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Registered number:
FOR THE YEAR ENDED 30 NOVEMBER 2025
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PIL MEMBRANES LIMITED
COMPANY INFORMATION
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PIL MEMBRANES LIMITED
CONTENTS
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PIL MEMBRANES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
The principal activity of the Company is the development, manufacture, and sale of breathable membranes to the apparel, footwear and technical fabrics markets.
The Company's results for the period are promising, progress has been made in existing and new market areas and the Company continues to expand its range of membranes to the textile industry.
2025 2024
£ £ Turnover 18,390,737 19,718,058 Operating profit 1,238,302 2,197,364 Net assets 4,348,329 4,771,488 No. No. Average employees 125 129 Turnover decreased over the year due to lower volumes sold and worse product mix. Operating profit reduced further by increased energy and labour costs and overall efficiency of the Company’s operations. Average employee numbers reduced by four over the year. Analysis of development and performance during the year The Company made good progress on new product developments in the year in line with its strategy. Efforts were made during the year to improve operational performance and negate inflationary costs from energy and labour. Looking ahead to 2026 the Company considers itself in a strong position to take advantage of opportunities in existing and new markets..
The principal risks and uncertainties for the Company are explained below:
Personnel risks The Company is at risk in the attraction and retention of key staff. To mitigate this we train and develop key staff and look to recruit and retain staff by aligning personal objectives with the Company's key strategic objectives. Health & Safety risks Prevention of injury to employees and other stakeholders including suppliers and customers; this is mitigated by clear policies and procedures which we have put in place detailing the controls required to manage health and safety and product safety risks across the business and compliance with all applicable regulations.. Increased competition The Company is at risk from increased competition in its markets, to mitigate this it continues to develop new technologies and maintains its high level of customer service globally.
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PIL MEMBRANES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
The directors have assessed the main risks facing the Company to be the instability of the worldwide economic environment, together with exchange rate volatility and the political situation in some of our export markets. However the extremely diverse markets and extensive geographical coverage ensure that any adverse impact related to these risks is minimised.
The Company's principal financial assets are cash and trade debtors. The principal credit risk arises therefore from its trade debtors. Risks associated with cash are limited as the Company uses reputable banks.
In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.
This report was approved by the board on 24 March 2026 and signed on its behalf.
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PIL MEMBRANES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
The directors present their report and the financial statements for the year ended 30 November 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make 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's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £960,781 (2024 - £1,767,466).
There were £Nil dividends paid in 2025 (2024 - £Nil).
The directors who served during the year were:
Uncertainties remain in both the UK and overseas economies. The directors are confident that the Company is in a strong position to take advantage of growth opportunities as they arise.
Employee ownership trust During the year contributions totalling £1,401,609 (2024 - £1,804,800) were made to the PIL Membranes Employee Ownership Trust
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PIL MEMBRANES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
There have been no significant events affecting the Company since the year end.
The auditors, Price Bailey LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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PIL MEMBRANES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PIL MEMBRANES LIMITED
We have audited the financial statements of PIL Membranes Limited (the 'Company') for the year ended 30 November 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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PIL MEMBRANES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PIL MEMBRANES LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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PIL MEMBRANES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PIL MEMBRANES LIMITED (CONTINUED)
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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We reviewed a sample of manual postings into the financial statements and obtained an understanding of their rationale; - We carried out a critical review of accounting estimates to identify any indications of management bias; - We obtained confirmation directly from the Company's bank, to confirm the accounts and balances held in their name at the balance sheet date; - We undertook testing to confirm the existence of a sample of employees to ensure that no ficticious employees are paid, and checked that said employees were being paid in accordance with their contracts of employment. - We reviewed a randomly selected payroll run to identify any duplicated employee names or bank details. The procedures performed in order to identify non-compliance are as follows: - We held discussions with those charged with governance to enquire whether they were aware of any instances of non-compliance; - We reviewed legal expenses to indentify any instances of non-compliance with laws and regulations; - We reviewed the accident log and gained an understanding of the Health & Safety procedures in place at the manufacturing sites; - We reviewed correspondence with key regulators to understand if any instances of non-compliance with those regulations had occurred in the period. We performed the procedures set out above after gaining an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and after considering the risk of acts by the Company contrary to applicable laws and regulations including fraud. We obtained this understanding from our general commercial and sector experience, though discussion with the Directors (as required by the auditing standards), including discussion around the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
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PIL MEMBRANES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PIL MEMBRANES LIMITED (CONTINUED)
The Company is also subject to many other laws and regulations where the consequences of non compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: the General Data Protection Regulation, competition law, employment law and certain aspects of company legislation recognising the regulated nature of part of the Company’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any.
Following detailed team briefings, the Responsible Individual has assessed that the audit engagement team collectively has the appropriate competence and capability to identify or recognise non-compliance with applicable laws and regulation. Nonetheless, because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Anglia House, 6 Central Avenue
St Andrews Business Park
Thorpe St Andrew
Norfolk
NR7 0HR
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PIL MEMBRANES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
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PIL MEMBRANES LIMITED
REGISTERED NUMBER: 04925636
BALANCE SHEET
AS AT 30 NOVEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 28 form part of these financial statements.
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PIL MEMBRANES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
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PIL MEMBRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
PIL Membranes Limited is a private company limited by shares incorporated in England & Wales. The registered office is Riverside Industrial Estate, Estuary Road, King's Lynn, Norfolk, PE30 2HS. The nature of the Company's operations and its principal activities are set out in the Strategic Report.
The financial statements are rounded to the nearest £.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of PIL Membranes Holdings Limited as at 30 November 2025 and these financial statements may be obtained from Companies House.
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PIL MEMBRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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PIL MEMBRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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PIL MEMBRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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PIL MEMBRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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PIL MEMBRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
2.Accounting policies (continued)
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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PIL MEMBRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
Useful economic life of property, plant and equipment The annual depreciation charge for property, plant and equipment is sensitive to change in the estimated useful economic lives and residual values of the assets. The economic lives and residual values are reassessed annually and, where necessary, amended to reflect current conditions. Stock provisioning The Company manufactures and sells product subject to the demands of the market in which it operates. As a result, it is necessary to consider the recoverability of cost of stock and the associated provisioning required. The Company considers the condition and age of the stock using assumptions over the sale of finished goods and usage of raw materials in estimating the provision required. Impairment of debtors The Company makes an estimate of the recoverable value of trade, intragroup and other debtors. When assessing the impairment of trade and other debtors the directors consider factors including age, independent credit rating and historical experience.
The whole of the turnover is attributable to the principal activity set out in the Strategic Report.
Analysis of turnover by country of destination:
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PIL MEMBRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
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PIL MEMBRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
During the period ended 30 November 2025, the Company had the following share based payment agreement as follows:
Type of arrangement: PIL Membranes EMI Option Plan Date of initial grant: 23 March 2021 with vesting period of 6 years Number of option shares granted: 90,611 Number of employees: 5 Share options are over shares in the parent company, PIL Membranes Holdings Limited. The estimated fair value of each share option granted is £1.17. This was calculated by applying a Black-Scholes option pricing model. The model inputs were the share price at the grant date of £1.80, expected volatility of 75%, maturity of 6 years and a risk free interest rate of 0.81%. The amount of employee remuneration expense in respect of the share options granted amounts to £17,669 (2024 - £17,669).
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PIL MEMBRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
9.Taxation (continued)
There were no factors that may affect future tax charges.
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PIL MEMBRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
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PIL MEMBRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
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PIL MEMBRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
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PIL MEMBRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
In the prior year the Company had outstanding forward currency contracts which matured within 12 months of the year end. The Company was committed to selling $1,000,000) at rates between 1.26947-1.27028. There are no such contracts in place as at 30 November 2025.
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PIL MEMBRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
Share based payment reserve
Profit and loss account
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PIL MEMBRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
The Company has provided a guarantee, dated 8 June 2011, in favour of HM Revenue & Customs for £80,000 (2024 - £80,000).
The Company has provided a charge over its assets as security in favour of the previous shareholders.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £472,577 (2024 - £466,397). Contributions totalling £41,717 (2024 - £41,878) were payable to the fund at the Balance Sheet date.
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PIL MEMBRANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
The immediate parent Company is PIL Membranes Holdings Limited. The ultimate parent company and controlling party is PIL Membranes EOT Limited.
The smallest and largest group in which the results of the Company are consolidated is that headed by PIL Membranes Holdings Limited, whose registered office is Riverside Industrial Estate, Estuary Road, Kings Lynn, Norfolk, PE30 2HS. The consolidated accounts of PIL Membranes Holdings Limited are available to the public and may be obtained from Companies House, Crown Way, Cardiff.
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