Company registration number 03081171 (England and Wales)
ASTECH PROJECTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
ASTECH PROJECTS LIMITED
COMPANY INFORMATION
Directors
F Schauenburg
C Hamilton
P Ward
(Appointed 17 February 2025)
Company number
03081171
Registered office
Unit 15
Berkeley Court
Manor Park
Runcorn
Cheshire
WA7 1TQ
Auditor
Mitchell Charlesworth (Audit) Limited
Glebe Business Park
Lunts Heath Road
Widnes
Cheshire
WA8 5SQ
ASTECH PROJECTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 30
ASTECH PROJECTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

The company’s shares are owned by Schauenburg Industrie Produktion GmbH.

The principal activity of the company is in R&D, design, manufacture and supply of laboratory automation equipment and specialist drug delivery testing systems, primarily serving global pharmaceutical, petrochemical and life sciences customers.

The Company operates in specialist niche markets with high technical barriers to entry and long-standing relationships with global pharmaceutical customers.

The Company provides both standardised systems and bespoke project-based automation solutions, together with installation, commissioning and ongoing support services.

Revenue for the year was £5,569,710 (2024: £4,398,240). The company reported a pre-tax loss of £591,520 (pre-tax loss 2024: £1,742,746). The Company continues to receive financial and strategic support from its parent company, Schauenburg Industrie Produktion GmbH.

The business continues to operate within a project-driven environment, with revenues influenced by the timing of large customer orders and milestone deliveries. During the year the company continued to focus on strengthening its product portfolio, improving operational efficiency, and securing new customer projects.

The company maintained relationships with major international pharmaceutical customers and continued to support installed systems globally through its service and support activities.

The Board remains confident that the Company is a going concern.

Principal risks and uncertainties

The directors consider the principal risks facing the company to include:

Order intake and project timing - The company operates in a project-driven market where revenues can fluctuate depending on the timing of large customer orders and capital investment cycles within the industries it operates in.

Customer concentration - A proportion of revenue is derived from large multinational pharmaceutical companies. While these customers represent strong long-term partners, delays or changes in their investment plans may impact order timing.

Supply chain and engineering resources - The availability of specialist components and skilled personnel remains important to ensuring timely delivery of complex automation systems.

The directors monitor these risks regularly and take appropriate steps to mitigate potential impacts.

Research and Development

The company continues to invest in research and development activities aimed at enhancing its automation platforms and developing next-generation lab automation and drug delivery testing equipment.

Development work during the year focused on new products and improvements to existing product platforms, automation capabilities, and software integration designed to improve laboratory throughput, repeatability and data integrity.

Such investment ensures the company remains well positioned to meet the evolving needs of the market.

ASTECH PROJECTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Key performance indicators

The directors monitor the performance of the company through regular management reporting, including monthly management accounts and operational performance reviews.

Key financial performance indicators include revenue growth, gross margin and operating profitability. Non-financial indicators include order intake, project delivery milestones and engineering utilisation.

Future Outlook

The long-term outlook for laboratory automation and drug delivery testing systems remains positive, driven by increasing regulatory requirements, data integrity standards and the continued growth of development activities.

The company continues to pursue opportunities with both existing and new customers, whilst further developing its product platforms and service capabilities.

Although order timing can vary due to the nature of capital equipment investment cycles, the directors remain confident in the company’s long-term prospects.

Financial Risk Management

The company’s operations expose it to a variety of financial risks that include the effects of changes in interest rate risk. This is because the company has interest bearing assets, being cash balances, which earn interest at variable rates linked to base rates. The directors are aware that the company is susceptible to such changes and seek to limit and mitigate the adverse effects on the financial performance of the company.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-​committee of the board. The policies set by the board of directors are implemented by the company’s finance department.

On behalf of the board

C Hamilton
Director
15 May 2026
ASTECH PROJECTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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

Principal activities

During 2025, the Company continued to invest in its people, products and operational capabilities to strengthen its market position and support future growth. A key focus during the period has been the continued development and commercialisation of the Company’s new product range, designed to expand its ability to deliver advanced automation solutions to customers within the pharmaceutical, petrochemical and laboratory sectors.

This investment programme has impacted the financial performance of the Company in the short term; however, these investments are intended to support future revenue growth and strengthen the Company’s competitive position within its specialist markets.

The Company has continued to receive both strategic and financial support from its parent company, Schauenburg International. In January 2025, £827,253 of shareholder funding was converted into equity and a further £700,000 was invested as capital during the year, further strengthening the Company’s balance sheet and demonstrating the continued support of the shareholder.

Looking ahead, the directors remain focused on securing new customer orders, progressing the commercial rollout of the Company’s new products, and continuing to develop the Company’s capabilities in automation, drug delivery and laboratory systems. The directors believe the Company remains well positioned to benefit from future opportunities within its core markets.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

F Schauenburg
C Hamilton
P Ward
(Appointed 17 February 2025)
Auditor

The auditor, Mitchell Charlesworth (Audit) Limited, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

ASTECH PROJECTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

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.

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.

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
C Hamilton
Director
15 May 2026
ASTECH PROJECTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASTECH PROJECTS LIMITED
- 5 -
Opinion

We have audited the financial statements of Astech Projects Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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 December 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

ASTECH PROJECTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASTECH PROJECTS LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

ASTECH PROJECTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASTECH PROJECTS LIMITED (CONTINUED)
- 7 -

The companies own assessment of the risks that irregularities may occur either as a result of fraud or error.

Results of our enquiries of management about their own identification and assessment of the risks of irregularities.

Any matters we identified having obtained and reviewed the Companies documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

- the internal procedures and controls established to mitigate risks of fraud or non- compliance with laws and regulations;

The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

We considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the areas where management are required to exercise significant judgement.

We performed specific audit procedures to assess the risk of management override.

We obtained an understanding of the laws and regulatory framework the company operates in and focused on the effect of the provisions and disclosures that could have a material effect on the financial statements. The key laws and regulations we considered in this context included: Companies Act 2006, Environmental - ISO 14001, Quality Management, Employment Law and Health and Safety at Work Act.

Audit response to risks identified

Our procedures to respond to the risks identified included the following:

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

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.

ASTECH PROJECTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASTECH PROJECTS LIMITED (CONTINUED)
- 8 -

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.

Robert Davies (Senior Statutory Auditor)
For and on behalf of Mitchell Charlesworth (Audit) Limited, Statutory Auditor
Accountants
Glebe Business Park
Lunts Heath Road
Widnes
Cheshire
WA8 5SQ
18 May 2026
ASTECH PROJECTS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
5,569,710
4,398,240
Cost of sales
(1,816,949)
(1,589,757)
Gross profit
3,752,761
2,808,483
Administrative expenses
(4,467,792)
(4,352,793)
Other operating income
321,883
39,029
Operating loss
4
(393,148)
(1,505,281)
Interest receivable and similar income
7
-
0
3
Interest payable and similar expenses
8
(198,372)
(237,468)
Loss before taxation
(591,520)
(1,742,746)
Tax on loss
9
(233,613)
673,256
Loss for the financial year
(825,133)
(1,069,490)

ASTECH PROJECTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
£
£
Loss for the year
(825,133)
(1,069,490)
Other comprehensive income
-
-
Total comprehensive income for the year
(825,133)
(1,069,490)
ASTECH PROJECTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
10
2,161,200
1,957,429
Tangible assets
11
254,329
312,618
2,415,529
2,270,047
Current assets
Stocks
12
432,557
343,615
Debtors
13
3,998,062
3,236,256
Cash at bank and in hand
1,366
291,911
4,431,985
3,871,782
Creditors: amounts falling due within one year
14
(5,752,311)
(4,798,747)
Net current liabilities
(1,320,326)
(926,965)
Total assets less current liabilities
1,095,203
1,343,082
Creditors: amounts falling due after more than one year
15
(1,000,000)
(1,950,000)
Net assets/(liabilities)
95,203
(606,918)
Capital and reserves
Called up share capital
21
701,001
1,000
Share premium account
949,703
122,450
Treasury shares
-
0
(61,300)
Profit and loss reserves
(1,555,501)
(669,068)
Total equity
95,203
(606,918)
The financial statements were approved by the board of directors and authorised for issue on 15 May 2026 and are signed on its behalf by:
C Hamilton
Director
Company Registration No. 03081171
ASTECH PROJECTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Share premium account
Treasury shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2024
1,000
122,450
(61,300)
400,422
462,572
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
-
(1,069,490)
(1,069,490)
Balance at 31 December 2024
1,000
122,450
(61,300)
(669,068)
(606,918)
Year ended 31 December 2025:
Loss and total comprehensive income for the year
-
-
-
(825,133)
(825,133)
Issue of share capital
21
700,000
827,253
-
-
1,527,253
Conversion of loan to shares
21
1
-
0
-
-
1
Other movements
-
-
0
61,300
(61,300)
-
Balance at 31 December 2025
701,001
949,703
-
0
(1,555,501)
95,203
ASTECH PROJECTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
24
(445,976)
1,173,828
Interest paid
(198,372)
(237,468)
Income taxes (paid)/refunded
(53,067)
381,123
Net cash (outflow)/inflow from operating activities
(697,415)
1,317,483
Investing activities
Purchase of intangible assets
(456,181)
(783,873)
Purchase of tangible fixed assets
(9,396)
(239,075)
Interest received
-
0
3
Net cash used in investing activities
(465,577)
(1,022,945)
Financing activities
Proceeds from issue of shares
1,527,253
-
0
Repayment of borrowings
(950,000)
(100,000)
Payment of finance leases obligations
(4,964)
(10,967)
Net cash generated from/(used in) financing activities
572,289
(110,967)
Net (decrease)/increase in cash and cash equivalents
(590,703)
183,571
Cash and cash equivalents at beginning of year
291,911
108,340
Cash and cash equivalents at end of year
(298,792)
291,911
Relating to:
Cash at bank and in hand
1,366
291,911
Bank overdrafts included in creditors payable within one year
(300,158)
-
0
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
1
Accounting policies
Company information

Astech Projects Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 15, Berkeley Court, Manor Park, Runcorn, Cheshire, WA7 1TQ.

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.

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 and can rely on the support of the parent company. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern. For example the inflation rate i n the United Kingdom remains high at the moment and it is difficult to evaluate all of the potential implications on the company’s trade, customers, suppliers and the wider economy in 202 6.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided 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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Software
10% Straight Line
Patents
10% Straight Line
Development costs
10% Straight Line
1.6
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:

Land and buildings
20% Straight Line
Plant and machinery
25% Reducing Balance/Straight Line
Fixtures and fittings
20% Reducing Balance
Equipment/Computer equipment
25% Reducing Balance/33% 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.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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.

ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
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.

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

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.

1.9
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.

1.10
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.

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.

ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
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 and bank loans and overdraft 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.

Derecognition of financial liabilities

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

ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.11
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.

1.12
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the 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.

The company has taken advantage of the RDEC (R&D Expenditure Credit) scheme due to the size of the group and associated companies hence being a large company for corporation tax purposes. One benefit of using this scheme is that the credit gained from the RDEC scheme gets shown above the line and included in other income, thereby increasing profits in the profit and loss account.

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.

1.13
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.

1.14
Retirement benefits

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

ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.15
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

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.

ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
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.

Useful economic lives of fixed assets

The company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes. Judgement is applied by the directors when determining the residual values for plant, machinery and equipment. When determining the residual value management assesses the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life.

Recoverability of debtors

Bad debts are recognised where there are indicators of non-recoverability, and appropriate action has been taken to recover the debt unsuccessfully. When assessing recoverability, the directors consider factors such as the ageing of the receivables, past experience of recoverability, and the credit profile of individual groups of customers.

Impairment of fixed assets and investments

Where an indication of impairment exists, the directors will carry out an impairment review to determine the recoverable amount, which is the higher of fair value less cost to sell and value in use. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and a suitable discount rate in order to calculate present value.

Slow moving stock

Stock provisions are recognised where there are indicators of recoverable value being lower than cost. In establishing the level of provisioning required, management consider slow moving stock and use by date data from the stock system.

3
Turnover and other revenue

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

2025
2024
£
£
Turnover analysed by class of business
Projects
4,833,593
3,572,454
Maintenance sales
736,117
825,786
5,569,710
4,398,240
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Turnover and other revenue
(Continued)
- 21 -
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
1,030,035
687,227
Europe
3,333,250
3,149,005
USA
411,875
479,743
Rest of the world
794,550
82,265
5,569,710
4,398,240
2025
2024
£
£
Other revenue
Interest income
-
3
4
Operating loss
2025
2024
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
2,957
(1,111)
Fees payable to the company's auditor for the audit of the company's financial statements
19,200
18,635
Depreciation of tangible fixed assets
67,685
71,089
(Profit)/loss on disposal of tangible fixed assets
-
731
Amortisation of intangible assets
212,621
168,416
Loss on disposal of intangible assets
39,789
-
Operating lease charges
140,338
181,907
5
Employees

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

2025
2024
Number
Number
Admin & Finance
4
6
Directors
2
1
Engineering & Operations
44
45
Sales & Marketing
3
6
Total
53
58
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
5
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,295,799
2,356,461
Social security costs
366,399
330,151
Pension costs
124,848
121,943
2,787,046
2,808,555
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
196,856
132,413
Company pension contributions to defined contribution schemes
9,028
5,900
205,884
138,313

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 1).

7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
-
0
3
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
-
0
3
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
8,554
3,085
Interest payable to group undertakings
188,423
232,670
196,977
235,755
Other finance costs
Interest on finance leases and hire purchase contracts
1,395
1,713
198,372
237,468
9
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
(86,830)
(442,419)
Adjustment in respect of prior periods
320,443
(230,837)
Total deferred tax
233,613
(673,256)

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

2025
2024
£
£
Loss before taxation
(591,520)
(1,742,746)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(147,880)
(435,687)
Tax effect of expenses that are not deductible in determining taxable profit
323
507
Adjustments in respect of prior years
320,443
(230,837)
Depreciation on assets not qualifying for tax allowances
3,854
2,519
Research and development
(377,070)
(9,758)
Deferred tax not recognised
433,943
-
0
Taxation charge/(credit) for the year
233,613
(673,256)
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
10
Intangible fixed assets
Software
Patents
Development costs
Total
£
£
£
£
Cost
At 1 January 2025
1,704,933
81,490
734,130
2,520,553
Additions
131,320
-
0
324,861
456,181
Disposals
-
0
-
0
(39,789)
(39,789)
At 31 December 2025
1,836,253
81,490
1,019,202
2,936,945
Amortisation and impairment
At 1 January 2025
444,129
72,210
46,785
563,124
Amortisation charged for the year
165,190
5,536
41,895
212,621
At 31 December 2025
609,319
77,746
88,680
775,745
Carrying amount
At 31 December 2025
1,226,934
3,744
930,522
2,161,200
At 31 December 2024
1,260,804
9,280
687,345
1,957,429

The relevant development costs and internally developed and/or separately acquired software as capitalised are used for the development and evolution of scientific and technological advance in producing the sellable goods and products.

11
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures and fittings
Equipment/Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2025
229,612
89,062
97,252
384,101
800,027
Additions
5,272
-
0
-
0
4,124
9,396
At 31 December 2025
234,884
89,062
97,252
388,225
809,423
Depreciation and impairment
At 1 January 2025
37,962
68,545
78,075
302,827
487,409
Depreciation charged in the year
21,111
7,344
4,777
34,453
67,685
At 31 December 2025
59,073
75,889
82,852
337,280
555,094
Carrying amount
At 31 December 2025
175,811
13,173
14,400
50,945
254,329
At 31 December 2024
191,650
20,517
19,177
81,274
312,618
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
12
Stocks
2025
2024
£
£
Finished goods and goods for resale
432,557
343,615
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,954,866
1,089,281
Gross amounts owed by contract customers
1,018,843
947,660
Corporation tax recoverable
321,883
268,816
Prepayments and accrued income
156,524
150,940
3,452,116
2,456,697
Deferred tax asset (note 18)
545,946
779,559
3,998,062
3,236,256
14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
16
300,158
-
0
Obligations under finance leases
17
-
0
4,964
Trade creditors
785,418
545,302
Amounts owed to group undertakings
2,368,723
1,557,555
Taxation and social security
357,487
216,029
Deferred income
19
1,589,122
2,316,444
Other creditors
45,842
18,902
Accruals and deferred income
305,561
139,551
5,752,311
4,798,747
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
14
Creditors: amounts falling due within one year
(Continued)
- 26 -

A balance of £1,400,000 (2024 - £1,150,000) due to the ultimate parent is unsecured and repayable on demand, and bears interest rates at 2.0%.

Included within amounts owed to group undertakings is a balance of £150,000 (202 4 - £nil) related to loans from the ultimate parent for which they are unsecured and repayable on 30 December 2026, and subject to an interest rate of 3.15%.

Included within amounts owed to group undertakings is a balance of £300,000 (202 4 - £nil) related to loans from the ultimate parent for which they are unsecured and repayable on 29 December 2026, and subject to an interest rate of 3%.

Included within amounts owed to group undertakings is accrued interest of £5 18,723 (2024 - £407,555).

Included within other creditors is a balance of £nil (202 4 - £4,964 ) related to finance lease and hire purchase agreements. Security exists over the assets to which they relate.

A debenture is held dated 3 May 2006. All assets of the company are held as security formally charged to National Westminster Bank PLC.

On 18 February 2020, the company has charged all its bank deposits retained in National Westminster Bank PLC with all the rights of the deposits to the bank for repayment all the company's liabilities to the bank on demand.

15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Other borrowings
16
1,000,000
1,950,000

Included within other creditors is a balance of £nil (202 4 - £150,000) related to loans from the ultimate parent for which they are unsecured and repayable on 30 December 2026, and subject to an interest rate of 3.15%.

Included within other creditors is a balance of £nil (202 4 - £300,000) related to loans from the ultimate parent for which they are unsecured and repayable on 29 December 2026, and subject to an interest rate of 3%.

Included within other creditors is a balance of £500,000 (202 4 - £500,000) related to loans from the ultimate parent for which they are unsecured and repayable on 30 June 2027, and subject to an interest rate of 5.00%.

Included within other creditors is a balance of £500,000 (202 4 - £500,000) related to loans from the ultimate parent for which they are unsecured and repayable on 30 December 2027, and subject to an interest rate of 5.50%.

Included within other creditors is a balance of £nil (202 4 - £500,000) related to a loan from the ultimate parent for which it is unsecured and was repayable on 31 December 2027, and subject to an interest rate of 5.00%.

ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
16
Loans and overdrafts
2025
2024
£
£
Bank overdrafts
300,158
-
0
Loans from group undertakings
1,000,000
1,950,000
1,300,158
1,950,000
Payable within one year
300,158
-
0
Payable after one year
1,000,000
1,950,000

17
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
-
0
4,964
After more than one year
-
0
-
0
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
-
0
4,964

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
18
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Assets
Assets
2025
2024
Balances:
£
£
Accelerated capital allowances
(561,533)
(520,198)
Tax losses
667,707
970,032
R&D credit
395,946
320,443
Short term timing differences
43,826
9,282
545,946
779,559
2025
Movements in the year:
£
Asset at 1 January 2025
(779,559)
Charge to profit or loss
233,613
Asset at 31 December 2025
(545,946)

The deferred tax asset set out above is expected to reverse and relates to the utilisation of tax losses against future expected profits of the same period.

19
Deferred income
2025
2024
£
£
Other deferred income
1,589,122
2,316,444
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
124,848
121,943

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.

ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
700,801
800
700,801
800
Ordinary B of £1 each
200
200
200
200
701,001
1,000
701,001
1,000

Included within ordinary B shares is a balance of 50 treasury shares of £1 each being held by the company.

On 20th January 2025 there was an agreement with the parent company Schauenburg Industrie Produktion GmbH to convert the outstanding loan balance of £827,254 into 1 Ordinary A Share of £1 in the capital of the company with a share premium of £827,253.

On 18th June 2025 there was an issue of 300,000 Ordinary A Shares of £1 each at par. Also on 17th July 2025 there was a further issue of 400,000 Ordinary A Shares of £1 each at par.

All shares rank pari passu.

22
Related party transactions

Schauenburg Industrie Produktion GmbH owns 9 5% (202 4 - 95%) of the overall share capital of Astech Projects Limited whereas 5% (2024 : 5%) of share capital classified as treasury share is being held by the company.

During the year Astech Projects Limited paid a management fee of £138,302 (202 4 - £109,258) to Schauenburg Service GmbH. The balance outstanding at the year end amounted to £287,055 (202 4 - £158,522 ).

23
Ultimate controlling party

The parent company is Schauenburg Industrie Producktion GmbH, a company registered in Germany. The ultimate parent company is Schau e nburg International GmbH, a company registered in Germany. The registered office of both companies is:

35, Weseler Strasse

Muelhien An Der Ruhr

D-45478

DEU

ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
24
Cash (absorbed by)/generated from operations
2025
2024
£
£
Loss after taxation
(825,132)
(1,069,491)
Adjustments for:
Taxation charged/(credited)
233,613
(673,256)
Finance costs
198,372
237,468
Investment income
-
0
(3)
(Gain)/loss on disposal of tangible fixed assets
-
731
Loss on disposal of intangible assets
39,789
-
Amortisation and impairment of intangible assets
212,621
168,415
Depreciation and impairment of tangible fixed assets
67,685
71,089
Movements in working capital:
Increase in stocks
(88,942)
(1,007)
Increase in debtors
(942,352)
(1,121,224)
Increase in creditors
1,385,692
1,610,242
(Decrease)/increase in deferred income
(727,322)
1,950,864
Cash (absorbed by)/generated from operations
(445,976)
1,173,828
25
Analysis of changes in net debt
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
291,911
(290,545)
1,366
Bank overdrafts
-
0
(300,158)
(300,158)
291,911
(590,703)
(298,792)
Borrowings excluding overdrafts
(1,950,000)
950,000
(1,000,000)
Lease liabilities
(4,964)
4,964
-
(1,663,053)
364,261
(1,298,792)
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