Company registration number 03070940 (England and Wales)
NOVARES PETERLEE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
NOVARES PETERLEE LIMITED
COMPANY INFORMATION
Directors
Mr S Madani
(Appointed 16 January 2026)
Mr O F Sipahi
(Appointed 16 January 2026)
Company number
03070940
Registered office
Fiennes Road
North West Industrial Estate
Peterlee
Co Durham
United Kingdom
SR8 2QH
Auditor
Azets Audit Services
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
Bankers
NatWest PLC
12 Market Place
Durham
County Durham
United Kingdom
DH1 3NG
Solicitors
Hay & Kilner
The Lumen
St James' Boulevard
Newcastle Helix
Newcastle upon Tyne
NE4 5BZ
NOVARES PETERLEE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Income statement
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 23
NOVARES PETERLEE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Fair Review of the Business

The company continued its principal activities throughout the year, namely the supply of high quality plastic components to the automotive industry in the UK and further afield.

Management use a range of indicators to monitor and manage the business. These are split into financial and non-financial KPIs.

Principal risks and uncertainties

The directors are not aware of any risks facing the Company that are out of the range of usual risks facing a business operating in this industry or outside of the Company's rolling mid term business plan.

Key performance indicators

The company's key financial and other performance indicators during the year were as follows:

| Unit | 202 4 | 202 3
Gross margin | % | 26 | 3 4
Profit before tax | £ | 2,494,896 | 3,496,320
Cashflow - increase / (decrease) in cash and cash equivalents | £ | 252,075 | 1,589,322

On behalf of the board

Mr S Madani
Director
13 March 2026
NOVARES PETERLEE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

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

Principal activities

The principal activity of the company continued to be that of the supply of high quality plastic components to the automotive industry in the UK and Europe.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £5,129,034. The director does not recommend the payment of a final dividend.

Directors

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

E Voituret
(Resigned 17 April 2025)
M Baker
(Appointed 17 April 2025 and resigned 30 January 2026)
S E K Graham
(Appointed 17 April 2025 and resigned 30 January 2026)
S Kumar
(Appointed 17 April 2025 and resigned 13 October 2025)
S R Boyapati
(Appointed 15 January 2025 and resigned 17 April 2025)
G P M Chaillou
(Appointed 15 January 2025 and resigned 17 April 2025)
Mr S Madani
(Appointed 16 January 2026)
Mr O F Sipahi
(Appointed 16 January 2026)
Financial instruments

The company's financial instruments comprise cash, share capital and various items that arise from trading (such as trade debtors, trade creditors etc.). The main purpose of these financial instruments is financing the company's trading operations.

Future developments

The Company intends to continue to expand the business and to increase profitability.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

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.

NOVARES PETERLEE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Going Concern

The financial statements have been prepared on a going concern basis.

The company meets its day to day working capital requirements through cash generated from operations and group banking facilities.

The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.

The forecasts support the ability of the company to remain a going concern and to be able to trade and meets its debts as they fall due.

The directors believe that there is no material uncertainty in relation to going concern and that the company has adequate financial resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Therefore the directors consider it appropriate to prepare the financial statements on a going concern basis.

On behalf of the board
Mr S Madani
Director
13 March 2026
NOVARES PETERLEE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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.

NOVARES PETERLEE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NOVARES PETERLEE LIMITED
- 5 -
Opinion

We have audited the financial statements of Novares Peterlee Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity 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 101 Reduced Disclosure Framework (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 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' r eport 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.

NOVARES PETERLEE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NOVARES PETERLEE LIMITED
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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.

Auditor's 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 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.

NOVARES PETERLEE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NOVARES PETERLEE LIMITED
- 7 -

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.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

We identified the following applicable laws and regulations as those most likely to have a material impact on the financial statements: Health and Safety; employment law (including the Working Time Directive); and compliance with the UK Companies Act.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- 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 bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Angela Ingham FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
13 March 2026
Chartered Accountants
Statutory Auditor
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
NOVARES PETERLEE LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Revenue
2
24,999,293
20,176,598
Cost of sales
(18,424,348)
(13,309,588)
Gross profit
6,574,945
6,867,010
Administrative expenses
(3,894,682)
(3,164,738)
Operating profit
3
2,680,263
3,702,272
Investment income
6
240,583
203,030
Finance costs
7
(425,950)
(408,982)
Profit before taxation
2,494,896
3,496,320
Tax on profit
8
(839,310)
(878,737)
Profit and total comprehensive income for the financial year
1,655,586
2,617,583

The above results were derived from continuing operations.

The company has no other comprehensive income for the current or prior year.

NOVARES PETERLEE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Non-current assets
Intangible assets
10
2,322,470
1,848,469
Property, plant and equipment
11
9,490,495
8,517,292
11,812,965
10,365,761
Current assets
Inventories
12
4,994,076
3,747,341
Trade and other receivables
13
8,310,394
7,695,659
Cash and cash equivalents
3,307,986
3,055,911
16,612,456
14,498,911
Current liabilities
14
(14,210,327)
(7,757,971)
Net current assets
2,402,129
6,740,940
Total assets less current liabilities
14,215,094
17,106,701
Non-current liabilities
14
(1,514,860)
(1,506,394)
Provisions for liabilities
Deferred tax liabilities
18
(1,515,151)
(941,776)
Net assets
11,185,083
14,658,531
Equity
Called up share capital
20
400,000
400,000
Retained earnings
10,785,083
14,258,531
Total equity
11,185,083
14,658,531
The financial statements were approved by the board of directors and authorised for issue on 13 March 2026 and are signed on its behalf by:
Mr S Madani
Director
Company registration number 03070940
NOVARES PETERLEE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2023
400,000
11,640,948
12,040,948
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
2,617,583
2,617,583
Balance at 31 December 2023
400,000
14,258,531
14,658,531
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
1,655,586
1,655,586
Transactions with owners in their capacity as owners:
Dividends
9
-
(5,129,034)
(5,129,034)
Balance at 31 December 2024
400,000
10,785,083
11,185,083
NOVARES PETERLEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Novares Peterlee Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fiennes Road, North West Industrial Estate, Peterlee, Co Durham, United Kingdom, SR8 2QH. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

In preparing these financial statements, the company applies the recognition, measurement and disclosure requirements of International Financial Reporting Standards as adopted by the EU (“Adopted IFRSs”), but makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken.

The financial statements are prepared in 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.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

- IFRS 7 - ‘Financial instruments: Disclosures’.

- Paragraphs 91 to 99 of IFRS 13 - ‘Fair value measurement’ (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities).

- The requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 - ‘Revenue from Contracts with Customers’ (disaggregation of revenue, significant changes in contract assets and liabilities, details on transaction price allocation, timing of the satisfaction of performance obligations and significant judgements made in the application of IFRS 15).

- Paragraph 38 of IAS 1 - ‘Presentation of financial statements’ (comparative information requirements in respect of):

- The following paragraphs of IAS 1 - ‘Presentation of financial statements’ (removing the requirement to present):

- IAS 7 - ‘Statement of cash flows’.

- The requirements in IAS 24, ‘Related party disclosures’ (to disclose related party transactions entered into between two or more members of a group).

There are no amendments to accounting standards, or IFRIC interpretations that are effective for the year ended 31 December 2024 that have a material impact on the company's financial statements.

NOVARES PETERLEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.2
Going concern

The financial statements have been prepared on a going concern basis.true

The company meets its day to day working capital requirements through cash generated from operations and group banking facilities.

The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.

The forecasts support the ability of the company to remain a going concern and to be able to trade and meets its debts as they fall due.

The directors believe that there is no material uncertainty in relation to going concern and that the company has adequate financial resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Therefore the directors consider it appropriate to prepare the financial statements on a going concern basis.

1.3
Revenue

The company earns revenue from the sale of goods to customers in the ordinary course of business and from the manufacture and sale of goods.

Revenue from the sale of goods is recognised on the satisfaction of performance obligations, such as the transfer of a promised good, identified in the contract between the Company and the customer. A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

Revenue is measured at the fair value of the right to consideration net of sales related rebates, discounts and value added tax. The company recognises revenue once the risks and rewards of ownership have transferred.

Revenue from the sale of pre-production engineering services (studies) is recognised over the anticipated production period either on a straight line basis or on a unit of production basis.

Revenue in relation to the sale of mo u lds is recognised when the rights and obligations transfer over to the customer, which is at the date of the start of production.

Revenue in relation to the sale of jigs & fixtures is recognised either at the date of start of production or on a unit of production basis depending on whether the ownership of the asset transfers to the customer.

Finance income and costs policy

Interest income is recognised in profit or loss using the effective interest method.

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rather on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

NOVARES PETERLEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.4
Intangible assets other than goodwill

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 or valuation of assets less their residual values over their useful lives on the following bases:

Development expenditure 4-7 years straight line

Software 3-4 years straight line

1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Land and buildings
Between 10 and 30 years
Plant and equipment
7-20% straight line

Freehold land and assets in the course of construction are not depreciated.

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 recognised in the income statement.

1.6
Impairment of tangible and intangible assets

At each reporting 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.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

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.

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.

NOVARES PETERLEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.7
Inventories

Inventories 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 inventories to their present location and condition.

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.8
Cash and cash equivalents

Cash and cash equivalents 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.

1.9
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

1.10
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

1.11
Equity instruments

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

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

NOVARES PETERLEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Retirement benefits

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

1.14
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

NOVARES PETERLEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.15
Foreign exchange

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.

2
Revenue
2024
2023
£
£
Revenue analysed by class of business
Sale of goods
24,999,293
20,176,598
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
24,855,296
20,045,188
Europe
143,997
131,410
24,999,293
20,176,598
3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
121,420
90,887
Depreciation of property, plant and equipment
1,638,946
1,137,241
Amortisation of intangible assets (included within administrative expenses)
433,765
365,160
Cost of inventories recognised as an expense
9,112,924
6,929,259
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
47,500
34,000
NOVARES PETERLEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
5
Employees

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

2024
2023
Number
Number
Production
75
66
Administration and support
18
10
Total
93
76

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,650,434
2,737,572
Social security costs
376,388
276,960
Pension costs
115,674
94,268
4,142,496
3,108,800
6
Investment income
2024
2023
£
£
Interest income
Interest receivable from group companies
240,583
203,030
7
Finance costs
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on other loans
425,950
408,982
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
272,625
934,911
Adjustments in respect of prior periods
(6,690)
73,945
Total UK current tax
265,935
1,008,856
NOVARES PETERLEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
2024
2023
£
£
(Continued)
- 18 -
Deferred tax
Origination and reversal of temporary differences
417,852
(56,420)
Changes in tax rates
155,523
(70,151)
Adjustment in respect of prior periods
-
0
(3,548)
573,375
(130,119)
Total tax charge
839,310
878,737

The charge for the year can be reconciled to the profit per the income statement as follows:

2024
2023
£
£
Profit before taxation
2,494,896
3,496,320
Expected tax charge based on a corporation tax rate of 25.00% (2023: 23.52%)
623,724
822,334
Effect of expenses not deductible in determining taxable profit
142,259
(754)
Adjustment in respect of prior years
(6,690)
(3,548)
Exempt amounts
80,017
60,705
Taxation charge for the year
839,310
878,737
9
Dividends
2024
2023
2024
2023
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Interim dividend paid
12.82
-
5,129,034
-
10
Intangible fixed assets
Development expenditure
Software
Total
£
£
£
Cost
At 31 December 2023
3,631,295
362,223
3,993,518
Additions
971,281
-
0
971,281
Disposals
(628,753)
-
0
(628,753)
At 31 December 2024
3,973,823
362,223
4,336,046
NOVARES PETERLEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Intangible fixed assets
Development expenditure
Software
Total
£
£
£
(Continued)
- 19 -
Amortisation and impairment
At 31 December 2023
1,815,311
329,738
2,145,049
Charge for the year
426,540
7,225
433,765
Eliminated on disposals
(565,238)
-
0
(565,238)
At 31 December 2024
1,676,613
336,963
2,013,576
Carrying amount
At 31 December 2024
2,297,210
25,260
2,322,470
At 31 December 2023
1,815,984
32,485
1,848,469

During the year, the Company capitalised £971,281 (2023 - £804,189) of development expenditure in relation to the development of tooling for future products. These capitalised development costs will be amortised at a rate that is proportionate to the sales volumes of the associated product as a percentage of contractual volumes.

11
Property, plant and equipment
Land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 January 2024
5,604,371
15,352,725
20,957,096
Additions
-
0
2,624,047
2,624,047
Disposals
-
0
(11,898)
(11,898)
At 31 December 2024
5,604,371
17,964,874
23,569,245
Accumulated depreciation and impairment
At 1 January 2024
3,705,824
8,733,980
12,439,804
Charge for the year
350,669
1,288,277
1,638,946
At 31 December 2024
4,056,493
10,022,257
14,078,750
Carrying amount
At 31 December 2024
1,547,878
7,942,617
9,490,495
At 31 December 2023
1,898,547
6,618,745
8,517,292
NOVARES PETERLEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Property, plant and equipment
(Continued)
- 20 -

Property, plant and equipment includes right-of-use assets, as follows:

Plant and equipment
£
Net carrying value at 1 January 2023
4,748,486
Depreciation charge
(508,063)
Net carrying value at 31 December 2023
4,240,423
Depreciation charge
(493,219)
Net carrying value at 31 December 2024
3,747,204

Included within the net book value of land and buildings above is £197,000 (2023 - £197,000) in respect of freehold land and buildings and £1,350,878 (2023 - £1,701,547) in respect of long leasehold land and buildings.

12
Inventories
2024
2023
£
£
Raw materials
489,161
321,121
Work in progress
4,231,279
3,241,523
Finished goods
273,636
184,697
4,994,076
3,747,341

Within work in progress is £4,126,213 (2023 - £3,220,217) relating to capitalised tooling development costs.

13
Trade and other receivables
2024
2023
£
£
Trade receivables
2,965,072
356,651
Corporation tax recoverable
813,835
-
Amounts owed by fellow group undertakings
1,523,357
5,522,077
Other receivables
1,629,412
834,002
Prepayments and accrued income
1,378,718
982,929
8,310,394
7,695,659

Contract assets

Included within prepayments and accrued income are contract assets amounting to £1,214,231 (2023 - £756,068). These arise where performance obligations have been met prior to the related sales invoice being raised.

Factored debts

Obligations under factored debts are secured over the trade debtors to which they relate.

NOVARES PETERLEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
14
Liabilities
Current
Non-current
2024
2023
2024
2023
Notes
£
£
£
£
Borrowings
15
122,045
232,432
-
0
122,029
Trade and other payables
16
12,983,993
5,702,755
-
0
-
0
Corporation tax
-
0
570,996
-
-
Other taxation and social security
409,191
702,711
-
-
Lease liabilities
17
695,098
549,077
1,514,860
1,384,365
14,210,327
7,757,971
1,514,860
1,506,394
15
Borrowings
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Borrowings held at amortised cost:
Bank overdrafts
-
31
-
-
Bank loans
122,045
232,401
-
122,029

The loan represents a bank loan principle of £1,725,000 which is being repaid by monthly installments of £19,479 over a period of 96 months ending December 2024. The applicable interest rate is 1.75% over base rate throughout the entire period of the loan. During the financial year ending 31 December 2020, a 6 month capital repayment holiday was taken to assist the business during through the challenges associated with COVID-19 and the repayment period was extended 6 months to the end of June 2025.

Secured loans

Obligations under hire purchase contracts are secured on the related assets.

Obligations under bank loans are secured by a debenture against all assets of the Company, with a legal charge being in place against the premises (land and buildings) at Fiennes Road.

The company's exposure to market and liquidity risks, including maturity analysis, related to trade and other creditors is disclosed in the financial risk management and impairment note.

16
Trade and other payables
2024
2023
£
£
Trade payables
4,627,695
1,873,329
Amounts owed to fellow group undertakings
761,890
284,802
Accruals and deferred income
7,503,510
3,450,226
Other payables
90,898
94,398
12,983,993
5,702,755

Contract liabilities

Included within accruals and deferred income are contract liabilities amounting to £5,006,571 (2023 - £1,891,628). These arise where sales invoices have been raised prior to the related performance obligations being met.

NOVARES PETERLEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
17
Lease liabilities

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
£
£
Current liabilities
695,098
549,077
Non-current liabilities
1,514,860
1,384,365
2,209,958
1,933,442
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

ACAs
£
Liability at 1 January 2023
1,071,895
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(130,119)
Liability at 1 January 2024
941,776
Deferred tax movements in current year
Charge/(credit) to profit or loss
573,375
Liability at 31 December 2024
1,515,151
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
115,674
94,268

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.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
400,000
400,000
400,000
400,000
NOVARES PETERLEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
21
Capital commitments

The total amount contracted for but not provided in the financial statements was £Nil (2023: £171,727).

23
Controlling party

The company's immediate parent throughout the year was Novares Group S.A.

As at year end, the ultimate parent was Equistone Partners Europe SAS. Post year end (from 17 April 2025), the ultimate parent is Global Technologies S.A.R.L.

As at year end, t he most senior parent entity producing publicly available financial statements is Equistone Partners Europe SAS. These financial statements are available upon request from Centre D'Affaires Paris-Trocadero 112 Avenue, Kleber, 75116 Paris, France.

Going forward, the most senior parent entity producing publicly available financial statements is Global Technologies S.A.R.L.. The financial statements will be available upon request from Rue Guillaume J. Kroll, 1882, Luxembourg.

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