The directors present their report together with the audited financial statements of Vanden Recycling Limited (the "Company") for the year ended 31st March 2025.

This report has been prepared in accordance with the requirements of the Companies Act 2006 and Financial Reporting Standard 102 (FRS 102), as applicable in the United Kingdom and Republic of Ireland. The directors have ensured that the financial statements give a true and fair view of the state of affairs of the Company as at the balance sheet date, and of its profit or loss for the year then ended.

In preparing this report, the directors have reviewed the Company’s principal activities, performance for the year, key developments, principal risks and uncertainties, and its ability to continue as a going concern.

The directors confirm that, to the best of their knowledge, this report is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company’s position, performance and prospects.

Vanden Recycling Limited is a European subsidiary of Vanden Global Limited. The Company’s principal activities during the year remained unchanged and comprised the trading of plastic waste and recycled materials across global markets, together with the operation of a recycled plastic processing facility in Peterborough, United Kingdom.

By connecting recyclers, processors and manufacturers through integrated sourcing, logistics and compliance capabilities, the Company enables materials to move efficiently and transparently through the circular economy. Its activities support both sustainability objectives and commercial outcomes, helping partners access markets more efficiently, strengthen supply security and capture value at each stage of the recycling process.

The Peterborough processing facility continued to support these activities by providing processing, aggregation and quality assurance capabilities across a range of polymer grades.

Key Performance Indicators

Revenue increased marginally year on year to £33.7m from £33.5m driven by a 17% increase in volumes. The increase in volumes did not translate into proportionate revenue growth due to lower commodity pricing throughout the period.

Gross profit increased by 18% to £6.8m, with gross margin improving by 3 percentage points to 20%. This reflected improved pricing discipline, favourable product mix and continued focus on logistics efficiency.

Adjusted EBITDA improved materially to £0.6m, compared with a loss of (£0.4m) in the prior year representing a £1m improvement on the prior year.

The year marked the successful execution of a plan implemented to address the loss-making position in the prior year and to establish a platform for profitable and sustainable growth. The actions taken resulted in a significantly improved trading performance during the year, driven by higher volumes and stronger margin quality despite continued volatility in commodity markets.

During the period, the Company continued to invest in technology and systems aimed at enhancing its value proposition, improving data visibility and supporting more efficient execution across trading and operational activities. These investments are intended to drive productivity and efficiency gains while strengthening control and scalability of the business.

Early in the year, the company implemented a targeted cost and efficiency programme which reshaped the overhead base. This enabled overhead growth to be contained to 3%, offsetting inflationary pressures while supporting an improvement in overall business performance.

The Company returned to profitability during the year, reporting a profit before tax of £19k compared with a loss of (£781k) in the prior year reflecting the effectiveness of the actions taken.

The Company operates within a competitive and regulated trading environment. The directors regularly review the principal risks facing the business and the effectiveness of mitigating actions. The principal risks and uncertainties during the year were as follows:

1. Foreign Currency Exposure

The Company generates a significant proportion of revenue in Euros and US Dollars, while a substantial element of its cost base is denominated in Sterling. This exposes the Company to movements in exchange rates. Exposure is mitigated through the use of forward foreign exchange contracts on committed transactions.

2. Commodity Price Volatility

The Company is exposed to fluctuations in recycled polymer pricing, which may impact purchasing and selling values. Where appropriate, index-linked purchasing and sales arrangements are used to protect margins and provide pricing transparency, along with back to back purchase and sale contracts.

3. PERN Volatility Risk

The value of Packaging Export Recovery Notes (PERNs) can fluctuate significantly. Exposure is managed by closely aligning PERN positions with underlying contracted volumes and avoiding speculative positions.

4. Customer Credit Risk

The Company is exposed to the risk of customer default. This risk is mitigated through the use of credit insurance and ongoing monitoring of customer creditworthiness.

5. Regulatory Compliance Risk

The shipment and processing of plastic waste is subject to complex and evolving environmental and trade regulations. The Company maintains compliance through established internal controls, monitoring of regulatory developments and ongoing staff training.

Demand for recycled plastics continues to be underpinned by long-term structural trends, including regulatory frameworks promoting recycled content, increasing emphasis on sustainability across supply chains, and the ongoing transition towards a circular economy.

These factors continue to support demand for recycled materials, notwithstanding a backdrop of uneven economic activity, shifting trade flows and ongoing cost and supply chain adjustments across global markets.

Against this backdrop, the Company has remained focused on strengthening its commercial and operational platform. During the year, emphasis was placed on improving margin quality, enhancing operational discipline and aligning the cost base with trading activity, while continuing to invest selectively in technology and systems to support scalability and efficiency.

These actions have improved the resilience of the business and reinforced its ability to respond to changing market conditions, positioning the Company to participate effectively in future growth opportunities as market conditions stabilise and demand for recycled materials continues to develop.

Dividends

The directors have not declared or proposed any dividends for the year ended 31 March 2025. The Company continues to prioritise balance sheet strength and operational stability.

Post Balance Sheet Events

Subsequent to the balance sheet date, the directors approved a plan to close the Peterborough processing facility during the financial year ending 31 March 2026. This decision followed a detailed review of the performance of the facility and its strategic fit within the wider business.

During the year ended 31 March 2025, the processing facility was underperforming and generated operating losses of approximately (£0.8m), which materially offset the profits generated by the Company’s trading activities. Despite actions taken to improve performance, the directors concluded that the level of investment and management resource required to achieve a sustainable turnaround would not deliver an appropriate return when compared with alternative uses of capital and focus within the business.

To support this assessment, the directors reviewed the relative financial contribution of the Company’s trading and processing activities during the year, as summarised below:

Accordingly, the decision to close the facility was taken to enable resources to be redeployed towards areas of the business that are delivering stronger returns and are more closely aligned with the Company’s longer term strategic objectives.

The financial effects of this decision will be reflected, where appropriate, in the financial statements for the year ending 31 March 2026.

Going Concern

The directors have reviewed the Company’s financial position, performance and cash flow forecasts, taking into account current market conditions and principal risks. Based on this assessment, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, the financial statements have been prepared on a going concern basis.

On behalf of the board

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

The results for the year are set out on page 10.

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

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

On 1 September 2025 our auditors, Ensors Accountants LLP, merged with Azets Audit Services Limited. Accordingly, Ensors Accountants LLP formally resigned as the company’s auditors, with the directors duly appointing Azets Audit Services Limited, trading as Ensors, to fill the vacancy arising.

The auditor, Azets Audit Services Limited, trading as Ensors, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

• State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for ensuring that the financial statements comply with the Companies Act 2006 and FRS 102 and have been prepared in accordance with the company’s internal governance framework and procedures.

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

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

• select suitable accounting policies and then apply them consistently;

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

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

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

We have audited the financial statements of Vanden Recycling Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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

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.

As explained more fully in the directors' responsibilities statement, 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.

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud including transactions with related parties, revenue recognition and management override of systems, controls and accounting estimates.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

• obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company are complying with the legal and regulatory framework;

• inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

• inquired of management, those charged with governance about any non-compliance with laws and regulations.

• Reviewed board minutes for any indication of non-compliance with laws and regulations and indications of fraud.

• Tested journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions

• Robustly challenged accounting estimates to ensure no indication of management bias.

However, 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.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

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

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

Vanden Recycling Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 2nd Floor, Lisburn Square House, Haslems Lane, Lisburn, BT28 1TW.

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

The financial statements are prepared in Pounds Sterling (£) which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

The directors have considered the Company’s ability to continue as a going concern for at least 12 months from the date of approval of these financial statements.true

As part of this assessment, the directors have reviewed projected cash flows, operating forecasts, and the Company’s available financial resources, including any committed facilities. While the business continues to operate in a competitive and evolving market, management has implemented operational efficiencies and continues to monitor working capital closely.

The Company returned to profit during the year, with a restructuring resulting in improvements in the cost base and improved operations.

On this basis the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

The amortisation period of 5-10 years has been selected due to the technological nature of the development costs capitalised. It is likely that this technology will be outmoded within 5-10 years from the date of launch.

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

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

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

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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

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

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

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

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

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

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

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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

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

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

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

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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

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

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

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

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

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

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

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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

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

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

Transactions in currencies other than Pounds Sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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

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

The amount disclosed as 'other sales' has been disclosed as such as the directors believe that disclosing further detail would be seriously prejudicial to business interests.

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024: 1)

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

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

An impairment loss of £125,498 has been recognised against fixed assets relating to a loss-making processing facility. The facility was subsequently closed after the year end.

More information on impairment movements in the year is given in note 9.

More information on impairment movements in the year is given in note 9.

The net carrying amount of assets held under finance leases included in plant, machinery, fixtures and fittings is £16,446 (2024: £60,816).

Details of the company's subsidiaries at 31 March 2025 are as follows:

The company has taken advantage of the exemption available under Section 405(2) of the Companies Act 2006 and has therefore not prepared consolidated financial statements for the year.

Details of the company's associates at 31 March 2025 are as follows:

Included within bank loans and overdrafts are amounts payable of £478,864 (2024: £262,871) which are secured by way of fixed and floating charge over the assets held within the company.

Other creditors includes £16,446 (2024: £44,370) which relates to amounts due under hire purchase contracts, this amount is secured by a charge over the assets concerned.

Included within bank loans and overdrafts are amounts payable of £179,900 (2024: £334,100) which are secured by way of fixed and floating charge over the assets held within the company.

Other creditors includes £nil (2024: £16,446) which relates to amounts due under hire purchase contracts, this amount is secured by a charge over the assets concerned.

Bank overdrafts are secured by a debenture including fixed charge over all present freehold and leasehold property, first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertakings both present and future.

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

The profit and loss account includes all current and prior period retained profits and losses.

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

Post year end, the company decided to close its processing facility and disposed of its related assets.

The remuneration of key management personnel is as follows.

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

The following amounts were outstanding at the reporting end date:

The immediate and ultimate parent company is considered to be Vanden Global Limited, a company registered in Hong Kong. The company is considered to be both the immediate and ultimate parent company.

At the year end £2,648,154 (2024: £1,515,011) was receivable from the parent company and is included in debtors due within one year.

The ultimate controlling company is Vanden Global Limited, a Company incorporated in Hong Kong.

The smallest group in which the results of the company are consolidated is that which is headed by Vanden Global Limited. The financial statements are available Unit B, 31/F Ford Glory Plaza, 37 Wing Hong Street, Kowloon, Hong Kong.