REGISTERED NUMBER: 14677239 (England and Wales)

Group Strategic Report,

Report of the Director and

Consolidated Financial Statements

for the Year Ended 31 March 2026

for

Plater EMI Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Consolidated Income Statement

7

Consolidated Other Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTOR:

B S Hendon

REGISTERED OFFICE:

Alrewas House

Main Street

Alrewas

Burton on Trent

Staffordshire

DE13 7ED

REGISTERED NUMBER:

14677239 (England and Wales)

SENIOR STATUTORY AUDITOR:

Susanna D Ault FCA FCCA

AUDITORS:

Tomkinson Teal (Lichfield) LLP

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

The director presents his strategic report of the company and the group for the year ended 31 March 2026.

REVIEW OF BUSINESS

The principal activity of the group is that of chemical distribution and manufacture across various types of industries.

We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the end of the year. Our review is appropriate and consistent with the size and nature of our business and is written in the context of the risks we face.

Following a group restructure, Plater EMI Limited became the parent company on 26 January 2026. Therefore, only the consolidated results from that date are included within the consolidated accounts.

The profit and loss account shows a profit for the two month consolidated period before taxation of £617,545 and turnover of £2,910,935. Overhead costs have remained under close control.

Keeping pace with market trends is key to the Plater business model and it is proud of its ability to adapt to changes in the market and make quick business decisions. Market trends are heavily influenced by customer purchasing behaviour, so Plater talks to its customers on a regular basis to learn about pressure points and provide solutions. Plater prides itself on innovation and providing novel answers to customers' headaches in order to stand out from the crowd. There has been a noticeable shift in Plater's business mix towards manufactured products.

We will continue to show flexibility and respond to market conditions and opportunities as they arise having due regard to key business risks faced by the business.

PRINCIPAL RISKS AND UNCERTAINTIES

Following Covid, the Russia- Ukraine war, we now have the challenges of the war in the Straits of Hormuz. For Plater Group we have also seen the closure of the Straits of Hormuz increase the price of shipping from the Far East, which directly adds to costs to our products & increased shipping times. We have seen the closures of the oil refineries reducing the world supply of sulphur by 30%, the impact on Plater Group has seen the price of sulphur increase by 50%, but the down steam products sulphuric acid & phosphoric acid have also been impacted. Trump continues to add to global uncertainty, but we believe Plater Chemicals resilience will continue.

FINANCIAL RISK MANAGEMENT OBJECTIVES

The business' principal financial instruments comprise bank balances, bank overdrafts . The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a suitable level of funding advances to support working capital requirements. All of the business' bank balances are held in such a way that achieves a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade debtors are used to secure additional cash flow by the use of confidential invoice discounting funding. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

ON BEHALF OF THE BOARD:

B S Hendon - Director

26 June 2026

The director presents his report with the financial statements of the company and the group for the year ended 31 March 2026.

COMMENCEMENT OF TRADING

The group commenced trading on 26 January 2026.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2026.

DIRECTOR

B S Hendon held office during the whole of the period from 1 April 2025 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director 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 the group and of the profit or loss of the group 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;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Tomkinson Teal (Lichfield) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

B S Hendon - Director

26 June 2026

Opinion

We have audited the financial statements of Plater EMI Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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, 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 group's and of the parent company affairs as at 31 March 2026 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors 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.

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.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where 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 and returns; or

-	certain disclosures of director's 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 Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design audit procedures in line with our responsibilities to detect material misstatements arising from irregularities, including fraud.

The risk of not detecting a material misstatement due to fraud is higher than for one arising from error, as fraud may involve deliberate concealment, including collusion or misrepresentation. There are inherent limitations in an audit, and the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely it is that it will be detected.

As part of our audit, we obtained an understanding of the legal and regulatory framework applicable to the company and considered the risks of material misstatement arising from non-compliance. We discussed these risks within the engagement team and designed audit procedures accordingly.

Our procedures included enquiries of management and those charged with governance, review of relevant documentation, and testing of transactions where appropriate. We also addressed the risk of management override of controls by reviewing journal entries and accounting estimates for indicators of bias.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.

Susanna D Ault FCA FCCA (Senior Statutory Auditor)

for and on behalf of Tomkinson Teal (Lichfield) LLP

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

26 June 2026

TURNOVER

2,910,935

-

Cost of sales

(1,691,658

)

-

GROSS PROFIT

1,219,277

-

Administrative expenses

(682,886

)

-

OPERATING PROFIT

5

536,391

-

Interest receivable and similar income

81,154

-

PROFIT BEFORE TAXATION

617,545

-

Tax on profit

6

(197,762

)

-

PROFIT FOR THE FINANCIAL YEAR

419,783

-

Profit attributable to:

Owners of the parent

258,687

-

Non-controlling interests

161,096

-

419,783

-

PROFIT FOR THE YEAR

419,783

-

OTHER COMPREHENSIVE INCOME

Revaluation of investment

25,250,950

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

25,250,950

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

25,670,733

-

Total comprehensive income attributable to:

Owners of the parent

25,595,630

-

Non-controlling interests

75,103

-

25,670,733

-

FIXED ASSETS

Intangible assets

8

10,463,169

-

Tangible assets

9

5,885,362

-

Investments

10

-

1,000,000

16,348,531

1,000,000

CURRENT ASSETS

Stocks

11

2,354,272

-

Debtors

12

3,043,813

100

Cash at bank and in hand

13,358,241

-

18,756,326

100

CREDITORS

Amounts falling due within one year

13

(3,705,046

)

-

NET CURRENT ASSETS

15,051,280

100

TOTAL ASSETS LESS CURRENT LIABILITIES

31,399,811

1,000,100

CREDITORS

Amounts falling due after more than one year

14

(504,554

)

(1,000,000

)

PROVISIONS FOR LIABILITIES

15

(742,547

)

-

NET ASSETS

30,152,710

100

CAPITAL AND RESERVES

Called up share capital

16

27,850

100

Revaluation reserve

17

25,250,950

-

Retained earnings

17

258,687

-

SHAREHOLDERS' FUNDS

25,537,487

100

NON-CONTROLLING INTERESTS

4,615,223

-

TOTAL EQUITY

30,152,710

100

The financial statements were approved by the director and authorised for issue on 26 June 2026 and were signed by:

B S Hendon - Director

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

-

-

Investments

10

26,278,700

1,000,000

26,278,700

1,000,000

CURRENT ASSETS

Debtors

12

100

100

TOTAL ASSETS LESS CURRENT LIABILITIES

26,278,800

1,000,100

CREDITORS

Amounts falling due after more than one year

14

(1,000,000

)

(1,000,000

)

NET ASSETS

25,278,800

100

CAPITAL AND RESERVES

Called up share capital

16

27,850

100

Revaluation reserve

25,250,950

-

SHAREHOLDERS' FUNDS

25,278,800

100

Company's profit for the financial year

-

-

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

The financial statements were approved by the director and authorised for issue on 26 June 2026 and were signed by:

B S Hendon - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 April 2024

100

-

-

Changes in equity

Balance at 31 March 2025

100

-

-

Changes in equity

Issue of share capital

27,750

-

-

Total comprehensive income

-

258,687

25,250,950

27,850

258,687

25,250,950

Non-controlling interest arising on business combination

-

-

-

Balance at 31 March 2026

27,850

258,687

25,250,950

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 April 2024

100

-

100

Changes in equity

Balance at 31 March 2025

100

-

100

Changes in equity

Issue of share capital

27,750

-

27,750

Total comprehensive income

25,509,637

75,103

25,584,740

25,537,487

75,103

25,612,590

Non-controlling interest arising on business combination

-

4,540,120

4,540,120

Balance at 31 March 2026

25,537,487

4,615,223

30,152,710

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2024

100

-

-

100

Changes in equity

Balance at 31 March 2025

100

-

-

100

Changes in equity

Issue of share capital

27,750

-

-

27,750

Total comprehensive income

-

-

25,250,950

25,250,950

Balance at 31 March 2026

27,850

-

25,250,950

25,278,800

Cash flows from operating activities

Cash generated from operations

1

(1,882,853

)

-

Tax paid

294,907

-

Net cash from operating activities

(1,587,946

)

-

Cash flows from investing activities

Purchase of intangible fixed assets

(10,640,510

)

-

Purchase of tangible fixed assets

(8,950,800

)

-

Sale of tangible fixed assets

22,970

-

Fixed assets on acquisition

8,068,436

-

Fixed asset investments on acquisition

1,000,000

-

Interest received

81,154

-

Revaluation of subsidiaries

25,250,950

-

Net cash from investing activities

14,832,200

-

Cash flows from financing activities

Amount introduced by directors

517,296

-

Amount withdrawn by directors

(517,052

)

-

Share issue

27,750

-

Dividends paid to minority interests

85,993

-

Net cash from financing activities

113,987

-

Increase in cash and cash equivalents

13,358,241

-

Cash and cash equivalents at beginning of year

2

-

-

Cash and cash equivalents at end of year

2

13,358,241

-

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2026

2025

£

£

Profit before taxation

617,545

-

Depreciation charges

250,969

-

Finance income

(81,154

)

-

787,360

-

Increase in stocks

(2,354,272

)

-

Increase in trade and other debtors

(3,039,151

)

-

Increase in trade and other creditors

2,723,210

-

Cash generated from operations

(1,882,853

)

-

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2026

31/3/26

1/4/25

£

£

Cash and cash equivalents

13,358,241

-

Year ended 31 March 2025

31/3/25

1/4/24

£

£

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/25

Cash flow

At 31/3/26

£

£

£

Net cash

Cash at bank and in hand

-

13,358,241

13,358,241

-

13,358,241

13,358,241

Total

-

13,358,241

13,358,241

1.	STATUTORY INFORMATION

Plater EMI Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the subsidiaries on 26 January 2026, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

50 years straight line and Straight line over 20 years

Plant and machinery

-

25% on reducing balance, 15% on reducing balance, 10% on reducing balance and 50 years straight line

Fixtures and fittings

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The Director has considered going concern in preparing these financial statements through review of the Company's financial position. It has been considered that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis of accounting has been adopted and no material uncertainties have been identified.

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

353,529

-

Social security costs

43,828

-

Other pension costs

8,231

-

405,588

-

The average number of employees during the year was as follows:

2026

2025

Directors, Administration and production

61

1

The average number of employees by undertakings that were proportionately consolidated during the year was 60 (2025 - NIL ) .

2026

2025

£

£

Director's remuneration

3,754

-

Director's pension contributions to money purchase schemes

543

-

5.	OPERATING PROFIT

The operating profit is stated after charging:

2026

2025

£

£

Hire of plant and machinery

18,262

-

Other operating leases

20,641

-

Depreciation - owned assets

3,042,468

-

Goodwill amortisation

177,341

-

Auditors' remuneration

2,302

-

Foreign exchange differences

29,551

-