REGISTERED NUMBER: 06591023 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

FOR

JUTA UK LTD

Page

Company Information

1

Group Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Consolidated Statement of Income and Retained Earnings

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

14

DIRECTOR:

S J Thorpe

REGISTERED OFFICE:

Melton Grove Works

Church Road

Lytham St Annes

Lancashire

FY8 5PL

REGISTERED NUMBER:

06591023 (England and Wales)

SENIOR STATUTORY AUDITOR:

Christopher Bond

INDEPENDENT AUDITORS:

SBCA Statutory Auditor

17 Moor Park Avenue

Preston

Lancashire

PR1 6AS

The director presents his strategic report of the company and the group for the year ended 31st March 2025.

JUTA UK's core business centres around the development, distribution and production of materials used within the building envelope and construction industry.

A customer driven approach across all functions combined with the latest manufacturing technology, enables the company to ensure consistently high quality across its' offering.

REVIEW OF BUSINESS

The group reported a profit before tax in the year of £3,723k (2024: £3,564k) on a turnover of £18.4m (2024: £16.6m).

During this period the company has continued to invest in developing market leading products, in particular its' GP® and TITANTECH® range to lay a solid foundation for future growth.

PRINCIPAL RISKS AND UNCERTAINTIES

The director is of the opinion that there are no principal risks facing the company, however the company monitors the following risks:

Credit Risk

The risk of default on a debt may arise from a customer failing to make the necessary payments. The primary risk lies with the us and includes lost income, disruption to cash flow, and increased collection costs. Weekly management information allows us to identify any credit risk in good time and address as necessary.

Operational Risk

The risk of loss arising from inadequate or failed procedures, systems or policies, employee errors, system failure, fraud, or other criminal activity - indeed any event that disrupts business processes. The company has a comprehensive suite of policies and procedures covering its operational activities that is subject to regular review and revision.

Brexit

The risk of supply chain delays as goods sourced from outside the UK come through a new customs regime. We have continuously assessed and invested in our stock position to ensure it remains optimal to mitigate customs delays.

EXPECTED FUTURE DEVELOPMENTS

The company will continue to improve its offering of market leading solutions to our customers problems and challenges.

The outlook for 2025 / 2026 remains positive, despite the current economic uncertainty, and performance is expected to improve further as the company's products are increasingly specified in large construction projects.

KEY PERFORMANCE INDICATORS

The company implements a number of key performance indicators which are reviewed on a regular basis. These are listed below, together with how they are monitored.

o Weekly review of Stock, Debtor and Creditor positions.

o Monthly management accounts, including profit and loss and balance sheet.

o Monthly margin analysis per product line.

A summary of the tracked key performance indicators are as follows:

2022

2023

2024

2025

Turnover

£16.6m

£15.8m

£16.6m

£18.4m

Net Profit before tax

£3.7m

£3.2m

£3.6m

£3.7m

Reserves

£8.0m

£10.2m

£12.4m

£14.7m

ON BEHALF OF THE BOARD:

S J Thorpe - Director

23rd December 2025

The director presents his report with the financial statements of the company and the group for the year ended 31st March 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of manufacturers of technological membranes and synthetic products

DIVIDENDS

Interim dividends were paid on 31st March 2025.

Total interim dividends per share were paid as follows:

Per "A" ordinary £1 shares

£5,227.78

Per "B" ordinary £1 shares

£5,298.52

The total distribution of dividends for the year ended 31st March 2025 will be £526,315.

The director recommends that no final dividends be paid.

DIRECTOR

S J Thorpe held office during the whole of the period from 1st April 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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, SBCA Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S J Thorpe - Director

23rd December 2025

Opinion

We have audited the financial statements of JUTA UK Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2025 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and 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 31st March 2025 and of the group's 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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.

There are inherent limitations in the audit procedures described above. We did not identify any such irregularities however as with any audit, there remained a higher risk of non-detection of irregularities due to fraud, as these may involve deliberate concealment, collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

Based on our understanding of the company and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but not limited to, the Companies Act 2006, UK tax, employment, pension and health and safety legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements and fraudulent income recognition.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions to relevant laws and regulations described as having a direct impact on the financial statements;

- enquiring of management about actual and potential litigation and claims, their policies and procedures to prevent and detect fraud as well as whether they have knowledge of actual, suspected or alleged fraud;

- performing analytical procedures to identify and unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls: testing the appropriateness of journal entries; assessing whether the accounting estimates, judgements and decisions made by management are indicative of a potential bias; and evaluation the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws, and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be higher to detect than those that arise from error as fraud may involve deliberate concealment or 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.

Christopher Bond (Senior Statutory Auditor)

for and on behalf of SBCA Statutory Auditor

17 Moor Park Avenue

Preston

Lancashire

PR1 6AS

23rd December 2025

TURNOVER

3

18,407,744

16,595,501

Cost of sales

(12,424,919

)

(11,334,092

)

GROSS PROFIT

5,982,825

5,261,409

Administrative expenses

(2,675,690

)

(2,020,018

)

3,307,135

3,241,391

Other operating income

92,201

58,478

3,399,336

3,299,869

Interest receivable and similar income

323,441

264,382

PROFIT BEFORE TAXATION

5

3,722,777

3,564,251

Tax on profit

6

(872,884

)

(861,048

)

PROFIT FOR THE FINANCIAL YEAR

2,849,893

2,703,203

Retained earnings at beginning of year

12,358,595

10,181,209

Dividends

8

(526,315

)

(525,817

)

RETAINED EARNINGS FOR THE GROUP AT END OF YEAR

14,682,173

12,358,595

Profit attributable to:

Owners of the parent

2,849,893

2,703,203

FIXED ASSETS

Intangible assets

9

9,071

9,071

Tangible assets

10

999,394

919,781

Investments

11

-

-

1,008,465

928,852

CURRENT ASSETS

Stocks

12

2,608,509

2,371,107

Debtors

13

6,257,656

5,563,443

Cash at bank and in hand

8,532,973

6,213,659

17,399,138

14,148,209

CREDITORS

Amounts falling due within one year

14

(3,511,442

)

(2,524,129

)

NET CURRENT ASSETS

13,887,696

11,624,080

TOTAL ASSETS LESS CURRENT LIABILITIES

14,896,161

12,552,932

PROVISIONS FOR LIABILITIES

16

(213,888

)

(194,237

)

NET ASSETS

14,682,273

12,358,695

CAPITAL AND RESERVES

Called up share capital

17

100

100

Retained earnings

18

14,682,173

12,358,595

SHAREHOLDERS' FUNDS

14,682,273

12,358,695

The financial statements were approved by the director and authorised for issue on 23rd December 2025 and were signed by:

S J Thorpe - Director

FIXED ASSETS

Intangible assets

9

9,071

9,071

Tangible assets

10

999,394

919,781

Investments

11

84

84

1,008,549

928,936

CURRENT ASSETS

Stocks

12

2,608,509

2,371,107

Debtors

13

5,281,304

4,786,201

Cash at bank and in hand

7,913,185

6,054,977

15,802,998

13,212,285

CREDITORS

Amounts falling due within one year

14

(2,840,366

)

(2,036,736

)

NET CURRENT ASSETS

12,962,632

11,175,549

TOTAL ASSETS LESS CURRENT LIABILITIES

13,971,181

12,104,485

PROVISIONS FOR LIABILITIES

16

(213,888

)

(194,237

)

NET ASSETS

13,757,293

11,910,248

CAPITAL AND RESERVES

Called up share capital

17

100

100

Retained earnings

18

13,757,193

11,910,148

SHAREHOLDERS' FUNDS

13,757,293

11,910,248

Company's profit for the financial year

2,373,360

2,429,991

The financial statements were approved by the director and authorised for issue on 23rd December 2025 and were signed by:

S J Thorpe - Director

Cash flows from operating activities

Cash generated from operations

22

3,743,641

2,814,897

Tax paid

(924,852

)

(1,033,180

)

Net cash from operating activities

2,818,789

1,781,717

Cash flows from investing activities

Purchase of tangible fixed assets

(352,221

)

(346,338

)

Sale of tangible fixed assets

51,000

16,850

Interest received

323,441

264,382

Net cash from investing activities

22,220

(65,106

)

Cash flows from financing activities

Amount introduced by directors

527,263

529,462

Amount withdrawn by directors

(522,643

)

(26,179

)

Equity dividends paid

(526,315

)

(525,817

)

Net cash from financing activities

(521,695

)

(22,534

)

Increase in cash and cash equivalents

2,319,314

1,694,077

Cash and cash equivalents at beginning of year

23

6,213,659

4,519,582

Cash and cash equivalents at end of year

23

8,532,973

6,213,659

1.	STATUTORY INFORMATION

JUTA UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

In the application of te company's accounting polices, the director is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

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

Key Sources of estimation uncertainty

The director has considered whether there are any key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. He has concluded that there are no key assumptions relevant to the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Licences are initially measured at cost. The director considers the net realisable value will

always be at least equivalent to the cost price and therefore no amortisation is provided on

these assets.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

Not provided

Improvements to property

-

10% on cost

Plant and machinery

-

15% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

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

Basic financial assets:

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

Classification of financial liabilities:

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

Basic financial liabilities:

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

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

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

31.3.25

31.3.24

£

£

United Kingdom

18,407,744

16,595,501

18,407,744

16,595,501

4.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£

£

Wages and salaries

675,360

595,893

Social security costs

77,070

66,818

Other pension costs

505,726

20,241

1,258,156

682,952

The average number of employees during the year was as follows:

31.3.25

31.3.24

Technical / Sales

6

6

Operations

5

4

Administration

2

2

Logistics

1

1

14

13

31.3.25

31.3.24

£

£

Director's remuneration

9,564

9,564

Director's pension contributions to money purchase schemes

90,000

-

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

The director is the only key management personnel within the company and his remuneration is disclosed above.

5.	PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

31.3.25

31.3.24

£

£

Hire of plant and machinery

9,898

19,319

Other operating leases

262,102

223,262

Depreciation - owned assets

260,645

248,720

(Profit)/loss on disposal of fixed assets

(39,037

)

17,996

Auditors' remuneration

11,881

10,949

Foreign exchange differences

8,719

3,204

Fees payable to group auditors for non audit services

9,845

13,260

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.3.25

31.3.24

£

£

Current tax:

UK corporation tax

853,233

843,106

Deferred tax

19,651

17,942

Tax on profit

872,884

861,048

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.25

31.3.24

£

£

Profit before tax

3,722,777

3,564,251

Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %)

930,694

891,063

Effects of:

Expenses not deductible for tax purposes

8,947

8,481

Foreign tax rate being lower than UK tax rate

(66,757

)

(38,496

)

Total tax charge

872,884

861,048

7.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

8.

DIVIDENDS

31.3.25

31.3.24

£

£

"A" ordinary shares of £1 each

Interim

261,389

260,579

"B" ordinary shares of £1 each

Interim

264,926

265,238

526,315

525,817