Company registration number 02477270 (England and Wales)
PNEUMAX LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
PNEUMAX LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
PNEUMAX LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
571,471
644,108
Current assets
Stocks
949,141
948,624
Debtors
5
577,818
618,434
Cash at bank and in hand
907,686
785,359
2,434,645
2,352,417
Creditors: amounts falling due within one year
6
(597,924)
(690,171)
Net current assets
1,836,721
1,662,246
Total assets less current liabilities
2,408,192
2,306,354
Provisions for liabilities
(12,293)
(16,761)
Net assets
2,395,899
2,289,593
Capital and reserves
Called up share capital
7
1,000
1,000
Share premium account
213,252
213,252
Other reserves
1,170,000
1,170,000
Profit and loss reserves
1,011,647
905,341
Total equity
2,395,899
2,289,593

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 11 March 2026 and are signed on its behalf by:
Ms R Bottacini
Director
Company registration number 02477270 (England and Wales)
PNEUMAX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Pneumax Limited is a private company limited by shares incorporated in England and Wales. The registered office is 110 Vista Park, Mauretania Road, Nursling, Southampton, Hampshire, SO16 0YS.

1.1
Basis of preparation

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue is recognised when ownership of goods is transferred or services are performed.

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

1.4
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:

Freehold land and buildings
4% straight line
Plant and machinery
15% straight line / 25% straight line
Motor vehicles
25% straight line

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.

1.5
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.

PNEUMAX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.6
Stocks

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

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

1.7
Cash and cash equivalents

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

1.8
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 balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

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

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future 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.

PNEUMAX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.9
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.

1.10
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 profit and loss account 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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 profit and loss account, 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.

1.11
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.

1.12
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.13
Leases
As lessee

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 d asset are consumed.

PNEUMAX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.14
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
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.

Stock provision

Stock is held at lower of cost and net realisable value. A provision is made for stock that has not been utilised for 2 years or more. At the balance sheet date the stock provision was £278,605 (2024: £266,497).

3
Employees

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

2025
2024
Number
Number
Total
21
22
PNEUMAX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2025
1,255,968
450,282
1,706,250
Additions
-
0
5,535
5,535
At 31 December 2025
1,255,968
455,817
1,711,785
Depreciation and impairment
At 1 January 2025
707,530
354,612
1,062,142
Depreciation charged in the year
50,239
28,012
78,251
Eliminated in respect of disposals
-
0
(79)
(79)
At 31 December 2025
757,769
382,545
1,140,314
Carrying amount
At 31 December 2025
498,199
73,272
571,471
At 31 December 2024
548,438
95,670
644,108
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
551,102
593,441
Prepayments and accrued income
26,716
24,993
577,818
618,434
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
154,451
47,148
Amounts owed to group undertakings
235,671
384,077
Corporation tax
27,489
55,374
Other taxation and social security
144,306
157,445
Other creditors
4,723
4,059
Accruals and deferred income
31,284
42,068
597,924
690,171
PNEUMAX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
"A" Ordinary shares of £1 each
600
600
600
600
"B" Ordinary shares of £1 each
400
400
400
400
1,000
1,000
1,000
1,000
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 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.

Senior Statutory Auditor:
Adam Buse FCA
Statutory Auditor:
Fiander ETL
Date of audit report:
19 March 2026
9
Operating lease commitments
Lessee

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

2025
2024
£
£
Within one year
49,466
19,104
Between two and five years
70,077
-
0
119,543
19,104
10
Related party transactions
Transactions with related parties

Pneumax Limited has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions with its ultimate parent company or any wholly owned subsidiary undertakings of the group.

PNEUMAX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Related party transactions
(Continued)
- 8 -

During the year, Pneumax Limited traded with two related parties who were not wholly owned, details of which are:

Titan Engineering SpA, a group subsidiary of Pneumax SpA. Purchases of £40,704 (2024: £55,750) were made by Pneumax Limited. At the balance sheet date, Pneumax Limited owed £5,884 (2024: £9,030) to Titan Engineering SpA.

Automationware Srl, a group subsidiary of Pneumax SpA. Purchases of £9,514 (2024: £nil) were made by Pneumax Limited. At the balance sheet date, Pneumax Limited owed £nil (2024: £nil) to Automationware Srl.

11
Parent company

The parent company is Pneumax Holding SpA, a company incorporated in Italy. The registered office is Via Cascina Barbellina, 24050 Lurano (Bergamo) Italy. The results of Pneumax Limited are consolidated into the group financial statements prepared by Pneumax Holding SpA.

2025-12-31 2025-01-01 false false false 19 March 2026 CCH Software CCH Accounts Production 2026.100 No description of principal activity Ms R Bottacini Ms M Bottacini 02477270 2025-01-01 2025-12-31 02477270 2025-12-31 02477270 2024-12-31 02477270 core:LandBuildings 2025-12-31 02477270 core:OtherPropertyPlantEquipment 2025-12-31 02477270 core:LandBuildings 2024-12-31 02477270 core:OtherPropertyPlantEquipment 2024-12-31 02477270 core:WithinOneYear 2025-12-31 02477270 core:WithinOneYear 2024-12-31 02477270 core:CurrentFinancialInstruments core:WithinOneYear 2025-12-31 02477270 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 02477270 core:ShareCapital 2025-12-31 02477270 core:ShareCapital 2024-12-31 02477270 core:SharePremium 2025-12-31 02477270 core:SharePremium 2024-12-31 02477270 core:OtherMiscellaneousReserve 2025-12-31 02477270 core:OtherMiscellaneousReserve 2024-12-31 02477270 core:RetainedEarningsAccumulatedLosses 2025-12-31 02477270 core:RetainedEarningsAccumulatedLosses 2024-12-31 02477270 core:ShareCapitalOrdinaryShareClass1 2025-12-31 02477270 core:ShareCapitalOrdinaryShareClass1 2024-12-31 02477270 core:ShareCapitalOrdinaryShareClass2 2025-12-31 02477270 core:ShareCapitalOrdinaryShareClass2 2024-12-31 02477270 core:ShareCapitalOrdinaryShares 2025-12-31 02477270 core:ShareCapitalOrdinaryShares 2024-12-31 02477270 bus:Director1 2025-01-01 2025-12-31 02477270 core:LandBuildings core:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 02477270 core:PlantMachinery 2025-01-01 2025-12-31 02477270 core:MotorVehicles 2025-01-01 2025-12-31 02477270 2024-01-01 2024-12-31 02477270 core:LandBuildings 2024-12-31 02477270 core:OtherPropertyPlantEquipment 2024-12-31 02477270 2024-12-31 02477270 core:LandBuildings 2025-01-01 2025-12-31 02477270 core:OtherPropertyPlantEquipment 2025-01-01 2025-12-31 02477270 core:CurrentFinancialInstruments 2025-12-31 02477270 core:CurrentFinancialInstruments 2024-12-31 02477270 bus:OrdinaryShareClass1 2025-01-01 2025-12-31 02477270 bus:OrdinaryShareClass2 2025-01-01 2025-12-31 02477270 bus:OrdinaryShareClass1 2025-12-31 02477270 bus:OrdinaryShareClass1 2024-12-31 02477270 bus:OrdinaryShareClass2 2025-12-31 02477270 bus:OrdinaryShareClass2 2024-12-31 02477270 bus:AllOrdinaryShares 2025-12-31 02477270 bus:AllOrdinaryShares 2024-12-31 02477270 core:BetweenTwoFiveYears 2025-12-31 02477270 core:BetweenTwoFiveYears 2024-12-31 02477270 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 02477270 bus:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 02477270 bus:FRS102 2025-01-01 2025-12-31 02477270 bus:Audited 2025-01-01 2025-12-31 02477270 bus:Director2 2025-01-01 2025-12-31 02477270 bus:FullAccounts 2025-01-01 2025-12-31 xbrli:pure xbrli:shares iso4217:GBP