ACCOUNTS - Final Accounts

Operating profit/(loss)

The operating profit/(loss) is stated after charging:

Registered number: 01770442

BOLTON PLASTIC COMPONENTS LIMITED

Annual report and financial statements

For the year ended 31 December 2024

BOLTON PLASTIC COMPONENTS LIMITED

Company Information

Directors	H Oakes (resigned 31 July 2024)
	S Cropper
	J Hughes
	J Middlehurst (resigned 31 January 2025)
	S Young
	K Drazdzewska (appointed 15 August 2024)
	D Greenhalgh (appointed 23 April 2025)


Company secretary	M M Secretariat Limited


Registered number	01770442


Registered office	Environment House
	1 St Marks Street
	Nottingham
	NG3 1DE


Independent auditors	PKF Smith Cooper Audit Limited
	Statutory Auditors
	2 Lace Market Square
	Nottingham
	NG1 1PB

BOLTON PLASTIC COMPONENTS LIMITED

Contents

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Statement of comprehensive income	9
Balance sheet	10
Statement of changes in equity	11
Notes to the financial statements	12 - 24

BOLTON PLASTIC COMPONENTS LIMITED

Strategic report

For the year ended 31 December 2024

Introduction

The principal activity of the Company continues to be the manufacture of plastic blow moulded components predominantly for the automotive, medical and construction industries. The Company’s business strategy is to work in partnership with our major customers to ensure we continue to offer high level components, technical support, and manufacturing facilities in line with the needs of the industry and to ensure that our manufacturing processes remain aligned with the market we serve.

Business review

Our automotive components are supplied directly to OEMs and major system suppliers at both Tier 1 and Tier 2 levels. The year to 31 December 2024 remained challenging, as supply chains continued to stabilise and demand patterns normalised with a number of manufactures launching new hybrid models and others delaying launch of full EV models following a relaxation of the rules allowing hybrid sales until 2035. Many customers carried excess stock in H1, leading to a period of destocking, while wider supply chain disruptions - though easing - are expected to result in a steady first quarter, with production growth anticipated to accelerate through the remainder of 2025.

Despite these headwinds, global demand for our largest customer’s vehicles has remained resilient. Looking ahead to 2025, customers continue to request that suppliers prepare for increased volumes, particularly on higher-value models. In addition we have seen production of the smaller volumes of some of the older models completely cease, making our manufacturing process inherently more efficient as we need to make less tool changes.

The Company remains committed to minimising its environmental impact and is actively pursuing initiatives to reduce carbon consumption, including energy reduction projects and the implementation of energy tracking systems. In addition, the business is investing in the upgrade of its Enterprise Resource Planning (ERP) system to strengthen production planning, improve stock control and enhance management reporting, ensuring greater efficiency and responsiveness to customer needs.

The Company is proud to have been able to make a donation of £165,000 during the year to The Puri Foundation (charity number 327854) whose principal activity is to provide education and training to children and young people both in the UK and India.

Principal risks and uncertainties

The challenges we face as we move through the coming year will in the main revolve around the speed of the UK economic recovery and the recovery of consumer confidence in buying new motor vehicles. Our largest customer remains highly optimistic regarding vehicle sales in the coming year.

Other risks include fluctuations in energy and logistics costs. While both remain elevated compared to pre-crisis levels, energy costs are expected to gradually decline as markets stabilise and the UK transitions further towards renewable energy sources. Polymer pricing also remains volatile, being shaped by wider economic conditions but ultimately driven by global oil prices, which directly impact the Company’s cost base.

In the automotive sector, the transition towards electric vehicle (EV) programmes is creating additional uncertainty in demand forecasts and production schedules, as OEMs adjust model ranges and supply chains adapt to new technologies. The Company continues to monitor these developments closely.

Despite these challenges, the Company operates within a niche product range and has been reasonably successful in passing through cost variances to customers. A similar level of success is anticipated in the coming year.

Page 1

BOLTON PLASTIC COMPONENTS LIMITED

Strategic report (continued)

For the year ended 31 December 2024

Financial key performance indicators

The Company experienced a reduction in turnover during 2024; however, through the successful delivery of several efficiency programmes, it was able to offset rising costs and workflow instability, achieving a positive profit before tax for the year. The Company continues to maintain a strong balance sheet, with a year-end net asset value of £3.9m

The Company uses several key performance indicators to track business performance, which can be referenced in full within the attached financial statements. The main KPI drivers will show that turnover including tooling for the year was £12.456m (2023: £14.661m). Gross profit for the year of £1.809m (2023: £1.582m) and the corresponding profit before tax was £188k (2023: £208k loss).

As such the Directors are very pleased with the improvements in financial performance.

This report was approved by the board and signed on its behalf.

S Cropper

Director

Date: 22 December 2025

Page 2

BOLTON PLASTIC COMPONENTS LIMITED

Directors' report

For the year ended 31 December 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

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

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

Principal activity

The principal activity of the Company is detailed in the Strategic Report.

Results and dividends

The profit for the year, after taxation, amounted to £87,890 (2023 - loss £205,459).

Directors

The directors who served during the year were:

H Oakes (resigned 31 July 2024)

S Cropper

J Hughes

J Middlehurst (resigned 31 January 2025)

S Young

K Drazdzewska (appointed 15 August 2024)

Future developments

The Company are delighted to have successfully secured contracts to provide parts on all of the premium range of vehicles produced by its major customer. This secures several years of work for the business. We also continue to work with our major customers regarding new parts for forthcoming upgrades to some older models and the new vehicles they intend to bring to market as the transition to EV continues.

Page 3

BOLTON PLASTIC COMPONENTS LIMITED

Directors' report (continued)

For the year ended 31 December 2024

Qualifying third party indemnity provisions

The Company maintains liability insurance for directors and officers as permitted by section 234 of the Companies Act 2006.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

Our major customer experienced a cyber attack in September 2025 and as a result production of their vehicles, and by association our own business, has been significantly affected. We continue to work with the customer and our staff to minimise the financial impact of this event for our business but it will without doubt have a negative impact on the financial performance of the Company in 2025.

Auditors

The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

S Cropper

Director

Date: 22 December 2025

Page 4

BOLTON PLASTIC COMPONENTS LIMITED

Independent auditors' report to the members of Bolton Plastic Components Limited

Opinion

We have audited the financial statements of Bolton Plastic Components Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Page 5

BOLTON PLASTIC COMPONENTS LIMITED

Independent auditors' report to the members of Bolton Plastic Components Limited (continued)

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

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

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

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 6

BOLTON PLASTIC COMPONENTS LIMITED

Independent auditors' report to the members of Bolton Plastic Components Limited (continued)

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 an Auditors' 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:

Based on our understanding of the company and industry, we identify the key laws and regulations affecting the company. We identified that the principal risk of fraud or non-compliance with laws and regulations related to:

• management bias in respect of accounting estimates and judgements made;
• management override of control;
• posting of unusual journals or transactions.

We focussed on those areas that could give rise to a material misstatement in the Company's financial statements. Our procedures included, but were not limited to:

• enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
• reviewing legal expenditure in the year to identtify instances of non-compliance with laws and regulations and fraud;
• reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

•performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale for significant transactions outside the normal course of business and reviewing accounting estimates for bias.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' report.

Page 7

BOLTON PLASTIC COMPONENTS LIMITED

Independent auditors' report to the members of Bolton Plastic Components Limited (continued)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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.

James Bagley (Senior statutory auditor)

for and on behalf of

PKF Smith Cooper Audit Limited

Statutory Auditors

2 Lace Market Square

Nottingham

NG1 1PB

22 December 2025

Page 8

BOLTON PLASTIC COMPONENTS LIMITED

Statement of comprehensive income

For the year ended 31 December 2024

	2024	2023
Note	£	£


Turnover	4	12,455,835	14,661,387
Cost of sales		(10,652,623)	(13,079,871)
Gross profit		1,803,212	1,581,516
Distribution costs		(508,385)	(555,145)
Administrative expenses		(1,133,236)	(1,344,224)
Other operating income	5	128,928	152,480
Operating profit/(loss)	6	290,519	(165,373)
Interest payable and similar expenses		(102,336)	(42,830)
Profit/(loss) before tax		188,183	(208,203)
Tax on profit/(loss)	10	(100,293)	2,744
Profit/(loss) for the financial year		87,890	(205,459)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 12 to 24 form part of these financial statements.

Page 9

BOLTON PLASTIC COMPONENTS LIMITED

Registered number: 01770442

Balance sheet

As at 31 December 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	12		2,169,763		2,328,625
			2,169,763		2,328,625
Current assets
Stocks	13	1,306,360		1,111,183
Debtors: amounts falling due within one year	14	3,035,882		4,867,967
Cash at bank and in hand	15	14,698		43,221
		4,356,940		6,022,371
Creditors: amounts falling due within one year	16	(2,568,135)		(4,580,611)
Net current assets			1,788,805		1,441,760
Total assets less current liabilities			3,958,568		3,770,385
Provisions for liabilities
Deferred tax	17		(100,293)		-
Net assets			3,858,275		3,770,385

Capital and reserves
Called up share capital	18	500,000	500,000
Revaluation reserve	19	1,009,171	1,009,171
Other reserves	19	23,735	23,735
Profit and loss account	19	2,325,369	2,237,479
		3,858,275	3,770,385

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S Cropper

Director

Date: 22 December 2025

The notes on pages 12 to 24 form part of these financial statements.

Page 10

BOLTON PLASTIC COMPONENTS LIMITED

Statement of changes in equity

For the year ended 31 December 2024

	Called up share capital	Revaluation reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2023	500,000	1,009,171	23,735	2,942,938	4,475,844

Loss for the year	-	-	-	(205,459)	(205,459)
Dividends: Equity capital	-	-	-	(500,000)	(500,000)

At 1 January 2024	500,000	1,009,171	23,735	2,237,479	3,770,385

Profit for the year	-	-	-	87,890	87,890
At 31 December 2024	500,000	1,009,171	23,735	2,325,369	3,858,275

The notes on pages 12 to 24 form part of these financial statements.

Page 11

BOLTON PLASTIC COMPONENTS LIMITED

Notes to the financial statements

For the year ended 31 December 2024

1.	General information

Bolton Plastic Components Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The registered office address is Environment House, 1 St Marks Street, Nottingham, NG3 1DE and the company registration number is 01770442.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are prepared in sterling which is the functional currency of the Company and are rounded to the nearest £1.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Blugilt Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.

2.3

Going concern

The directors consider that there are no material uncertainties that may cast significant doubt about the Company's ability to continue as a going concern. Accordingly the financial statements have been prepared on the going concern basis. On the basis of the cash position of the Company as at the date of approval of the financial statements, the forecasted cashflows and financial performance for the Company, the directors believe that the Company will have sufficient cash reserves and available facilities in order to meet its debts as and when they fall due for the foreseeable furutre and therefore the going concern basis of accounting has been applied to these financial statements.

Page 12

BOLTON PLASTIC COMPONENTS LIMITED

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of plastic blow moulded components is recognised when the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

This is usually on despatch of goods.

Tooling and development
The Company recognises tooling activity at the point of commissioning.

Amounts recoverable on contracts, included within work in progress, comprises costs for an individual tool which has not been commissioned at the balance sheet date.

2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 13

BOLTON PLASTIC COMPONENTS LIMITED

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 14

BOLTON PLASTIC COMPONENTS LIMITED

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.9

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	2.5% straight line
Leasehold property	-	2.5% straight line
Plant and machinery	-	10% to 20% straight line
Motor vehicles	-	25% straight line

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 profit or loss.

2.10

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 15

BOLTON PLASTIC COMPONENTS LIMITED

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Many of the amounts included in the financial statements involve the use of judgement and/or estimation. These judgements and estimates are based on management's best knowledge of the relevant factors and circumstances, having regard to prior experience, but actual results may differ from the amounts included in the financial statements. Information about such judgements and estimation is contained in the accounting policies and/or notes to the financial statements. The key areas are summarised below:

Judgements in applying accounting policies

∙The directors must judge whether all of the conditions required have been met for revenues to be recognised in profit and loss for the financial year as set out in note 2.5.

Sources of estimation uncertainty

∙Depreciation rates are based on estimates of the useful lives and residual values of the assets involved;

∙Bad debt provisions are based on the likely recovery of debtor balances;

∙Stock provisions are based on the likely future use of the product.

Turnover

The whole of the turnover is attributable to the principal activity of the Company.

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	9,811,871	11,631,065
Rest of Europe	2,643,964	3,030,322
	12,455,835	14,661,387

5.	Other operating income
		2024	2023
		£	£

	Net rents receivable	128,928	152,480

Page 16

BOLTON PLASTIC COMPONENTS LIMITED

Notes to the financial statements

For the year ended 31 December 2024

Depreciation of tangible fixed assets	185,790	191,807
Exchange differences	1,048	1,077
Operating lease rentals - land and buildings	300,750	317,000
Defined contribution pension cost	235,078	202,721

7.	Auditors' remuneration
		2024	2023
		£	£

Fees payable to the Company's auditors for the audit of the Company's financial statements

23,250

20,500

Wages and salaries	5,345,924	4,295,679
Social security costs	480,974	390,897
Cost of defined contribution scheme	235,078	202,701
	6,061,976	4,889,277

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Manufacturing and production	159	130
Sales and distribution	11	9
Administration and management	23	24

	193	163

Page 17

BOLTON PLASTIC COMPONENTS LIMITED

Notes to the financial statements

For the year ended 31 December 2024

9.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	311,000	328,797
Company contributions to defined contribution pension schemes	21,193	18,226
	332,193	347,023

	During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £80,392 (2023 - £77,613).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,197 (2023 - £5,055).



Total current tax	-	-

Deferred tax
Origination and reversal of timing differences	124,567	(2,744)
Adjustments in respect of previous periods	(24,274)	-
Total deferred tax	100,293	(2,744)


	Taxation on profit/(loss) on ordinary activities	100,293	(2,744)

Page 18

BOLTON PLASTIC COMPONENTS LIMITED

Notes to the financial statements

For the year ended 31 December 2024

10.Taxation (continued)

Profit/(loss) on ordinary activities before tax

188,183

(208,203)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)	47,046	(52,051)
Effects of:
Expenses not deductible for tax purposes	570	-
Adjustments to tax charge in respect of prior periods - deferred tax	(24,274)	-
Movement in deferred tax not recognised	-	49,307
Group relief surrendered/(claimed)	76,951	-
Total tax charge for the year	100,293	(2,744)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

11.	Dividends
		2024	2023
		£	£

Dividends paid on equity share capital

500,000

Page 19

BOLTON PLASTIC COMPONENTS LIMITED

Notes to the financial statements

For the year ended 31 December 2024

12.	Tangible fixed assets

	Freehold property	Leasehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	1,250,860	1,050,837	8,340,144	40,980	10,682,821
Additions	4,952	6,384	169,871	-	181,207
Disposals	-	-	(154,279)	(16,795)	(171,074)
At 31 December 2024	1,255,812	1,057,221	8,355,736	24,185	10,692,954
Depreciation
At 1 January 2024	16,712	571,569	7,724,935	40,980	8,354,196
Charge for the year on owned assets	28,418	26,002	131,370	-	185,790
Disposals	-	-	-	(16,795)	(16,795)
At 31 December 2024	45,130	597,571	7,856,305	24,185	8,523,191
Net book value
At 31 December 2024	1,210,682	459,650	499,431	-	2,169,763
At 31 December 2023	1,234,148	479,268	615,209	-	2,328,625

A valuation of freehold property was undertaken by S. Kershaw & Sons Chartered Surveyors on 21 August 2023 and reflects the value of the property as at 31 December 2022. The basis of the valuation was open market value for existing use basis.

The directors are not aware of any material changes in the fair value of the freehold property and therefore the valuation has not been updated.

If the freehold property had not been included at valuation they would have been included under the historical cost convention as follows:
	2024	2023
	£	£


Cost	506,836	501,884
Accumulated depreciation	(301,152)	(288,583)
Net book value	205,684	213,301

Page 20

BOLTON PLASTIC COMPONENTS LIMITED

Notes to the financial statements

For the year ended 31 December 2024

13.	Stocks
		2024	2023
		£	£

Raw materials and consumables	489,168	722,318
Work in progress (goods to be sold)	110,378	3,295
Finished goods and goods for resale	706,814	385,570
	1,306,360	1,111,183

Stocks are stated after provisions for impairment of £170,820 (2023: £132,682).

14.

Debtors

					2024	2023
					£	£


Trade debtors	1,907,425	3,250,410
Amounts owed by group undertakings	211,976	65,649
Amounts owed related parties	-	18,000
Other debtors	155,913	196,239
Prepayments and accrued income	760,568	1,337,669
	3,035,882	4,867,967

15.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	14,698	43,221

Page 21

BOLTON PLASTIC COMPONENTS LIMITED

Notes to the financial statements

For the year ended 31 December 2024

16.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	921,537	1,495,823
Amounts owed to group undertakings	54,309	568
Amounts owed to related parties	810,943	2,170,000
Corporation tax	-	40,943
Other taxation and social security	472,819	477,393
Other creditors	132,801	-
Accruals and deferred income	175,726	395,884
	2,568,135	4,580,611

Secured creditors
Barclays PLC hold a charge over the property at Unit 5, Level Street, Bolton, BL3 6NZ. There also exists a cross guarantee and debenture between Bolton Plastic Components Limited and Bettix Limited in favour of Barclays PLC.

Bettix Limited hold a debenture over amounts owed to them by Bolton Plastic Components Limited.

17.	Deferred taxation

		2024
		£

	Charged to profit or loss	(100,293)
	At end of year	(100,293)

The deferred taxation balance is made up as follows:
	2024	2023
	£	£

Fixed asset timing differences	(134,161)	(61,188)
Short term timing differences	836	836
Losses and other deductions	33,032	60,352
	(100,293)	-

Page 22

BOLTON PLASTIC COMPONENTS LIMITED

Notes to the financial statements

For the year ended 31 December 2024

18.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

500,000 (2023 - 500,000) Ordinary shares of £1.00 each	500,000	500,000

19.

Reserves

Revaluation reserve

The revaluation reserve represents the cumulative effect of revaluations of tangible fixed assets where a policy of revaluation has been adopted, net of excess depreciation over the original purchase cost.

Other reserves

Other reserves relate to a capital reserve.

Profit and loss account

The profit and loss account includes all current and prior year retained profits and losses, net of dividends paid.

20.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £235,078 (2023: £202,701). Contributions totalling £nil (2023: £3,345) were payable to the fund at the balance sheet date and are included in creditors.

Not later than 1 year	396,656	397,486
Later than 1 year and not later than 5 years	531,395	864,990
Later than 5 years	-	63,000
	928,051	1,325,476

Page 23

BOLTON PLASTIC COMPONENTS LIMITED

Notes to the financial statements

For the year ended 31 December 2024

22.

Related party transactions

The Company has taken advantage of the exemptions available under FRS 102 Section 33 from disclosing transactions with other members of the group, where all subsidiaries are wholly owned.

The company has taken advantage of the exemption under FRS 102 Section 1.12 Reduced Disclosures For Subsidiaries from disclosing key management personnel compensation in total.

Companies under common control

During the year the Company paid rent of £255,000 (2023: £255,000) to Donlow Limited. An amount of £63,750 (2023: £36,250) was due to Donlow Limited at the balance sheet date.

During the year the Company paid rent of £102,000 (2023: £115,500) to Melton Medes Senior Management Pension Scheme. An amount of £nil (2023: £nil) was due to Melton Medes Senior Management Pension Scheme at the balance sheet date.

During the year the Company paid management fees of £211,298 (2023: £214,000) to Purico Limited. An amount of £nil (2023: £18,000) was due from Purico Limited at the balance sheet date. A loan of £770,000 (2023: £1,670,000) was due to this related party at the balance sheet date. This loan is unsecured, interest free and is repayable on demand.

During the year the Company incurred interest charges of £66,963 (2023: £27,810) from Donlow Fininvest Limited. An amount of £10,380 (2023: £15,516) was due to Donlow Fininvest Limited at the balance sheet date.

During the year the Company recharged management fees of £107,827 (2023: £66,422) to Devon Valley Limited. An amount of £nil (2023: £14,876) was due from Devon Valley Limited at the balance sheet date.

During the year the Company made a donation of £165,000 to The Puri Foundation.

An amount of £40,943 is payable to entities under common control in respect of tax losses purchased by the Company.

23.	Controlling party

The Company is controlled by Blugilt Holdings Limited. The parent undertaking of the largest and smallest groups for which consolidated financial statements are prepared is Blugilt Holdings Limited. Consolidated financial statements are available from Companies House.

The ultimate parent company is Clary Limited, a company incorporated in the Isle of Man.

The ultimate controlling party is Mr N Puri.

Page 24