Registered Number:04046384
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
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.
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.
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.
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.
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.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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.
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.
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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.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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.
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.)
The Directors who served during the year were:
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.
The Board remains confident in the company’s ability to deliver sustainable growth and long-term value for stakeholders.
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EUROPLAZ TECHNOLOGIES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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 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
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
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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.
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.
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.
There have been no significant events affecting the Company since the year end.
The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPLAZ TECHNOLOGIES LTD
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).
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.
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.
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EUROPLAZ TECHNOLOGIES LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPLAZ TECHNOLOGIES LTD (CONTINUED)
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.
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.
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.
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EUROPLAZ TECHNOLOGIES LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPLAZ TECHNOLOGIES LTD (CONTINUED)
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.
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EUROPLAZ TECHNOLOGIES LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPLAZ TECHNOLOGIES LTD (CONTINUED)
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.
for and on behalf of
Statutory Auditor
Fitzroy House
Crown Street
Suffolk
IP1 3LG
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 29 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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
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:
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.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (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:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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.
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.
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.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
12.Taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Profit and loss account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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.
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).
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).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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.
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.
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