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Registered number: 03542957 OADBY PLASTICS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
OADBY PLASTICS LIMITED COMPANY INFORMATION
Directors | N J Driver
| M Rojahn
| J Chouhan
Company secretary | N J Driver
Registered number | 03542957
Registered office | 68 Scudamore Road
| Braunstone Frith Industrial Estate
| Leicester
| LE3 1UA
Independent auditor | MHA
| Statutory Auditors
| 11 Merus Court
| Meridian Business Park
| Leicester
| LE19 1RJ
OADBY PLASTICS LIMITED CONTENTS
| Page
Strategic Report | 1 - 3
Directors' Report | 4 - 6
Independent Auditor's Report | 7 - 10
Profit and Loss Account | 11
Balance Sheet | 12 - 13
Statement of Changes in Equity | 14
Notes to the Financial Statements | 15 - 38
OADBY PLASTICS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Business review
The Company is principally engaged in the machining and distribution of industrial plastics and conveyor parts. In the opinion of the directors the Company will continue to trade in the same business for the foreseeable future.
Principal risks and uncertainties
The management of the business and the execution of the Company’s strategy are subject to a number of risks. Risks are formally reviewed by the board on a regular basis and appropriate processes are put into place to monitor and mitigate them. If more than one event occurs, it is possible that the overall effect of such events would compound the possible adverse effects on the Company.
Financial key performance indicators
Key performance indicators used by the Company are as follows; - Turnover; - Gross profit margin; and - Profit on ordinary activities before taxation. Details of the key performance indicators are shown in the Profit and Loss Account. The key financial performance indicators show that the business has been improving over the past few years in line with the directors' expectations. The Company is continually reviewing and improving its product range with the introduction of new lines in order to retain market share and attract new customers.
Development and performance
The beginning of 2025 marked a strong continuation of our commitment to strategic investment across the Group. Oadby Plastics Limited placed an order for a state-of-the-art 5-axis CNC router, which was commissioned in June 2025, further strengthening our advanced machining capabilities. Looking back at 2025, marketing was a key area of focus across the Company. The marketing team has been expanded to strengthen our internal expertise and drive brand visibility. A major initiative throughout the year has been the complete redevelopment of the Company website, aimed at improving user experience, functionality, and alignment with our evolving brand identity. Page 1
OADBY PLASTICS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Directors' statement of compliance with duty to promote the success of the Company
Section S172(1) Statement During the year, the directors have had regard to the matters set out in S172 (1) (a) to (f) of the Companies Act 2006 whilst performing their duties. Whilst making decisions the directors ensure that they have acted in good faith, in a way they believe would promote the success of the Company for the benefit of its members as a whole. Specifically, the directors have considered the following:- a. The likely consequences of any decision in the long term; b. The interests of the Company's employees; c. The need to foster the Company's business relationships with suppliers, customers and others; d. The impact of the Company's operations on the community and the environment; e. The desirability of the Company maintaining a reputation for high standards of business conduct; and f. The need to act fairly between members of the Company. S172 (1) (a) The likely consequences of any decision in the long term The directors understand the business and the environment in which it operates. This is key to understanding the likely consequences of any long term decisions. There is a clear plan for growth which ensures the Company continues to sell quality products, satisfying customer and shareholder needs, amongst other stakeholders. Continually improving environmental performance and operating methods are integral and fundamental parts of the business strategy. This strategy is key to ensuring the Company and the directors are delivering on their duty of care for the benefit of future generations. Investment in both our people and equipment has remained a key priority throughout the year, reflecting our ongoing commitment to operational excellence and long-term growth. As a result of additional efficiencies achieved at our Head Office, the planned development of our 3.2-acre site has been temporarily placed on hold. This strategic pause allows us to optimise resource allocation, with development set to resume when the need for an additional unit arises. S172 (1) (b) The interests of the Company's employees The directors recognise that the employees are key to the business and its success. What makes the Company different is their approach to relationships, which extends past the expected customer focus, to all employees. Staff retention is a testament to this and the Company's culture. Employee welfare and wellbeing is of utmost importance. The directors ensure all employees work in a safe and healthy environment. The directors regularly engage with employees through The Cultural Society. The Cultural Society is a group of employees that meet on a regular basis to discuss ideas that have been put forward to the Company and is open to all employees. These ideas are then put forward to the management board for approval and implementation. When making decisions, the directors consider which course of action best delivers the Company strategy in the long term, taking into consideration all stakeholders of the Company, including the employees. Further investments are continuing to enhance and improve the quality of the environment our staff work within. S172 (1) (c) The need to foster the Company's business relationships with suppliers, customers and others The directors recognise that building relationships with suppliers and customers is also key to the success of the business. The Company's objective is to become a key partner, delivering the same quality product each time. This can only be achieved if relationships are being built with key suppliers. The directors recognise that working with suppliers and customers is also key to ensuring the impact to the environment is minimised. S172 (1) (d) The impact of the Company's operations on the community and the environment The directors recognise the importance of minimising the impact of the Company's operations on the community and environment, which is why it is core to their strategy. The Company and directors wholly support and where Page 2
OADBY PLASTICS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 possible exceed the requirement of current environmental legislation and codes of practice. It is the aim to minimise waste and water usage in buildings, vehicles and processes in order to conserve supplies and minimise consumption of natural resources, especially where they are non-renewable. The Company and the directors actively promote recycling both internally and amongst customers and suppliers. Environmental policies are reviewed periodically in consultation with staff and customers. S172 (1) (e) The desirability of the Company maintaining a reputation for high standards of business conduct The directors are committed to improving quality and reducing any environmental impact, as noted above. This ensures that the Company's reputation within the local community is maintained. It is the aim of the Company to achieve sustained profitable growth, by providing cost effective products maintaining a high level of customer satisfaction which enhances the Company’s reputation with its customers and suppliers. S172 (1) (f) The need to act fairly between members of the Company When making decisions, the directors consider which course of action best delivers the Company strategy in the long term, taking into consideration all stakeholders of the Company. Examples of this are noted above where the directors consider all stakeholders when deciding whether or not to purchase additional land and rebuild for the growth of the business. Environmental matters The Company has taken exemption from disclosure of SECR reporting as this information has been included within the Group accounts of Oadby Plastics Holdings Limited. This report was approved by the board and signed on its behalf.
................................................ N J Driver Director
Date: 15 May 2026
Page 3
OADBY PLASTICS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Principal activity
The principal activity of the Company during the year was the machining and distribution of industrial plastics and conveyor stock.
Results and dividends
The profit for the year, after taxation, amounted to £2,622,777 (2024 : £2,914,323). During the year dividends amounting to £2,447,130 (2024 : £2,271,572) were recommended by the directors.
Directors
The directors who served during the year were:
N J Driver
M Rojahn
J Chouhan
Employee involvement
During the year, the policy of providing employees with information about the Company has been continued through internal media methods through which employee’s views can be sought on issues which concern them. Throughout the Company there is close consultation between management and other employees on appropriate matters of concern, with a view to keeping employees informed about the progress of the Company’s business and the economic factors affecting it.
Engagement with suppliers, customers and others
How we engage with customers and suppliers is covered in our Strategic Report on page 2.
Disabled employees
The Company gives full consideration to applications from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the Company’s policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees where appropriate.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information. Page 4
OADBY PLASTICS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Post balance sheet events
On 7 April 2026, the Company entered into an unsecured related party loan agreement for £3,000,000 to support the Company’s ongoing working capital and financing requirements. The loan bears interest at 5% per annum and is repayable within three years. On 6 May 2026, D-PAC Limited, a wholly owned subsidiary incorporated in England and Wales, was dissolved and removed from the register at Companies House. There have been no other significant events affecting the Company since the year end.
Auditor
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 to 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. Page 5
OADBY PLASTICS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 This report was approved by the board and signed on its behalf.
................................................ N J Driver Director
Date: 15 May 2026
68 Scudamore Road
Braunstone Frith Industrial Estate
Leicester
LE3 1UA
Page 6
OADBY PLASTICS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OADBY PLASTICS LIMITED
Opinion
We have audited the financial statements of Oadby Plastics Limited (the 'Company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 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.
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 United Kingdom, including the Financial Reporting Council'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. Page 7
OADBY PLASTICS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OADBY PLASTICS LIMITED (CONTINUED)
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.
Opinion 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' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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. Page 8
OADBY PLASTICS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OADBY PLASTICS LIMITED (CONTINUED)
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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙Enquiry of management and those charged with governance around actual, potential or suspected litigation and claims, non-compliance with applicable laws and regulations and fraud; ∙Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; ∙Performing audit work over the risk of management 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 bias; ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and ∙Discussions with engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud. 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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report. Page 9
OADBY PLASTICS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OADBY PLASTICS LIMITED (CONTINUED)
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. Shelley Harvey FCCA (Senior Statutory Auditor) for and on behalf of MHA Statutory Auditor Leicester, United Kingdom Date: 15 May 2026 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).15 May 2026 Page 10
OADBY PLASTICS LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 39,186,457 | 40,454,786
Cost of sales |  | (28,411,875) | (29,521,845)
Gross profit |  | 10,774,582 | 10,932,941
Administrative expenses |  | (7,950,386) | (7,738,155)
Exceptional administrative expenses |  | (1,065,124) | -
Other operating income | 5 | 836,972 | 731,122
Operating profit | 6 | 2,596,044 | 3,925,908
Investment income |  | 959,770 | -
Interest receivable and similar income | 11 | 242,959 | 259,526
Interest payable and similar expenses | 12 | (281,322) | (288,491)
Profit before tax |  | 3,517,451 | 3,896,943
Tax on profit | 13 | (894,674) | (982,620)
Profit for the financial year |  | 2,622,777 | 2,914,323
There were no recognised gains and losses for 2025 or 2024 other than those included in the Profit and Loss Account..
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 15 to 38 form part of these financial statements.
Page 11
OADBY PLASTICS LIMITED REGISTERED NUMBER: 03542957 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 15 |  | 42,000 |  | 52,500
Tangible assets | 16 |  | 6,374,351 |  | 5,022,482
Investments | 17 |  | 3,605,051 |  | 3,605,051
|  |  | 10,021,402 |  | 8,680,033
Current assets |  |  |  |  |
Stocks | 18 | 5,205,116 |  | 5,618,351 |
Debtors: amounts falling due within one year | 19 | 9,131,398 |  | 9,640,974 |
Cash at bank and in hand | 20 | 592,406 |  | 1,411,705 |
Current Liabilities |  | 14,928,920 |  | 16,671,030 |
Creditors: amounts falling due within one year | 21 | (6,497,184) |  | (7,142,814) |
Net current assets |  |  | 8,431,736 |  | 9,528,216
Total assets less current liabilities |  |  | 18,453,138 |  | 18,208,249
Creditors: amounts falling due after more than one year | 22 |  | (110,647) |  | (68,923)
Provisions for liabilities |  |  |  |  |
Deferred tax | 25 | (27,518) |  | - |
|  |  | (27,518) |  | -
Net assets |  |  | 18,314,973 |  | 18,139,326
Capital and reserves |  |  |  |  |
Called up share capital | 26 |  | 1,846,889 |  | 1,846,889
Share premium account | 27 |  | 4,290 |  | 4,290
Profit and loss account | 27 |  | 16,463,794 |  | 16,288,147
|  |  | 18,314,973 |  | 18,139,326
Page 12
OADBY PLASTICS LIMITED REGISTERED NUMBER: 03542957 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ N J Driver
Director
Date: 15 May 2026
The notes on pages 15 to 38 form part of these financial statements. Page 13
OADBY PLASTICS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 1,846,889 | 4,290 | 15,645,396 | 17,496,575
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 2,914,323 | 2,914,323
Total comprehensive income for the year | - | - | 2,914,323 | 2,914,323
Dividends: Equity capital | - | - | (2,271,572) | (2,271,572)
At 1 January 2025 | 1,846,889 | 4,290 | 16,288,147 | 18,139,326
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 2,622,777 | 2,622,777
Total comprehensive income for the year | - | - | 2,622,777 | 2,622,777
Dividends: Equity capital | - | - | (2,447,130) | (2,447,130)
At 31 December 2025 | 1,846,889 | 4,290 | 16,463,794 | 18,314,973
| The notes on pages 15 to 38 form part of these financial statements.
Page 14
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Oadby Plastics Limited is a private company, limited by shares, domiciled in England and Wales, registration number 03542957. The registered office is 68 Scudamore Road, Braunstone Frith Industrial Estate, Leicester, LE3 1UA. The principal activity of the Company during the year was the machining and distribution of industrial plastics and conveyor parts. 2. Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Oadby Plastics Holdings Limited as at 31 December 2025 and these financial statements may be obtained from 68 Scudamore Road, Braunstone Frith Industrial Estate, Leicester, LE3 1UA.
| 2.3 | Going concern
After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The directors and loan note holders have confirmed that neither the directors loan account or loan notes will be drawn on for the next 12 months, or until the Company is in a position to support this withdrawal of funds. Coupled with the continued profitability, cash balances and finance available, the Company has the ability to continue as a going concern for the next 12 months. The Company therefore continues to adopt the going concern basis in preparing its financial information. Page 15
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2. Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is British Pound Sterling (£). Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Profit and Loss Account within 'other operating income'. Page 16
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2. Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Operating leases: the Company as lessor
Rental income from operating leases is credited to the Profit and Loss Account on a straight-line basis over the lease term.
| 2.7 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the Profit and Loss Account on a straight-line basis over the lease term.
| 2.8 | Hire purchase agreements
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and Loss Account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Page 17
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2. Accounting policies (continued)
| 2.9 | Interest income
Interest income is recognised in the Profit and Loss Account using the effective interest method.
| 2.10 | Finance costs
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.11 | Borrowing costs
All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred.
| 2.12 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.13 | Employee benefits
The Company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans. (i) Short term benefits Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. (ii) Defined contribution pension plans The Company operates a number of defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Company pays a fixed contribution into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. (iii) Annual bonus plan The Company operates a number of annual bonus plans for employees. An expense is recognised in the Profit and Loss Account when the Company has a legal or constructive obligation to make payments under the plans as a result of past events and a reliable estimate of the obligation can be made. Page 18
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2. Accounting policies (continued)
| 2.14 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.15 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
| 2.16 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and Loss Account over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Page 19
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2. Accounting policies (continued)
| 2.17 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Profit and Loss Account during the period in which they are incurred. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is charged for full year in year of addition and no depreciation in year of disposal. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 20% reducing balance per annum
|  |  |  | Motor vehicles | - | 25% reducing balance per annum
|  |  |  | Fixtures and fittings | - | 15% - 33% reducing balance per annum
|  |  |  | Computer equipment | - | 25% reducing balance per annum
|  |  |  | Property under construction | - | Not depreciated
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. A full years depreciation is charged upon assets being purchased. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.
| 2.18 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.19 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Profit and Loss Account. Page 20
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2. Accounting policies (continued)
| 2.20 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.21 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.22 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.23 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to the Profit and Loss Account.
| 2.24 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Page 21
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2. Accounting policies (continued)
| 2.24 | Financial instruments (continued)
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the Profit and Loss Account. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Profit and Loss Account. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Profit and Loss Account. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 22
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2. Accounting policies (continued)
| 2.24 | Financial instruments (continued)
Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the Profit and Loss Account. They are subsequently measured at fair value with changes in the Profit and Loss Account. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.25 | Hedge accounting
The Company uses foreign currency forward contracts to manage its exposure to fair value risk on its foreign transactions. These derivatives are measured at fair value at each balance sheet date. To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in the Profit and Loss Account for the year. Gains and losses on the hedging instruments and the hedged items are recognised in the Profit and Loss Account for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in the Profit and Loss Account.
| 2.26 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 23
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: (i) Useful economic lives of intangible fixed assets The directors consider that the useful economic life of the goodwill included within these financial statements cannot be reliably measured. As a result, the directors have adopted the maximum useful economic life allowed under FRS 102. (ii) Useful economic lives of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. (iii) Stocks provisioning When calculating the stocks provision, management considers the nature and condition of the stocks, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. (iv) Impairment of debtors The Company makes an estimate on the recoverability of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the age profile of the debtors and historical experience.
4. | Turnover
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 38,836,793 | 40,028,746
| Rest of the World | 349,664 | 426,040
|  | 39,186,457 | 40,454,786
Page 24
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Management charges receivable | 517,000 | 590,000
| Net rents receivable | 128,611 | 141,062
| Other operating income | 191,361 | 60
|  | 836,972 | 731,122
6. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amortisation of goodwill | 10,500 | 10,500
| Depreciation of tangible fixed assets - owned by company | 410,685 | 370,726
| Depreciation of tangible fixed assets - held under hire purchase | 65,188 | 66,996
| Defined contribution pension costs | 507,492 | 266,559
| (Profit)/loss on disposal of fixed assets | (10,970) | 23,092
| Net profit on foreign currency translation | (491,113) | (569,510)
| Operating lease rentals - plant and machinery | 348,720 | 331,360
| Operating lease rentals - other operating leases | 286,500 | 286,500
| Other operating lease rentals | 3,121 | 3,121
7. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor and its associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements | 33,250 | 31,750
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
Page 25
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 7,384,735 | 7,432,874
| Social security costs | 907,576 | 778,857
| Cost of defined contribution scheme | 507,492 | 266,559
|  | 8,799,803 | 8,478,290
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administrative staff | 65 | 65
|  | Management staff | 8 | 8
|  | Other staff | 125 | 124
|  |  | 198 | 197
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 383,134 | 391,313
|  | 383,134 | 391,313
| The highest paid director received remuneration of £166,290 (2024 : £155,762).
10. | Investment income
| During the year, the Company received a dividend in specie from D-PAC Limited comprising a property asset with a carrying value of £959,770. This has been recognised within investment income in the Profit and Loss Account. Following the extraction of the property asset and cessation of trading activities within D-PAC Limited, the related investment was fully impaired during the year (see note 14).
Page 26
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 242,959 | 259,526
|  | 242,959 | 259,526
12. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loan interest payable | 272,515 | 273,170
| Hire purchase contracts | 8,807 | 15,321
|  | 281,322 | 288,491
13. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 860,277 | 973,477
| Total current tax | 860,277 | 973,477
| Deferred tax |  |
| Origination and reversal of timing differences (note 25) | 34,397 | 9,143
| Total deferred tax | 34,397 | 9,143
| Tax on profit | 894,674 | 982,620
Page 27
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 13. Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 3,517,451 | 3,896,943
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 879,363 | 974,236
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 287,772 | 2,518
| Capital allowances for year in excess of depreciation | (56,840) | (33,323)
| Rollover relief on profit on disposal of fixed assets | - | 5,773
| Other timing differences leading to an (decrease)/increase in taxation | (175,853) | 35,296
| Group relief | (39,768) | (1,880)
| Total tax charge for the year | 894,674 | 982,620
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
14. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Impairment of investment | 1,065,124 | -
|  | 1,065,124 | -
| The exceptional charge relates to impairment of the investment in D-PAC Limited following extraction of the property asset and cessation of trading activities. Presented as exceptional due to the one-off nature of the acquisition, property extraction and cessation of trade.
Page 28
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Intangible assets
|  | Goodwill
|  | £
| Cost |
| At 1 January 2025 | 105,000
| At 31 December 2025 | 105,000
| Amortisation |
| At 1 January 2025 | 52,500
| Charge for the year | 10,500
| At 31 December 2025 | 63,000
| Net book value |
| At 31 December 2025 | 42,000
| At 31 December 2024 | 52,500
Page 29
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Property under construction
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 2,611,836 | 718,972 | 1,688,205 | 417,432 | 3,253,633
| Additions | 274,711 | 276,125 | 37,586 | - | 1,250,000
| Disposals | (91,170) | (53,716) | (3,750) | - | -
| At 31 December 2025 | 2,795,377 | 941,381 | 1,722,041 | 417,432 | 4,503,633
| Depreciation |  |  |  |  |
| At 1 January 2025 | 1,951,318 | 340,290 | 1,000,832 | 375,156 | -
| Charge for the year | 183,939 | 161,312 | 120,053 | 10,569 | -
| Disposals | (90,994) | (44,155) | (2,807) | - | -
| At 31 December 2025 | 2,044,263 | 457,447 | 1,118,078 | 385,725 | -
| Net book value |  |  |  |  |
| At 31 December 2025 | 751,114 | 483,934 | 603,963 | 31,707 | 4,503,633
| At 31 December 2024 | 660,518 | 378,682 | 687,373 | 42,276 | 3,253,633
Page 30
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 16. Tangible fixed assets (continued)
|  | Total
|  | £
| Cost or valuation |
| At 1 January 2025 | 8,690,078
| Additions | 1,838,422
| Disposals | (148,636)
| At 31 December 2025 | 10,379,864
| Depreciation |
| At 1 January 2025 | 3,667,596
| Charge for the year | 475,873
| Disposals | (137,956)
| At 31 December 2025 | 4,005,513
| Net book value |
| At 31 December 2025 | 6,374,351
| At 31 December 2024 | 5,022,482
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 231,608 | 154,510
| Motor vehicles | 21,857 | 29,142
|  | 253,465 | 183,652
Page 31
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 3,605,051
| Additions | 1,065,124
| At 31 December 2025 | 4,670,175
| Impairment |
| Charge for the year | 1,065,124
| At 31 December 2025 | 1,065,124
| Net book value |
| At 31 December 2025 | 3,605,051
| At 31 December 2024 | 3,605,051
Page 32
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| A.B.G Rubber & Plastics Limited | 68 Scudamore Road, Braunstone Frith Industrial Estate, Leicester, LE3 1UA. | Ordinary | 100%
| Anglia Plastics Limited | 68 Scudamore Road, Braunstone Frith Industrial Estate, Leicester, LE3 1UA. | Ordinary | 100%
| Direct Plastics Limited | 68 Scudamore Road, Braunstone Frith Industrial Estate, Leicester, LE3 1UA. | Ordinary | 100%
| PolyCoversDirect Limited | 68 Scudamore Road, Braunstone Frith Industrial Estate, Leicester, LE3 1UA. | Ordinary | 100%
| Clenviro Holdings Limited | 68 Scudamore Road, Braunstone Frith Industrial Estate, Leicester, LE3 1UA. | Ordinary | 99.90%
| Indirect Subsidiary: Clenviro Limited | 68 Scudamore Road, Braunstone Frith Industrial Estate, Leicester, LE3 1UA. | Ordinary | 100%
| D-PAC Limited (acquired on 31 March 2025) | 4 Sketty Close, Brackmills, Northampton, NN4 7PL | Ordinary | 100%
| During the year the Company acquired 100% of the share capital of D-PAC Limited for £1,065,124. The investment relating to D-PAC Limited was fully impaired in the year due to the company ceasing to trade and the property being hived up into Oadby Plastics Limited via a dividend in specie.
18. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 5,117,182 | 5,542,054
| Work in progress | 87,934 | 76,297
|  | 5,205,116 | 5,618,351
| An impairment write off of £13,921 (2024 : write back - £17,321) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock. Included in the stock value of £5,205,116 (2024 - £5,618,351) is £3,680 (2024 : £3,812) of consignment stock.
Page 33
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 5,666,716 | 5,826,977
| Amounts owed by group undertakings | 2,955,469 | 3,272,973
| Other debtors | 58,599 | 110,752
| Prepayments and accrued income | 450,614 | 423,393
| Deferred taxation | - | 6,879
|  | 9,131,398 | 9,640,974
20. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 592,406 | 1,411,705
|  | 592,406 | 1,411,705
21. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | 370,000 | 555,000
| Trade creditors | 3,196,856 | 3,405,603
| Amounts owed to group undertakings | 11,694 | 11,694
| Corporation tax | 21,530 | 54,078
| Other taxation and social security | 375,436 | 382,245
| Obligations under finance lease and hire purchase contracts | 67,626 | 66,944
| Other creditors | 2,229,047 | 2,412,727
| Accruals and deferred income | 224,995 | 254,523
|  | 6,497,184 | 7,142,814
| Obligations under hire purchase contracts of £67,626 (2024 : £66,944) are secured by the Company.
Page 34
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
22. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 110,647 | 68,923
|  | 110,647 | 68,923
| Obligations under hire purchase contracts of £110,647 (2024 : £68,923) are secured by the Company.
23. | Loans
| The other loans of £370,000 (2024 : £555,000) relate to redeemable loan notes. The directors are authorised to accept notice from the loan note holders of not less than one months notice to redeem the loan notes up to a maximum of £200,000 per annum or such higher amount as the directors shall in their absolute discretion consider appropriate.
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Other loans | 370,000 | 555,000
|  | 370,000 | 555,000
| Loan notes reduced from £555,000 to £370,000 during the year following repayments of £185,000.
24. | Hire purchase leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 67,626 | 66,944
| Between 1-2 years | 46,541 | 39,025
| Between 2-5 years | 64,106 | 29,898
|  | 178,273 | 135,867
25. | Deferred taxation
Page 35
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 25. Deferred taxation (continued)
|  | 2025
|  | £
| At beginning of year | 6,879
| Charged to the Profit and Loss Account (note 13) | (34,397)
| At end of year | (27,518)
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (27,518) | 6,879
|  | (27,518) | 6,879
26. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,846,889 (2024 - 1,846,889) Ordinary shares of £1 each | 1,846,889 | 1,846,889
27. | Reserves
Share premium account This includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. Profit and loss account This includes all current and prior year retained profits and losses. All amounts are distributable.
28. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £507,492 (2024: £266,559). Contributions totalling £Nil (2024: £Nil) were payable to the funds at the reporting date. Page 36
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
29. | Commitments payable under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 108,970 | 141,653
| Later than 1 year and not later than 5 years | 76,447 | 185,416
|  | 185,417 | 327,069
30. | Commitments receivable under operating leases
| At 31 December 2025 the Company had future minimum lease payments receivable under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 50,000 | 133,307
| Later than 1 year and not later than 5 years | 50,000 | -
|  | 100,000 | 133,307
31. | Transactions with directors
At the year end N J Driver, a director of the Company, was owed by the Company £682,132 (2024: £865,812) included within other creditors. During the year payments totalled £Nil (2024: £Nil) and repayments totalled £272,474 (2024: £89,038). Interest of £88,794 (2024: £89,038) was charged on the amounts owed by the Company. At the year end M Rojahn, a director of the Company, was owed by the Company £839,353 (2024: £839,353) included in other creditors. During the year payments totalled £Nil (2024: £Nil) and repayments totalled £84,556 (2024: £84,788). Interest of £84,556 (2024: £84,788) was charged on the amounts owed by the Company. At the year end J Chouhan, a director of the Company, was owed by the Company £707,562 (2024: £707,562) included in other creditors. During the year payments totalled £Nil (2024: £Nil) and repayments totalled £65,865 (2024: £66,045). Interest of £65,865 (2024: £66,045) was charged on the amounts owed by the Company. The directors charged interest at 8.50% (2024: 8.50%) on loans issued to the Company that are repayable on demand. Page 37
OADBY PLASTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
32. | Related party transactions
| The Company has taken advantage of the exemption available under FRS 102 33.1A not to disclose transactions with wholly owned subsidiaries of the Group.
|  | 2025 | 2024
|  | £ | £
| Interest charges to the entity by other related parties | 272,515 | 273,170
| Rent paid to other related parties | 286,500 | 286,500
| Loans due to directors | 2,229,047 | 2,412,727
| Pension contribution to other related parties | 60,000 | 40,000
| Loan notes owed to other related parties | 370,000 | 555,000
33. | Post balance sheet events
On 7 April 2026, the Company entered into an unsecured related party loan agreement for £3,000,000 to support the Company’s ongoing working capital and financing requirements. The loan bears interest at 5% per annum and is repayable within three years. On 6 May 2026, D-PAC Limited, a wholly owned subsidiary incorporated in England and Wales, was dissolved and removed from the register at Companies House.
34. | Controlling party
The ultimate parent Company is Oadby Plastics Holdings Limited a Company incorporated in England and Wales. The registered office and principal place of business is 68 Scudamore Road, Braunstone Frith Industrial Estate, Leicester, LE3 1UA. The parent preparing consolidated financial statements for the smallest group of which the Company is a member is Oadby Plastics Holdings Limited. Copies of the consolidated financial statements are publicly available from the registered office at 68 Scudamore Road, Braunstone Frith Industrial Estate, Leicester, LE3 1UA. The ultimate controlling party was N J Driver by virtue of his directorship and majority shareholding of the ultimate parent Company.
Page 38