicles | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 April 2024 | 1,068,775 | 2,251,920 | 75,953 | 245,914 | 99,420 | 3,741,982
| Additions | 403,645 | 189,450 | - | 4,309 | 15,500 | 612,904
| Disposals | (76,299) | - | - | - | - | (76,299)
| At 31 March 2025 | 1,396,121 | 2,441,370 | 75,953 | 250,223 | 114,920 | 4,278,587
| Depreciation |  |  |  |  |  |
| At 1 April 2024 | 241,101 | 838,533 | 41,987 | 165,790 | 72,336 | 1,359,747
| Charge for the year on owned assets | 91,283 | 149,443 | 7,582 | 11,289 | 15,583 | 275,180
| Disposals | (10,585) | - | - | - | - | (10,585)
| At 31 March 2025 | 321,799 | 987,976 | 49,569 | 177,079 | 87,919 | 1,624,342
| Net book value |  |  |  |  |  |
| At 31 March 2025 | 1,074,322 | 1,453,394 | 26,384 | 73,144 | 27,001 | 2,654,245
| At 31 March 2024 | 827,674 | 1,413,387 | 33,966 | 80,124 | 27,084 | 2,382,235
Page 24
EUROPLAZ TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
16. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Work in progress | 162,483 | 136,952
| Finished goods | 1,096,086 | 1,065,029
|  | 1,258,569 | 1,201,981
17. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,856,699 | 2,194,756
| Amounts owed by group undertakings | 267,070 | 56,521
| Other debtors | 212,629 | 3,909
| Prepayments and accrued income | 159,318 | 251,469
|  | 3,495,716 | 2,506,655
| Amounts owed by Group undertakings are interest free and are repayable on demand.
18. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 975,580 | 1,944,397
| Less: bank overdrafts | (281) | -
|  | 975,299 | 1,944,397
Page 25
EUROPLAZ TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
19. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 281 | -
| Trade creditors | 544,109 | 1,099,977
| Amounts owed to group undertakings | - | 1,150,787
| Corporation tax | 534,120 | 168,854
| Other taxation and social security | 296,435 | 246,039
| Other creditors | 98,992 | 56,171
| Accruals and deferred income | 428,391 | 297,968
|  | 1,902,328 | 3,019,796
| Amounts owed to group undertakings are interest free and repayable on demand.
Page 26
EUROPLAZ TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
20. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (457,144)
| Charged to profit or loss | (98,707)
| At end of year | (555,851)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (561,863) | (568,142)
| Pension spreading adjustment | 6,012 | 110,998
| The spreading adjustment for the pension deductions is over a period of two years.
21. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 250,100 (2024 - 250,100) Ordinary shares of £1.00 each | 250,100 | 250,100
22. | Reserves
Profit and loss account The profit and loss account represents the Company's accumulated profits which are available for distribution to shareholders. Page 27
EUROPLAZ TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
23. | Capital commitments
| At 31 March 2025 the Company had capital commitments as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | 244,338 | -
|  | 244,338 | -
24. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £438,011 (2024 - £1,006,139). Contributions totalling £26,373 (2024 - £29,138) were payable to the fund at the balance sheet date and are included in creditors.
25. | Commitments under operating leases
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 43,907 | 47,194
| Later than 1 year and not later than 5 years | 39,709 | 71,841
|  | 83,616 | 119,035
26. | Transactions with directors
As at 31 March 2025 the Company was owed £61,979 (2024 - company owed £13,944), by directors of the Company. The maximum overdrawn balance during the year was £243,507 (2024 - £243,507). During the year the company charged interest on the balance of £1,395 (2024 - £86). As at 31 March 2025 the Company was owed £4,183 (2024 - £3,823) by a director of the Company. The maximum overdrawn balance during the year was £4,138 (2024 - £3,823). Page 28
EUROPLAZ TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
27. | Related party transactions
| The Company has taken advantage of the exemption contained in FRS 102 Section 33.1A and has not disclosed transactions with any Group member that is wholly owned. Remuneration totalling £12,000 (2024 - £12,000) was paid to close members of the directors' families during the year.
28. | Controlling party
The Company is a wholly owned subsidiary of Oakleaf Group Limited, a private company incorporated in England and Wales with its registered office being Unit 10-12 The Maltings Industrial Estate, Southminster, Essex, CM0 7EQ. Oakleaf Group Limited is the parent of the smallest group for which consolidated financial statements are drawn up. The Company considers E D O'Keeffe to be the ultimate controlling party by virtue of his shareholding in the parent company.
Page 29