REGISTERED NUMBER: 00834329 (England and Wales)

LUXUS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

P N Atterby

B J Clift

SECRETARY:

B J Clift

REGISTERED OFFICE:

Belvoir Way

Fairfield Industrial Estate

Louth

Lincolnshire

LN11 0LQ

REGISTERED NUMBER:

00834329 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Statutory Auditor, Chartered Accountants

Sidings House, Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

BANKERS:

HSBC Bank PLC

221 High Street

Lincoln

LN1 1TS

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The principal activity of the company continued to be that of a specialist in plastic processing, delivering high-quality thermoplastic raw materials with a strong focus on sustainable solutions. Our expertise in recycled and environmentally positive materials positions us to support customers' transition to Net Zero Carbon Emissions. Despite challenging market conditions, the business continues to demonstrate resilience through operational efficiency and strategic investment.

Key Performance indicators

The key performance indicators of the group are summarised below:

31.12.24

31.12.23

£

£

Turnover

30,609,796

36,573,900

Gross profit

7,001,733

7,619,324

Gross profit margin

22.9%

20.8%

(Loss)/Profit before taxation

(513,950

)

509,970

Net assets

7,730.677

8,071,915

Turnover decreased to £30.6m (2023: £36.6m), reflecting reduced sales volumes and lower global resin prices. However, operational improvements drove gross margin growth to 22.9% (2023: 20.8%). These gains were achieved through lean manufacturing, product optimisation, and material pricing strategies.

The company recorded a pre-tax loss of £0.51m (2023: £0.51m profit) as market headwinds outweighed margin improvements. Net assets remain robust at £7.7m (2023: £8.1m), providing a strong foundation for future growth.

The directors view these results as consistent with broader industry dynamics and evidence of effective cost management.

PRINCIPAL RISKS AND UNCERTAINTIES

Health and Safety

Maintaining safe operations is fundamental. The company invests in training, audits, and cultural engagement to drive continuous improvement.

People

Attracting and retaining talent is vital to sustaining innovation. The business invests in employee development, inclusive culture, and leadership training.

Sustainability

As environmental accountability shapes customer demand, the company's investment in recycling, PAS510 standards, and EuCertPlast certification positions it as a trusted partner. This creates long-term growth opportunities in sustainable materials.

Market Dynamics

Volatility in raw material pricing and demand continues to impact performance. However, increasing customer focus on recycled content provides opportunities for differentiation.

Energy & Cost Efficiency

Rising energy costs are managed through monitoring, contract optimisation, and R&D into energy-efficient production methods.

Operational Risk

Fire and operational risks in recycling are managed through robust controls and investment in best-practice safety systems.

Financial Risk

The company actively manages credit, liquidity, interest, and foreign exchange exposures through disciplined policies and insurance cover.

GOVERNANCE AND COMPLIANCE

Strong governance, ethical practices, and compliance with the Bribery Act 2010 underpin stakeholder trust.

FUTURE OUTLOOK

The plastics industry is undergoing structural change driven by sustainability, regulation, and customer demand for greener solutions. The company's expertise in recycled polymers, energy efficiency, and compliance with industry standards creates competitive advantage. The board remains confident that continued investment in innovation and sustainable technologies will deliver long-term value for stakeholders.

ON BEHALF OF THE BOARD:

P N Atterby - Director

11 December 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS

A dividend has not been recommended and the retained profit has been transferred to reserves.

RESEARCH AND DEVELOPMENT

Research & Development investment at significant levels into new product development, technologies and IP, continue to be a part of our ongoing strategy. This year, we have continued projects looking at the use of artificial intelligence in the development of product formulations, development of a continuous NIR and visual inspection system and the removal of odour in post-consumer waste.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

P N Atterby

B J Clift

DIRECTORS INSURANCE

The company maintains insurance policies on behalf of all directors against liability when acting of the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P N Atterby - Director

11 December 2025

Opinion

We have audited the financial statements of Luxus Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records 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 Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

Based on our understanding of the company, we identified that the principal risks of non-compliance with the laws and regulations specific to the industry and corporation tax legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. As part of this assessment we considered both quantitative and qualitative factors. We also considered those laws and regulations that have a direct impact on the preparation on the financial statements, such as the Companies Act 2006 and FRS 102.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements which included the risk of management override of controls. We determined that the principal risks were related to posting inappropriate journal entries, omitting, advancing or delaying recognition of events and transactions that have occurred during or after the reporting period, and potential management bias in the determination of accounting estimates or judgements to manipulate results.

Audit procedures performed by the engagement team include:

-

Enquiring of and obtaining written representation from management in relation to known or suspected instances of non-compliance with laws and regulations and fraud;

-

Enquiring of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;

-

Evaluation of management's controls designed to prevent and detect irregularities;

-

Identifying and, where relevant, testing journal entries posted by senior management or with unusual combinations;

-

Assessing and evaluating the business rationale of significant transactions outside the normal course of business;

-

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

-

Review of correspondence with regulators in so far as they are related to the financial statements;

-

Incorporating elements of unpredictability into the nature, timing and/or extent of audit procedures performed.

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. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Andrew Cribb FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Statutory Auditor, Chartered Accountants

Sidings House, Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

15 December 2025

TURNOVER

3

30,609,796

36,573,900

Cost of sales

23,608,063

28,954,576

GROSS PROFIT

7,001,733

7,619,324

Administrative expenses

7,690,407

6,871,878

(688,674

)

747,446

Other operating income

566,123

213,424

OPERATING (LOSS)/PROFIT

5

(122,551

)

960,870

Interest payable and similar expenses

6

391,399

450,900

(LOSS)/PROFIT BEFORE TAXATION

(513,950

)

509,970

Tax on (loss)/profit

7

(172,712

)

238,636

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(341,238

)

271,334

(Loss)/profit attributable to:

Owners of the parent

(341,238

)

271,334

(LOSS)/PROFIT FOR THE YEAR

(341,238

)

271,334

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(341,238

)

271,334

Total comprehensive income attributable to:

Owners of the parent

(341,238

)

271,334

FIXED ASSETS

Intangible assets

10

75,883

93,942

Tangible assets

11

7,098,634

7,386,006

Investments

12

-

-

7,174,517

7,479,948

CURRENT ASSETS

Stocks

13

4,438,781

4,649,214

Debtors

14

5,700,142

7,117,172

Cash at bank and in hand

942,239

1,477,528

11,081,162

13,243,914

CREDITORS

Amounts falling due within one year

15

8,889,859

10,526,967

NET CURRENT ASSETS

2,191,303

2,716,947

TOTAL ASSETS LESS CURRENT LIABILITIES

9,365,820

10,196,895

CREDITORS

Amounts falling due after more than one year

16

(1,010,241

)

(1,384,618

)

PROVISIONS FOR LIABILITIES

21

(624,902

)

(740,362

)

NET ASSETS

7,730,677

8,071,915

CAPITAL AND RESERVES

Called up share capital

22

10,876

10,876

Share premium

23

1,785

1,785

Revaluation reserve

23

658,979

658,979

Capital redemption reserve

23

12,519

12,519

Retained earnings

23

7,046,518

7,387,756

SHAREHOLDERS' FUNDS

7,730,677

8,071,915

The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2025 and were signed on its behalf by:

P N Atterby - Director

FIXED ASSETS

Intangible assets

10

14,528

26,719

Tangible assets

11

6,601,437

6,942,194

Investments

12

1,573,481

1,573,481

8,189,446

8,542,394

CURRENT ASSETS

Stocks

13

3,641,346

3,885,863

Debtors

14

5,176,384

6,543,769

Cash at bank and in hand

404,965

843,068

9,222,695

11,272,700

CREDITORS

Amounts falling due within one year

15

8,578,604

10,273,338

NET CURRENT ASSETS

644,091

999,362

TOTAL ASSETS LESS CURRENT LIABILITIES

8,833,537

9,541,756

CREDITORS

Amounts falling due after more than one year

16

(1,010,241

)

(1,380,845

)

PROVISIONS FOR LIABILITIES

21

(515,719

)

(649,408

)

NET ASSETS

7,307,577

7,511,503

CAPITAL AND RESERVES

Called up share capital

22

10,876

10,876

Share premium

23

1,785

1,785

Revaluation reserve

23

658,979

658,979

Capital redemption reserve

23

12,519

12,519

Retained earnings

23

6,623,418

6,827,344

SHAREHOLDERS' FUNDS

7,307,577

7,511,503

Company's (loss)/profit for the financial year

(203,926

)

962,681

The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2025 and were signed on its behalf by:

P N Atterby - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 January 2023

10,876

7,116,422

1,785

Changes in equity

Profit for the year

-

271,334

-

Total comprehensive income

-

271,334

-

Balance at 31 December 2023

10,876

7,387,756

1,785

Changes in equity

Deficit for the year

-

(341,238

)

-

Total comprehensive income

-

(341,238

)

-

Balance at 31 December 2024

10,876

7,046,518

1,785

Capital

Revaluation

redemption

Total

reserve

reserve

equity

£

£

£

Balance at 1 January 2023

658,979

12,519

7,800,581

Changes in equity

Profit for the year

-

-

271,334

Total comprehensive income

-

-

271,334

Balance at 31 December 2023

658,979

12,519

8,071,915

Changes in equity

Deficit for the year

-

-

(341,238

)

Total comprehensive income

-

-

(341,238

)

Balance at 31 December 2024

658,979

12,519

7,730,677

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 January 2023

10,876

5,864,663

1,785

Changes in equity

Total comprehensive income

-

962,681

-

Balance at 31 December 2023

10,876

6,827,344

1,785

Changes in equity

Total comprehensive loss

-

(203,926

)

-

Balance at 31 December 2024

10,876

6,623,418

1,785

Capital

Revaluation

redemption

Total

reserve

reserve

equity

£

£

£

Balance at 1 January 2023

658,979

12,519

6,548,822

Changes in equity

Total comprehensive income

-

-

962,681

Balance at 31 December 2023

658,979

12,519

7,511,503

Changes in equity

Total comprehensive loss

-

-

(203,926

)

Balance at 31 December 2024

658,979

12,519

7,307,577

Cash flows from operating activities

Cash generated from operations

1

1,106,254

1,711,888

Interest paid

(375,731

)

(426,428

)

Interest element of hire purchase payments paid

(15,668

)

(24,472

)

Tax paid

15,232

430

R&D refund

36,514

-

Historical s.455

20,738

-

Net cash from operating activities

787,339

1,261,418

Cash flows from investing activities

Purchase of intangible fixed assets

(2,537

)

(5,778

)

Purchase of tangible fixed assets

(781,913

)

(526,508

)

Sale of intangible fixed assets

-

12,684

Sale of tangible fixed assets

15,084

40,107

Net cash from investing activities

(769,366

)

(479,495

)

Cash flows from financing activities

Loan repayments in year

(366,850

)

(381,335

)

Capital repayments in year

(181,173

)

(345,253

)

Amount withdrawn by directors

(5,239

)

(9,413

)

Net cash from financing activities

(553,262

)

(736,001

)

(Decrease)/increase in cash and cash equivalents

(535,289

)

45,922

Cash and cash equivalents at beginning of year

2

1,477,528

1,431,606

Cash and cash equivalents at end of year

2

942,239

1,477,528