REGISTERED NUMBER: 06719985 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2026

for

Piran Composites Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J M A Searle

M A Searle

SECRETARY:

REGISTERED OFFICE:

SH1

Aerohub 1

St Mawgan

Cornwall

TR8 4HP

REGISTERED NUMBER:

06719985 (England and Wales)

ACCOUNTANTS:

Derek Cousens Ltd

Chartered Accountants

20 Crockwell Street

Bodmin

Cornwall

PL31 2DS

FIXED ASSETS

Intangible assets

4

408,671

594,279

Tangible assets

5

3,001,409

2,771,785

3,410,080

3,366,064

CURRENT ASSETS

Stocks

967,432

900,000

Debtors

6

3,018,187

1,239,953

Cash at bank

2,188,158

886,710

6,173,777

3,026,663

CREDITORS

Amounts falling due within one year

7

2,420,768

2,173,075

NET CURRENT ASSETS

3,753,009

853,588

TOTAL ASSETS LESS CURRENT LIABILITIES

7,163,089

4,219,652

CREDITORS

Amounts falling due after more than one year

8

(1,768,941

)

(1,951,813

)

PROVISIONS FOR LIABILITIES

(745,125

)

(414,936

)

NET ASSETS

4,649,023

1,852,903

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

4,649,013

1,852,893

SHAREHOLDERS' FUNDS

4,649,023

1,852,903

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2026 and were signed on its behalf by:

M A Searle - Director

1.	STATUTORY INFORMATION

Piran Composites Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

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

Lease are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

20% on cost

Plant and machinery

-

25% on reducing balance, 20% on cost and 7.5% on cost

Fixtures and fittings

-

25% on reducing balance and 20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance and 20% on cost

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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 106 (2025 - 43 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

Lease

Totals

£

£

£

COST

At 1 April 2025

67,499

737,786

805,285

Disposals

-

(56,667

)

(56,667

)

At 31 March 2026

67,499

681,119

748,618

AMORTISATION

At 1 April 2025

63,449

147,557

211,006

Amortisation for year

4,050

124,891

128,941

At 31 March 2026

67,499

272,448

339,947

NET BOOK VALUE

At 31 March 2026

-

408,671

408,671

At 31 March 2025

4,050

590,229

594,279

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2025

5,234

3,038,954

199,162

Additions

6,706

674,340

29,443

Disposals

-

(275,000

)

-

At 31 March 2026

11,940

3,438,294

228,605

DEPRECIATION

At 1 April 2025

1,047

513,236

42,711

Charge for year

2,388

260,387

45,002

Eliminated on disposal

-

(20,625

)

-

At 31 March 2026

3,435

752,998

87,713

NET BOOK VALUE

At 31 March 2026

8,505

2,685,296

140,892

At 31 March 2025

4,187

2,525,718

156,451

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2025

37,095

89,493

3,369,938

Additions

-

128,305

838,794

Disposals

-

-

(275,000

)

At 31 March 2026

37,095

217,798

3,933,732

DEPRECIATION

At 1 April 2025

21,446

19,713

598,153

Charge for year

3,912

43,106

354,795

Eliminated on disposal

-

-

(20,625

)

At 31 March 2026

25,358

62,819

932,323

NET BOOK VALUE

At 31 March 2026

11,737

154,979

3,001,409

At 31 March 2025

15,649

69,780

2,771,785

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 April 2025

and 31 March 2026

96,148

DEPRECIATION

At 1 April 2025

65,726

Charge for year

7,606

At 31 March 2026

73,332

NET BOOK VALUE

At 31 March 2026

22,816

At 31 March 2025

30,422

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

2,511,704

656,887

Amounts owed by participating interests

267,356

253,211

Other debtors

239,127

329,855

3,018,187

1,239,953

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Bank loans and overdrafts

11,101

380,615

Hire purchase contracts

223,253

184,846

Trade creditors

1,074,924

1,274,614

Taxation and social security

819,741

55,709

Other creditors

291,749

277,291

2,420,768

2,173,075

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Bank loans

-

11,101

Hire purchase contracts

449,385

575,336

Other creditors

1,319,556

1,365,376

1,768,941

1,951,813

9.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

£

Hire purchase contracts

672,638

760,182

The loans in respect of hire purchase and finance lease agreements are secured against the assets to which they relate.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2026 and 31 March 2025:

2026

2025

£

£

J M A Searle

Balance outstanding at start of year

40,087

30,664

Amounts advanced

57,587

54,423

Amounts repaid

(41,000

)

(45,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

56,674

40,087

The loan to the director is interest free with no fixed date for repayment.

11.	RELATED PARTY DISCLOSURES

Piran Composites Ltd and Piran Machining Ltd are both controlled by Piran Technology Group Ltd.

During the accounting period, Piran Machining Ltd invoiced Piran Composites Ltd a total of £1,053,322.

During the accounting period, Piran Composites Ltd invoiced Piran Machining Ltd a total of £189,654.

At the end of the accounting period, there is a total of £136,855 owed to Piran Machining Ltd. This amount has no fixed repayment date and is repayable on demand.