Company registration number 00624855 (England and Wales)
FERN PLASTIC PRODUCTS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
FERN PLASTIC PRODUCTS LTD
COMPANY INFORMATION
Directors
Mr G Harper
Mr M A Stallard
Company number
00624855
Registered office
Macrome Road
Wolverhampton
West Midlands
WV6 9HD
Auditor
CK Audit
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
Business address
Macrome Road
Wolverhampton
West Midlands
WV6 9HD
FERN PLASTIC PRODUCTS LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
FERN PLASTIC PRODUCTS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Fair review of the business

We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and complexity of the business and is written in the context of the risks and uncertainty it faces.

Sales returned and increased to expected levels following our customers’ stock reduction policies last year as we were confident they would. This validated our strategy to sustain our in-direct head-count and staff development to support our future growth, despite higher wage increases and the prospect of even higher employment cost inflation next year. Inevitably, our input and output prices increased overall. In raw materials; polymer costs were reasonably stable with few exceptions but non-ferrous components experienced significant inflation in-line with national trends. Fortunately, our economies of scale returned, not only in people productivity but in distribution and administrative costs too, which combined to generate earnings we would normally expect.

Information and explanations

There were no further one-off exceptional costs as our new Group ownership structure is now completed.

Development and performance

Increased earnings enabled us to accelerate essential investment in our strategic priorities of automation, energy-efficiency and new business. We responded to our customers’ expectations of certified cyber security and resilience, implementing new systems and planning further enhancements in the new year. Increased yield and lower costs of quality trends continue and are attributable to our effective continuous process improvement and staff development.

Principal risks and uncertainties

Our earnings trend continues in the new year so far and as we have little to do with the automotive sector or other areas currently subject to volatile tariffs we are confident of continued success but constantly aware of shifting conditions.

Key performance indicators

KPI | 202 5 £k | 202 4 £k | Change
Profit Before Tax | 248 | (72) | -444%
Shareholder’s Funds | 3,082 | 2,865 | 7.6%

Other performance indicators

New tooling sales increased again which demonstrates our customers’ confidence in our project management capability and the strength of our relationships. Sales of newly introduced products ramped-up through the year with more to follow in the new year. We are delighted to be involved in many challenging and CO2 reduction/sustainable energy projects which will become significant contributors to our future success and differentiation from our competitors.

FERN PLASTIC PRODUCTS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Other information and explanations

We will continue to face foreseeable and unexpected challenges once more but we believe our financial robustness, business strategy and management process will enable us to withstand any shocks or threats to our continuity in the next period or in the medium term. We remain vigilant and prepared to adapt quickly to the prevailing situation as we have successfully done so previously. The Directors regularly review circumstances, developing short term and long-term strategies accordingly.

On behalf of the board

Mr G Harper
Director
8 December 2025
FERN PLASTIC PRODUCTS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity for the year was plastic injection moulding and toolmaking.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr G Harper
Mr M A Stallard
Financial instruments

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The company uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor
The auditor, CK Audit, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

FERN PLASTIC PRODUCTS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr G Harper
Director
8 December 2025
FERN PLASTIC PRODUCTS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FERN PLASTIC PRODUCTS LTD
- 5 -
Opinion

We have audited the financial statements of Fern Plastic Products 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 notes to the financial statements, including 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport 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.

FERN PLASTIC PRODUCTS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FERN PLASTIC PRODUCTS LTD (CONTINUED)
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We identified and assessed the risks of material misstatement of the financial statements, in respect of irregularities whether due to fraud or error, or non compliance with laws and regulations and then designed and performed audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company by discussion and enquiry with the directors and management team and our general knowledge and experience of the manufacturing and supply 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, taxation legislation, data protection, employment, and health and safety legislation;

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing correspondence with relevant regulators and reviewing board minutes;

FERN PLASTIC PRODUCTS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FERN PLASTIC PRODUCTS LTD (CONTINUED)
- 7 -

We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed included but were not limited to:

Discussions with directors and management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

Confirming our understanding of controls by performing a walk through test or observation and enquiry

Performing analytical procedures to identify any unusual or unexpected relationships;

Challenging assumptions and judgements made by management in its significant accounting estimates;

Identifying and testing journal entries;

Reviewing unusual or unexpected transactions; and

Agreeing the financial statement disclosures to underlying supporting documentation.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 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.

Mark Nicholls (Senior Statutory Auditor)
For and on behalf of CK Audit, Statutory Auditor
Chartered Accountants
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
8 December 2025
FERN PLASTIC PRODUCTS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
6,523,026
5,664,457
Cost of sales
(5,272,064)
(4,739,940)
Gross profit
1,250,962
924,517
Distribution costs
(311,793)
(299,220)
Administrative expenses
(722,219)
(698,457)
Other operating income
57,290
24,064
Operating profit/(loss)
4
274,240
(49,096)
Interest payable and similar expenses
6
(26,059)
(22,661)
Profit/(loss) before taxation
248,181
(71,757)
Tax on profit/(loss)
7
(31,146)
23,635
Profit/(loss) for the financial year
217,035
(48,122)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

FERN PLASTIC PRODUCTS LTD
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
8
1,596,371
1,424,020
Current assets
Stocks
9
1,164,606
1,050,263
Debtors
10
3,693,717
4,908,585
Cash at bank and in hand
11,015
-
0
4,869,338
5,958,848
Creditors: amounts falling due within one year
11
(2,995,286)
(4,138,143)
Net current assets
1,874,052
1,820,705
Total assets less current liabilities
3,470,423
3,244,725
Creditors: amounts falling due after more than one year
12
(44,707)
(58,534)
Provisions for liabilities
Deferred tax liability
15
343,733
312,336
(343,733)
(312,336)
Government grants
16
-
0
(8,907)
Net assets
3,081,983
2,864,948
Capital and reserves
Called up share capital
18
6,972
6,972
Capital redemption reserve
2,668
2,668
Profit and loss reserves
3,072,343
2,855,308
Total equity
3,081,983
2,864,948

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 8 December 2025 and are signed on its behalf by:
Mr G Harper
Director
Company registration number 00624855 (England and Wales)
FERN PLASTIC PRODUCTS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2023
6,972
2,668
2,903,430
2,913,070
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
(48,122)
(48,122)
Balance at 31 March 2024
6,972
2,668
2,855,308
2,864,948
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
217,035
217,035
Balance at 31 March 2025
6,972
2,668
3,072,343
3,081,983
FERN PLASTIC PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
1
Accounting policies
Company information

Fern Plastic Products Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Macrome Road, Wolverhampton, West Midlands, WV6 9HD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the reduced disclosure exemptions for subsidiaries as follows:

- The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d).

- The requirements of Section 11 Basic Financial Instruments paragraphs 11.39 to 11.48A and Section 12 Other Financial Instruments paragraphs 12.26 to 12.29A providing the equivalent disclosures required by this FRS are included in the consolidated financial statements of the group in which the entity is consolidated.

- The requirement of Section 33 Related Party Disclosures paragraph 33.7.

Fern Plastic Products Limited is a wholly owned subsidiary of Fern Manufacturing Group Limited and the results of Fern Plastic Products Limited are included in the consolidated financial statements of Fern Manufacturing Group Limited which are available from Macrome Road, Wolverhampton, West Midlands, WV6 9HD.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the amount derived from the provision of goods and services falling within the company's activities after deduction of trade discounts and value added tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
10 - 25% reducing balance
FERN PLASTIC PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

FERN PLASTIC PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

FERN PLASTIC PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
1.10
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

FERN PLASTIC PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.14
Government grants
Government grants on capital expenditure are credited to a deferral account and are released to revenue over the expected useful life of the relevant asset by equal annual instalments. Grants of a revenue nature are credited to income in the period to which they relate.
1.15
Foreign exchange

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling as at the date of the transaction. Monetary assets and liabilities in the balance shhet are translated at the rate of exchange ruling at the balance sheet date. Gains and losses on translation and conversion are included as part of the results from ordinary activities.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful economic lives of non-current assets

The useful economic lives of non-current assets have been derived from the judgement of the Directors, using their best estimate of write-down period.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock

Inventories are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.

FERN PLASTIC PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Mould shop
5,872,899
5,107,394
Tool room
115,484
124,148
Factored tools
534,643
432,915
6,523,026
5,664,457
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
5,069,202
3,433,095
EC Countries
1,304,289
1,312,600
Rest of the World
149,535
918,762
6,523,026
5,664,457
2025
2024
£
£
Other revenue
Grants received
57,290
24,064
4
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
2,627
(68)
Government grants
(57,290)
(24,064)
Fees payable to the company's auditor for the audit of the company's financial statements
11,199
14,001
Depreciation of owned tangible fixed assets
192,007
168,291
Depreciation of tangible fixed assets held under finance leases
34,241
47,282
Profit on disposal of tangible fixed assets
(1,000)
-
Operating lease charges
127,500
127,500
FERN PLASTIC PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Administration
12
12
Selling & Distribution
5
6
Works
56
55
Total
73
73

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,003,192
1,685,415
Social security costs
188,989
156,946
Pension costs
75,506
83,880
2,267,687
1,926,241
6
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
17,375
15,239
Interest on finance leases and hire purchase contracts
8,684
7,422
26,059
22,661
FERN PLASTIC PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
7
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
183
-
0
Adjustments in respect of prior periods
(434)
-
0
Total current tax
(251)
-
0
Deferred tax
Origination and reversal of timing differences
31,397
(23,635)
Total tax charge/(credit)
31,146
(23,635)

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit/(loss) before taxation
248,181
(71,757)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
62,045
(17,939)
Tax effect of expenses that are not deductible in determining taxable profit
8,337
465
Group relief
-
0
14,365
Research and development tax credit
(32,207)
(20,526)
Deferred tax adjustments in respect of prior years
(7,029)
-
0
Taxation charge/(credit) for the year
31,146
(23,635)
8
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 April 2024
5,553,902
686,403
6,240,305
Additions
348,288
50,311
398,599
At 31 March 2025
5,902,190
736,714
6,638,904
Depreciation and impairment
At 1 April 2024
4,303,516
512,769
4,816,285
Depreciation charged in the year
199,417
26,831
226,248
At 31 March 2025
4,502,933
539,600
5,042,533
FERN PLASTIC PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
(Continued)
- 19 -
Carrying amount
At 31 March 2025
1,399,257
197,114
1,596,371
At 31 March 2024
1,250,386
173,634
1,424,020

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and machinery
194,031
267,930
9
Stocks
2025
2024
£
£
Raw materials and consumables
536,238
507,589
Work in progress
139,594
100,925
Finished goods and goods for resale
488,774
441,749
1,164,606
1,050,263
10
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,491,072
1,166,305
Amounts owed by group undertakings
2,191,198
3,734,189
Prepayments and accrued income
11,447
8,091
3,693,717
4,908,585

Included within trade debtors is £1,488,392 (20 24- £1,134,532 ) subject to an invoice discounting facility. The corresponding liability is included within other creditors due within one year.

FERN PLASTIC PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
11
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
13
-
0
104,930
Obligations under finance leases
14
71,661
63,338
Trade creditors
582,620
557,387
Amounts owed to group undertakings
1,499,914
3,078,693
Corporation tax
183
-
0
Other taxation and social security
124,685
104,535
Other creditors
707,240
220,524
Accruals and deferred income
8,983
8,736
2,995,286
4,138,143

Other creditors include advances for an invoice discounting agreement of £707,208 (2024 - £220,524). These advances are secured by a fixed and floating charge over all the assets of the company.

12
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
14
44,707
58,534
13
Loans and overdrafts
2025
2024
£
£
Bank overdrafts
-
0
104,930
Payable within one year
-
0
104,930
14
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
71,661
63,338
In two to five years
44,707
58,534
116,368
121,872

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

FERN PLASTIC PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
15
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
ACAs
343,733
333,369
Tax losses
-
(21,033)
343,733
312,336
2025
Movements in the year:
£
Liability at 1 April 2024
312,336
Charge to profit or loss
31,397
Liability at 31 March 2025
343,733
16
Government grants
2025
2024
£
£
Arising from government grants
-
8,907
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
75,506
83,880

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

FERN PLASTIC PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Authorised
'A' Ordinary shares of £1 each
3,486
3,486
3,486
3,486
'B' Ordinary shares of £1 each
3,486
3,486
3,486
3,486
6,972
6,972
6,972
6,972
Issued and fully paid
'A' Ordinary shares of £1 each
3,486
3,486
3,486
3,486
'B' Ordinary shares of £1 each
3,486
3,486
3,486
3,486
6,972
6,972
6,972
6,972
19
Financial commitments, guarantees and contingent liabilities

The company is subject to group banking arrangements under which the company's assets and undertaking are charged. The company has also given guarantees jointly and severally with its parent company and ultimate parent company in respect of group borrowings which at 31 March 202 5 amounted to £1,622,293 (2024 - £1,771,543).

20
Operating lease commitments
As lessee

Operating lease payments represent rentals payable by the company for property rental, motor vehicles and plant and machinery.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
145,601
129,623
Years 2-5
27,816
-
173,417
129,623
21
Ultimate controlling party

The ultimate parent company is Fern Manufacturing Group Limited, a company registered in England and Wales.

Fern Manufacturing Group Limited prepares group financial statements and copies can be obtained from Macrome Road, Wolverhampton, West Midlands, WV6 9HD.

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