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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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FISCHBACH (UK) LIMITED
CONTENTS
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FISCHBACH (UK) LIMITED
COMPANY INFORMATION
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FISCHBACH (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2025
The directors present the strategic report for the year ended 31 December 2025.
Sales for the year were comparable to the previous year. This is a further indication that the UK cartridge market is showing flat growth. The Sales for the year were roughly in line with our own & customer forecast for the trading year.
Product volumes sold in 2025 were comparable (-1.2%) to the previous trading year. Despite market pressure, we were able to maintain selling prices at a sustainable level throughout the year. Raw material costs remained relatively stable during the year, which helped offset other general cost increases to the business. The cost of energy improved during the year due to the signing of a new energy contract & inclusion of Fischbach (UK) Limited into a UK Govt. grant energy scheme. Also, the impact of the new factory Adiabatic cooling system can now be seen positively in the financial results. Overall, this represents a fairly good result for the trading year.
The main threats for the trading year.
1. The main concern for 2025 was the continuing recent uncertainty in the UK market & possible reduced consumer demand. 2. The UK has limited availability of suitable recycled materials for our products & processes, so the Company must look further afield to secure new sources. 3. Operation disruption due to the growing transition of our UK customers towards recycled products. 4. The potential for Geopolitical interruptions to our business activities as seen in recent years.
The introduction of recycled cartridge products continues to be slow in the UK. Some of the Company’s products are exempted from the Govt. plastics tax rules. This allied with the additional cost for our recycled products continues to discourage the market from moving over to recycled products.
The main drivers to the UK transitioning to recycled products, therefore will most likely come from end users purchasing from a marketing & environmental position (sustainability, carbon footprint, etc.) rather than as a commercial decision.
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FISCHBACH (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31ST DECEMBER 2025
The UK market for our products 2026 will continue to be challenging for Fischbach UK.
We are not seeing any major impact from competition, although some competitive tenders for cartridges have been submitted to our main customers in recent months. However, feedback from these events still shows that our customers are not prepared to source their cartridges offshore. Customers believe they will not receive the same service levels & quality Fischbach (UK) offers. Nevertheless, close monitoring of the competitive situation will be maintained on this activity. In the coming year, costs will continue to increase. The UK government will raise the minimum living wage significantly. However, National Insurance costs will remain stable for the trading year. New C.I. initiatives will be undertaken within the UK operation to minimise rising cost impact on the business. The outlook for the UK market for 2026 is not overly optimistic. Most customers are indicating flat growth for the year and are mainly looking to consolidate the business they already have. There are rumoured to be a few business opportunities on the horizon in the UK for the coming year & these are being pursued actively.
Due to the straightforward nature of the business, the company directors are of the opinion that analysis using KPI such as revenue, gross profit and cash are suitable and necessary.
Fischbach (UK) Ltd is a highly efficient manufacturer of plastic cartridge systems. The business employs systems & procedures to monitor our performance on a weekly/monthly basis and these will continue to be developed for the future. There will also be ongoing training for key personnel, along with new staff appointments in the future.
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FISCHBACH (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31ST DECEMBER 2025
The UK Managing Director & Germany based directors have overall responsibility for the operations of the UK business.
The UK Managing Director & senior Fischbach UK management continue to meet fortnightly, to review KPI's, discuss commercial opportunities, risks, operational activities, compliance, employee matters and H&S. Up to date relevant information is essential for the success of these meetings. This enables the management team to make effective decisions, in the best interest of the shareholders, customers, suppliers & employees. The meetings are minuted with actions/follow up for the respective meeting attendees. The UK Managing Director also has individual meetings with senior managers to discuss specific tasks & projects to ensure these are on target to meeting KPI’s, strategic goals, timings and where necessary legal compliance. Understanding the market, customer expectations & providing the right product, at the right price, on a timely basis and with good service is a fundamental operating ethos across the Fischbach group of companies. Fischbach UK has long standing relationship with its main customers & suppliers, and this is anticipated to continue for the future in line with that ethos. A formal customer survey was undertaken during 2025. The survey covered areas such as product quality, delivery, responsiveness, flexibility, communication, pricing, etc. An aggregate score of +95% for customer satisfaction was achieved across our top 10 customers. Fischbach continues to engage with the local communities in which it operates, via personal interaction with its employees, membership of the local chamber of commerce. We continue to support Halton Haven hospice. During the year Fischbach (UK) employed a full-time Human Resources advisor. This appointment has enhanced the relationship between senior management and company employees by giving direct access to HR services. Not only have new policies & procedures been implemented to meet changing UK legal requirements, but also staff training to manage the wellbeing of employees in areas of support for personal matters, diversity, & mental health issues. The development and skills of our workforce are essential factors in maintaining our number one position in the cartridge manufacturing market in the UK. During the year we have employed new staff in our manufacturing areas as part of our ongoing recruitment & training programmes. Senior management continues to place training & employee development at the centre of our future growth. Operating systems and IT is another essential tool in the organisation. During the year we continued to further integrate our software systems & financial reporting with HQ Germany. This will continue in the future to improve company reporting. Also, we continue to use the services of a local IT service provider for daily support. Fischbach Germany HQ maintains control our raw material purchases. This will ensure the Fischbach group of companies has access to secure, sustainable & competitive sources of raw materials.
This report was approved by the board and signed on its behalf.
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FISCHBACH (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2025
The Directors present their report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to £2,334,524 (2024 - £2,430,709).
Ordinary dividends were paid amounting to £nil (2024: £3,850,000). The directors recommend payment of a final dividend amounting to £Nil.
The Directors who served during the year were:
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In accordance with section 414C(11) of the Companies Act 2006 Regulations 2013, the directors have included
a separate strategic report. This includes information that would have been included in the business review and the principal risks and uncertainties.
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FISCHBACH (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31ST DECEMBER 2025
There have been no significant events affecting the Company since the year end.
The auditors, Alexander Knight & Co Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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FISCHBACH (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FISCHBACH (UK) LIMITED
We have audited the financial statements of Fischbach (UK) Limited (the 'Company') for the year ended 31st December 2025, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, 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 auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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FISCHBACH (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FISCHBACH (UK) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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FISCHBACH (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FISCHBACH (UK) LIMITED (CONTINUED)
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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit team: Obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; Inquired of management and those charged with governance their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; Discussed matters about non-compliance with laws and regulations and how fraud might occur including an assessment of how and where the financial statements may be susceptible to fraud. As a result of performing the above, our procedures to respond to the risks identified included the following: Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items. There are inherent limitations in our audit procedures described above. The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to to to detect than those that arise from error as they may involve deliberate concealment or collusion. It remains the primary responsibility of management to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
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 Auditors' Report.
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FISCHBACH (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FISCHBACH (UK) LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditor
Westgate House
44 Hale Road
Hale
Cheshire
WA14 2EX
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FISCHBACH (UK) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FISCHBACH (UK) LIMITED
REGISTERED NUMBER: 00974737
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 29 form part of these financial statements.
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FISCHBACH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2025
The company is a private company limited by shares, registered in England and Wales, registration number 00974737. The address of the registered office is Warrington Road, Manor Park, Runcorn, Cheshire, WA7 1SN.
2.Accounting policies
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 Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Fischbach TopCo GmbH as at 31 December 2025 and these financial statements may be obtained from Büchlerhausen 18, 51766 Engelskirchen, Germany.
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FISCHBACH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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FISCHBACH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2025
2.Accounting policies (continued)
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FISCHBACH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2025
2.Accounting policies (continued)
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.
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FISCHBACH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.
Depreciation is provided on the following 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.
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FISCHBACH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, 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.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
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
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FISCHBACH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2025
2.Accounting policies (continued)
asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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.
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.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are
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FISCHBACH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2025
2.Accounting policies (continued)
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.
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FISCHBACH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2025
Management do not feel that there are any judgements (apart from those involving estimations) that have been made in the process of applying the entity's accounting policies which have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Estimated useful life and residual value of fixed assets Depreciation of tangible fixed assets have been based on the estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives and residual values, as evidenced by disposals during current and prior accounting periods. Impairment of debtors The company makes an estimate of the recoverable value of trade debtors. When assessing the impairment of trade debtors, management include factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Stock valuation Stock valuation policy requires the use of estimation escertaining how much of which overheads relate to stock production and how much to general overheads. It also involves the estimation optimum production levels. Both of these then form part of the overhead absorption calculation in determining the final stock valuations.
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FISCHBACH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2025
Analysis of turnover by country of destination:
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FISCHBACH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2025
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FISCHBACH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2025
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FISCHBACH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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FISCHBACH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2025
Page 26
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FISCHBACH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2025
Page 27
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FISCHBACH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2025
Share premium account
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £58,032 (2024 - £49,111). Contributions totalling £13,556 (2024 - £12,445) were payable to the fund at the reporting date and are included in creditors.
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FISCHBACH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2025
The company's immediate parent undertaking at the balance sheet date was Fischbach Beteiligungsgesellschaft mBH, a company incorporated in Germany.
The Ultimate parent undertaking and controlling party at the balance sheet date was Onex Corporation, a limited partnership incorporated in Canada. The consolidated financial statements will be prepared by Fischbach TopCo GmbH as at 31 December 2025 and these financial statements may be obtained from Büchlerhausen 18, 51766 Engelskirchen, Germany.
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