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Registered number: 03796007 TP MANUFACTURING LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
TP MANUFACTURING LIMITED REGISTERED NUMBER: 03796007 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 92,974 |  | 133,718
Investments | 5 |  | 103 |  | 103
|  |  | 93,077 |  | 133,821
Current assets |  |  |  |  |
Stocks |  | 266,332 |  | 392,849 |
Debtors: amounts falling due within one year | 6 | 2,227,528 |  | 1,557,476 |
Cash at bank and in hand |  | 192,470 |  | 86,692 |
|  | 2,686,330 |  | 2,037,017 |
Creditors: amounts falling due within one year | 7 | (1,173,679) |  | (770,705) |
Net current assets |  |  | 1,512,651 |  | 1,266,312
Total assets less current liabilities |  |  | 1,605,728 |  | 1,400,133
Provisions for liabilities |  |  |  |  |
Deferred tax |  |  | (5,887) |  | (15,042)
Net assets |  |  | 1,599,841 |  | 1,385,091
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 50,000 |  | 50,000
Profit and loss account |  |  | 1,549,841 |  | 1,335,091
|  |  | 1,599,841 |  | 1,385,091
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TP MANUFACTURING LIMITED REGISTERED NUMBER: 03796007 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Mr F Fant | ................................................ Mr S Dal Pont
Director | Director
Date: 30 July 2026 | Date: 30 July 2026
The notes on pages 3 to 11 form part of these financial statements. Page 2
TP MANUFACTURING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
TP Manufacturing Limited (the "Company") is a private company limited by shares, incorporated in England and Wales under the Companies Act. The registered number and address of the registered office is given in the Company information. The functional and presentational currency of the Company is pounds sterling (£) and rounded to the nearest whole pound. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.3 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 3
TP MANUFACTURING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 15% | straight line basis
|  |  |  | Fixtures and fittings | - | 25% | straight line basis
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.4 | Leased assets: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.5 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.6 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.7 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.8 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 4
TP MANUFACTURING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.10 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Page 5
TP MANUFACTURING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Financial instruments (continued)
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.11 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.12 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Page 6
TP MANUFACTURING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Current and deferred taxation (continued)
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.13 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
| 2.14 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.15 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 7
TP MANUFACTURING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Employees
The average monthly number of employees, including directors, during the year was 20 (2024 - 24).
4. | Tangible fixed assets
|  | Plant and machinery | Fixtures and fittings | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2025 | 364,231 | 74,783 | 439,014
| Additions | 3,197 | 1,823 | 5,020
| At 31 December 2025 | 367,428 | 76,606 | 444,034
| Depreciation |  |  |
| At 1 January 2025 | 243,559 | 61,737 | 305,296
| Charge for the year on owned assets | 38,704 | 7,060 | 45,764
| At 31 December 2025 | 282,263 | 68,797 | 351,060
| Net book value |  |  |
| At 31 December 2025 | 85,165 | 7,809 | 92,974
| At 31 December 2024 | 120,672 | 13,046 | 133,718
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TP MANUFACTURING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Investments
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 January 2025 | 103
| At 31 December 2025 | 103
| The Company owns 100% of the issued share capital in Pendock Profiles Limited, Pendock (Telford) Limited and Pendock Contracts Limited. Pendock Profiles Limited and Pendock (Telford) Limited are both dormant.
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 226,777 | 456,285
| Amounts owed by group undertakings | 1,762,816 | 1,024,221
| Other debtors | 5,965 | 3,026
| Prepayments and accrued income | 231,970 | 73,944
|  | 2,227,528 | 1,557,476
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
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TP MANUFACTURING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 209,897 | 413,409
| Amounts owed to group undertakings | 797,109 | 155,470
| Corporation tax | 67,503 | 19,382
| Other taxation and social security | 58,486 | 83,256
| Other creditors | 10,199 | 17,625
| Accruals and deferred income | 30,485 | 81,563
|  | 1,173,679 | 770,705
| Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
8. | Pension commitments
The Company operates a defined contribution pension scheme for its employees. The total outstanding pension contributions at the year end amount to £4,099 (2024: £4,044) and these amounts are included within other creditors.
9. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 17,634 | 17,634
| Later than 1 year and not later than 5 years | 13,742 | 31,376
|  | 31,376 | 49,010
10. | Related party transactions
| At the year end, the Company owed £54,559 (2024: £Nil) to Xiloform Profili SRL, the ultimate parent company, which is shown within creditors due within one year, in amounts owed to group undertakings. This balance is unsecured, interest free and repayable on demand. The Company has taken advantage of the exemption in Section 33.1A in FRS 102 from the requirement to disclose transactions entered into between wholly owned members of the Group.
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TP MANUFACTURING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Controlling party
The Company's immediate parent company is Encasement Limited, a company incorporated in England and Wales, holding 100% of the issued share capital in this Company. The registered office of Encasement Limited is 1 The Forum, Minerva Business Park, Lynch Wood, Peterborough, PE2 6FT. The ultimate parent company is Xiloform Profii SRL, a company registered in Italy.
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