Company Registration No. 06130456 (England and Wales)
Contained Air Solutions Limited
Annual report and financial statements
for the year ended 31 March 2025
Contained Air Solutions Limited
Company information
Directors
Colin Lonsdale
Mark Gallagher
Alex Hughes
(Appointed 2 December 2024)
Company number
06130456
Registered office
Units B & C
Broadlink
Middleton
Manchester
England
M24 1UB
Independent auditor
Saffery LLP
Trinity
16 John Dalton Street
Manchester
M2 6HY
Contained Air Solutions Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 23
Contained Air Solutions Limited
Strategic report
For the year ended 31 March 2025
1

The directors present the strategic report for the year ended 31 March 2025.

Fair review of the business

The business delivered £10.8m turnover in FY25 (FY24: £9.6m) and profit before tax was £1.4m (FY24: £1.8m).

This year saw the company invest in key roles to support our growth initiative which has begun to see rewards. The business continues to hold position as a UK market leader, supplying to pharmaceutical research and development, academic research, and other sectors.

The market outlook remains positive, with the business seeing growing levels of demand. There are also some market segments which continue to grow strongly, and the company is supporting growth initiatives in these areas to continue its growth trajectory.

The business continues to pursue various growth initiatives and investments in research and development to enhance our product portfolio.

Principal risks and uncertainties

The key risks to the business include:

Supply chain risks

The business has continuously monitored supply chain disruptions and managed to mitigate risks to avoid delivery to our customers.

General input cost increases

Whilst raw material, energy and labour costs are increasing with inflation, the group are working tirelessly to offset some of these increases with cost down activities. This could be sourcing cheaper materials or continuously improving the manufacturing process without impacting on product quality.

Other financial risks that the business is exposed to include:

Liquidity risk

The company continues to mitigate liquidity risk by managing the cash generation of its operations with strong focus on cash collection and regular, detailed forecasting.

At 31 March 2025, the Company formed part of a Group that had reclassified £12.0m of external borrowings as current liabilities following a breach of one of the Group’s financial covenants. While the Company itself does not have external borrowings, its ability to continue as a going concern is dependent on the ongoing financial support and liquidity of the wider Group.

Following the year end, the Group agreed amended financing arrangements with its lenders, including the waiver of covenant breaches, subject to certain conditions. The directors have considered these matters as part of their assessment of the Company’s going concern position, having regard to the Group’s forecasts, sensitivity analysis and continued engagement with its finance providers.

Foreign Currency Risk

The majority of transactions are conducted in GBP, but some transactions are made in EUR and USD. As the company is exposed to exchange rate fluctuations, currency rates changes are monitored to minimize the effect on business performance.

Credit risk

The company has policies aimed at minimising its exposure to credit losses and ensures that deferred payment terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures.

Contained Air Solutions Limited
Strategic report (continued)
For the year ended 31 March 2025
2
Opportunities

The company is focused on both serving existing customers, as well as developing new relationships to address additional market opportunities. As such, we continue to work closely with existing and new customers to continually upgrade and improve our current range of products and services, as well as working on new products which the company hopes to bring to market in the next 12 months.

Key performance indicators

The core KPIs tracked by the management team include revenue, gross margin, operating profit before exceptional costs and cashflow. These can be found in the Statement of Comprehensive Income on page 5, together with the comparisons against prior year. The Board also tracks these monthly through the use of monthly management accounts.

On behalf of the board

Colin Lonsdale
Director
16 March 2026
Contained Air Solutions Limited
Directors' report
For the year ended 31 March 2025
3

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

Principal activities

The principal activity of the company continued to be that of a provider of clean air and containment products and services.

Results and dividends

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

Ordinary dividends were paid amounting to £3,000,000. The directors do not recommend payment of a further dividend.

Directors

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

Chris Popple
(Resigned 22 January 2025)
Colin Lonsdale
Mark Gallagher
Pamela Dawes
(Resigned 29 November 2024)
Alex Hughes
(Appointed 2 December 2024)
Research and development

Expenditure on research and development activities is recognised as an expense in the period in which it is incurred.

Auditor

Saffery LLP have expressed their willingness to continue in office.

Statement of directors' responsibilities

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; 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.

Contained Air Solutions Limited
Directors' report (continued)
For the year ended 31 March 2025
4
Matters covered in the Strategic Report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of reporting on the financial performance of the business in the year, principal risks and uncertainties affecting the business and future developments and opportunities.

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.

On behalf of the board
Colin Lonsdale
Director
16 March 2026
Contained Air Solutions Limited
Independent auditor's report
To the members of Contained Air Solutions Limited
5
Opinion

We have audited the financial statements of Contained Air Solutions Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, 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 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.

Material uncertainty in relation to going concern

We draw attention to note 21 in the financial statements, which explains that the Company's ability to continue as a going concern is dependent on the ongoing financial support of the wider Group. As set out in the Group financial statements, the Group was in breach of one of three financial covenants at 31 March 2025 which was subsequently waived by the lenders. These events and uncertain market conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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.

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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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.

Contained Air Solutions Limited
Independent auditor's report (continued)
To the members of Contained Air Solutions Limited
6

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the 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.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Contained Air Solutions Limited
Independent auditor's report (continued)
To the members of Contained Air Solutions Limited
7

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

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.

Diane Petit-Laurent FCA (Senior Statutory Auditor)
For and on behalf of Saffery LLP
16 March 2026
Statutory Auditors
Trinity
16 John Dalton Street
Manchester
M2 6HY
Contained Air Solutions Limited
Statement of comprehensive income
For the year ended 31 March 2025
8
2025
2024
Notes
£
£
Turnover
3
10,756,863
9,559,587
Cost of sales
(5,509,326)
(4,940,855)
Gross profit
5,247,537
4,618,732
Distribution costs
(226,372)
(134,884)
Administrative expenses
(3,639,169)
(2,721,409)
Operating profit
4
1,381,996
1,762,439
Interest receivable and similar income
8
55,193
60,373
Profit before taxation
1,437,189
1,822,812
Tax on profit
9
(116,789)
103,113
Profit for the financial year
1,320,400
1,925,925

The income statement has been prepared on the basis that all operations are continuing operations.

Contained Air Solutions Limited
Statement of financial position
As at 31 March 2025
9
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
460,304
332,183
Current assets
Stocks
12
1,551,146
1,503,259
Debtors
13
2,265,121
5,015,276
Cash at bank and in hand
3,187,603
2,204,103
7,003,870
8,722,638
Creditors: amounts falling due within one year
14
(2,040,927)
(2,002,359)
Net current assets
4,962,943
6,720,279
Total assets less current liabilities
5,423,247
7,052,462
Provisions for liabilities
Provisions
15
120,514
100,514
Deferred tax liability
16
96,200
65,815
(216,714)
(166,329)
Net assets
5,206,533
6,886,133
Capital and reserves
Called up share capital
18
43,058
43,058
Capital redemption reserve
11,250
11,250
Profit and loss reserves
5,152,225
6,831,825
Total equity
5,206,533
6,886,133
The financial statements were approved by the board of directors and authorised for issue on 16 March 2026 and are signed on its behalf by:
Alex Hughes
Director
Company Registration No. 06130456
Contained Air Solutions Limited
Statement of changes in equity
For the year ended 31 March 2025
10
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
43,058
11,250
8,374,103
8,428,411
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
1,925,925
1,925,925
Dividends
10
-
-
(3,468,203)
(3,468,203)
Balance at 31 March 2024
43,058
11,250
6,831,825
6,886,133
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
1,320,400
1,320,400
Dividends
10
-
-
(3,000,000)
(3,000,000)
Balance at 31 March 2025
43,058
11,250
5,152,225
5,206,533
Contained Air Solutions Limited
Notes to the financial statements
For the year ended 31 March 2025
11
1
Accounting policies
Company information

Contained Air Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units B & C, Broadlink, Middleton, Manchester, England, M24 1UB.

1.1
Accounting convention

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 sterling, which is the functional currency of the company. Monetary a mounts 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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of both Breeze Acquisitions Limited and Breeze Strategic Services Limited. These consolidated financial statements are available from their registered office s, Units B & C, Middleton, Manchester, M24 1UB. These are the smallest and largest groups respectively for which consolidated accounts are prepared in which the company's results are included in.

Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
12
1.2
Going concern

The financial statements have been prepared on a going concern basis. In making this assessment, the directors have considered the Company’s financial position and its dependence on the wider Group, including the Group’s cash flow forecasts, funding arrangements and the availability of financial support from the parent company for a period of at least twelve months from the date of approval of the financial statements.

As set out in the Group financial statements, the Group was in breach of one of three financial covenants at 31 March 2025, resulting in the reclassification of the Group’s £12.0m term loan as a current liability, which was subsequently waived. Although the Company is not itself party to the Group’s external borrowing arrangements, these matters have been taken into account in assessing the appropriateness of the going concern basis.

These liabilities and ongoing market conditions indicate the existence of a material uncertainty which may cast significant doubt on the Company's ability to continue as a going concern. The directors have carefully consider ed the Group’s ongoing trading performance, the continued support of its lenders and shareholders, and the financial support available to the Company from the parent undertaking. Notwithstanding this material uncertainty, management's assessment and conclusion support the use of going concern as an accounting basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services p rovided 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.

Turnover from the sale of goods is recognised on a percentage of completion method in line with the requirements for construction contracts.

Service turnover is recognised as those services are provided to customers.

1.4
Research and development expenditure

Research and development expenditure is written off against profits in the year in which it is incurred.

1.5
Tangible fixed assets

Tangible fixed assets 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:

Plant and machinery
20% straight line
Fixtures and fittings
20% straight line
Office equipment
33.33% straight line
Motor vehicles
25% reducing balance

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.

Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
13
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.7
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

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

Financial instruments are recognised in the company's statement of financial position 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

Basic financial assets 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

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.

Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
14
Impairment of financial assets

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.

Derecognition of financial assets

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.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, 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 paymen ts 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. A m ounts 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.

Other financial liabilities

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 s ubsequently 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 th r ough 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.

Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
15
Derecognition of financial liabilities

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

1.10
Equity instruments

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.

1.11
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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exception.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
Employee benefits

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.

Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
16
1.14
Retirement benefits
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
1.15
Leases

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 lease s asset are consumed.

1.16
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Critical accounting judgements and key sources of estimation uncertainty

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Percentage completion of contracts at the year-end

Turnover is recognised on sales of goods on a percentage of completion method (as required for construction contracts under FRS 102). Sales invoices are normally raised in arrears (and as such accrued income is recognised) but are sometimes be raised in advance of completing the project (and deferred income is recognised). Accrued income totalled £429,000 (2024: £843,000) at the year-end; deferred income totalled £694,190 (2024: £653,050).

Where a project straddles a month end an estimate of the stage of completion is made by the production manager and the finance team make a provision for accrued income. Where a contract is partially complete at the year-end, the percentage completion is estimated based on stock used on the contract and labour costs compared to the overall anticipated costs of the contract.

Warranty provision

The company provides standard warranty coverage on certain products for up to 3 years, providing labour and parts as needed to repair products during the warranty period. A provision for estimated warranty costs is made each year and is based on a percentage of annual turnover of sales of goods. This is disclosed in note 14.

Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
17
3
Turnover

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Sale of goods
9,175,432
7,922,363
Sale of services
1,581,431
1,637,224
10,756,863
9,559,587
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
7,370,612
7,206,709
Europe
677,934
468,558
Other
2,708,317
1,884,320
10,756,863
9,559,587
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(12,005)
35,616
Research and development costs
18,134
23,428
Fees payable to the company's auditor for the audit of the company's financial statements
74,820
42,476
Depreciation of owned tangible fixed assets
129,883
132,184
(Profit)/loss on disposal of tangible fixed assets
(1,970)
1,130
Operating lease charges
139,606
139,607
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
74,820
42,476
Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
18
6
Employees

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

2025
2024
Number
Number
Directors
5
5
Sales
3
2
Engineers
16
13
Factory
24
18
Service
16
11
Administrative
8
9
Total
72
58

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,363,236
2,461,240
Social security costs
354,434
269,040
Pension costs
124,242
93,862
3,841,912
2,824,142
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
605,364
456,324
Company pension contributions to defined contribution schemes
20,212
15,194
625,576
471,518
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
210,381
119,371
Company pension contributions to defined contribution schemes
8,979
5,250
Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
19
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
49,405
60,373
Other interest income
5,788
-
0
Total income
55,193
60,373
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
86,404
-
0
Adjustments in respect of prior periods
-
0
(92,640)
Total current tax
86,404
(92,640)
Deferred tax
Origination and reversal of timing differences
30,385
(10,473)
Total tax charge/(credit)
116,789
(103,113)

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

2025
2024
£
£
Profit before taxation
1,437,189
1,822,812
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
359,297
455,703
Tax effect of expenses that are not deductible in determining taxable profit
1,155
90
Tax effect of income not taxable in determining taxable profit
(1,447)
-
0
Adjustments in respect of prior years
-
0
(92,640)
Group relief
(242,568)
(466,876)
Deferred tax adjustments
-
0
(26)
Fixed asset timing differences
352
636
Taxation charge/(credit) for the year
116,789
(103,113)
Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
20
10
Dividends
2025
2024
£
£
Final paid
3,000,000
3,468,203
11
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
At 1 April 2024
330,865
45,614
154,569
353,136
884,184
Additions
144,171
32,793
59,455
27,041
263,460
Disposals
-
0
-
0
(7,610)
(18,089)
(25,699)
At 31 March 2025
475,036
78,407
206,414
362,088
1,121,945
At 1 April 2024
255,671
24,772
108,248
163,310
552,001
Depreciation charged in the year
48,276
11,856
32,114
37,637
129,883
Eliminated in respect of disposals
-
0
-
0
(7,610)
(12,633)
(20,243)
At 31 March 2025
303,947
36,628
132,752
188,314
661,641
Carrying amount
At 31 March 2025
171,089
41,779
73,662
173,774
460,304
At 31 March 2024
75,194
20,842
46,321
189,826
332,183
12
Stocks
2025
2024
£
£
Work in progress
15,468
31,265
Finished goods and goods for resale
1,535,678
1,471,994
1,551,146
1,503,259
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,606,853
3,008,117
Corporation tax recoverable
78,596
81,558
Amounts owed by group undertakings
21,698
971,563
Other debtors
20,492
25,240
Prepayments and accrued income
537,482
928,798
2,265,121
5,015,276
Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
21
14
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
206,779
965,624
Amounts owed to group undertakings
556,959
-
0
Taxation and social security
110,978
51,580
Other creditors
44,622
19,772
Accruals and deferred income
1,121,589
965,383
2,040,927
2,002,359

The APERA loan in B reeze Acquisitions Limited is secured by fixed and floating charges over the assets and undertakings of the Group. The bank loan is repayable in full on 5 August 2027. Annual interest is charged on a quarterly basis at the Sterling Overnight Index Average ('SONIA') plus a variable margin.

15
Provisions for liabilities
2025
2024
£
£
Warranty provision
120,514
100,514
Movements on provisions:
Warranty provision
£
At 1 April 2024
100,514
Additional provisions in the year
20,000
At 31 March 2025
120,514

Warranty provision

The company provides standard warranty coverage on certain products for up to 3 years, providing labour and parts as needed to repair products during the warranty period. A provision for estimated warranty costs is made each year and is based on a percentage of annual turnover of sales of goods.

Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
22
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
103,245
69,545
Short-term timing differences
(7,045)
(3,730)
96,200
65,815
2025
Movements in the year:
£
Liability at 1 April 2024
65,815
Charge to profit or loss
30,385
Liability at 31 March 2025
96,200

T he deferred tax liability set out above is expected to reverse during the next 12 months.

17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
124,242
93,862

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.

18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
43,058
43,058
43,058
43,058

The shares have full voting, dividend and capital distribution rights. They do not confer any rights of redemption.

Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
23
19
Operating lease commitments
Lessee

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:

2025
2024
£
£
Within one year
89,605
89,605
Between two and five years
44,925
134,285
134,530
223,890
20
Ultimate controlling party

The company's immediate parent company is Breeze Acquisitions Limited whose registered office address is Units B & C Broadlink, Middleton, Manchester, England, M24 1UB. Its ultimate parent company is Breeze Strategic Services Limited whose registered office address is Units B & C Broadlink, Middleton, Manchester, England, M24 1UB.

The financial statements of the company are consolidated in the financial statements of both Breeze Acquisitions Limited and Breeze Strategic Services Limited and can be found at the addresses outlined above. These are the smallest and largest groups respectively for which consolidated accounts are prepared in which the company's results are included in.

The ultimate controlling party is Breeze Investment Partners LLP.

21
Material uncertainty related to going concern

The Company’s ability to continue as a going concern is dependent on the ongoing financial support of the Group. At 31 March 2025, the Group was in breach of one of three financial covenants, which resulted in the reclassification of the Group’s £12.0m term loan as a current liability in the Group financial statements.

On 11 February 2026, the Group entered into an amendment letter to its financing arrangements, pursuant to which the lenders agreed to waive the covenant breaches, subject to certain conditions, including the approval of the Group’s consolidated financial statements for the year ended 31 March 2025.

The directors have considered the continued engagement and support of the Group’s lenders and shareholders, together with the Group’s forecasts and sensitivity analysis, and the Company’s access to Group funding. These matters indicate that a material uncertainty exists which may cast significant doubt on the Company’s ability to continue as a going concern. Notwithstanding this material uncertainty, the directors have concluded that the going concern basis of accounting remains appropriate for the Company.

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