REGISTERED NUMBER: 06719985 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Piran Composites Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J M A Searle

M A Searle

SECRETARY:

REGISTERED OFFICE:

SH1

Aerohub 1

St Mawgan

Cornwall

TR8 4HP

REGISTERED NUMBER:

06719985 (England and Wales)

ACCOUNTANTS:

Derek Cousens Ltd

Chartered Accountants

20 Crockwell Street

Bodmin

Cornwall

PL31 2DS

FIXED ASSETS

Intangible assets

4

594,279

8,100

Tangible assets

5

2,771,785

740,111

3,366,064

748,211

CURRENT ASSETS

Stocks

900,000

335,541

Debtors

6

1,239,953

484,547

Cash at bank

886,710

1,496,921

3,026,663

2,317,009

CREDITORS

Amounts falling due within one year

7

2,173,075

744,181

NET CURRENT ASSETS

853,588

1,572,828

TOTAL ASSETS LESS CURRENT LIABILITIES

4,219,652

2,321,039

CREDITORS

Amounts falling due after more than one year

8

(1,951,813

)

(664,450

)

PROVISIONS FOR LIABILITIES

(414,936

)

(185,028

)

NET ASSETS

1,852,903

1,471,561

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

1,852,893

1,471,551

SHAREHOLDERS' FUNDS

1,852,903

1,471,561

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 December 2025 and were signed on its behalf by:

M A Searle - Director

1.	STATUTORY INFORMATION

Piran Composites 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 Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Lease are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2024 - 22 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

Lease

Totals

£

£

£

COST

At 1 April 2024

67,499

-

67,499

Additions

-

737,786

737,786

At 31 March 2025

67,499

737,786

805,285

AMORTISATION

At 1 April 2024

59,399

-

59,399

Amortisation for year

4,050

147,557

151,607

At 31 March 2025

63,449

147,557

211,006

NET BOOK VALUE

At 31 March 2025

4,050

590,229

594,279

At 31 March 2024

8,100

-

8,100

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2024

-

991,137

6,258

Additions

5,234

2,047,817

192,904

At 31 March 2025

5,234

3,038,954

199,162

DEPRECIATION

At 1 April 2024

-

275,938

3,421

Charge for year

1,047

237,322

39,290

Eliminated on disposal

-

(24

)

-

At 31 March 2025

1,047

513,236

42,711

NET BOOK VALUE

At 31 March 2025

4,187

2,525,718

156,451

At 31 March 2024

-

715,199

2,837

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2024

37,095

3,402

1,037,892

Additions

-

86,091

2,332,046

At 31 March 2025

37,095

89,493

3,369,938

DEPRECIATION

At 1 April 2024

16,229

2,193

297,781

Charge for year

5,217

17,520

300,396

Eliminated on disposal

-

-

(24

)

At 31 March 2025

21,446

19,713

598,153

NET BOOK VALUE

At 31 March 2025

15,649

69,780

2,771,785

At 31 March 2024

20,866

1,209

740,111

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 April 2024

and 31 March 2025

96,148

DEPRECIATION

At 1 April 2024

55,586

Charge for year

30,421

At 31 March 2025

86,007

NET BOOK VALUE

At 31 March 2025

10,141

At 31 March 2024

40,562

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

656,887

132,454

Amounts owed by participating interests

253,211

141,836

Other debtors

329,855

210,257

1,239,953

484,547

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

380,615

51,729

Hire purchase contracts

184,846

78,717

Trade creditors

1,274,614

395,390

Taxation and social security

55,709

77,180

Other creditors

277,291

141,165

2,173,075

744,181

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

11,101

62,045

Hire purchase contracts

575,336

205,495

Other creditors

1,365,376

396,910

1,951,813

664,450

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

2025

2024

£

£

J M A Searle

Balance outstanding at start of year

30,664

-

Amounts advanced

54,423

30,664

Amounts repaid

(45,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

40,087

30,664

The loan to the director is interest free and repaid in full on 19th December 2025.

10.	RELATED PARTY DISCLOSURES

Piran Composites Ltd and Piran Machining Ltd are both controlled by Piran Technology Group Ltd.

During the accounting period, Piran Machining Ltd invoiced Piran Composites Ltd a total of £1,179,506.

During the accounting period, Piran Composites Ltd invoiced Piran Machining Ltd a total of £221,754.

At the end of the accounting period, there is a total of £98,407 owed to Piran Machining Ltd. This amount has no fixed repayment date and is repayable on demand.