Company Registration No. 02560907 (England and Wales)
COUNTERPLAS LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
COUNTERPLAS LIMITED
COMPANY INFORMATION
Director
P J Isherwood
Secretary
N Isherwood
Company number
02560907
Registered office
Landywood Lane
Cheslyn Hay
Walsall
West Midlands
WS6 7AL
Auditor
TC Group
Swinford House
Albion Street
Brierley Hill
West Midlands
DY5 3EE
Business address
Landywood Lane
Cheslyn Hay
Walsall
West Midlands
WS6 7AL
COUNTERPLAS LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 22
COUNTERPLAS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the Business

The levels of turnover have increased slightly this year, while seeing a slight decrease in profit margins. Sales for the year were £12.8m (£2024: £11.5m). Gross profit margin has decreased to 20.0% in 2025 (2024: 20.7%).

The company has made a net profit of £0.9m before taxation (2024: £0.8m). The company's net worth has decreased to £1.79m (2024: £1.89m).

Principal risks and uncertainties

Over the past year the company has successfully dealt with energy increases and general high levels of inflation

In 2026 the living wage and rising utility will put further pressure on the margins but the management are confident of recovering these costs.

Development and performance

New business has been secured from several sources for 2026 and the business continues with its policy of investing strongly in new equipment in order to improve productivity.

Key performance indicators

The company's main KPI's continue to be turnover, gross profit margin and net profit which have been reviewed above.

On behalf of the board

P J Isherwood
Director
12 August 2026
COUNTERPLAS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

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

Principal activities
The principal activity of the company continued to be that of quality printing, plating, injection moulding and assembly.
Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £800,000. The director does not recommend payment of a final dividend.

Director

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

P J Isherwood
Auditor

In accordance with the company's articles, a resolution proposing that TC Group be reappointed as auditor of the company will be put at a General Meeting.

Statement of director's responsibilities

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

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

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

Statement of disclosure to auditor

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

Medium-sized companies exemption

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

COUNTERPLAS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
On behalf of the board
P J Isherwood
Director
12 August 2026
COUNTERPLAS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF COUNTERPLAS LIMITED
- 4 -
Opinion

We have audited the financial statements of Counterplas Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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 director's 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 director's report have been prepared in accordance with applicable legal requirements.

COUNTERPLAS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF COUNTERPLAS LIMITED (CONTINUED)
- 5 -
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 director's 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 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 director's r esponsibilities s tatement, 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 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Approach to assessing the risks of misstatement due to irregularities, inlcuding fraud

We assess the risk of material misstatement in respect of fraud by meeting with management to understand where it considered there was susceptibility to fraud.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant reporting frameworks which are likely to affect the company include FRS102, the Companies Act 2006 and the relevant tax laws. In addition we determined that there were no significant laws and regulations which have a direct effect on the amounts and disclosures in the financial statements.

Audit response to risks identified

We considered the risk of fraud through management override on controls. We also considered how management bias may impact upon performance targets.

In response we performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of any significant transactions outside the normal course of business, reviewing accounting estimates for management bias.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries with management around actual and potential claims. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

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.

COUNTERPLAS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF COUNTERPLAS LIMITED (CONTINUED)
- 6 -
Ian Richard Baker (Senior Statutory Auditor)
For and on behalf of TC Group, Statutory Auditors
Swinford House
Albion Street
Brierley Hill
West Midlands
DY5 3EE
12 August 2026
COUNTERPLAS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
Year
Year
ended
ended
31 December
31 December
2025
2024
Notes
£
£
Turnover
3
12,792,102
11,472,602
Cost of sales
(10,226,258)
(9,096,688)
Gross profit
2,565,844
2,375,914
Administrative expenses
(1,569,518)
(1,467,690)
Other operating income
1,000
1,450
Operating profit
4
997,326
909,674
Interest payable and similar expenses
7
(63,675)
(68,146)
Profit before taxation
933,651
841,528
Tax on profit
8
(233,616)
(211,044)
Profit for the financial year
700,035
630,484
COUNTERPLAS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,754,740
2,008,948
Current assets
Stocks
12
760,034
648,683
Debtors
13
3,896,056
2,384,262
Cash at bank and in hand
145,528
26,924
4,801,618
3,059,869
Creditors: amounts falling due within one year
14
(4,680,733)
(2,345,994)
Net current assets
120,885
713,875
Total assets less current liabilities
2,875,625
2,722,823
Creditors: amounts falling due after more than one year
15
(411,901)
(349,325)
Provisions for liabilities
Deferred tax liability
18
669,633
479,442
(669,633)
(479,442)
Net assets
1,794,091
1,894,056
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
1,793,991
1,893,956
Total equity
1,794,091
1,894,056

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 12 August 2026
P J Isherwood
Director
Company registration number 02560907 (England and Wales)
COUNTERPLAS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
100
1,549,653
1,549,753
Period ended 31 December 2024:
Profit and total comprehensive income
-
630,484
630,484
Dividends
9
-
(286,181)
(286,181)
Balance at 31 December 2024
100
1,893,956
1,894,056
Period ended 31 December 2025:
Profit and total comprehensive income
-
700,035
700,035
Dividends
9
-
(800,000)
(800,000)
Balance at 31 December 2025
100
1,793,991
1,794,091
COUNTERPLAS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
2,279,920
863,651
Interest paid
(63,675)
(68,146)
Income taxes paid
(212,769)
(61,685)
Net cash inflow from operating activities
2,003,476
733,820
Investing activities
Purchase of tangible fixed assets
(700,567)
(300,548)
Net cash used in investing activities
(700,567)
(300,548)
Financing activities
Repayment of bank loans
(70,510)
(77,682)
Payment of finance leases obligations
(313,795)
(248,518)
Dividends paid
(800,000)
(286,181)
Net cash used in financing activities
(1,184,305)
(612,381)
Net increase/(decrease) in cash and cash equivalents
118,604
(179,109)
Cash and cash equivalents at beginning of year
26,924
206,033
Cash and cash equivalents at end of year
145,528
26,924
COUNTERPLAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
1
Accounting policies
Company information

Counterplas Limited is a private company limited by shares incorporated in England and Wales. The registered office is Landywood Lane, Cheslyn Hay, Walsall, West Midlands, WS6 7AL.

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.

1.2
Going concern

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

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

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

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:

Land and buildings Leasehold
20% straight line
Plant and machinery
25% reducing balance & 10% straight line
COUNTERPLAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company 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.

COUNTERPLAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. 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.

COUNTERPLAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

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

1.11
Taxation

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

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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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.

COUNTERPLAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.12
Employee benefits

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

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

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

1.13
Retirement benefits

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

1.14
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.15
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

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

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

3
Turnover and other revenue

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

2025
2024
£
£
Turnover analysed by class of business
Quality printing, plating, injection moulding and assembly
12,792,102
11,472,602
COUNTERPLAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Turnover and other revenue
(Continued)
- 16 -
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
12,177,132
10,607,925
Europe
614,970
864,677
12,792,102
11,472,602
2025
2024
£
£
Other revenue
Grants received
1,000
1,450
4
Operating profit
2025
2024
Operating profit for the period is stated after charging/(crediting):
£
£
Government grants
(1,000)
(1,450)
Fees payable to the company's auditor for the audit of the company's financial statements
9,000
9,250
Depreciation of tangible fixed assets
389,225
326,131
5
Employees

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

2025
2024
Number
Number
Directors
1
1
Admin
9
9
Production
66
57
Total
76
67

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,536,587
2,190,035
Pension costs
50,577
45,122
2,587,164
2,235,157
COUNTERPLAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
6
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
32,600
30,000
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
14,267
14,124
Other finance costs:
Interest on finance leases and hire purchase contracts
49,408
53,846
Other interest
-
0
176
63,675
68,146
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
43,436
212,732
Adjustments in respect of prior periods
(11)
(11)
Total current tax
43,425
212,721
Deferred tax
Origination and reversal of timing differences
190,191
(1,677)
Total tax charge
233,616
211,044
COUNTERPLAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Taxation
(Continued)
- 18 -

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

2025
2024
£
£
Profit before taxation
933,651
841,528
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
233,413
210,382
Tax effect of expenses that are not deductible in determining taxable profit
147
404
Adjustments in respect of prior years
(11)
(11)
Permanent capital allowances in excess of depreciation
(287,430)
(79,587)
Depreciation on assets not qualifying for tax allowances
97,306
81,533
Deferred tax adjustments in respect of prior years
190,191
(1,677)
Taxation charge for the period
233,616
211,044
9
Dividends
2025
2024
£
£
Interim paid
800,000
286,181
10
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2025 and 31 December 2025
76,296
Amortisation and impairment
At 1 January 2025 and 31 December 2025
76,296
Carrying amount
At 31 December 2025
-
0
At 31 December 2024
-
0
COUNTERPLAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
11
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Total
£
£
£
Cost
At 1 January 2025
5,373
3,982,065
3,987,438
Additions
-
0
1,135,017
1,135,017
At 31 December 2025
5,373
5,117,082
5,122,455
Depreciation and impairment
At 1 January 2025
5,105
1,973,385
1,978,490
Depreciation charged in the year
268
388,957
389,225
At 31 December 2025
5,373
2,362,342
2,367,715
Carrying amount
At 31 December 2025
-
0
2,754,740
2,754,740
At 31 December 2024
268
2,008,680
2,008,948

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and machinery
1,092,580
1,101,630
12
Stocks
2025
2024
£
£
Finished goods and goods for resale
760,034
648,683
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,451,191
1,900,002
Other debtors
388,793
433,793
Prepayments and accrued income
56,072
50,467
3,896,056
2,384,262

Trade debtors are charged to secure invoicing discount advances. As at 31st December 2025 advances of £606,984 (2024: £24,188) are included in other creditors.

COUNTERPLAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
16
16,836
74,711
Obligations under finance leases
17
295,159
249,715
Trade creditors
2,745,807
1,388,774
Corporation tax
43,388
212,732
Other taxation and social security
234,165
150,788
Other creditors
1,311,823
118,462
Accruals and deferred income
33,555
150,812
4,680,733
2,345,994
15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
16
-
0
12,635
Obligations under finance leases
17
411,901
336,690
411,901
349,325
16
Loans and overdrafts
2025
2024
£
£
Bank loans
16,836
87,346
Payable within one year
16,836
74,711
Payable after one year
-
0
12,635

The long-term loans and invoice discounting facility are secured by fixed and floating charges over the company's assets.

17
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
295,159
249,715
In two to five years
411,901
336,690
707,060
586,405
COUNTERPLAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
17
Finance lease obligations
(Continued)
- 21 -

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated Capital Allowances
669,633
479,442
2025
Movements in the year:
£
Liability at 1 January 2025
479,442
Charge to profit or loss
190,191
Liability at 31 December 2025
669,633

The deferred tax liability expected to reverse within 12 months is £122,624 and relates to accelerated capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
50,577
45,122

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
21
Operating lease commitments
As lessee
COUNTERPLAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
21
Operating lease commitments
(Continued)
- 22 -

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

2025
2024
£
£
Within 1 year
280,000
285,679
Years 2-5
1,120,000
1,120,000
After 5 years
490,000
770,000
1,890,000
2,175,679
22
Cash generated from operations
2025
2024
£
£
Profit after taxation
700,035
630,484
Adjustments for:
Taxation charged
233,616
211,044
Finance costs
63,675
68,146
Depreciation and impairment of tangible fixed assets
389,225
326,131
Movements in working capital:
(Increase)/decrease in stocks
(111,351)
179,070
(Increase)/decrease in debtors
(1,511,794)
166,037
Increase/(decrease) in creditors
2,516,514
(717,261)
Cash generated from operations
2,279,920
863,651
23
Analysis of changes in net debt
1 January 2025
Cash flows
New leases
31 December 2025
£
£
£
£
Cash at bank and in hand
26,924
118,604
-
145,528
Borrowings excluding overdrafts
(87,346)
70,510
-
(16,836)
Lease liabilities
(586,405)
313,795
(434,450)
(707,060)
(646,827)
502,909
(434,450)
(578,368)
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