Company Registration No. 06130456 (England and Wales)
Contained Air Solutions Limited
Annual report and financial statements
for the year ended 31 March 2026
Contained Air Solutions Limited
Company information
Directors
Colin Lonsdale
Mark Gallagher
Alex Hughes
Company number
06130456
Registered office
Units B & C
Broadlink
Middleton
Manchester
England
M24 1UB
Auditor
Saffery LLP
Trinity
16 John Dalton Street
Manchester
M2 6HY
Contained Air Solutions Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 23
Contained Air Solutions Limited
Strategic report
For the year ended 31 March 2026
1

The directors present the strategic report for the year ended 31 March 2026.

Review of the business

The business delivered £9.3m turnover in FY26 (FY25: £10.8m) and loss before tax was £0.1m (FY25: £1.4m profit before tax).

This year saw the company invest in key roles to support our growth initiative which has begun to see rewards. The business continues to hold position as a UK market leader, supplying to pharmaceutical research and development, academic research, and other sectors.

The market outlook remains positive, with the business seeing growing levels of demand. There are also some market segments which continue to grow strongly, and the company is supporting growth initiatives in these areas to continue its growth trajectory.

The business continues to pursue various growth initiatives and investments in research and development to enhance our product portfolio.

Principal risks and uncertainties

The key risks to the business include:

Supply chain risks

The business has continuously monitored supply chain disruptions and managed to mitigate risks to avoid delivery to our customers.

General input cost increases

Whilst raw material, energy and labour costs are increasing with inflation, the group are working tirelessly to offset some of these increases with cost down activities. This could be sourcing cheaper materials or continuously improving the manufacturing process without impacting on product quality.

Other financial risks that the business is exposed to include:

Liquidity risk

The company continues to mitigate liquidity risk by managing the cash generation of its operations with strong focus on cash collection and regular, detailed forecasting.

The directors have prepared the financial statements on a going concern basis.

In making this assessment, the directors have considered the Company's financial position and cash flow requirements, together with its dependence on the wider Group. The assessment included consideration of the Group's latest forecasts, available funding arrangements and the financial support available to the Company from its parent undertaking for a period of at least twelve months from the date of approval of these financial statements.

The Group's external financing arrangements are currently provided through facilities with Apera, which are available until 5 August 2027 and therefore extend beyond the period covered by the directors' going concern assessment. Whilst the Company is not itself a party to these borrowing arrangements, the directors have considered the availability of these facilities, together with the Group's ability to access funding and the continued financial support available from the parent undertaking.

The directors note that the Group expects to refinance its borrowing arrangements in advance of their maturity. Although the refinancing process has not yet formally commenced the directors have considered the rationale for the timing of the proposed refinancing and the period remaining before the expiry of the existing facilities.

Contained Air Solutions Limited
Strategic report (continued)
For the year ended 31 March 2026
2

The directors are satisfied that the Group has adequate resources to continue in operational existence for the foreseeable future and that the parent undertaking will continue to provide financial support to the Company as required.

Foreign Currency Risk

The majority of transactions are conducted in GBP, but some transactions are made in EUR and USD. As the company is exposed to exchange rate fluctuations, currency rates changes are monitored to minimize the effect on business performance.

Credit risk

The company has policies aimed at minimising its exposure to credit losses and ensures that deferred payment terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures.

Opportunities

The company is focused on both serving existing customers, as well as developing new relationships to address additional market opportunities. As such, we continue to work closely with existing and new customers to continually upgrade and improve our current range of products and services, as well as working on new products which the company hopes to bring to market in the next 12 months.

Key performance indicators

The core KPIs tracked by the management team include revenue, gross margin and operating profit before exceptional costs. These can be found in the Statement of Comprehensive Income on page 8, together with the comparisons against prior year. The Board also tracks these monthly through the use of monthly management accounts.

On behalf of the board

Colin Lonsdale
Director
29 July 2026
Contained Air Solutions Limited
Directors' report
For the year ended 31 March 2026
3

The directors present their annual report and financial statements for the year ended 31 March 2026.

Principal activities

The principal activity of the company continued to be that of a provider of clean air and containment products and services.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £3,387,865. The directors do not recommend payment of a further dividend.

Directors

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

Colin Lonsdale
Mark Gallagher
Alex Hughes
Research and development

Expenditure on research and development activities is recognised as an expense in the period in which it is incurred.

Auditor

Saffery LLP have expressed their willingness to continue in office.

Statement of directors' responsibilities

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Contained Air Solutions Limited
Directors' report (continued)
For the year ended 31 March 2026
4
Matters covered in the Strategic Report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of reporting on the financial performance of the business in the year, principal risks and uncertainties affecting the business and future developments and opportunities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Colin Lonsdale
Director
29 July 2026
Contained Air Solutions Limited
Independent auditor's report
To the members of Contained Air Solutions Limited
5
Opinion

We have audited the financial statements of Contained Air Solutions Limited (the 'company') for the year ended 31 March 2026 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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 March 2026 and of its loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Contained Air Solutions Limited
Independent auditor's report
To the members of Contained Air Solutions Limited (continued)
6
Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Contained Air Solutions Limited
Independent auditor's report
To the members of Contained Air Solutions Limited (continued)
7

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 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.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Diane Petit-Laurent FCA (Senior Statutory Auditor)
For and on behalf of Saffery LLP
Statutory Auditors
Trinity
16 John Dalton Street
Manchester
M2 6HY
29 July 2026
Contained Air Solutions Limited
Statement of comprehensive income
For the year ended 31 March 2026
8
2026
2025
Notes
£
£
Turnover
3
9,305,412
10,756,863
Cost of sales
(4,966,631)
(5,509,326)
Gross profit
4,338,781
5,247,537
Distribution costs
(524,259)
(226,372)
Administrative expenses
(3,919,744)
(3,639,169)
Operating (loss)/profit
4
(105,222)
1,381,996
Interest receivable and similar income
8
30,515
55,193
(Loss)/profit before taxation
(74,707)
1,437,189
Tax on (loss)/profit
9
20,233
(116,789)
(Loss)/profit for the financial year
(54,474)
1,320,400

The income statement has been prepared on the basis that all operations are continuing operations.

Contained Air Solutions Limited
Statement of financial position
As at 31 March 2026
9
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
11
418,320
460,304
Current assets
Stocks
12
1,442,454
1,551,146
Debtors
13
3,201,800
2,265,121
Cash at bank and in hand
812,652
3,187,603
5,456,906
7,003,870
Creditors: amounts falling due within one year
14
(3,909,119)
(2,040,927)
Net current assets
1,547,787
4,962,943
Total assets less current liabilities
1,966,107
5,423,247
Provisions for liabilities
Provisions
15
117,761
120,514
Deferred tax liability
16
84,152
96,200
(201,913)
(216,714)
Net assets
1,764,194
5,206,533
Capital and reserves
Called up share capital
18
43,058
43,058
Capital redemption reserve
11,250
11,250
Profit and loss reserves
1,709,886
5,152,225
Total equity
1,764,194
5,206,533
The financial statements were approved by the board of directors and authorised for issue on 29 July 2026 and are signed on its behalf by:
Alex Hughes
Director
Company Registration No. 06130456
Contained Air Solutions Limited
Statement of changes in equity
For the year ended 31 March 2026
10
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2024
43,058
11,250
6,831,825
6,886,133
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
1,320,400
1,320,400
Dividends
10
-
-
(3,000,000)
(3,000,000)
Balance at 31 March 2025
43,058
11,250
5,152,225
5,206,533
Year ended 31 March 2026:
Loss and total comprehensive income
-
-
(54,474)
(54,474)
Dividends
10
-
-
(3,387,865)
(3,387,865)
Balance at 31 March 2026
43,058
11,250
1,709,886
1,764,194
Contained Air Solutions Limited
Notes to the financial statements
For the year ended 31 March 2026
11
1
Accounting policies
Company information

Contained Air Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units B & C, Broadlink, Middleton, Manchester, England, M24 1UB.

1.1
Basis of preparation

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

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

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of both Breeze Acquisitions Limited and Breeze Strategic Services Limited. These consolidated financial statements are available from their registered office s, Units B & C, Middleton, Manchester, M24 1UB. These are the smallest and largest groups respectively for which consolidated accounts are prepared in which the company's results are included in.

Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2026
1
Accounting policies (continued)
12
1.2
Going concern

The directors have prepared the financial statements on a going concern basis.

In making this assessment, the directors have considered the Company's financial position and cash flow requirements, together with its dependence on the wider Group. The assessment included consideration of the Group's latest forecasts, available funding arrangements and the financial support available to the Company from its parent undertaking for a period of at least twelve months from the date of approval of these financial statements.

The Group's external financing arrangements are currently provided through facilities with Apera, which are available until 5 August 2027 and therefore extend beyond the period covered by the directors' going concern assessment. Whilst the Company is not itself a party to these borrowing arrangements, the directors have considered the availability of these facilities, together with the Group's ability to access funding and the continued financial support available from the parent undertaking.

The directors note that the Group expects to refinance its borrowing arrangements in advance of their maturity. Although the refinancing process has not yet formally commenced the directors have considered the rationale for the timing of the proposed refinancing and the period remaining before the expiry of the existing facilities.

The directors are satisfied that the Group has adequate resources to continue in operational existence for the foreseeable future and that the parent undertaking will continue to provide financial support to the Company as required. Accordingly, the directors consider it appropriate to prepare the financial statements on the going concern basis.

1.3
Revenue

Turnover is recognised at the fair value of the consideration received or receivable for goods and services p rovided 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.

Turnover from the sale of goods is recognised on a percentage of completion method in line with the requirements for construction contracts.

Service turnover is recognised as those services are provided to customers.

1.4
Research and development expenditure

Research and development expenditure is written off against profits in the year in which it is incurred.

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:

Plant and machinery
20% straight line
Fixtures and fittings
20% straight line
Office equipment
33.33% straight line
Motor vehicles
25% reducing balance
Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2026
1
Accounting policies (continued)
13

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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 and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position 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 are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2026
1
Accounting policies (continued)
14
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, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

1.11
Taxation

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

Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2026
1
Accounting policies (continued)
15
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exception.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2026
1
Accounting policies (continued)
16
1.15
Leases
As lessee

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

1.16
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Percentage completion of contracts at the year-end

Turnover is recognised on sales of goods on a percentage of completion method (as required for construction contracts under FRS 102). Sales invoices are normally raised in arrears (and as such accrued income is recognised) but are sometimes be raised in advance of completing the project (and deferred income is recognised). Accrued income totalled £344,000 (2025: £429,000) at the year-end; deferred income totalled £509,955 (2025: £694,190).

Where a project straddles a month end an estimate of the stage of completion is made by the production manager and the finance team make a provision for accrued income. Where a contract is partially complete at the year-end, the percentage completion is estimated based on stock used on the contract and labour costs compared to the overall anticipated costs of the contract.

Warranty provision

The company provides standard warranty coverage on certain products for up to 3 years, providing labour and parts as needed to repair products during the warranty period. A provision for estimated warranty costs is made each year and is based on a percentage of annual turnover of sales of goods. This is disclosed in note 15.

Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2026
17
3
Turnover

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

2026
2025
£
£
Turnover analysed by class of business
Sale of goods
7,591,661
9,175,432
Sale of services
1,713,751
1,581,431
9,305,412
10,756,863
2026
2025
£
£
Turnover analysed by geographical market
United Kingdom
6,161,232
7,370,612
Europe
336,600
677,934
Other
2,807,580
2,708,317
9,305,412
10,756,863
4
Operating (loss)/profit
2026
2025
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
37,326
(12,005)
Research and development costs
142,003
18,134
Depreciation of tangible fixed assets
187,701
129,883
Loss/(profit) on disposal of tangible fixed assets
7,303
(1,970)
Operating lease charges
139,606
139,606
5
Auditor's remuneration
2026
2025
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
92,215
88,370

The company incurs the group audit fee.

Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2026
18
6
Employees

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

2026
2025
Number
Number
Directors
5
5
Sales
7
3
Engineers
23
16
Factory
21
24
Service
18
16
Administrative
9
8
Total
83
72

Their aggregate remuneration comprised:

2026
2025
£
£
Wages and salaries
3,662,015
3,363,236
Social security costs
470,318
354,434
Pension costs
150,559
124,242
4,282,892
3,841,912
7
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
438,518
605,364
Company pension contributions to defined contribution schemes
20,806
20,212
459,324
625,576
Remuneration disclosed above include the following amounts paid to the highest paid director:
2026
2025
£
£
Remuneration for qualifying services
210,672
210,381
Company pension contributions to defined contribution schemes
9,617
8,979
Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2026
19
8
Interest receivable and similar income
2026
2025
£
£
Interest income
Interest on bank deposits
30,515
49,405
Other interest income
-
0
5,788
Total income
30,515
55,193
9
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
(5,615)
86,404
Adjustments in respect of prior periods
(2,570)
-
0
Total current tax
(8,185)
86,404
Deferred tax
Origination and reversal of timing differences
(12,048)
30,385
Total tax (credit)/charge
(20,233)
116,789

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

2026
2025
£
£
(Loss)/profit before taxation
(74,707)
1,437,189
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
(18,677)
359,297
Tax effect of expenses that are not deductible in determining taxable profit
506
1,155
Tax effect of income not taxable in determining taxable profit
-
0
(1,447)
Adjustments in respect of prior years
(2,570)
-
0
Group relief
-
0
(242,568)
Fixed asset timing differences
508
352
Taxation (credit)/charge for the year
(20,233)
116,789
Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2026
20
10
Dividends
2026
2025
£
£
Final paid
3,387,865
3,000,000
11
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2025
475,036
78,407
206,414
362,088
1,121,945
Additions
38,572
1,887
86,661
25,900
153,020
Disposals
-
0
(14,434)
(17,291)
-
0
(31,725)
At 31 March 2026
513,608
65,860
275,784
387,988
1,243,240
Depreciation and impairment
At 1 April 2025
303,947
36,628
132,752
188,314
661,641
Depreciation charged in the year
59,477
14,570
55,710
57,944
187,701
Eliminated in respect of disposals
-
0
(7,864)
(16,558)
-
0
(24,422)
At 31 March 2026
363,424
43,334
171,904
246,258
824,920
Carrying amount
At 31 March 2026
150,184
22,526
103,880
141,730
418,320
At 31 March 2025
171,089
41,779
73,662
173,774
460,304
12
Stocks
2026
2025
£
£
Work in progress
30,206
15,468
Finished goods and goods for resale
1,412,248
1,535,678
1,442,454
1,551,146
Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2026
21
13
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
1,662,608
1,606,853
Corporation tax recoverable
86,781
78,596
Amounts owed by group undertakings
929,008
21,698
Other debtors
11,420
20,492
Prepayments and accrued income
511,983
537,482
3,201,800
2,265,121
14
Creditors: amounts falling due within one year
2026
2025
£
£
Trade creditors
686,341
206,779
Amounts owed to group undertakings
2,122,222
556,959
Taxation and social security
138,123
110,978
Other creditors
43,409
44,622
Accruals and deferred income
919,024
1,121,589
3,909,119
2,040,927

The APERA loan in B reeze Acquisitions Limited is secured by fixed and floating charges over the assets and undertakings of the Group. The bank loan is repayable in full on 5 August 2027. Annual interest is charged on a quarterly basis at the Sterling Overnight Index Average ('SONIA') plus a variable margin.

15
Provisions for liabilities
2026
2025
£
£
Warranty provision
117,761
120,514
Movements on provisions:
Warranty provision
£
At 1 April 2025
120,514
Utilisation of provision
(2,753)
At 31 March 2026
117,761
Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2026
15
Provisions for liabilities (continued)
22

Warranty provision

The company provides standard warranty coverage on certain products for up to 3 years, providing labour and parts as needed to repair products during the warranty period. A provision for estimated warranty costs is made each year and is based on a percentage of annual turnover of sales of goods.

16
Deferred taxation

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

Liabilities
Liabilities
2026
2025
Balances:
£
£
Accelerated capital allowances
87,806
103,245
Short-term timing differences
-
(7,045)
Losses and other deductions
(3,654)
-
84,152
96,200
2026
Movements in the year:
£
Liability at 1 April 2025
96,200
Credit to profit or loss
(12,048)
Liability at 31 March 2026
84,152

T he deferred tax liability set out above is expected to reverse during the next 12 months.

17
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
150,559
124,242

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.

Contained Air Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2026
23
18
Share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
43,058
43,058
43,058
43,058

The shares have full voting, dividend and capital distribution rights. They do not confer any rights of redemption.

19
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:

2026
2025
£
£
Within 1 year
69,803
89,605
Years 2-5
-
0
44,925
69,803
134,530
20
Ultimate controlling party

The company's immediate parent company is Breeze Acquisitions Limited whose registered office address is Units B & C Broadlink, Middleton, Manchester, England, M24 1UB. Its ultimate parent company is Breeze Strategic Services Limited whose registered office address is Units B & C Broadlink, Middleton, Manchester, England, M24 1UB.

The financial statements of the company are consolidated in the financial statements of both Breeze Acquisitions Limited and Breeze Strategic Services Limited and can be found at the addresses outlined above. These are the smallest and largest groups respectively for which consolidated accounts are prepared in which the company's results are included in.

The ultimate controlling party is Breeze Investment Partners LLP.

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