REGISTERED NUMBER: 15366413 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

INTERFOAM GROUP LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

R Bangerh

P D Cheney

R P Fregapane

M P Fregapane

C Fregapane

N Sullivan

REGISTERED OFFICE:

Unit D Ronald Close

Woburn Road Industrial Estate

Kempston

Bedford

Bedfordshire

MK42 7SH

REGISTERED NUMBER:

15366413 (England and Wales)

AUDITORS:

TC Group, Statutory Auditor

1 Rushmills

Bedford Road

Northampton

Northamptonshire

NN4 7YB

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

Principal activity

The principal activity of the subsidiary in the year under review was that of manufacturer and distribution of

foam inserts for the furniture, aerospace, medical, automotive and construction sectors. The principal activity of the parent in the year under review was that of a holding company

Result and performance

Turnover was £11,978,326 (2024: £5,966,791), gross margins have decreased to 34.3% from 34.8%. The entity made an operating profit of £341,710 (2024: £145,279).

The directors are satisfied with the progress of the group during year; and are pleased to have maintained and enhanced the customer and supplier base during this period. The strong revenue position and profitability in this year is acknowledged as being due to the strong relationships built with both customers and suppliers, and with the valuable assistance and support of the company's workforce. The group remains committed to working actively and closely with all such stakeholders. The group has continued to invest in both its people and equipment such that the directors consider that they are well placed to sustain, and build, on the developments evidenced during this last financial year.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board considers that any business risk is largely attached to the economic position of its customer base and the economic and technological environment in which customers exist. The Board considers that the group's customer base is as diversified as at any stage in its history such that it has sought to mitigate a measure of this risk.

Price risk

The group is exposed to price risk due to normal inflationary increases in the purchase price of goods

and services. The group has no exposure to equity securities price risk as it holds no listed or other equity

instruments.

Liquidity risk

The group makes efforts to manage financial risk by the monitoring of cash-flow to meet operational

and investment requirements.

Credit risk

The group's principal financial assets are cash and trade debtors. The credit risk associated with cash is

limited and therefore the principal credit risk arises from its trade debtors. In order to manage credit risk, the directors set limits for customers based on a combination of payment history and credit references. These credit limits are regularly reviewed by the directors and trading positions relative to these are acted upon.

Interest rate risk

The group does hold substantial cash balances at the present time and assets which only earn a

low rate of interest due to the present economic situation.

Economic risk

The directors have considered the ongoing economic challenges in relation to their risk assessment and

impact on the business. In their opinion they continue to take all reasonable steps to mitigate factors arising, including the consideration of employment sustainability, sourcing of supplies and customer base retention. Such factors are considered by the directors to represent ongoing inherent risk to the business that they will continue to seek to manage including any risks to cashflow, revenue sustainability and continued access to supply.

RESEARCH & DEVELOPMENT

The directors are optimistic that the investment in development of new products will create greater

marketing opportunities and deliver increased sales.

KEY PERFORMANCE INDICATORS

The directors monitor the business on the basis of revenue and gross margin targets. The directors actively monitor trade receivables recovery metrics.

SUBSEQUENT EVENTS

There are no significant post balance sheet events.

FUTURE DEVELOPMENTS

The group intends to continue its present management policies for the foreseeable future and will

continue to seek to grow the business through organic growth.

ON BEHALF OF THE BOARD:

C Fregapane - Director

6 August 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £100,800.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

R Bangerh

P D Cheney

R P Fregapane

M P Fregapane

C Fregapane

N Sullivan

FINANCIAL INSTRUMENTS

The group utilises various financial instruments including loans, cash and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these is to raise finance for the group's operations. The existence of these financial instruments exposes the group to a number of financial risks, which are described in more detail in the Strategic Report.

POLITICAL DONATIONS AND EXPENDITURE

No political donations were made during the year.

DISCLOSURE IN THE STRATEGIC REPORT

As permitted by Paragraph 1A of schedule 7 to the Large and Medium-sized Companies and Groups

(Accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the directors'

report have been omitted as they are included in the strategic report instead. These matters relate to Business

review, Principal risks and uncertainties and Key performance indicators.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, TC Group, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C Fregapane - Director

6 August 2026

Opinion

We have audited the financial statements of Interfoam Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2025 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

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

-	the parent company 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 Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design

procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of

irregularities, including fraud.

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

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company

and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

We assess the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also 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 significant transactions outside the normal course of business and reviewing accounting estimates for bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Rebecca Pickard (FCCA) (Senior Statutory Auditor)

for and on behalf of TC Group, Statutory Auditor

1 Rushmills

Bedford Road

Northampton

Northamptonshire

NN4 7YB

12 August 2026

TURNOVER

3

11,978,326

5,966,791

Cost of sales

7,864,411

3,892,076

GROSS PROFIT

4,113,915

2,074,715

Administrative expenses

3,784,819

1,936,572

329,096

138,143

Other operating income

12,614

7,136

OPERATING PROFIT

5

341,710

145,279

Interest receivable and similar income

46,974

16,226

PROFIT BEFORE TAXATION

388,684

161,505

Tax on profit

6

90,215

47,022

PROFIT FOR THE FINANCIAL YEAR

298,469

114,483

OTHER COMPREHENSIVE INCOME

Share for share exchange

-

4,646,557

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

4,646,557

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

298,469

4,761,040

Profit attributable to:

Owners of the parent

298,469

114,483

Total comprehensive income attributable to:

Owners of the parent

298,469

4,761,040

FIXED ASSETS

Intangible assets

9

836,338

1,045,887

Tangible assets

10

783,291

688,516

Investments

11

-

-

1,619,629

1,734,403

CURRENT ASSETS

Stocks

12

901,979

820,497

Debtors

13

2,309,250

2,354,920

Cash at bank and in hand

2,243,634

2,169,555

5,454,863

5,344,972

CREDITORS

Amounts falling due within one year

14

1,829,512

1,706,422

NET CURRENT ASSETS

3,625,351

3,638,550

TOTAL ASSETS LESS CURRENT LIABILITIES

5,244,980

5,372,953

CREDITORS

Amounts falling due after more than one year

15

(166,667

)

(500,000

)

PROVISIONS FOR LIABILITIES

17

(118,596

)

(110,905

)

NET ASSETS

4,959,717

4,762,048

CAPITAL AND RESERVES

Called up share capital

18

1,008

1,008

Other reserves

19

4,646,557

4,646,557

Retained earnings

19

312,152

114,483

SHAREHOLDERS' FUNDS

4,959,717

4,762,048

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2026 and were signed on its behalf by:

C Fregapane - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

6,886,790

6,886,790

6,886,790

6,886,790

CURRENT ASSETS

Cash at bank

171,179

171,068

CREDITORS

Amounts falling due within one year

14

2,215,218

1,921,827

NET CURRENT LIABILITIES

(2,044,039

)

(1,750,759

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,842,751

5,136,031

CREDITORS

Amounts falling due after more than one year

15

166,667

500,000

NET ASSETS

4,676,084

4,636,031

CAPITAL AND RESERVES

Called up share capital

18

1,008

1,008

Other reserves

19

4,646,557

4,646,557

Retained earnings

19

28,519

(11,534

)

SHAREHOLDERS' FUNDS

4,676,084

4,636,031

Company's profit/(loss) for the financial year

140,853

(11,534

)

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2026 and were signed on its behalf by:

C Fregapane - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Changes in equity

Issue of share capital

1,008

-

-

1,008

Total comprehensive income

-

114,483

4,646,557

4,761,040

Balance at 31 December 2024

1,008

114,483

4,646,557

4,762,048

Changes in equity

Dividends

-

(100,800

)

-

(100,800

)

Total comprehensive income

-

298,469

-

298,469

Balance at 31 December 2025

1,008

312,152

4,646,557

4,959,717

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Changes in equity

Issue of share capital

1,008

-

-

1,008

Total comprehensive income

-

(11,534

)

4,646,557

4,635,023

Balance at 31 December 2024

1,008

(11,534

)

4,646,557

4,636,031

Changes in equity

Dividends

-

(100,800

)

-

(100,800

)

Total comprehensive income

-

140,853

-

140,853

Balance at 31 December 2025

1,008

28,519

4,646,557

4,676,084

Cash flows from operating activities

Cash generated from operations

1

847,953

294,980

Tax paid

(96,000

)

(82,122

)

Net cash from operating activities

751,953

212,858

Cash flows from investing activities

Purchase of intangible fixed assets

(25,000

)

-

Purchase of tangible fixed assets

(299,264

)

(163,356

)

Purchase of fixed asset investments

(333,333

)

(1,431,900

)

Sale of tangible fixed assets

33,549

-

Net cash on acquisition of subsidiaries

-

3,534,719

Interest received

46,974

16,226

Net cash from investing activities

(577,074

)

1,955,689

Cash flows from financing activities

Share issue

-

1,008

Equity dividends paid

(100,800

)

-

Net cash from financing activities

(100,800

)

1,008

Increase in cash and cash equivalents

74,079

2,169,555

Cash and cash equivalents at beginning of year

2

2,169,555

-

Cash and cash equivalents at end of year

2

2,243,634

2,169,555

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

22.12.23

Year ended

to

31.12.25

31.12.24

£

£

Profit before taxation

388,684

161,505

Depreciation charges

417,821

191,158

(Profit)/loss on disposal of fixed assets

(12,332

)

11,044

Finance income

(46,974

)

(16,226

)

747,199

347,481

Increase in stocks

(81,482

)

(172,007

)

Decrease in trade and other debtors

45,670

681,408

Increase/(decrease) in trade and other creditors

136,566

(561,902

)

Cash generated from operations

847,953

294,980

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

2,243,634

2,169,555

Period ended 31 December 2024

31.12.24

22.12.23

£

£

Cash and cash equivalents

2,169,555

-

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

2,169,555

74,079

2,243,634

2,169,555

74,079

2,243,634

Total

2,169,555

74,079

2,243,634

1.	STATUTORY INFORMATION

Interfoam Group Limited 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from the standard.

Basis of consolidation

The financial statements consolidate the accounts of Interfoam Group Limited and its subsidiary

undertakings from the date of acquisition. A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Significant judgements and estimates

The group makes estimates and assumptions concerning the future. The resulting accounting

estimates will, by definition, seldom equal the related actual results. We have considered the estimates and assumptions made by the group and have not identified any which are deemed to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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 2024, is being amortised evenly over its estimated useful life of five 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.

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.

Stocks

Stocks comprise finished goods and spare parts. Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables, and loans from fellow group companies, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.