Company registration number 09451156 (England and Wales)
ASK PLASTICS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
ASK PLASTICS LTD
COMPANY INFORMATION
Director
Mr A S Kooner
Company number
09451156
Registered office
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
Auditor
HJS Chartered Accountants
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
ASK PLASTICS LTD
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
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 - 25
ASK PLASTICS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The director presents the strategic report for the year ended 31 December 2025.

Review of the business

The principal activities of ASK Plastics Ltd continued to be the extrusion and sale of polythene film and bags across the United Kingdom.

ASK Plastics Ltd has established itself as a reliable provider of high-quality polythene products in the regional market, supported by strong relationships with both customers and suppliers. The company continues to benefit from a high level of repeat business, reflecting customer satisfaction and consistency of service.

Turnover for the year decreased slightly compared to 2024; however, the company has seen a significant improvement in gross margins and overall profitability. This reflects a stronger focus on operational efficiency, cost control, and a more selective approach to higher-margin work. As a result, the company returned to profitability in 2025 following a loss in the previous year.

As in previous years, there was a temporary dip in turnover during April due to the timing of customer year ends, with activity returning to expected levels from May onwards.

The UK packaging industry remained relatively stable throughout 2024 and into 2025, continuing its recovery following the Covid-19 pandemic. The increase in plastic packaging tax to £217.85 per tonne from April 2024 has encouraged greater use of recycled content. The company has responded by further incorporating recycled materials into its production processes.

After 8 years in the industry, ASK Plastics Ltd continues to strengthen its market position through long-standing relationships and consistent service delivery.

The company also remains committed to supporting the local community, including sponsorship of grassroots sports teams from under 9’s through to under 16’s.

New Developments and Growth

During 2025, the company made significant progress in its long-term growth strategy with the purchase of land for the development of a new factory. This investment represents a key milestone and will enable the business to expand its production capacity and improve operational efficiency.

The new facility is intended to support the company’s future growth plans, including the implementation of enhanced recycling capabilities. The aim is to create a more integrated, closed-loop system, allowing the business to collect, recycle and reuse its own materials more effectively. This will reduce reliance on virgin materials, lower the company’s carbon footprint, and strengthen its position within an increasingly sustainability-focused market.

In addition, the increased space and improved infrastructure will allow for the installation of new machinery, supporting higher output levels and further efficiencies within the manufacturing process.

Long-Term Factors Affecting the Company

The continued stigma surrounding plastics and polythene remains a long-term factor affecting the business. However, all products manufactured by ASK Plastics Ltd are fully recyclable and can be reprocessed and reused within the manufacturing cycle.

The company continues to focus on promoting the benefits of recyclable polythene products and increasing awareness of sustainable usage, rather than complete disuse of plastic materials.

Key Performance Indicators

ASK Plastics Ltd uses a range of key performance indicators (KPIs) to monitor performance and identify areas for improvement.

Financial KPIs include turnover, gross margin, operating profit, and debtor days, all of which are derived from the financial statements. In addition, the directors monitor monthly sales performance, number of returns and complaints, and overall customer satisfaction.

The company’s strong level of repeat business continues to be a key indicator of performance and customer loyalty.

ASK PLASTICS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Principal risks and uncertainties

The business continues to operate in an environment affected by wider economic and geopolitical uncertainty, including ongoing conflicts such as the Russian invasion of Ukraine and tensions in the Middle East.

These factors may impact supply chains, availability of raw materials, and energy and oil prices, which in turn influence polymer costs and distribution.

To mitigate these risks, the company maintains strong relationships with its suppliers and has procedures in place to ensure continuity of supply. The business also retains the ability to hold additional stock where necessary to manage potential disruptions.

In addition, the company continues to monitor cost pressures, including inflation and interest rates, which may impact both operating costs and financing.

Financial Risk Management:

The company prepares monthly management accounts to monitor performance and identify areas for improvement, as well as to track growth throughout the year.

Working capital is closely managed through regular bank reconciliations, day book postings, and ongoing in-house bookkeeping processes.

On behalf of the board

.............................................
Mr A S Kooner
Director
Date: .............................................
ASK PLASTICS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of the manufacture of polythene products.

Results and dividends

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

Ordinary dividends were paid amounting to £21,342. (2024:£23,600). The director does not recommend payment of a further dividend.

Director

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

Mr A S Kooner
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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr A S Kooner
Director
8 July 2026
ASK PLASTICS LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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. He is 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.

ASK PLASTICS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ASK PLASTICS LTD
- 5 -
Opinion

We have audited the financial statements of Ask Plastics Ltd (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, statement of changes in equity, 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 profit for the year then ended;

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

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

Basis for opinion

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

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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
· the directors' report has been prepared in accordance with applicable legal requirements.

ASK PLASTICS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ASK PLASTICS LTD (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 identified material misstatements in the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
· adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
· the financial statements are not in agreement with the accounting records and returns; or
· certain disclosures of directors' remuneration specified by law are not made; or
· we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the directors' responsibilities statement, 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.

ASK PLASTICS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ASK PLASTICS LTD (CONTINUED)
- 7 -
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.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulatory principles. We also considered the laws and regulations which have a direct impact on the financial statements such as the Companies Act 2006.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and judgmental areas of the financial statements.

Audit procedures performed by the audit engagement team included:

- Discussions with senior management, including consideration of known or suspected instances of noncompliance with laws and regulations or instances of fraud;

- Identifying and testing journal entries based on risk criteria;

- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;

- Testing transactions entered into outside of the normal course of the company's business;

- Reviewing any potential litigation or claims against the entity which indicate any potential noncompliance issues.

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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.

ASK PLASTICS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ASK PLASTICS LTD (CONTINUED)
- 8 -

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Angela Trainor
Senior Statutory Auditor
For and on behalf of HJS Chartered Accountants
21 July 2026
Chartered Accountants and Statutory Auditor
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
ASK PLASTICS LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
11,723,638
12,882,156
Cost of sales
(8,445,453)
(9,514,911)
Gross profit
3,278,185
3,367,245
Administrative expenses
(2,972,106)
(3,758,452)
Other operating income
134,500
72,000
Operating profit/(loss)
4
440,579
(319,207)
Interest receivable and similar income
7
1,622
2,242
Interest payable and similar expenses
8
(165,152)
(91,603)
Profit/(loss) before taxation
277,049
(408,568)
Tax on profit/(loss)
9
(49,357)
41,829
Profit/(loss) for the financial year
227,692
(366,739)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ASK PLASTICS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
£
£
Profit/(loss) for the year
227,692
(366,739)
Other comprehensive income
-
-
Total comprehensive income for the year
227,692
(366,739)
ASK PLASTICS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
1
1
Tangible assets
12
3,132,371
2,071,254
3,132,372
2,071,255
Current assets
Stocks
13
2,478,596
1,841,919
Debtors
14
2,812,868
5,171,342
Cash at bank and in hand
2,900
1,127
5,294,364
7,014,388
Creditors: amounts falling due within one year
15
(5,201,732)
(5,846,299)
Net current assets
92,632
1,168,089
Total assets less current liabilities
3,225,004
3,239,344
Creditors: amounts falling due after more than one year
16
(1,149,339)
(1,374,750)
Provisions for liabilities
Deferred tax liability
18
68,851
64,130
(68,851)
(64,130)
Net assets
2,006,814
1,800,464
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
2,006,714
1,800,364
Total equity
2,006,814
1,800,464
The financial statements were approved and signed by the director and authorised for issue on 8 July 2026
Mr A S Kooner
Director
Company Registration No. 09451156
ASK PLASTICS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
100
2,190,703
2,190,803
Year ended 31 December 2024:
Loss and total comprehensive income
-
(366,739)
(366,739)
Dividends
10
-
(23,600)
(23,600)
Balance at 31 December 2024
100
1,800,364
1,800,464
Year ended 31 December 2025:
Profit and total comprehensive income
-
227,692
227,692
Dividends
10
-
(21,342)
(21,342)
Balance at 31 December 2025
100
2,006,714
2,006,814
ASK PLASTICS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,167,792
1,142,992
Interest paid
(165,152)
(91,603)
Income taxes paid
(39,420)
(44,445)
Net cash inflow from operating activities
963,220
1,006,944
Investing activities
Proceeds from disposal of intangibles
-
0
611,968
Purchase of tangible fixed assets
(1,141,644)
(1,946,009)
Repayment of loans
-
0
79,293
Interest received
1,622
2,242
Net cash used in investing activities
(1,140,022)
(1,252,506)
Financing activities
Repayment of borrowings
212,989
13,301
Repayment of bank loans
(13,072)
241,859
Dividends paid
(21,342)
(23,600)
Net cash generated from financing activities
178,575
231,560
Net increase/(decrease) in cash and cash equivalents
1,773
(14,002)
Cash and cash equivalents at beginning of year
1,127
15,129
Cash and cash equivalents at end of year
2,900
1,127
ASK PLASTICS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
1
Accounting policies
Company information

Ask Plastics Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Tagus House, 9 Ocean Way, Southampton, Hampshire, United Kingdom, SO14 3TJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Turnover

Turnover 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.

Sale of goods are recognised when goods are shipped and title has passed.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Freehold land and buildings
Nil
Leasehold land and buildings
40% Straight Line
Plant and equipment
20% Reducing Balance
Computers
33.33% 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.

ASK PLASTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets. A provision is made for any impairment loss and taken to the profit and loss account.

1.7
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. In addition, a 15% overhead uplift is applied to direct cost to reflect other attributable overheads incurred in the production and distribution process.

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.

1.8
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.

1.9
Financial instruments

The company only enters into Basic financial instrument transactions.

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.

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.

ASK PLASTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest.

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.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

ASK PLASTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.11
Taxation

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

Current tax

The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.

Unrelieved tax losses and other 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.

The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.12
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.

1.13
Retirement benefits

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

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.15
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 director is 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.

ASK PLASTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sales
11,723,638
12,882,156
2025
2024
£
£
Turnover analysed by geographical market
UK Sales
11,723,638
12,882,156
2025
2024
£
£
Other revenue
Interest income
1,622
2,242
Commissions received
62,500
-
0
4
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
20,900
18,000
Depreciation of owned tangible fixed assets
80,527
98,938
Operating lease charges
338,648
306,423
5
Employees

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

2025
2024
Number
Number
27
35

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
688,083
1,025,683
Social security costs
62,758
87,223
Pension costs
9,150
27,641
759,991
1,140,547
ASK PLASTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
6
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
40,800
38,400
Company pension contributions to defined contribution schemes
242
173
41,042
38,573
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
1,622
2,242
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
164,321
84,349
Other finance costs:
Other interest
831
7,254
165,152
91,603
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
44,636
-
0
Adjustments in respect of prior periods
-
0
(69,919)
Total current tax
44,636
(69,919)
Deferred tax
Origination and reversal of timing differences
4,721
28,090
Total tax charge/(credit)
49,357
(41,829)
ASK PLASTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Taxation
(Continued)
- 20 -

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

2025
2024
£
£
Profit/(loss) before taxation
277,049
(408,568)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
69,262
(102,142)
Tax effect of expenses that are not deductible in determining taxable profit
30,901
122,223
Unutilised tax losses carried forward
(586)
-
0
Adjustments in respect of prior years
-
0
(69,919)
Effect of change in corporation tax rate
-
0
(9,159)
Deferred Tax Movement
4,721
28,090
Capital Allowances
(54,941)
(10,922)
Taxation charge/(credit) for the year
49,357
(41,829)
10
Dividends
2025
2024
£
£
Final paid
21,342
23,600
11
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2025 and 31 December 2025
1
Amortisation and impairment
At 1 January 2025 and 31 December 2025
-
0
Carrying amount
At 31 December 2025
1
At 31 December 2024
1
ASK PLASTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
12
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Computers
Total
£
£
£
£
£
Cost
At 1 January 2025
1,796,421
141,778
549,685
4,205
2,492,089
Additions
62,250
-
0
1,078,769
625
1,141,644
At 31 December 2025
1,858,671
141,778
1,628,454
4,830
3,633,733
Depreciation and impairment
At 1 January 2025
-
0
123,466
295,803
1,566
420,835
Depreciation charged in the year
-
0
18,312
60,841
1,374
80,527
At 31 December 2025
-
0
141,778
356,644
2,940
501,362
Carrying amount
At 31 December 2025
1,858,671
-
1,271,810
1,890
3,132,371
At 31 December 2024
1,796,421
18,312
253,882
2,639
2,071,254
13
Stocks
2025
2024
£
£
Raw materials and consumables
1,470,367
693,919
Work in progress
1,008,229
1,148,000
2,478,596
1,841,919
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,460,925
2,573,776
Amounts owed by group undertakings
100
100
Other debtors
292,701
2,429,222
Prepayments and accrued income
59,142
168,244
2,812,868
5,171,342
ASK PLASTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
103,592
60,397
Trade creditors
2,464,317
2,647,699
Corporation tax
56,198
50,982
Other taxation and social security
186,612
194,542
Other creditors
2,325,113
2,597,351
Accruals and deferred income
65,900
295,328
5,201,732
5,846,299

The company uses a factoring company for its trade receivables and there is a charge from the factoring company which has been placed over the company.

16
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
150,142
206,409
Other borrowings
226,290
13,301
Other creditors
772,907
1,155,040
1,149,339
1,374,750
17
Loans and overdrafts
2025
2024
£
£
Bank loans
253,734
266,806
Loans from related parties
226,290
13,301
480,024
280,107
Payable within one year
103,592
60,397
Payable after one year
376,432
219,710

The long-term loans are secured by fixed charges over 6 years.

ASK PLASTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
18
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
68,851
64,130
2025
Movements in the year:
£
Liability at 1 January 2025
64,130
Charge to profit or loss
4,721
Liability at 31 December 2025
68,851

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
9,150
27,641

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.

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
ASK PLASTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
21
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
44,298
99,086
Years 2-5
60,430
4,414
104,728
103,500
22
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2025
2024
2025
2024
£
£
£
£
Other related parties
72,000
763,788
329,190
1,550,317
Management Charges
2025
2024
£
£
Other related parties
267,631
-
2025
2024
Amounts due to related parties
£
£
Other related parties
226,290
13,301

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Other related parties
75,000
2,208,953
23
Directors' transactions

Dividends totalling £21,342 (2024 - £23,600) were paid in the year in respect of shares held by the company's directors.

ASK PLASTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
24
Cash generated from operations
2025
2024
£
£
Profit/(loss) after taxation
227,692
(366,739)
Adjustments for:
Taxation charged/(credited)
49,357
(41,829)
Finance costs
165,152
91,603
Investment income
(1,622)
(2,242)
Depreciation and impairment of tangible fixed assets
80,527
98,938
Movements in working capital:
Increase in stocks
(636,677)
(402,929)
Decrease/(increase) in debtors
2,358,474
(497,867)
(Decrease)/increase in creditors
(1,075,111)
2,264,057
Cash generated from operations
1,167,792
1,142,992
25
Analysis of changes in net debt
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
1,127
1,773
2,900
Borrowings excluding overdrafts
(280,107)
(199,917)
(480,024)
(278,980)
(198,144)
(477,124)
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