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Registered number: 07999002
IP3 Plastics Holding Company Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2024
Ripe LLP
Chartered Accountants
IP3 Plastics Holding Company Limited
Contents
Contents

| Page
--- | ---
Company Information | 1
Strategic Report | 2—3
Directors' Report | 4—5
Independent Auditor's Report | 6—9
Consolidated Profit and Loss Account | 10
Consolidated Balance Sheet | 11—12
Company Balance Sheet | 13
Consolidated Statement of Changes in Equity | 14
Consolidated Statement of Cash Flows | 15
Notes to the Consolidated Statement of Cash Flows | 16
Notes to the Financial Statements | 17—30

Page 1
IP3 Plastics Holding Company Limited
Company Information
For The Year Ended 31 December 2024
Company Information

Directors | Mr L Levie
| Mr X Zhang
Company Number | 07999002
Registered Office | 9a Burroughs Gardens
| London
| NW4 4AU
Auditors | RIPE LLP
| Chartered Accountants and Registered Auditors
| 9a Burroughs Gardens
| London
| NW4 4AU

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IP3 Plastics Holding Company Limited
Strategic Report
For The Year Ended 31 December 2024
Strategic Report
The directors present their strategic report for the year ended 31 December 2024.
Review of the Business
By way of background, a related company, AIAC, provided support to Polysemble Vendee by way of a cash injection of €2m which, together with the implementation of significant changes, lead to the court’s satisfaction that the company could be removed in December 6th 2023 from administration.
The 2024 financial year for Polysemble Vendée was marked by several significant developments. The company resumed responsibility for raw material purchases, which had previously been handled directly by customers. It also invested in the acquisition of two new presses as part of its strategy to enhance and modernize its production capabilities. In addition, the company financed an internal restructuring project, including the consolidation of two production buildings into a single facility, with the objective of optimizing costs and improving operational efficiency. Substantial financial and operational resources were deployed to upgrade and strengthen the site.
For Polysemble Lyon, 2024 was characterized by the appointment of a new Plant Manager in September, with the aim of improving industrial processes and overall operational performance. The site continued its improvement initiatives despite a slight decline in revenue. Nevertheless, the company remained profitable for the 2024 financial year, demonstrating the resilience of its operations.
It was decided in September 2024 to change the company names from iP3 to Polysemble: to enhance the company’s image and convey a positive message to existing and prospective clients.
On 29 October 2024, Polysemble Vendée sold all its shares in iP3 Holding KFT to iP3 Holding Limited (Hong Kong).
Key objectives
• Reduce dependency on certain customers
• Acquisition of new business.
• Appointment of a Sales Director
• Make each plant profitable.
• Restart marketing plan
• Improve our purchasing actions to generate more savings.
Financial performance
Key financial performance indicators of the group for the period are as follows:
Turnover: €23.89m
Profit before tax : €908k
Net liabilities: €3.9m
Principal Risk and uncertainties
• Dependency on main customer
• As Vendée is under a continuation plan, the key challenge is to successfully meet its debt obligations and to continue to trade profitably.
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IP3 Plastics Holding Company Limited
Strategic Report (continued)
For The Year Ended 31 December 2024
Section 172(1) Statement
The Directors have acted in the way that they considered, in good faith, would be most likely to promote the success of the Company for the benefit of its member as a whole and this section forms our Section 172 disclosure, describing how, in doing so, the Directors considered the matters set out in section 172(1)(a) to (f) of the Companies Act 2006.
The Directors also took into account the views and interests of a wider set of stakeholders, including regulators.
The Directors have acted in a way that they considered, in good faith, to be most likely to promote the success of the
Company for the benefit of its member as a whole, and in doing so had regard, amongst other matters, to:
• the likely consequences of any decision in the long term;
• the need to foster the Company’s business relationships with suppliers, customers and others;
• the impact of the Company’s operations on the community and the environment;
• the desirability of the Company maintaining a reputation for high standards of business conduct; and
• the need to act fairly as between members of the Company.
Considering this broad range of interests is an important part of the way the Board makes decisions, although in
balancing those different perspectives it will not always be possible to deliver everyone’s desired outcome.
On behalf of the board

Mr L Levie Director
13/05/2026

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IP3 Plastics Holding Company Limited
Company No. 07999002
Directors' Report For The Year Ended 31 December 2024
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2024.
Principal Activity
The group's principal activity continues to be that of holding company.
Directors
The directors who held office during the year were as follows:

Mr L Levie
Mr X Zhang

Employees
Employment of disabled persons
The group operates an equal opportunities employment policy and is opposed to all forms of discrimination. Our selection processes are non-discriminatory and always seek to give full and fair consideration to those with disabilities for all vacancies, taking into account their aptitudes and skills. In the event of employees becoming disabled, every effort is made to ensure their employment with the company continues and appropriate training arranged. So far as possible the company ensures that the training, career development and promotion of any disabled person is identical to that of a colleague who does not suffer from such a disability.
Employee involvement
The directors of the subsidiaries involve employees in matters that are of concern to them, including the provision of relevant information.
Statement of Directors' Responsibilities
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 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 the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- 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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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IP3 Plastics Holding Company Limited
Directors' Report (continued)
For The Year Ended 31 December 2024
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:

- so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Independent Auditors
The auditors Ripe LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
On behalf of the board

Mr L Levie Director
13/05/2026

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Independent Auditor's Report
to the Members of
IP3 Plastics Holding Company Limited
Independent Auditor's Report
Opinion
We have audited the financial statements of IP3 Plastics Holding Company Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:

- give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's profit/(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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material Uncertainty related to Going Concern
The directors have identified events or conditions that may cast doubt on the group's ability to continue as a going concern, in particular with regard to a dispute with a key customer at Polysemble Vendee SAS. Our opinion is not modified in respect of this matter.
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. In connection with our audit of the financial statements, 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 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.
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Independent Auditor's Report (continued)
to the Members of
IP3 Plastics Holding Company Limited
Opinions on Other Matters Prescribed by the Companies Act 2006
Because of the significance of the matter described in the basis of opinion section of our report, we were unable to form an opinion, whether based on the work undertaken in the course of the audit:

- the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception
Notwithstanding our basis of an opinion on the financial statements, in the light of our knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the Group Strategic Report and the Directors' Report.
Arising from the limitation of our work referred to above:
• we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
• we were unable to determine whether adequate accounting records have been kept.
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
• the parent company financial statements are not in agreement with the accounting records or 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 4—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 group and parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
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Independent Auditor's Report (continued)
to the Members of
IP3 Plastics Holding Company Limited
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.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 that 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.
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Independent Auditor's Report (continued)
to the Members of
IP3 Plastics Holding Company Limited

Robert Glazer FCA (Senior Statutory Auditor) for and on behalf of RIPE LLP , Statutory Auditor
02/07/2026
RIPE LLP Chartered Accountants and Registered Auditors 9a Burroughs Gardens London NW4 4AU

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IP3 Plastics Holding Company Limited
Consolidated Profit and Loss Account
For The Year Ended 31 December 2024
Consolidated Profit and Loss Account

| 2024 |  | 2023
--- | --- | --- | ---
| Notes | € |  | €
TURNOVER | 3 | 23,891,137 |  | 34,239,473
Cost of sales |  | (24,535,002 ) |  | (30,626,407 )
GROSS (LOSS)/PROFIT |  | (643,865 ) |  | 3,613,066
Administrative expenses |  | (1,104,379 ) |  | (3,319,688 )
Other operating income |  | 105,000 |  | 134,000
OPERATING (LOSS)/PROFIT | 5 | (1,643,244 ) |  | 427,378
Exceptional items |  | 1,742,000 |  | -
Profit on disposal of fixed assets |  | 43,000 |  | 87,000
Profit on disposal of fixed asset investments |  | 976,000 |  | -
Other interest receivable and similar income | 9 | 50 |  | 104
Interest payable and similar charges | 10 | (209,000 ) |  | (397,000 )
PROFIT BEFORE TAXATION |  | 908,806 |  | 117,482
Tax on Profit | 11 | (4,000 ) |  | 11,000
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT |  | 904,806 |  | 128,482

The notes on pages 16 to 30 form part of these financial statements.
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IP3 Plastics Holding Company Limited
Consolidated Balance Sheet
As At 31 December 2024
Consolidated Balance Sheet
Registered number: 07999002

| 2024 | 2023
--- | --- | ---
| Notes | € | € | € | €
FIXED ASSETS
Intangible Assets | 12 |  | (49,739 ) |  | (49,174 )
Tangible Assets | 13 |  | 2,610,377 |  | 3,654,012
|  |  | 2,560,638 |  | 3,604,838
CURRENT ASSETS
Stocks | 15 | 3,055,609 |  | 5,045,266 |
Debtors | 16 | 4,158,686 |  | 5,537,771 |
Cash at bank and in hand |  | 718,480 |  | 1,175,591 |
|  | 7,932,775 |  | 11,758,628 |
Creditors: Amounts Falling Due Within One Year | 17 | (7,935,066 ) |  | (16,350,709 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | (2,291 ) |  | (4,592,081 )
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 2,558,347 |  | (987,243 )
Creditors: Amounts Falling Due After More Than One Year | 18 |  | (6,049,740 ) |  | (2,765,750 )
PROVISIONS FOR LIABILITIES
Provisions For Charges | 20 |  | (421,000 ) |  | (1,064,206 )
NET LIABILITIES |  |  | (3,912,393 ) |  | (4,817,199 )
CAPITAL AND RESERVES
Called up share capital | 21 |  | 1 |  | 1
Revaluation reserve |  |  | (239,000 ) |  | (239,000 )
Other reserves |  |  | (1,732,978 ) |  | (1,732,978 )
Profit and Loss Account |  |  | (1,940,416 ) |  | (2,845,222 )
SHAREHOLDERS' FUNDS |  |  | (3,912,393) |  | (4,817,199)

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IP3 Plastics Holding Company Limited
Consolidated Balance Sheet (continued)
As At 31 December 2024
The financial statements were approved by the board of directors on 13 May 2026 and were signed on its behalf by:

Mr L Levie Director
13/05/2026

The notes on pages 16 to 30 form part of these financial statements.
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IP3 Plastics Holding Company Limited
Company Balance Sheet
As At 31 December 2024
Company Balance Sheet
Registered number: 07999002

| 2024 | 2023
--- | --- | ---
| Notes | € | € | € | €
FIXED ASSETS
Investments | 14 |  | 2 |  | 2
|  |  | 2 |  | 2
Creditors: Amounts Falling Due Within One Year | 17 | (124,098 ) |  | (105,698 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | (124,098 ) |  | (105,698 )
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | (124,096 ) |  | (105,696 )
NET LIABILITIES |  |  | (124,096 ) |  | (105,696 )
CAPITAL AND RESERVES
Called up share capital | 21 |  | 1 |  | 1
Profit and Loss Account |  |  | (124,097 ) |  | (105,697 )
SHAREHOLDERS' FUNDS |  |  | (124,096) |  | (105,696)

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's loss for the year was £(18,400 ) (2023: £(12,550 ) loss).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 13 May 2026 and were signed on its behalf by:

Mr L Levie Director
13/05/2026

The notes on pages 16 to 30 form part of these financial statements.
Page 13
Page 14
IP3 Plastics Holding Company Limited
Consolidated Statement of Changes in Equity
For The Year Ended 31 December 2024
Consolidated Statement of Changes in Equity

| Share Capital | Revaluation reserve | Other reserves | Profit and Loss Account | Total
--- | --- | --- | --- | --- | ---
| € | € | € | € | €
As at 1 January 2023 | 1 | 1,552,000 | (1,780,978 ) | (4,525,704 ) | (4,754,681)
Profit for year | - | - | - | 128,482 | 128,482
Deficit on revaluation | - | (1,791,000) | - | - | (1,791,000)
Other comprehensive income (expense) | - | - | 48,000 | 1,552,000 | 1,600,000
Other comprehensive income for the year | - | (1,791,000 ) | 48,000 | 1,552,000 | (191,000 )
Total comprehensive income for the year | - | (1,791,000) | 48,000 | 1,680,482 | (62,518)
As at 31 December 2023 and 1 January 2024 | 1 | (239,000 ) | (1,732,978 ) | (2,845,222 ) | (4,817,199)
Profit for the year and total comprehensive income | - | - | - | 904,806 | 904,806
As at 31 December 2024 | 1 | (239,000 ) | (1,732,978 ) | (1,940,416 ) | (3,912,393)

Page 14
Page 15
IP3 Plastics Holding Company Limited
Consolidated Statement of Cash Flows
For The Year Ended 31 December 2024
Consolidated Statement of Cash Flows

| 2024 |  | 2023
| Notes | € |  | €
Cash flows from operating activities
Net cash (used in)/generated from operations | 1 | (1,285,672 ) |  | 146,816
Tax (paid)/refunded |  | (4,000 ) |  | 11,000
Net cash (used in)/generated from operating activities |  | (1,289,672 ) |  | 157,816
Cash flows from investing activities
Purchase of intangible assets |  | - |  | (1,000 )
Purchase of tangible assets |  | (797,258 ) |  | (182,425 )
Proceeds from disposal of tangible assets |  | 241,000 |  | 169,000
Proceeds from disposal of other fixed asset investments |  | 976,000 |  | -
Change in Scope |  | 1,719,000 |  | -
Net cash generated from/(used in) investing activities |  | 2,138,742 |  | (14,425 )
Cash flows from financing activities
Repayment of bank borrowings |  | (1,097,231 ) |  | -
Interest paid |  | (209,000) |  | (397,000)
Interest received |  | 50 |  | 104
Repayment of other borrowing |  | - |  | (109,682)
Other foreign exchnage movements |  | - |  | 48,000
Net cash used in financing activities |  | (1,306,181 ) |  | (458,578 )
Decrease in cash and cash equivalents |  | (457,111 ) |  | (315,187 )
Cash and cash equivalents at beginning of year | 2 | 1,175,591 |  | 1,490,778
Cash and cash equivalents at end of year | 2 | 718,480 |  | 1,175,591

Page 15
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IP3 Plastics Holding Company Limited
Notes to the Consolidated Statement of Cash Flows
For The Year Ended 31 December 2024
Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash (used in)/generated from operations

| 2024 |  | 2023
--- | --- | --- | ---
| € |  | €
Profit for the financial year | 904,806 |  | 128,482
Adjustments for:
Tax on profit | 4,000 |  | (11,000 )
Interest expense | 209,000 |  | 397,000
Interest income | (50 ) |  | (104 )
Amortisation of intangible assets | (8,435 ) |  | 30,350
Depreciation of tangible assets | 465,893 |  | 567,677
Reversal of impairment of tangible assets | (509,000) |  | -
Profit on disposal of tangible assets | (43,000) |  | -
Profit on disposal of fixed asset investments | (976,000) |  | -
Movements in working capital:
Decrease in stocks | 1,989,657 |  | 1,595,222
Decrease in trade and other debtors | 1,364,085 |  | 947,772
Decrease in trade and other creditors | (4,686,628 ) |  | (3,508,583 )
Net cash (used in)/generated from operations | (1,285,672 ) |  | 146,816

2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

| 2024 |  | 2023
--- | --- | --- | ---
| € |  | €
Cash at bank and in hand | 718,480 |  | 1,175,591

3. Analysis of changes in net debt

| As at 1 January 2024 | Cash flows | As at 31 December 2024
--- | --- | --- | ---
| € | € | €
Cash at bank and in hand | 1,175,591 | (457,111) | 718,480
Debts falling due within one year | (2,606,481 ) | 2,326,450 | (280,031 )
Debts falling due after more than one year | (2,567,521) | (1,229,219) | (3,796,740)
| (3,998,411) | 640,120 | (3,358,291)

Page 16
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IP3 Plastics Holding Company Limited
Notes to the Financial Statements
For The Year Ended 31 December 2024
Notes to the Financial Statements
1. General Information
IP3 Plastics Holding Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07999002 . The registered office is 9a Burroughs Gardens, London, NW4 4AU .
The principal place of business is in France
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention, except, as disclosed in the accounting policies, certain items are shown at fair value.
The company has taken advantage of the exemption in section 408 of the Companies Act from presenting its individual profit and loss account and under FRS 102 not to include a company cash flow statement.
The financial statements are presented in Euros and are rounded to the nearest Euro.
Page 17
Page 18
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
Page 18
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IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.4. Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the group’s ability to continue as a going concern, in particular with regard to Polysemble Vendee SAS, which is in dispute with a key customer.
2.5. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.6. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill
Goodwill, being the amount paid in connection with the acquisition of business in 2019, is being amortised evenly over its estimated useful life of five years.
Negative goodwill
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
2.7. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
2.8. Intangible Fixed Assets and Amortisation - Intellectual Property
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over
their useful life as follows:
Asset class Amortisation method and rate
Patent and trademark 3 years
Goodwill 5 years
Page 19
Page 20
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.9. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold | Between 15 and 30 years
Plant & Machinery | Between 1 and 10 years
Fixtures & Fittings | Between 3 and 20 years

2.10. Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost.
2.11. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the 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.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.12. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.13. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
Page 20
Page 21
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.14. Financial Instruments
Classification
The financial assets and liabilities of the balance sheet are presented and evaluated in accordance with the various categories in accordance with IFRS 9 but for presentation purpose we are using FRS 102.
Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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 liabilities
Basic financial liabilities, including trade and other payables, bank loans classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
2.15. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 21
Page 22
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.16. Provisions and Contingencies
Provisions
Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Contingencies
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the group’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.
Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.
2.17.
Foreign currency transactions and balances
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss
account over the period of the relevant borrowing.
...CONTINUED
Page 22
Page 23
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.17. - continued
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
3. Turnover
Analysis of turnover by geographical market is as follows:

| 2024 |  | 2023
--- | --- | --- | ---
| € |  | €
Europe | 17,513,724 |  | 22,225,295
Rest of the world | 6,377,413 |  | 12,014,078
| 23,891,137 |  | 34,239,373

4. Other Operating Income

| 2024 |  | 2023
--- | --- | --- | ---
| € |  | €
Other operating income | 105,000 |  | 134,000
| 105,000 |  | 134,000

5. Operating (Loss)/profit
The operating (loss)/profit is stated after charging:

| 2024 |  | 2023
--- | --- | --- | ---
| € |  | €
Depreciation of tangible fixed assets | 465,893 |  | 567,677
Amortisation of intangible fixed assets | (8,435 ) |  | 30,350

6. Auditor's Remuneration
Remuneration received by the group's auditors and their associates during the year was as follows:

| 2024 |  | 2023
--- | --- | --- | ---
| € |  | €
Audit Services
Audit of the company's financial statements | 15,400 |  | 12,109

Page 23
Page 24
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| 2024 |  | 2023
--- | --- | --- | ---
| € |  | €
Wages and salaries | 4,917,789 |  | 6,913,680
Social security costs | 2,478,405 |  | 2,555,191
| 7,396,194 |  | 9,468,871

8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:

| Group |  | Company
--- | --- | --- | ---
| 2024 |  | 2023 |  | 2024 |  | 2023
Office and administration | 8 |  | 12 |  | 2 |  | 2
Sales, marketing and distribution | 29 |  | 71 |  | - |  | -
Production | 118 |  | 133 |  | - |  | -
Other departments | 42 |  | 29 |  | - |  | -
| 197 |  | 245 |  | 2 |  | 2

9. Interest Receivable and Similar Income

| 2024 |  | 2023
--- | --- | --- | ---
| € |  | €
Bank interest receivable | 50 |  | 104

10. Interest Payable and Similar Charges

| 2024 |  | 2023
--- | --- | --- | ---
| € |  | €
Bank loans and overdrafts | 209,000 |  | 397,000

Page 24
Page 25
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
11. Tax on Profit
The tax charge/(credit) on the profit for the year was as follows:

| Tax Rate | 2024 |  | 2023
--- | --- | --- | --- | ---
| 2024 | 2023 | € |  | €
Current tax
UK Corporation Tax | 25.0% | 25.0% | - |  | -
Deferred Tax
Deferred taxation | 4,000 |  | (11,000 )
Total tax charge for the period | 4,000 |  | (11,000 )

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

| 2024 |  | 2023
--- | --- | --- | ---
| € |  | €
Profit before tax | 908,806 |  | 117,482
Tax on profit at 25% (UK standard rate) | 249,878 |  | (19,738 )
Expenses not deductible for tax purposes | (269,378 ) |  | (3,000 )
Foreign tax rates | 23,500 |  | -
Revenue exempt from taxation | - |  | 87,354
Tax losses for which no deferred tax was recognised | - |  | (75,616 )
Total tax charge for the period | 4,000 |  | (11,000)

12. Intangible Assets
Group

| Goodwill | Other | Negative goodwill | Total
--- | --- | --- | --- | ---
| € | € | € | €
Cost or Valuation
As at 1 January 2024 | 111,076 | 645,223 | (68,040 ) | 688,259
Other | - | (9,000 ) | - | (9,000 )
As at 31 December 2024 | 111,076 | 636,223 | (68,040 ) | 679,259
Amortisation
As at 1 January 2024 | 111,076 | 636,223 | (9,866 ) | 737,433
Provided during the period | - | - | (8,435 ) | (8,435 )
As at 31 December 2024 | 111,076 | 636,223 | (18,301 ) | 728,998

...CONTINUED
Page 25
Page 26
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024

Net Book Value
As at 31 December 2024 | - | - | (49,739 ) | (49,739 )
As at 1 January 2024 | - | 9,000 | (58,174 ) | (49,174 )

Company
The company had no intangible fixed assets as at 31 December 2024 or 31 December 2023.
13. Tangible Assets
Group

| Land & Property
--- | ---
| Freehold | Plant & Machinery | Fixtures & Fittings | Total
| € | € | € | €
Cost or Valuation
As at 1 January 2024 | 1,255,419 | 15,207,225 | 3,918,199 | 20,380,843
Additions | 14,620 | 674,720 | 107,918 | 797,258
Disposals | - | (127,000 ) | (71,000 ) | (198,000 )
Other | (65,000 ) | (296,000 ) | (1,358,000 ) | (1,719,000 )
As at 31 December 2024 | 1,205,039 | 15,458,945 | 2,597,117 | 19,261,101
Depreciation
As at 1 January 2024 | 532,434 | 13,915,717 | 2,278,680 | 16,726,831
Provided during the period | 52,854 | 320,385 | 92,654 | 465,893
Other | - | (472,000 ) | (70,000 ) | (542,000 )
As at 31 December 2024 | 585,288 | 13,764,102 | 2,301,334 | 16,650,724
Net Book Value
As at 31 December 2024 | 619,751 | 1,694,843 | 295,783 | 2,610,377
As at 1 January 2024 | 722,985 | 1,291,508 | 1,639,519 | 3,654,012

Company
The company had no tangible fixed assets as at 31 December 2024 or 31 December 2023.
Page 26
Page 27
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
14. Investments
Company

| Subsidiaries
--- | ---
| €
Cost or Valuation
As at 1 January 2024 | 2
As at 31 December 2024 | 2
Provision
As at 1 January 2024 | -
As at 31 December 2024 | -
Net Book Value
As at 31 December 2024 | 2
As at 1 January 2024 | 2

Subsidiaries
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding
--- | --- | --- | --- | ---
IP3 Lyon SAS | 12 Boulevard de la République 42190 CHARLIEU France | Ordinary | 100.00% | -
Polysemble Vendee SAS (formally IP3 Vendee SAS) | ZI du Bois Joly Sud 85505 LES HERBIERS CEDEX France | Ordinary | 100.00% | -

15. Stocks

| 2024 |  | 2023
--- | --- | --- | ---
| € |  | €
Materials | 1,270,040 |  | 2,055,361
Finished goods | 835,356 |  | 1,220,000
Work in progress | 950,213 |  | 1,769,905
| 3,055,609 |  | 5,045,266

Page 27
Page 28
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
16. Debtors

| Group |  | Company
--- | --- | --- | ---
| 2024 |  | 2023 |  | 2024 |  | 2023
| € |  | € |  | € |  | €
Due within one year
Trade debtors | 2,448,414 |  | 3,355,756 |  | - |  | -
Other debtors | 1,267,565 |  | 2,182,015 |  | - |  | -
| 3,715,979 |  | 5,537,771 |  | - |  | -
Due after more than one year
Other debtors | 442,707 |  | - |  | - |  | -
| 4,158,686 |  | 5,537,771 |  | - |  | -

Details of non-current other debtors
Group
€442,707 (2023 - €762,707) of participatory loans is classified as non-current which is included in other debtors.
17. Creditors: Amounts Falling Due Within One Year

| Group |  | Company
--- | --- | --- | ---
| 2024 |  | 2023 |  | 2024 |  | 2023
| € |  | € |  | € |  | €
Trade creditors | 3,001,666 |  | 6,229,888 |  | - |  | 259
Bank loans and overdrafts | 280,031 |  | 2,606,481 |  | - |  | -
Amounts owed to group undertakings | - |  | 13,063 |  | 92,316 |  | 74,118
Amounts owed to participating interests | 402,403 |  | 2,173 |  | 2,173 |  | 2,173
Other creditors | 2,141,826 |  | 3,776,445 |  | 4 |  | 4
Taxation and social security | 2,079,535 |  | 3,693,515 |  | - |  | -
Accruals and deferred income | 29,605 |  | 29,144 |  | 29,605 |  | 29,144
| 7,935,066 |  | 16,350,709 |  | 124,098 |  | 105,698

18. Creditors: Amounts Falling Due After More Than One Year

| Group |
--- | --- | ---
| 2024 |  | 2023
| € |  | €
Trade creditors | 579,528 |  | 83,678
Bank loans | 3,796,740 |  | 2,567,521
Other creditors | 457,689 |  | -
Taxation and social security | 1,215,783 |  | 114,551
| 6,049,740 |  | 2,765,750

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IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
19. Loans
An analysis of the maturity of loans is given below:

| Group |
--- | --- | ---
| 2024 |  | 2023
| € |  | €
Amounts falling due within one year or on demand:
Bank loans | 280,031 |  | 2,606,481

| Group |
--- | --- | ---
| 2024 |  | 2023
| € |  | €
Amounts falling due between one and five years:
Bank loans | 3,796,740 |  | 2,567,521

20. Provisions for Liabilities

Group
| Deferred Tax | Other Provisions | Total
--- | --- | --- | ---
| € | € | €
As at 1 January 2024 | (71,000 ) | 1,064,206 | 993,206
Utilised | 15,000 | (643,206 ) | (628,206)
Balance at 31 December 2024 | (56,000 ) | 421,000 | 365,000

21. Share Capital

| 2024 |  | 2023
--- | --- | --- | ---
Allotted, called up and fully paid | € |  | €
100 Ordinary Shares of € 0.01 each | 1 |  | 1

22. Other Commitments
Group
Finance leases
The total of future minimum lease payments are as following:
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IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024

| 2024 |  | 2023
--- | --- | --- | ---
| € |  | €
Not later than one year | 77,113 |  | 65,995
Later than one year and not later than five years | 130,647 |  | 179,460
Later than five years | - |  | 144,233
| 207,760 |  | 389,688

Operating leases
The total of future minimum lease payments are as following:

| 2024 |  | 2023
| € |  | €
Not later than one year | 116,926 |  | 616,096
Later than one year and not later than five years | 309,536 |  | 2,094,464
Later than five years | 52,779 |  | 930,870
| 479,241 |  | 3,641,430

23. Related Party Disclosures
Key management personnel (including directors) received compensation of €137,253 (2023: €579,336)
137,253 579,336
24. Exceptional Items
Exceptional item includes sum for the factor linked to certain suppliers waiving part of their receivables.
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